Stock Analysis on Net

Super Micro Computer Inc. (NASDAQ:SMCI)

$24.99

Common-Size Income Statement
Quarterly Data

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Super Micro Computer Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018
Net sales
Cost of sales
Gross profit
Research and development
Sales and marketing
General and administrative
Operating expenses
Income from operations
Other income (expense), net
Interest expense
Income before income tax provision
Income tax (provision) benefit
Share of income (expense) from equity investee, net of taxes
Net income

Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).


Gross Profit Trend
The gross profit margin experienced fluctuations over the reported periods. Starting from 12.69% in September 2018, it showed an increasing trend reaching peaks around 18.76% in September 2022. However, toward the latest periods, a sharp decline is evident, dropping to 9.57% by March 2025. This indicates variability in cost control or pricing strategies over time.
Cost of Sales Trend
Cost of sales as a percentage of net sales generally decreased from 87.31% in September 2018 to a low around 81.24% in September 2022, reflecting improvements in production efficiency or favorable input costs. Subsequently, the cost of sales percentage rose significantly, reaching approximately 90.43% in March 2025, which correlates with the decline in gross profit margin during the same timeframe.
Research and Development Expenses
Research and development (R&D) expenses relative to net sales exhibited a generally declining trend over the periods. Starting at -4.43% in September 2018, R&D expenses peaked negatively at around -7.45% in June 2020 but then decreased consistently to levels near -2.38% by December 2024. This may indicate a strategic reduction in R&D investment or improved efficiency in research expenditures.
Sales and Marketing Expenses
Sales and marketing expenses as a percentage of net sales remained relatively stable but with a subtle decreasing trend. Beginning at -1.88% in September 2018, the proportion declined to values near -1.05% by December 2024 and showed minor oscillations thereafter, indicating continued control over selling costs.
General and Administrative Expenses
General and administrative costs showed a considerable reduction relative to net sales, decreasing from -3.45% in September 2018 to a low near -1.01% in December 2023 before a slight uptick to about -1.53% by March 2025. The declining trend suggests effective cost management in administrative functions over time.
Operating Expenses
Operating expenses as a whole decreased markedly from -9.76% of net sales in September 2018 to approximately -4.81% in June 2024, implying improved operational efficiency. However, slight increases near the end of the series appear, reaching around -6.38% by March 2025, corresponding with fluctuations in other expense categories.
Income from Operations
Operating income experienced variability, with initial values around 2.93% in September 2018. It peaked substantially at 11.93% in December 2022 but declined afterward to 3.19% by March 2025. This pattern indicates periods of strong operational profitability followed by challenges affecting operating margins.
Other Income (Expense), Net
Other income or expense items showed irregular movements, mostly minor in relative magnitude. Values oscillated around zero, with occasional positive or negative spikes, such as 0.43% in September 2022 and -0.4% in March 2025, suggesting no consistent trend but sporadic impacts on overall profitability.
Interest Expense
Interest expenses consistently remained low relative to net sales, generally below -0.3%, showing minor fluctuations without a clear long-term trend. This indicates manageable debt costs in relation to sales volume.
Income Before Income Tax Provision
Income before income tax mirrored operating income trends, starting near 2.71% in September 2018 and rising to highs exceeding 12% in late 2022, then declining to 2.5% by March 2025. This reflects fluctuations in core profitability before tax effects.
Income Tax Provision
The income tax provision showed variability, sometimes positive or negative. Notably, significant negative values occurred periodically, reflecting tax benefits or credits in certain quarters. This variability influences net income stability.
Share of Income from Equity Investee
Contributions from equity investees were minimal, fluctuating closely around zero throughout, indicating a relatively minor influence on overall profitability.
Net Income
Net income as a percentage of net sales followed the general profitability trends with increases from 1.99% in September 2018 to peaks near 10.45% in March 2024, followed by declines to approximately 2.36% by March 2025. This overall trajectory suggests periods of robust profitability interrupted by recent downward pressures.