Common-Size Income Statement
Quarterly Data
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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 (quarterly data)
Based on: 10-K (reporting date: 2025-06-30), 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).
- Gross Profit Margin
- The gross profit margin has shown notable variability over the periods analyzed, fluctuating between a high of approximately 18.76% in September 2022 and a low of 10.2% in June 2024. Initially, margins hovered around 16%, before declining sharply in mid-2020 and early 2021, followed by a recovery trend peaking in late 2022. Starting 2023, the margin exhibits a downward trajectory, reaching lower levels towards 2025, which may indicate rising cost pressures or pricing challenges.
- Cost of Sales
- The cost of sales as a percentage of net sales largely mirrors the gross profit trend inversely, with percentages ranging from about -81.24% to -90.55%. After periods of moderate cost ratios near -82% to -83%, costs spiked notably in the mid to late 2024 timeframe. This escalation correlates with the decline in gross profit margin, highlighting increased costs relative to sales.
- Operating Expenses
- Operating expenses, encompassing research and development, sales and marketing, and general and administrative costs, generally declined over the timeline. R&D expenses decreased from levels above -6% in early periods to approximately -3% to -4% in more recent quarters. Sales and marketing and general administrative costs also trended downward, moving from roughly -2.5% and -3.5% respectively to below -1.5%. This reduction in operating expenses suggests successful cost control efforts despite fluctuations in gross profit.
- Income from Operations
- Operating income as a percentage of net sales has displayed a recovering pattern following a trough during mid-2020. From lows near 1%, it climbed to over 11% by late 2022, indicating improved operational efficiency and profitability. Nonetheless, following this peak, operating income experienced a decline starting in early 2024, aligning with adverse trends in gross margin and increasing cost of sales.
- Interest Expense and Other Income (Expense)
- Interest expense maintained relatively low and stable levels around -0.1% of net sales, with occasional minor fluctuations. Other income and expense displayed mixed results without a consistent trend, occasionally contributing positively or negatively but remaining close to zero in magnitude.
- Income Before Income Tax Provision
- Income before tax followed a trajectory similar to operating income, increasing through 2022 and gradually declining thereafter. The highest observed pre-tax income margin was approximately 12.11% in September 2022, declining to about 2.5% by March 2025, indicating weakening profitability before taxes in recent periods.
- Income Tax Provision
- The tax provision as a percentage of net sales generally reduced the net income, with some variability. Occasionally, there were tax benefits noted, particularly in early 2020, but most periods reflected negative impacts on overall profitability. The tax rate impact appears to have widened somewhat in later periods, especially during 2024.
- Net Income
- Net income margins have closely tracked operating income patterns, rising from around 3% in late 2019 to near 10% in late 2022, followed by a decreasing trend toward mid-2025. Net income reached a peak of approximately 10.45% in December 2023 but fell to near 2.36% by March 2025. This indicates that while profitability improved substantially over several years, recent performance has weakened considerably.
- Summary of Trends
- Overall, the data reflects a cycle of profitability expansion peaking around late 2022 and early 2023, driven by improved gross margins and disciplined operating expense management. However, starting in 2023 and extending into 2025, there is a discernible decline in profitability metrics, driven primarily by rising cost of sales and diminishing gross profit margins, notwithstanding continued control over operating expenses. The net income trend confirms these conclusions, highlighting the critical influence of gross profit and cost dynamics on overall company financial health during the analyzed period.