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SMCI trades against a final fair-value range of $48.45-$105.45, with the midpoint set by the accepted valuation synthesis rather than earlier draft model outputs. Fair value range: low $48.5, high $105, with mid-point at $71.4.
Stock analysis

SMCI Super Micro Computer Inc. fair value $71–$105

SMCI
By StockMarketAgent.AI team· supervised by
विश्लेषित: 2026-05-10अगला अद्यतन: 2026-08-10Methodology v2.4Archetype: CyclicalNASDAQ · Information Technology
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मूल्य
$35.37
▲ +36.02 (+101.84%)
उचित मूल्य
$71
$71–$105
रेटिंग
मज़बूत ख़रीद
confidence 75/100
ऊपरी अंतर
+101.8%
upside to fair value
सुरक्षा मार्जिन
$60.68
buy below · 15%
बाज़ार पूंजीकरण
$21.2B
P/E fwd 11.0
अंग्रेज़ी फ़ॉलबैकHI
अनुवाद होने तक अंग्रेज़ी स्रोत दिखा रहा है
इस रिपोर्ट का अभी अनुवाद नहीं हुआ है। अनुवाद कतार पकड़ने पर कुछ मिनट में रिफ़्रेश करें।

§1 कार्यकारी सारांश

  • Composite fair value $71 with high case $105.
  • Implied upside of 101.8% to fair value.
  • Moat 3/10 · confidence 75/100 · Cyclical.
  • Trades below fair value with a meaningful cushion to the midpoint.
Fair value
$71
Margin of safety
+50.5%
Confidence
75/100
Moat
3/10

Educational analysis only — not financial advice. Always do your own due diligence.

$35.37Price
FV $71.39
High $105.45

SMCI trades against a final fair-value range of $48.45-$105.45, with the midpoint set by the accepted valuation synthesis rather than earlier draft model outputs.

  • First-to-market advantage in specialized liquid
    First-to-market advantage in specialized liquid cooling for AI servers
  • Tight engineering integration with Nvidia
    Tight engineering integration with Nvidia for accelerated time-to-market
  • Bull thesis
    Consensus ($36.75) views SMCI strictly as a peak-cycle value trap with immediate mean-reverting multiples.

§2 बेयर केस

A sudden cyclical downturn in AI infrastructure build-outs alongside a working capitalWorking capitalCurrent assets minus current liabilities. The capital tied up in the operating cycle (receivables and inventory) net of trade financing (payables). trap could freeze liquidity. SMCI's cash conversion is exceptionally poor; an inventory glut and forced price cuts would rapidly deplete its cash buffer, pushing free cash flow deeply negative and forcing dilutive capital raises.

इस थीसिस के टूटने के तरीक़े

AI Capex Normalization

· Medium

Hyperscaler demand plateaus before broad enterprise demand matures, stranding SMCI with excess manufacturing capacity.

FV impact
-32% to $48.45 Floor
Trigger
12-24 months

Nvidia GPU Allocation Squeeze

· Low

Nvidia prioritizes other OEMs or direct hyperscaler relationships, choking SMCI's core revenue growth engine.

FV impact
-25% to Fair Value
Trigger
6-12 months

Structurally Crushed Margins

· High

Aggressive pricing wars in commodity server assembly compress SMCI operating margins below 4%, destroying intrinsic owner earnings.

FV impact
-40% to Fair Value
Trigger
12-18 months
निगरानी हेतु शीघ्र चेतावनी संकेत
मेट्रिकवर्तमानट्रिगर सीमा
Operating margins slipping below 5.0% for two consecutive quartersMonitorDeterioration versus the report thesis
Days in inventory increasing significantly against historical averagesMonitorDeterioration versus the report thesis
Major cloud provider switching to white-box or competitor infrastructureMonitorDeterioration versus the report thesis
Rising cost of debt on short-term working capital facilitiesMonitorDeterioration versus the report thesis
Forward EPS consensus downgrades exceeding 10%MonitorDeterioration versus the report thesis

§3 वित्तीय इतिहास

आय विवरण — पिछले छह कालखंड
लाइन आइटमT−0T−1T−2T−3CAGR
अवधि2022-06-302023-06-302024-06-302025-06-30Trend
राजस्व$5.20B$7.12B$14.99B$21.97B+61.7%
सकल लाभ$800.0M$1.28B$2.06B$2.43B+44.8%
परिचालन आय$335.2M$761.1M$1.21B$1.25B+55.2%
शुद्ध आय$285.2M$640.0M$1.15B$1.05B+54.4%
EPS (डाइल्यूटेड)$0.53$1.14$2.01$1.68+46.7%
EBITDA$375.7M$799.7M$1.27B$1.33B+52.4%
R&D$272.3M$307.3M$463.5M$636.6M+32.7%
SG&A$192.6M$214.6M$387.1M$540.4M+41.1%

गुणवत्ता स्कोर

Piotroski F-स्कोर
5 / 9
0–9 गुणवत्ता समग्र
Altman Z-स्कोर
4.71
दिवालियापन जोखिम (>3 सुरक्षित)
Beneish M-स्कोर
-2.44
आय में हेरफेर का जोखिम
OCF / शुद्ध आय
1.58×
>1 उच्च आय गुणवत्ता दर्शाता है
लेखा गुणवत्ता गेट
Pass
सेक्टर-समायोजित गेट
ROIC
9.1%
निवेशित पूँजी पर प्रतिफल
खंड 3

Numbers analysis

पूँजी आवंटन

Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.

व्यक्तिगत सब्सक्राइबर — §4 आगे11 और खंड

पूरा विश्लेषण पढ़ें — 11 और खंड.

Competitive moat, industry cycle, peer comparison, intrinsic valuation, sensitivity, scenarios, earnings decision tree, position management, investor perspectives, scorecard, and final recommendation.

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FAQ

SMCI — frequently asked questions

  1. Based on our latest analysis, SMCI looks meaningfully undervalued. The current price is $35.4 versus a composite fair-value midpoint of $71.4 (range $48.5–$105), which implies roughly 101.8% upside to the midpoint.

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Same archetype: cyclical
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