Super Micro Computer, Inc. (SMCI)财务
NASDAQ · Technology · Computer Hardware · 员工7,000人 · CEO Charles Liang
- 股价
- $32.95 -4.30%
- 市值
- $216亿
- 企业价值
- $208亿
- 最近财报
- Q4 '26 2026-08-31提交
- 下次财报
- 2026-11-03 EPS预期 $1.23
营收(TTM)$391亿+77.8% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)7.1%+1.4 百分点 对比去年同期营业利润 $27.7亿
净利润(TTM)$22.3亿+112.7% 对比去年同期税后,含营业外收益
自由现金流(TTM)-$69.7亿-555.0% 对比去年同期资本支出 $1.62亿
稀释EPS(TTM)$3.26+183.5% 对比去年同期最近4个季度之和
净现金$8.41亿+115.0% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $216亿 EV $208亿
- 营收
- $391亿 过去12个月
- 营收增速
- +87% FY2027年一致预期
- 净利润率
- 5.7% 净利润 / 营收,TTM
- P/E
- 9.0× 预期 6.9×(FY2027)
- P/S
- 0.6× 股价 / 营收,TTM
- EV / EBITDA
- 6.8× TTM
- 自由现金流
- -$69.7亿 过去12个月
- 净利润
- $22.3亿 过去12个月
- 营收预期
- $730亿 FY2027年一致预期
- 盈利
- 2026-11-03 营收预期 $175亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-11):营收低于预期4.1%,EPS 超预期84.2%营收$111亿,预期$116亿(-4.1%);EPS $1.70,预期$0.92(+84.2%)。
- 营收增长加速:同比93.2%Q4 '26营收$111亿,此前四个季度的平均值为59.5%。
- 营业利润率7.1%(TTM),较去年同期+1.4 百分点营收增长77.8%,营业利润增长121.1%。
- 资本支出占营收的0.4%(去年为0.6%)最近4个季度投入$1.62亿(同比+27.3%)。自由现金流-$69.7亿,相当于净利润的-312.6%。
- 稀释股数一年内增加11.6%Q4 '26稀释股数6.97亿,一年前为6.25亿。
- 净现金 $8.41亿现金 + 短期投资 $75.2亿,含租赁债务 $66.8亿;一年前净现金 $3.91亿。
上一季度:Q4 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q4 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $111亿 | $57.6亿 | +93.2% |
| 毛利率 | 17.5% | 9.5% | +8.0 百分点 |
| 营业利润 | $14.9亿 | $2.28亿 | +551.5% |
| 营业利润率 | 13.4% | 4.0% | +9.4 百分点 |
| 净利润 | $11.8亿 | $1.95亿 | +503.7% |
| 稀释EPS | $1.68 | $0.31 | +441.9% |
| 经营现金流 | $7.47亿 | $8.64亿 | -13.5% |
| 资本支出 | $2820万 | $2270万 | +24.5% |
| 自由现金流 | $7.19亿 | $8.41亿 | -14.5% |
| R&D | $2.01亿 | $1.83亿 | +10.0% |
| 股权激励费用 | $1610万 | $8360万 | -80.8% |
实际 vs 一致预期
2026-08-11| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $111亿 | $116亿 | -4.1% |
| EPS(一致预期口径) | $1.70 | $0.92 | +84.2% |
来自2026-08-11发布的Q4 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q4 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Server And Storage Systems | $1.7亿 | -97.0% | 54.8% | $5.38亿 | -97.5% | |
| Subsystems and accessories | $1.4亿 | +0.6% | 45.2% | $4.2亿 | -36.4% |
按地区划分的营收
占总额比例| 分部 | Q4 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $78.9亿 | +259.4% | 87.3% | $277亿 | +112.1% | |
| Other region | $11.5亿 | +299.8% | 12.7% | – | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- -$68.1亿
- 资本支出
- -$1.62亿
- 股票回购
- $0
- 股息
- $0
- 收购
- $0
- 债务净发行
- $39.2亿
- 股权激励费用
- $1.05亿
- 自由现金流
- -$69.7亿
- 股东回报 / FCF
- 0.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 9.0× | 19.3× | 3.3× – 45.9× |
| EV / EBITDA | 6.8× | 18.0× | 6.1× – 38.3× |
| EV / 营收 | 0.5× | 1.5× | 0.5× – 3.3× |
| 股价 / FCF | -3.1× | 20.5× 5年中的2年 | 19.0× – 22.1× |
| 股价 / 净资产 | 1.4× | 4.7× | 1.2× – 8.9× |
| FCF收益率 | -32.2% | -11.6% | -39.5% – 5.3% |
| 投入资本回报率 | 9.7% | 14.4% | 8.9% – 26.3% |
| 净资产收益率 | 25.1% | 21.2% | 15.4% – 32.5% |
分析师
一致目标价 $42.33 (+28.5%)
区间 $36.00 – $48.00 · 评级 Hold
强烈买入0
买入10
持有16
卖出2
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $730亿 | +87.0% | $4.75 | +45.6% | 6.9× | 11 |
| FY2028 | $819亿 | +12.2% | $5.70 | +20.1% | 5.8× | 10 |
| FY2029 | $931亿 | +13.6% | $6.14 | +7.8% | 5.4× | 1 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Super Micro Computer, Inc.在近期10-Q / 10-K文件中标记的全部295项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| – | – | – | $6200万 | $3080万 | +101.1% | |
| – | – | – | 2.2% | 2.5% | -12.0% | |
| – | – | – | $2.62亿 | $2.24亿 | +16.9% | |
| – | – | – | $1330万 | $0 | – | |
| Accounts Payable, Current | $22.5亿 | $12.8亿 | +75.3% | $22.5亿 | $12.8亿 | +75.3% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $61.3亿 | $22亿 | +177.9% | $61.3亿 | $22亿 | +177.9% |
| Accounts Receivable, Allowance for Credit Loss | $10.9万 | $0 | – | $10.9万 | $0 | – |
| Accounts Receivable, Allowance for Credit Loss, Current | $10.9万 | $0 | – | $10.9万 | $0 | – |
| Accounts Receivable, Credit Loss Expense (Reversal) | – | – | – | $47万 | -$4000 | +11,850.0% |
| Accounts Receivable, Sale | $0 | – | – | $8.32亿 | – | – |
| AccountsReceivableExcludingAccruedInterestAfterAllowanceForCreditLossNoncurrent | $485万 | $1.66亿 | -97.1% | $485万 | $1.66亿 | -97.1% |
| Accrued Income Taxes, Current | $2.63亿 | $5340万 | +392.0% | $2.63亿 | $5340万 | +392.0% |
| Accrued Liabilities, Current | $10.3亿 | $5.66亿 | +82.6% | $10.3亿 | $5.66亿 | +82.6% |
| Accrued Marketing Costs, Current | $5030万 | $2680万 | +87.7% | $5030万 | $2680万 | +87.7% |
| Accrued Professional Fees, Current | $2760万 | $810万 | +240.7% | $2760万 | $810万 | +240.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1.53亿 | $1.18亿 | +29.2% | $1.53亿 | $1.18亿 | +29.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $39.7万 | $70.5万 | -43.7% | $39.7万 | $70.5万 | -43.7% |
| Advertising Expense | – | – | – | $200万 | $3810万 | -94.8% |
| Amortization of Debt Issuance Costs and Discounts | $873万 | $390万 | +123.7% | $2590万 | $1030万 | +152.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1.26亿2026-03-31 | $8490万 | +48.3% | $4.12亿 | $3.15亿 | +30.9% |
| Asset Impairment Charges | $02026-03-31 | $0 | – | – | – | – |
| Assets | $299亿 | $140亿 | +113.6% | $299亿 | $140亿 | +113.6% |
| Assets Held-for-sale, Not Part of Disposal Group, Current, Other | $4.66亿 | $0 | – | $4.66亿 | $0 | – |
| Assets, Current | $277亿 | $123亿 | +125.4% | $277亿 | $123亿 | +125.4% |
| Assets, Fair Value Disclosure | $1.31亿 | $855万 | +1,432.5% | $1.31亿 | $855万 | +1,432.5% |
| Capital Expenditures Incurred but Not yet Paid | $436万 | -$208万 | +310.3% | $2110万 | $1620万 | +30.4% |
| Cash and Cash Equivalents, at Carrying Value | $75.2亿 | $51.7亿 | +45.5% | $75.2亿 | $51.7亿 | +45.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $76.3亿 | $51.7亿 | +47.5% | $76.3亿 | $51.7亿 | +47.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $62.9亿 | $26.4亿 | +138.8% | $24.6亿 | $35亿 | -29.8% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 10亿 | 10亿 | 0.0% | 10亿 | 10亿 | 0.0% |
| Common Stock, Shares, Issued | 6.57亿 | 5.94亿 | +10.6% | 6.57亿 | 5.94亿 | +10.6% |
| Common Stock, Shares, Outstanding | 6.57亿 | 5.94亿 | +10.6% | 6.57亿 | 5.94亿 | +10.6% |
| Common Stocks, Including Additional Paid in Capital | $46亿 | $28.7亿 | +60.5% | $46亿 | $28.7亿 | +60.5% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $11.8亿 | $1.95亿 | +503.5% | $22.3亿 | $10.5亿 | +112.6% |
| Contract with Customer, Liability | – | – | – | $7.31亿2025-06-30 | $4.16亿 | +75.6% |
| Contract with Customer, Liability, Current | $15.8亿 | $3.69亿 | +327.9% | $15.8亿 | $3.69亿 | +327.9% |
| Contract with Customer, Liability, Noncurrent | $10.3亿 | $3.63亿 | +185.1% | $10.3亿 | $3.63亿 | +185.1% |
| Contract with Customer, Liability, Revenue Recognized | $5530万 | $3620万 | +52.8% | $3.58亿 | $1.9亿 | +88.3% |
| Convertible Notes Payable, Noncurrent | $46.6亿 | $46.5亿 | +0.4% | $46.6亿 | $46.5亿 | +0.4% |
| Cost of Revenue | $91.8亿 | $52.1亿 | +76.0% | $348亿 | $195亿 | +78.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $4.17亿 | $2.66亿 | +56.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.43亿 | $6850万 | +108.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $6.52亿 | $3.71亿 | +75.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $9200万 | $3670万 | +150.5% |
| Customer Refund Liability, Current | $1.36亿 | $3290万 | +313.7% | $1.36亿 | $3290万 | +313.7% |
| Debt Securities, Available-for-sale | $0 | $175万 | -100.0% | $0 | $175万 | -100.0% |
| Debt, Long-term and Short-term, Combined Amount | $40.6亿 | $1.12亿 | +3,506.3% | $40.6亿 | $1.12亿 | +3,506.3% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $410万2026-03-31 | $370万 | +10.8% | $410万2025-06-30 | $320万 | +28.1% |
| Deferred Costs, Current | $1740万 | $564万 | +209.1% | $1740万 | $564万 | +209.1% |
| Deferred Costs, Noncurrent | $3660万 | $1070万 | +241.3% | $3660万 | $1070万 | +241.3% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$3370万 | -$1.61亿 | +79.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$3650万 | -$4160万 | +12.4% |
| Deferred Income Tax Assets, Net | $6.97亿 | $6.07亿 | +14.8% | $6.97亿 | $6.07亿 | +14.8% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$9530万 | -$2.15亿 | +55.6% |
| Deferred Income Taxes and Tax Credits | -$6440万 | -$8020万 | +19.7% | -$9540万 | -$2.15亿 | +55.6% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$2510万 | -$1200万 | -109.6% |
| Deferred Tax Assets, Deferred Income | $1.22亿 | $6410万 | +90.5% | $1.22亿 | $6410万 | +90.5% |
| Deferred Tax Assets, Gross | $9.16亿 | $7.59亿 | +20.8% | $9.16亿 | $7.59亿 | +20.8% |
| Deferred Tax Assets, in Process Research and Development | $7600万 | $7600万 | -0.1% | $7600万 | $7600万 | -0.1% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-K 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-Q 2025-09-30, 10-K 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-12-31, 10-Q 2024-09-30, 10-K 2024-06-30
数据截至 2026-11-02