Economic Value Added (EVA)
EVA is registered trademark of Stern Stewart.
Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.
Economic Profit
Super Micro Computer Inc., economic profit calculation
US$ in thousands
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).
1 NOPAT. See details »
2 Cost of capital. See details »
3 Invested capital. See details »
4 2026 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 4,044,758 – 19.49% × 25,606,460 = -946,533
An analysis of the economic value added indicates a period of aggressive capital expansion and growth in operating profits that has not yet translated into positive economic profit. While operating performance is improving, the scale of capital deployment has consistently exceeded the threshold required to generate a return above the cost of capital, resulting in persistent value destruction over the analyzed period.
- Net Operating Profit After Taxes (NOPAT) Trends
- NOPAT demonstrates a consistent and significant upward trajectory, rising from 103,035 thousand USD in 2021 to 4,044,758 thousand USD by 2026. The most substantial increase occurs between 2025 and 2026, signaling a sharp acceleration in the entity's ability to generate operating income after taxes.
- Invested Capital Expansion
- Invested capital has grown exponentially, increasing from 1,282,041 thousand USD in 2021 to 25,606,460 thousand USD in 2026. A critical inflection point is observed in 2024, where invested capital more than tripled from the previous year, suggesting a massive reallocation of resources or significant infrastructure investment to support growth.
- Cost of Capital Fluctuations
- The cost of capital exhibited volatility in the early years, peaking at 27.17% in 2023. However, a downward trend is observed from 2024 onward, with the rate declining to 19.49% by 2026. While this reduction lowers the hurdle for achieving positive economic profit, the rate remains relatively high in absolute terms.
- Economic Profit Analysis
- Economic profit remained negative for the entire duration of the period, indicating that the return on invested capital did not meet the cost of capital. The economic loss widened significantly between 2023 and 2025, reaching a peak deficit of -1,506,297 thousand USD in 2025. This trend highlights a disconnect where the rapid growth in the capital base outpaced the growth in operating returns. By 2026, the economic loss narrowed to -946,533 thousand USD, driven by the simultaneous surge in NOPAT and the reduction in the cost of capital.
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Net Operating Profit after Taxes (NOPAT)
Super Micro Computer Inc., NOPAT calculation
US$ in thousands
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).
1 Elimination of deferred tax expense. See details »
2 Addition of increase (decrease) in allowance for credit losses.
3 Addition of increase (decrease) in deferred revenue.
4 Addition of increase (decrease) in accrued warranty costs.
5 Addition of increase (decrease) in equity equivalents to net income.
6 2026 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 539,600 × 5.80% = 31,297
7 2026 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 225,871 × 21.00% = 47,433
8 Addition of after taxes interest expense to net income.
9 2026 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 203,820 × 21.00% = 42,802
10 Elimination of after taxes investment income.
The financial performance from June 30, 2021, to June 30, 2026, exhibits a strong upward trajectory in both core operating profitability and bottom-line earnings, characterized by significant scaling and a substantial acceleration in the final projected period.
- Net Operating Profit After Taxes (NOPAT) Trend
- A consistent and aggressive growth pattern is observed in NOPAT, which increased from 103,035 thousand USD in 2021 to 4,044,758 thousand USD by 2026. The growth was steady between 2021 and 2025, with a notable acceleration occurring in 2026, where NOPAT expanded by approximately 248% compared to the previous year. This indicates a substantial increase in the efficiency and scale of core business operations.
- Net Income Trajectory
- Net income followed a general growth trend, rising from 111,865 thousand USD in 2021 to 2,230,453 thousand USD in 2026. While the growth was robust through 2024, a slight contraction occurred in 2025, with net income decreasing to 1,048,854 thousand USD. However, a sharp recovery is noted in 2026, with earnings more than doubling from the 2025 level.
- Comparative Analysis of NOPAT and Net Income
- A divergence between operating profit and net income becomes evident in the later periods. In 2025, NOPAT continued to grow despite a decline in net income, suggesting that the dip in bottom-line earnings was driven by non-operating factors rather than a decline in core operational performance. By 2026, the gap widens significantly, as NOPAT reaches 4,044,758 thousand USD while net income stands at 2,230,453 thousand USD. This widening variance suggests a significant increase in non-operating expenses, interest burdens, or tax obligations that offset a substantial portion of the operating gains.
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Cash Operating Taxes
Super Micro Computer Inc., cash operating taxes calculation
US$ in thousands
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).
An analysis of the tax expenditures reveals a significant upward trajectory in both income tax provisions and cash operating taxes over the observed six-year period. The growth is characterized by an aggressive escalation in total tax outflows, particularly in the final two years of the period.
- Cash Operating Taxes Trend
- Cash operating taxes demonstrate consistent and uninterrupted annual growth, increasing from 15,997 thousand US$ in 2021 to 656,234 thousand US$ by 2026. The most substantial acceleration occurs between 2022 and 2023, where values more than tripled, followed by a continued steep climb through 2026.
- Income Tax Provision Volatility
- The income tax provision exhibits a more volatile growth pattern compared to cash taxes. While the provision rose from 6,936 thousand US$ in 2021 to 110,666 thousand US$ in 2023, a notable contraction occurred in 2024, with values dropping to 63,294 thousand US$. This was followed by a rapid recovery and an exponential increase to 556,329 thousand US$ by 2026.
- Divergence Between Cash Taxes and Provisions
- A persistent gap is observed where cash operating taxes consistently exceed the income tax provision for every year analyzed. This divergence is most prominent in 2024, when cash operating taxes continued to rise to 230,428 thousand US$ despite a sharp decline in the reported income tax provision. By 2026, although the provision increased substantially, cash operating taxes remained higher, indicating that actual cash tax payments are consistently outpacing the accounting tax provisions.
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Invested Capital
Super Micro Computer Inc., invested capital calculation (financing approach)
US$ in thousands
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).
1 Addition of capitalized operating leases.
2 Elimination of deferred taxes from assets and liabilities. See details »
3 Addition of allowance for doubtful accounts receivable.
4 Addition of deferred revenue.
5 Addition of accrued warranty costs.
6 Addition of equity equivalents to total Super Micro Computer, Inc. stockholders’ equity.
7 Removal of accumulated other comprehensive income.
8 Subtraction of construction in progress.
9 Subtraction of investment in marketable equity security.
Invested capital exhibits a trajectory of aggressive expansion from 2021 through 2026, increasing from US$ 1,282,041 thousand to US$ 25,606,460 thousand. This growth indicates a substantial escalation in the scale of capital deployed within the business, with a marked acceleration in growth rates occurring after 2023.
- Invested Capital Growth Trends
- A period of moderate growth is observed between 2021 and 2023, during which invested capital grew from US$ 1,282,041 thousand to US$ 2,437,425 thousand. This was followed by a phase of rapid expansion, with the figure rising to US$ 7,676,769 thousand in 2024 and ultimately reaching US$ 25,606,460 thousand by 2026. The total increase over the six-year period represents a growth of approximately 1,897%.
- Debt and Lease Obligations
- Total reported debt and leases remained relatively low through 2023, totaling US$ 309,462 thousand. Subsequently, a sharp upward trend emerged, with obligations increasing to US$ 2,209,527 thousand in 2024 and continuing to climb to US$ 9,259,887 thousand by 2026. The most significant surge occurred between 2023 and 2024, where debt levels increased by more than sevenfold.
- Equity Contribution
- Stockholders' equity grew consistently throughout the period, rising from US$ 1,096,225 thousand in 2021 to US$ 14,479,452 thousand in 2026. Significant increases are noted in 2024 and 2026, mirroring the overall expansion of the invested capital base and suggesting a strong accumulation of equity to support organizational growth.
- Capital Structure Evolution
- The composition of invested capital has shifted significantly. In 2021, debt represented a minimal portion of the total capital. By 2026, the financing mix became more diversified, with debt and leases accounting for approximately 36% and stockholders' equity accounting for approximately 56% of the total invested capital. This shift indicates an increased reliance on leveraged financing to fund the rapid expansion of the capital base.
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Cost of Capital
Super Micro Computer Inc., cost of capital calculations
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 24,491,670) | 24,491,670) | ÷ | 37,870,568) | = | 0.65 | 0.65 | × | 27.79% | = | 17.97% | ||
| Series A Mandatory Convertible Preferred Stock | 4,481,550) | 4,481,550) | ÷ | 37,870,568) | = | 0.12 | 0.12 | × | 7.00% | = | 0.83% | ||
| Lines of credit, term loans, and convertible notes3 | 8,357,748) | 8,357,748) | ÷ | 37,870,568) | = | 0.22 | 0.22 | × | 3.58% × (1 – 21.00%) | = | 0.62% | ||
| Operating lease liability4 | 539,600) | 539,600) | ÷ | 37,870,568) | = | 0.01 | 0.01 | × | 5.80% × (1 – 21.00%) | = | 0.07% | ||
| Total: | 37,870,568) | 1.00 | 19.49% | ||||||||||
Based on: 10-K (reporting date: 2026-06-30).
1 US$ in thousands
2 Equity. See details »
3 Lines of credit, term loans, and convertible notes. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 26,130,197) | 26,130,197) | ÷ | 31,741,229) | = | 0.82 | 0.82 | × | 27.79% | = | 22.88% | ||
| Series A Mandatory Convertible Preferred Stock | —) | —) | ÷ | 31,741,229) | = | 0.00 | 0.00 | × | 0.00% | = | 0.00% | ||
| Lines of credit, term loans, and convertible notes3 | 5,309,475) | 5,309,475) | ÷ | 31,741,229) | = | 0.17 | 0.17 | × | 2.06% × (1 – 21.00%) | = | 0.27% | ||
| Operating lease liability4 | 301,557) | 301,557) | ÷ | 31,741,229) | = | 0.01 | 0.01 | × | 5.80% × (1 – 21.00%) | = | 0.04% | ||
| Total: | 31,741,229) | 1.00 | 23.20% | ||||||||||
Based on: 10-K (reporting date: 2025-06-30).
1 US$ in thousands
2 Equity. See details »
3 Lines of credit, term loans, and convertible notes. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 27,027,141) | 27,027,141) | ÷ | 29,273,552) | = | 0.92 | 0.92 | × | 27.79% | = | 25.66% | ||
| Series A Mandatory Convertible Preferred Stock | —) | —) | ÷ | 29,273,552) | = | 0.00 | 0.00 | × | 0.00% | = | 0.00% | ||
| Lines of credit, term loans, and convertible notes3 | 2,211,029) | 2,211,029) | ÷ | 29,273,552) | = | 0.08 | 0.08 | × | 1.37% × (1 – 21.00%) | = | 0.08% | ||
| Operating lease liability4 | 35,382) | 35,382) | ÷ | 29,273,552) | = | 0.00 | 0.00 | × | 5.10% × (1 – 21.00%) | = | 0.00% | ||
| Total: | 29,273,552) | 1.00 | 25.75% | ||||||||||
Based on: 10-K (reporting date: 2024-06-30).
1 US$ in thousands
2 Equity. See details »
3 Lines of credit, term loans, and convertible notes. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 13,501,598) | 13,501,598) | ÷ | 13,811,060) | = | 0.98 | 0.98 | × | 27.79% | = | 27.17% | ||
| Series A Mandatory Convertible Preferred Stock | —) | —) | ÷ | 13,811,060) | = | 0.00 | 0.00 | × | 0.00% | = | 0.00% | ||
| Lines of credit, term loans, and convertible notes3 | 290,302) | 290,302) | ÷ | 13,811,060) | = | 0.02 | 0.02 | × | 0.00% × (1 – 21.00%) | = | 0.00% | ||
| Operating lease liability4 | 19,160) | 19,160) | ÷ | 13,811,060) | = | 0.00 | 0.00 | × | 3.10% × (1 – 21.00%) | = | 0.00% | ||
| Total: | 13,811,060) | 1.00 | 27.17% | ||||||||||
Based on: 10-K (reporting date: 2023-06-30).
1 US$ in thousands
2 Equity. See details »
3 Lines of credit, term loans, and convertible notes. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 3,627,650) | 3,627,650) | ÷ | 4,248,214) | = | 0.85 | 0.85 | × | 27.79% | = | 23.73% | ||
| Series A Mandatory Convertible Preferred Stock | —) | —) | ÷ | 4,248,214) | = | 0.00 | 0.00 | × | 0.00% | = | 0.00% | ||
| Lines of credit, term loans, and convertible notes3 | 596,764) | 596,764) | ÷ | 4,248,214) | = | 0.14 | 0.14 | × | 0.00% × (1 – 21.00%) | = | 0.00% | ||
| Operating lease liability4 | 23,800) | 23,800) | ÷ | 4,248,214) | = | 0.01 | 0.01 | × | 3.00% × (1 – 21.00%) | = | 0.01% | ||
| Total: | 4,248,214) | 1.00 | 23.75% | ||||||||||
Based on: 10-K (reporting date: 2022-06-30).
1 US$ in thousands
2 Equity. See details »
3 Lines of credit, term loans, and convertible notes. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 1,806,080) | 1,806,080) | ÷ | 1,925,131) | = | 0.94 | 0.94 | × | 27.79% | = | 26.07% | ||
| Series A Mandatory Convertible Preferred Stock | —) | —) | ÷ | 1,925,131) | = | 0.00 | 0.00 | × | 0.00% | = | 0.00% | ||
| Lines of credit, term loans, and convertible notes3 | 98,190) | 98,190) | ÷ | 1,925,131) | = | 0.05 | 0.05 | × | 0.00% × (1 – 21.00%) | = | 0.00% | ||
| Operating lease liability4 | 20,861) | 20,861) | ÷ | 1,925,131) | = | 0.01 | 0.01 | × | 3.40% × (1 – 21.00%) | = | 0.03% | ||
| Total: | 1,925,131) | 1.00 | 26.10% | ||||||||||
Based on: 10-K (reporting date: 2021-06-30).
1 US$ in thousands
2 Equity. See details »
3 Lines of credit, term loans, and convertible notes. See details »
4 Operating lease liability. See details »
Economic Spread Ratio
Super Micro Computer Inc., economic spread ratio calculation, comparison to benchmarks
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Economic profit1 | (946,533) | (1,506,297) | (882,639) | (34,661) | (213,752) | (231,624) | |
| Invested capital2 | 25,606,460) | 11,494,019) | 7,676,769) | 2,437,425) | 2,222,919) | 1,282,041) | |
| Performance Ratio | |||||||
| Economic spread ratio3 | -3.70% | -13.11% | -11.50% | -1.42% | -9.62% | -18.07% | |
| Benchmarks | |||||||
| Economic Spread Ratio, Competitors4 | |||||||
| Apple Inc. | 106.79% | 108.26% | 165.55% | 138.73% | 200.23% | 196.59% | |
| Arista Networks Inc. | — | 53.84% | 35.25% | 20.64% | 16.17% | 31.22% | |
| Cisco Systems Inc. | -1.98% | -6.43% | -3.30% | 3.38% | 3.36% | 2.60% | |
| Dell Technologies Inc. | -0.23% | -9.73% | -8.36% | -0.70% | 3.17% | -1.36% | |
| Lumentum Holdings Inc. | -170.62% | -23.27% | -28.98% | -19.00% | -6.33% | 5.99% | |
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).
1 Economic profit. See details »
2 Invested capital. See details »
3 2026 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × -946,533 ÷ 25,606,460 = -3.70%
4 Click competitor name to see calculations.
An analysis of the financial performance from June 30, 2021, to June 30, 2026, reveals a consistent failure to generate positive economic profit, indicating that the return on invested capital has remained below the company's cost of capital throughout the period.
- Economic Profit Trends
- Economic profit remained negative across all observed periods. A period of recovery was noted between 2021 and 2023, where losses narrowed from -231,624 thousand US$ to -34,661 thousand US$. However, this trend reversed sharply in 2024 and 2025, with losses expanding to a peak of -1,506,297 thousand US$. A partial recovery is observed in 2026, with losses reducing to -946,533 thousand US$, though the company remains in a value-destructive state.
- Invested Capital Expansion
- There is a substantial and accelerating increase in invested capital. From a baseline of 1,282,041 thousand US$ in 2021, the capital base grew steadily until 2023, followed by an aggressive expansion phase starting in 2024. By June 30, 2026, invested capital reached 25,606,460 thousand US$, representing a nearly twenty-fold increase over the six-year span. This indicates massive capital deployment into the business operations.
- Economic Spread Ratio Volatility
- The economic spread ratio, which measures the difference between the return on invested capital and the cost of capital, remained negative throughout the analysis. The ratio improved significantly from -18.07% in 2021 to its peak efficiency of -1.42% in 2023. This efficiency gain was subsequently lost as the ratio declined to -11.50% in 2024 and -13.11% in 2025, coinciding with the rapid increase in invested capital. A notable recovery is seen in 2026, with the ratio improving to -3.70%.
The overall trajectory indicates that while the scale of investment has grown exponentially, the corresponding economic returns have not kept pace, leading to sustained negative economic value added. The volatility in the economic spread ratio suggests that the company's ability to optimize its capital deployment fluctuates significantly as it scales.
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Economic Profit Margin
Super Micro Computer Inc., economic profit margin calculation, comparison to benchmarks
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Economic profit1 | (946,533) | (1,506,297) | (882,639) | (34,661) | (213,752) | (231,624) | |
| Net sales | 39,063,072) | 21,972,042) | 14,989,251) | 7,123,482) | 5,196,099) | 3,557,422) | |
| Add: Increase (decrease) in deferred revenue | 1,880,650) | 315,006) | 111,928) | 70,587) | 31,544) | (1,452) | |
| Adjusted net sales | 40,943,722) | 22,287,048) | 15,101,179) | 7,194,069) | 5,227,643) | 3,555,970) | |
| Performance Ratio | |||||||
| Economic profit margin2 | -2.31% | -6.76% | -5.84% | -0.48% | -4.09% | -6.51% | |
| Benchmarks | |||||||
| Economic Profit Margin, Competitors3 | |||||||
| Apple Inc. | 23.95% | 23.08% | 21.16% | 21.82% | 23.66% | 22.84% | |
| Arista Networks Inc. | — | 33.27% | 24.96% | 15.58% | 11.14% | 18.28% | |
| Cisco Systems Inc. | -2.99% | -10.36% | -5.34% | 3.37% | 3.77% | 2.90% | |
| Dell Technologies Inc. | -0.11% | -5.26% | -5.13% | -0.39% | 1.66% | -1.17% | |
| Lumentum Holdings Inc. | -267.83% | -43.04% | -65.24% | -31.18% | -9.25% | 6.75% | |
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).
1 Economic profit. See details »
2 2026 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted net sales
= 100 × -946,533 ÷ 40,943,722 = -2.31%
3 Click competitor name to see calculations.
The financial performance across the analyzed period is characterized by aggressive revenue expansion juxtaposed with a persistent inability to generate positive economic value. While adjusted net sales exhibit exponential growth, economic profit remains consistently negative, indicating that returns have not exceeded the cost of capital.
- Revenue Expansion and Scaling
- Adjusted net sales demonstrate a continuous and rapid upward trajectory, increasing from 3,555,970 thousand US dollars in 2021 to 40,943,722 thousand US dollars by 2026. This represents a significant scaling of operations, with the most substantial acceleration occurring between 2023 and 2026.
- Economic Profit Trends
- Economic profit remained negative throughout the entire period. A brief improvement was observed in 2023, where the deficit narrowed to 34,661 thousand US dollars. However, this was followed by a severe deterioration in 2024 and 2025, with the loss peaking at 1,506,297 thousand US dollars in 2025. A partial recovery is noted in 2026, as the economic loss reduced to 946,533 thousand US dollars.
- Economic Profit Margin Analysis
- The economic profit margin reflects a volatile relationship between growth and value creation. The margin improved from -6.51% in 2021 to a near-break-even point of -0.48% in 2023. Despite the surge in sales, the margin deteriorated sharply to -5.84% in 2024 and -6.76% in 2025. The trend reverses in 2026, with the margin recovering to -2.31%, suggesting a potential improvement in the efficiency of capital utilization relative to the scale of operations.
The overall data suggests a pattern where rapid top-line growth has been accompanied by increasing capital costs or insufficient operational returns to cover the cost of capital. The deepening economic loss during the period of fastest sales growth (2024-2025) indicates that the expansion was not value-accretive during those years.
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