Stock Analysis on Net
Stock Analysis on Net

Super Micro Computer Inc. (NASDAQ:SMCI)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Super Micro Computer Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 23.80% = 13.55% × 1.76
Sep 30, 2023 28.29% = 14.96% × 1.89
Jun 30, 2023 32.45% = 17.42% × 1.86
Mar 31, 2023 33.21% = 18.39% × 1.81
Dec 31, 2022 31.80% = 18.81% × 1.69
Sep 30, 2022 27.33% = 13.45% × 2.03
Jun 30, 2022 20.00% = 8.90% × 2.25
Mar 31, 2022 14.41% = 5.98% × 2.41
Dec 31, 2021 10.53% = 4.67% × 2.26
Sep 30, 2021 9.77% = 4.56% × 2.14
Jun 30, 2021 10.20% = 4.99% × 2.05
Mar 31, 2021 8.65% = 4.56% × 1.90
Dec 31, 2020 8.32% = 4.67% × 1.78
Sep 30, 2020 7.88% = 4.65% × 1.69
Jun 30, 2020 7.91% = 4.39% × 1.80
Mar 31, 2020 8.63% = 4.57% × 1.89
Dec 31, 2019 8.43% = 4.67% × 1.80
Sep 30, 2019 8.12% = 4.64% × 1.75
Jun 30, 2019 7.64% = 4.27% × 1.79
Mar 31, 2019 — = — × 1.76
Dec 31, 2018 — = — × 1.93
Sep 30, 2018 — = — × 1.99

Based on: 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).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2024 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Super Micro Computer Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 23.80% = 7.92% × 1.71 × 1.76
Sep 30, 2023 28.29% = 8.29% × 1.80 × 1.89
Jun 30, 2023 32.45% = 8.98% × 1.94 × 1.86
Mar 31, 2023 33.21% = 8.93% × 2.06 × 1.81
Dec 31, 2022 31.80% = 8.70% × 2.16 × 1.69
Sep 30, 2022 27.33% = 7.38% × 1.82 × 2.03
Jun 30, 2022 20.00% = 5.49% × 1.62 × 2.25
Mar 31, 2022 14.41% = 3.96% × 1.51 × 2.41
Dec 31, 2021 10.53% = 3.00% × 1.56 × 2.26
Sep 30, 2021 9.77% = 2.89% × 1.58 × 2.14
Jun 30, 2021 10.20% = 3.14% × 1.59 × 2.05
Mar 31, 2021 8.65% = 2.69% × 1.69 × 1.90
Dec 31, 2020 8.32% = 2.71% × 1.72 × 1.78
Sep 30, 2020 7.88% = 2.56% × 1.82 × 1.69
Jun 30, 2020 7.91% = 2.52% × 1.74 × 1.80
Mar 31, 2020 8.63% = 2.72% × 1.68 × 1.89
Dec 31, 2019 8.43% = 2.58% × 1.81 × 1.80
Sep 30, 2019 8.12% = 2.37% × 1.96 × 1.75
Jun 30, 2019 7.64% = 2.05% × 2.08 × 1.79
Mar 31, 2019 — = — × — × 1.76
Dec 31, 2018 — = — × — × 1.93
Sep 30, 2018 — = — × — × 1.99

Based on: 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).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2024 is the decrease in financial leverage ratio.

Five-Component Disaggregation of ROE

Super Micro Computer Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 23.80% = 0.86 × 0.98 × 9.41% × 1.71 × 1.76
Sep 30, 2023 28.29% = 0.87 × 0.99 × 9.65% × 1.80 × 1.89
Jun 30, 2023 32.45% = 0.85 × 0.99 × 10.69% × 1.94 × 1.86
Mar 31, 2023 33.21% = 0.85 × 0.99 × 10.68% × 2.06 × 1.81
Dec 31, 2022 31.80% = 0.84 × 0.99 × 10.52% × 2.16 × 1.69
Sep 30, 2022 27.33% = 0.83 × 0.98 × 9.01% × 1.82 × 2.03
Jun 30, 2022 20.00% = 0.84 × 0.98 × 6.63% × 1.62 × 2.25
Mar 31, 2022 14.41% = 0.88 × 0.98 × 4.60% × 1.51 × 2.41
Dec 31, 2021 10.53% = 0.93 × 0.98 × 3.29% × 1.56 × 2.26
Sep 30, 2021 9.77% = 0.94 × 0.98 × 3.13% × 1.58 × 2.14
Jun 30, 2021 10.20% = 0.94 × 0.98 × 3.41% × 1.59 × 2.05
Mar 31, 2021 8.65% = 0.98 × 0.97 × 2.82% × 1.69 × 1.90
Dec 31, 2020 8.32% = 0.99 × 0.97 × 2.82% × 1.72 × 1.78
Sep 30, 2020 7.88% = 1.02 × 0.97 × 2.57% × 1.82 × 1.69
Jun 30, 2020 7.91% = 0.97 × 0.98 × 2.68% × 1.74 × 1.80
Mar 31, 2020 8.63% = 0.86 × 0.97 × 3.23% × 1.68 × 1.89
Dec 31, 2019 8.43% = 0.84 × 0.97 × 3.17% × 1.81 × 1.80
Sep 30, 2019 8.12% = 0.81 × 0.95 × 3.06% × 1.96 × 1.75
Jun 30, 2019 7.64% = 0.83 × 0.93 × 2.67% × 2.08 × 1.79
Mar 31, 2019 — = — × — × — × — × 1.76
Dec 31, 2018 — = — × — × — × — × 1.93
Sep 30, 2018 — = — × — × — × — × 1.99

Based on: 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).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2024 is the decrease in financial leverage ratio.

Two-Component Disaggregation of ROA

Super Micro Computer Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 13.55% = 7.92% × 1.71
Sep 30, 2023 14.96% = 8.29% × 1.80
Jun 30, 2023 17.42% = 8.98% × 1.94
Mar 31, 2023 18.39% = 8.93% × 2.06
Dec 31, 2022 18.81% = 8.70% × 2.16
Sep 30, 2022 13.45% = 7.38% × 1.82
Jun 30, 2022 8.90% = 5.49% × 1.62
Mar 31, 2022 5.98% = 3.96% × 1.51
Dec 31, 2021 4.67% = 3.00% × 1.56
Sep 30, 2021 4.56% = 2.89% × 1.58
Jun 30, 2021 4.99% = 3.14% × 1.59
Mar 31, 2021 4.56% = 2.69% × 1.69
Dec 31, 2020 4.67% = 2.71% × 1.72
Sep 30, 2020 4.65% = 2.56% × 1.82
Jun 30, 2020 4.39% = 2.52% × 1.74
Mar 31, 2020 4.57% = 2.72% × 1.68
Dec 31, 2019 4.67% = 2.58% × 1.81
Sep 30, 2019 4.64% = 2.37% × 1.96
Jun 30, 2019 4.27% = 2.05% × 2.08
Mar 31, 2019 — = — × —
Dec 31, 2018 — = — × —
Sep 30, 2018 — = — × —

Based on: 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).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2024 is the decrease in asset turnover ratio.

Four-Component Disaggregation of ROA

Super Micro Computer Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 13.55% = 0.86 × 0.98 × 9.41% × 1.71
Sep 30, 2023 14.96% = 0.87 × 0.99 × 9.65% × 1.80
Jun 30, 2023 17.42% = 0.85 × 0.99 × 10.69% × 1.94
Mar 31, 2023 18.39% = 0.85 × 0.99 × 10.68% × 2.06
Dec 31, 2022 18.81% = 0.84 × 0.99 × 10.52% × 2.16
Sep 30, 2022 13.45% = 0.83 × 0.98 × 9.01% × 1.82
Jun 30, 2022 8.90% = 0.84 × 0.98 × 6.63% × 1.62
Mar 31, 2022 5.98% = 0.88 × 0.98 × 4.60% × 1.51
Dec 31, 2021 4.67% = 0.93 × 0.98 × 3.29% × 1.56
Sep 30, 2021 4.56% = 0.94 × 0.98 × 3.13% × 1.58
Jun 30, 2021 4.99% = 0.94 × 0.98 × 3.41% × 1.59
Mar 31, 2021 4.56% = 0.98 × 0.97 × 2.82% × 1.69
Dec 31, 2020 4.67% = 0.99 × 0.97 × 2.82% × 1.72
Sep 30, 2020 4.65% = 1.02 × 0.97 × 2.57% × 1.82
Jun 30, 2020 4.39% = 0.97 × 0.98 × 2.68% × 1.74
Mar 31, 2020 4.57% = 0.86 × 0.97 × 3.23% × 1.68
Dec 31, 2019 4.67% = 0.84 × 0.97 × 3.17% × 1.81
Sep 30, 2019 4.64% = 0.81 × 0.95 × 3.06% × 1.96
Jun 30, 2019 4.27% = 0.83 × 0.93 × 2.67% × 2.08
Mar 31, 2019 — = — × — × — × —
Dec 31, 2018 — = — × — × — × —
Sep 30, 2018 — = — × — × — × —

Based on: 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).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2024 is the decrease in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

Super Micro Computer Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 7.92% = 0.86 × 0.98 × 9.41%
Sep 30, 2023 8.29% = 0.87 × 0.99 × 9.65%
Jun 30, 2023 8.98% = 0.85 × 0.99 × 10.69%
Mar 31, 2023 8.93% = 0.85 × 0.99 × 10.68%
Dec 31, 2022 8.70% = 0.84 × 0.99 × 10.52%
Sep 30, 2022 7.38% = 0.83 × 0.98 × 9.01%
Jun 30, 2022 5.49% = 0.84 × 0.98 × 6.63%
Mar 31, 2022 3.96% = 0.88 × 0.98 × 4.60%
Dec 31, 2021 3.00% = 0.93 × 0.98 × 3.29%
Sep 30, 2021 2.89% = 0.94 × 0.98 × 3.13%
Jun 30, 2021 3.14% = 0.94 × 0.98 × 3.41%
Mar 31, 2021 2.69% = 0.98 × 0.97 × 2.82%
Dec 31, 2020 2.71% = 0.99 × 0.97 × 2.82%
Sep 30, 2020 2.56% = 1.02 × 0.97 × 2.57%
Jun 30, 2020 2.52% = 0.97 × 0.98 × 2.68%
Mar 31, 2020 2.72% = 0.86 × 0.97 × 3.23%
Dec 31, 2019 2.58% = 0.84 × 0.97 × 3.17%
Sep 30, 2019 2.37% = 0.81 × 0.95 × 3.06%
Jun 30, 2019 2.05% = 0.83 × 0.93 × 2.67%
Mar 31, 2019 — = — × — × —
Dec 31, 2018 — = — × — × —
Sep 30, 2018 — = — × — × —

Based on: 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).

The primary reason for the decrease in net profit margin ratio over Q2 2024 is the decrease in operating profitability measured by EBIT margin ratio.