Common-Size Income Statement
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- Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2007
- Current Ratio since 2007
- Debt to Equity since 2007
- Price to Book Value (P/BV) since 2007
- Analysis of Debt
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Super Micro Computer Inc., common-size consolidated income statement
Based on: 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), 10-K (reporting date: 2020-06-30).
- Gross Profit Margin Trend
- The gross profit margin exhibited fluctuations over the periods, starting at 15.76% in 2020 and slightly declining to 15.03% in 2021. It rose marginally to 15.4% in 2022, followed by a notable increase to 18.01% in 2023. Subsequently, it declined significantly to 13.75% in 2024 and further to 11.06% in 2025. This pattern indicates variability in cost control or pricing power, with a peak in 2023 but weakening profitability in the final two years.
- Cost of Sales
- The cost of sales as a percentage of net sales remained consistently high, ranging between approximately 81.99% and 88.94%. After a decrease to 81.99% in 2023, it increased sharply to 86.25% in 2024 and further to 88.94% in 2025, exerting downward pressure on gross profit margins in the latter periods.
- Operating Expenses
- Operating expenses as a portion of net sales demonstrated a steady decline over the period, dropping from 13.19% in 2020 to 5.36% in 2025. This decline reflects improved operational efficiency or tighter expense management. Within operating expenses, research and development costs decreased consistently from 6.63% to 2.9%, sales and marketing expenses reduced from 2.55% to 1.24%, and general and administrative expenses declined from 4.01% to 1.22%, highlighting broad-based expense containment across functions.
- Income from Operations
- Income from operations showed a strong upward trend from 2.57% in 2020 to a peak of 10.68% in 2023, correlating with the decrease in operating expenses and peak gross profit margin in that year. However, in 2024 and 2025, income from operations receded to 8.08% and 5.7% respectively, reflecting the impact of increased cost of sales and diminished gross profits despite continued operating expense control.
- Other Income and Interest Expense
- Other income (net) remained minimal and volatile, oscillating closely around zero without significant impact on overall profitability. Interest expense as a percentage of net sales was relatively low but increased from -0.07% in 2020 and 2021 to -0.27% in 2025, indicating a rise in financing costs or debt levels over time.
- Income Before Income Taxes and Tax Provision
- Income before income tax provision mirrored the pattern of operating income, increasing substantially from 2.54% in 2020 to 10.59% in 2023 before falling to 5.52% by 2025. The income tax provision fluctuated, with a small negative impact early on (-0.09% to -0.19%), a larger tax burden in 2022 and 2023 (-1.02% and -1.55%), then reduced tax provisions in 2024 and 2025, suggesting variability in taxable income or tax rates.
- Net Income
- Net income as a percentage of net sales generally trended upward from 2.52% in 2020 to a peak of 8.98% in 2023, indicating improved profitability. Following this peak, net income declined to 7.69% in 2024 and further to 4.77% in 2025, reflecting the combined effects of decreasing gross profit margin, increasing cost of sales, and rising interest expenses despite ongoing control of operating expenses.