Stock Analysis on Net
Stock Analysis on Net

Super Micro Computer Inc. (NASDAQ:SMCI)

Common-Size Balance Sheet: Assets

Super Micro Computer Inc., common-size consolidated balance sheet: assets

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Jun 30, 2026 Jun 30, 2025 Jun 30, 2024 Jun 30, 2023 Jun 30, 2022 Jun 30, 2021
Cash and cash equivalents 25.12 36.88 16.99 11.99 8.34 10.36
Accounts receivable, net of allowance for credit losses 20.46 15.72 27.86 31.25 26.04 20.69
Inventories 43.06 33.39 44.10 39.34 48.22 46.43
Asset held for others 1.56 0.00 0.00 0.00 0.00 0.00
Prepaid inventory 1.05 0.01 0.00 0.00 0.00 0.00
Receivable from vendors 0.46 1.11 0.00 0.00 0.00 0.00
Prepaid expenses 0.31 0.19 0.00 0.00 0.00 0.00
Restricted cash 0.16 0.00 0.00 0.00 0.00 0.00
Prepaid income tax 0.10 0.32 0.00 0.00 0.00 0.00
Marketable equity security 0.08 0.04 0.04 0.00 0.00 0.00
Deferred service costs 0.06 0.04 0.00 0.00 0.00 0.00
Other 0.19 0.06 1.91 3.95 4.95 5.81
Prepaid expenses and other current assets 3.95% 1.77% 1.95% 3.95% 4.95% 5.81%
Current assets 92.59% 87.75% 90.90% 86.52% 87.56% 83.29%
Property, plant, and equipment, net 2.09 3.60 4.21 7.90 8.92 12.25
Deferred income taxes, net 2.33 4.33 3.72 4.43 2.18 2.82
Operating lease ROU asset 1.74 2.10 0.35 0.52 0.74 0.89
Long-term investments 0.49 0.80 0.62 0.00 0.00 0.00
Tariff receivable 0.22 0.00 0.00 0.00 0.00 0.00
Restricted cash, non-current 0.21 0.02 0.01 0.00 0.00 0.00
Deferred service costs, non-current 0.12 0.08 0.11 0.00 0.00 0.00
Deposits 0.09 0.04 0.05 0.00 0.00 0.00
Non-current accounts receivable 0.02 1.19 0.00 0.00 0.00 0.00
Other 0.10 0.10 0.03 0.63 0.60 0.74
Other assets 2.99% 4.31% 1.17% 1.15% 1.34% 1.64%
Non-current assets 7.41% 12.25% 9.10% 13.48% 12.44% 16.71%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).

The asset structure is characterized by a heavy concentration in current assets, which consistently represent the vast majority of the total asset base. Current assets increased from 83.29% in 2021 to a peak of 92.59% by 2026, indicating a strategic shift toward high liquidity and a lean approach to long-term physical infrastructure. Conversely, non-current assets have seen a steady decline, falling from 16.71% in 2021 to 7.41% in 2026.

Liquidity and Cash Management
Cash and cash equivalents exhibited significant volatility, starting at 10.36% in 2021 and reaching a substantial peak of 36.88% in 2025, before moderating to 25.12% in 2026. This suggests a period of aggressive liquidity accumulation mid-cycle, potentially to fund rapid expansion or manage short-term volatility.
Working Capital Dynamics
Inventories represent a dominant portion of the balance sheet, fluctuating between a low of 33.39% in 2025 and a high of 48.22% in 2022. The recurring high percentage of inventory indicates a business model with significant capital tied up in product stock. Accounts receivable followed a non-linear path, peaking at 31.25% in 2023 before declining to 15.72% in 2025 and recovering to 20.46% in 2026, reflecting shifts in credit terms or revenue collection cycles.
Capital Intensity and Fixed Assets
A consistent downward trend is observed in Property, Plant, and Equipment (PP&E), which decreased from 12.25% of total assets in 2021 to just 2.09% in 2026. This precipitous decline suggests that total asset growth is far outpacing investments in physical infrastructure, moving the company toward a more asset-light operational model.
Other Asset Components
Deferred income taxes have remained relatively stable, generally fluctuating between 2.18% and 4.43%. Emerging asset categories, such as assets held for others (1.56% in 2026) and prepaid inventory (1.05% in 2026), have appeared in recent periods, indicating a diversification of asset types as the company scales.

The overall trend indicates a transition toward a highly liquid balance sheet dominated by working capital. The reduction in the relative weight of non-current assets, specifically PP&E, combined with the surge in cash and inventory, reflects an operational focus on scaling short-term capacity and maintaining flexible liquidity positions.

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