Super Micro Computer Inc. (NASDAQ:SMCI)

Current Assets

The current assets demonstrate a consistent upward trend over the observed periods. Starting from approximately $1.59 billion as of June 2020, there is a steady increase each year, culminating in a significant rise to around $8.93 billion by June 2024 and further increasing to about $12.30 billion by June 2025. This suggests strong growth in the company's liquidity and short-term financial resources.

Adjusted Current Assets

The adjusted current assets follow a very similar pattern to the current assets, with slight differences in values that appear minor and likely result from adjustments in accounting or valuation practices. The figures increase steadily from about $1.60 billion in June 2020 to $8.93 billion in June 2024, and then to $12.30 billion in June 2025. This alignment reflects consistency between the reported and adjusted financial positions regarding current assets.

Overall Observations

Both the current assets and adjusted current assets exhibit strong growth trajectories, indicating overall improvement in the company's capacity to cover short-term obligations and possibly reflecting expansion activities or accumulation of liquid assets. The pronounced jumps in 2024 and 2025 highlight potential strategic developments or market conditions favoring asset accumulation. The stability between reported and adjusted figures also suggests reliable asset valuation methods.

Total Assets

The total assets have shown a consistent upward trend from June 30, 2020, to June 30, 2025. Starting at $1,918,646 thousand in 2020, the assets increased steadily each year, reaching $3,674,729 thousand in 2023. A significant acceleration in growth is observed after 2023, with total assets nearly tripling to $9,826,092 thousand in 2024 and further increasing to $14,018,429 thousand in 2025. This indicates an aggressive expansion or asset accumulation in the most recent years.

Adjusted Total Assets

The adjusted total assets follow a pattern closely mirroring that of total assets, beginning at $1,868,334 thousand in 2020 and rising yearly to $3,512,157 thousand in 2023. Similar to total assets, a marked increase is noted between 2023 and 2024, with adjusted total assets jumping to $9,460,993 thousand, followed by a further rise to $13,411,013 thousand in 2025. The parallel trend with total assets suggests consistency between reported and adjusted figures, supporting the observation of large asset growth in the latter period.

The financial data reveals significant movements in both current liabilities and adjusted current liabilities over the periods from June 30, 2020, to June 30, 2025. An upward trend is evident in both categories, though the changes exhibit some fluctuations.

Current Liabilities

Beginning at $707,635 thousand in 2020, current liabilities increased markedly to $968,896 thousand in 2021, representing a substantial growth. This upward trajectory continued more dramatically in 2022, reaching $1,470,024 thousand. In 2023, a slight decrease occurred to $1,374,652 thousand. However, liabilities surged in 2024 to $2,345,721 thousand, maintaining a nearly constant level in 2025 at $2,344,792 thousand. The overall pattern indicates an increase in short-term obligations, with a particularly sharp rise in the last two years.

Adjusted Current Liabilities

Adjusted current liabilities follow a similar pattern but with slightly lower values, reflecting certain adjustments to the raw liabilities data. Starting at $591,494 thousand in 2020, these liabilities rose steadily to $857,232 thousand in 2021 and then sharply increased to $1,349,638 thousand in 2022. In 2023, there was a minor decline to $1,230,906 thousand. This category also showed a significant surge to $2,142,660 thousand in 2024, followed by a reduction to $1,966,302 thousand in 2025. These figures suggest adjustments reduced some current liabilities in the most recent year after substantial growth.

Overall, both current liabilities and adjusted current liabilities demonstrate a notable escalation over the six-year span, with peaks around 2024. The data suggests increasing short-term financial obligations, which may indicate growth in operations or changes in working capital requirements. The sharp rise in 2024 followed by a stabilization or slight reduction in 2025 for adjusted liabilities could reflect strategic financial management or changes in accounting treatments affecting the adjusted figures.

The financial data reveals a significant upward trend in both total liabilities and adjusted total liabilities over the analyzed periods.

Total Liabilities

Total liabilities increased consistently from 852,939 thousand US dollars as of June 30, 2020, to 7,716,558 thousand US dollars projected for June 30, 2025. This represents a substantial growth, nearly a nine-fold increase over the five-year span.

While the liabilities rose steadily during the first four years—reaching 1,702,559 thousand by June 30, 2023—the projections for the subsequent two years show an accelerated increase, with a sharp rise to 4,408,722 thousand in 2024 and continuing upward to 7,716,558 thousand in 2025.

Adjusted Total Liabilities

Similarly, adjusted total liabilities follow the same general trajectory, increasing from 636,791 thousand US dollars in 2020 to 6,968,222 thousand in 2025. The progression demonstrates a consistent rise each year, paralleling the overall liabilities but at a slightly lower magnitude.

After increasing steadily to 1,383,252 thousand by 2023, the adjusted liabilities sharply increase to 3,974,531 thousand in 2024 and then to 6,968,222 thousand in 2025. This pattern mirrors the total liabilities' acceleration in the later years.

Overall, the data indicates a marked increase in the company's financial obligations, particularly notable from 2023 onward. The large projected increases raise considerations about the company's future leverage, risk profile, and potential impacts on liquidity and solvency.

The analysis of the financial data reveals a consistent upward trend in both total stockholders’ equity and adjusted total stockholders’ equity over the observed periods. The values indicate a significant increase from 2020 through 2025, reflecting growth in equity position.

Total stockholders’ equity

There is a steady increase from approximately 1,065,540 thousand US dollars in mid-2020 to around 6,301,693 thousand US dollars by mid-2025. The growth accelerates notably after 2022, with a substantial jump between 2023 and 2024, indicating strengthened financial health or successful capital raising strategies.

Adjusted total stockholders’ equity

This metric follows a similar upward trajectory, rising from about 1,231,543 thousand US dollars in 2020 to an estimated 6,442,791 thousand US dollars in 2025. Like the total equity, the adjusted measure shows marked increases in the later years, especially between 2023 and 2024, which may reflect adjustments for items such as intangible assets or reserves that provide a clearer picture of intrinsic equity strength.

Overall, the data suggest robust growth in equity, with accelerated expansion in recent years. This pattern may be indicative of enhanced profitability, retained earnings accumulation, issuance of additional shares, or revaluation impacts contributing to stronger equity bases. The alignment between total and adjusted equity trends underscores consistent improvements in the company’s net asset position across the reviewed timeframe.

The financial data reveals a dynamic and evolving capital structure over the periods analyzed. Both reported and adjusted figures for debt, stockholders' equity, and total capital exhibit considerable growth, with certain fluctuations observed.

Total Reported Debt

The reported debt shows significant volatility, increasing sharply from approximately 29.4 million in 2020 to a peak near 596.8 million in 2022, then declining to 290.3 million in 2023 before rising dramatically to over 2.17 billion in 2024 and further to approximately 4.76 billion in 2025. This indicates a substantial escalation in leverage particularly in the latest two years analyzed.

Total Reported Stockholders’ Equity

Stockholders’ equity demonstrates steady growth over the period, rising from about 1.07 billion in 2020 to roughly 6.3 billion in 2025. The increases appear relatively consistent year-over-year, with a pronounced acceleration between 2023 and 2024, suggesting an infusion of equity or strong retained earnings during this time.

Total Reported Capital

Reported total capital, the sum of debt and equity, follows an upward trend from approximately 1.09 billion in 2020 to over 11 billion in 2025. This reflects the combined effect of rising liabilities and equity, corroborating the company's expanding capital base over the five years.

Adjusted Total Debt

Adjusted debt figures mirror reported debt trends, increasing from about 53.8 million in 2020 to a high of approximately 620.6 million in 2022, then decreasing to 309.5 million in 2023, followed by a steep climb to nearly 2.21 billion in 2024 and about 5.06 billion in 2025. The adjusted debt consistently exceeds the reported debt, indicating additional liabilities or adjustments not captured in the reported figures.

Adjusted Total Stockholders’ Equity

Adjusted equity also shows growth, rising from roughly 1.23 billion in 2020 to approximately 6.44 billion in 2025. The pattern aligns with reported equity trends but reflects higher baseline values, suggesting additional equity considerations in the adjustments.

Adjusted Total Capital

Adjusted total capital increases from around 1.29 billion in 2020 to over 11.5 billion in 2025, confirming the growth in the company’s overall capital structure. The adjusted totals remain consistently higher than reported totals, reflecting the impact of adjustments on both debt and equity.

Overall, the data indicates an expanding capital framework characterized by substantial increases in both debt and equity levels, particularly notable in the later periods. The sharp rise in debt in 2024 and 2025 highlights a significant increase in leverage, while the corresponding growth in equity suggests enhancement in shareholder investment or accumulated earnings. The differences between reported and adjusted figures imply that additional liabilities and equity adjustments are significant factors in the company's financial position.

Net Sales

Net sales demonstrate a consistent upward trajectory over the examined periods. Starting at approximately US$3.34 billion on June 30, 2020, net sales increased moderately to about US$3.56 billion in 2021. There was a significant growth in 2022, reaching roughly US$5.20 billion, followed by a continued upward trend with net sales hitting approximately US$7.12 billion in 2023. The data indicates a sharp increase in 2024, with net sales more than doubling to around US$14.99 billion. This positive momentum continues into 2025, showing an even larger increase to approximately US$21.97 billion. This suggests accelerated growth, particularly in the last two years under review.

Adjusted Net Sales

Adjusted net sales closely mirror the pattern observed in net sales values, reflecting a steady increase throughout the periods. The figures start at nearly US$3.34 billion in 2020 and grow marginally to about US$3.56 billion in 2021. Noteworthy increases occur in 2022 and 2023, reaching approximately US$5.23 billion and US$7.19 billion respectively. A pronounced surge is observed in 2024, with adjusted net sales rising to nearly US$15.10 billion. This upward trend persists in 2025, with adjusted net sales reaching approximately US$22.29 billion. The close alignment between net sales and adjusted net sales suggests consistency in accounting adjustments with no significant deviations.

Net Income Trends

Net income demonstrated a consistent upward trajectory over the analyzed periods. Starting at 84,308 thousand US dollars in June 2020, it experienced a moderate increase to 111,865 thousand US dollars by June 2021. The growth accelerated significantly in subsequent years, reaching 285,163 thousand US dollars in June 2022 and surging further to 639,998 thousand US dollars by June 2023. The peak was observed in June 2024 at 1,152,666 thousand US dollars, before experiencing a slight decrease to 1,048,854 thousand US dollars in June 2025. Overall, the data reflects a strong expansion in net profitability with a minor contraction in the final year.

Adjusted Net Income Patterns

Adjusted net income followed a pattern similar to net income but with some differences in magnitude. Beginning at 67,839 thousand US dollars in June 2020, it increased steadily to 101,117 thousand US dollars in June 2021 and exhibited a larger jump to 308,944 thousand US dollars in June 2022. Growth continued with the adjusted net income reaching 618,654 thousand US dollars in June 2023 and further increasing to 1,099,109 thousand US dollars in June 2024. Contrary to net income, adjusted net income rose again in June 2025 to 1,148,287 thousand US dollars, surpassing the previous year's figure. This indicates adjustments contributed positively to the profitability measure in the final period.

Comparative Insights

Both net income and adjusted net income display strong growth over the five-year span, with adjusted net income generally lagging behind net income except in the most recent period where it exceeded it. The divergence between the two measures suggests there may be adjustments accounting for non-recurring expenses or income that materially impact the reported profitability. The larger absolute increases seen from 2021 onward indicate significant operational improvements or favorable market conditions driving financial performance upward.