Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Super Micro Computer Inc., solvency ratios (quarterly data)
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The solvency profile exhibits a distinct transition from a conservative, low-leverage position between 2021 and 2023 to a period of significantly increased financial gearing starting in 2024. While the company maintained minimal debt levels in the early periods, a subsequent upward trajectory in leverage ratios indicates a strategic increase in borrowed capital, peaking in the first quarter of 2026.
- Debt-to-Equity, Debt-to-Capital, and Debt-to-Assets Ratios
- These three ratios move in high correlation, reflecting a synchronized increase in debt relative to equity, total capital, and total assets. A period of extreme deleveraging occurred between June 2022 and September 2023, with the debt-to-equity ratio reaching a low of 0.07. However, a reversal began in March 2024, with the debt-to-equity ratio climbing steadily to a peak of 1.16 by March 2026. This indicates that by early 2026, total debt exceeded total equity. A partial correction is observed by June 2026, where the debt-to-equity ratio retreated to 0.60.
- Financial Leverage
- Financial leverage remained relatively stable between 1.56 and 2.41 for the majority of the analyzed period. A sharp anomaly is observed in December 2025, where the ratio spiked to 4.00, the highest point in the series. This sudden increase suggests a significant expansion of the asset base relative to equity or a sharp decrease in equity during that quarter, followed by a normalization to 2.07 by June 2026.
- Interest Coverage Ratio
- The interest coverage ratio demonstrates a strong inverse relationship with the leverage ratios. From September 2021 through September 2023, the company maintained an exceptionally high capacity to service interest, peaking at 84.71. A consistent and steep decline is observed thereafter, falling to 32.93 by March 2025 and reaching a low of 12.18 by March 2026. This downward trend indicates that while the company remains solvent, the margin of safety for debt servicing has narrowed considerably as the debt load increased.
Overall, the data reveals a shift in the capital structure. The company moved from a position of negligible debt and high interest coverage to a more aggressive leveraged position. Although the coverage ratio remains above critical thresholds, the precipitous drop from its peak suggests that the cost of servicing the increased debt is consuming a larger portion of operating earnings.
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Debt Ratios
Coverage Ratios
Debt to Equity
Super Micro Computer Inc., debt to equity calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Lines of credit and term loans, current | 2,039,774) | 2,095,069) | 201,776) | 100,618) | 75,060) | 63,971) | 154,988) | 493,808) | 402,346) | 81,566) | 276,307) | 40,843) | 170,123) | 53,972) | 27,869) | 101,173) | 449,146) | 403,045) | 176,904) | 233,674) | ||||||
| Lines of credit and term loans, non-current | 2,016,374) | 2,018,675) | 21,437) | 25,199) | 37,415) | 43,003) | 53,409) | 65,733) | 74,083) | 85,646) | 99,322) | 105,389) | 120,179) | 133,235) | 142,273) | 148,551) | 147,618) | 144,423) | 139,032) | 45,134) | ||||||
| Convertible notes | 4,664,139) | 4,659,357) | 4,654,623) | 4,649,889) | 4,645,178) | 2,385,320) | 1,700,638) | 1,699,177) | 1,697,716) | 1,696,255) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total debt | 8,720,287) | 8,773,101) | 4,877,836) | 4,775,706) | 4,757,653) | 2,492,294) | 1,909,035) | 2,258,718) | 2,174,145) | 1,863,467) | 375,629) | 146,232) | 290,302) | 187,207) | 170,142) | 249,724) | 596,764) | 547,468) | 315,936) | 278,808) | ||||||
| Total Super Micro Computer, Inc. stockholders’ equity | 14,479,452) | 7,575,430) | 6,992,015) | 6,523,390) | 6,301,693) | 6,379,319) | 6,238,307) | 5,876,754) | 5,417,206) | 5,093,993) | 3,076,910) | 2,165,378) | 1,972,005) | 1,768,407) | 1,818,677) | 1,625,036) | 1,425,575) | 1,273,743) | 1,186,668) | 1,132,622) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity1 | 0.60 | 1.16 | 0.70 | 0.73 | 0.75 | 0.39 | 0.31 | 0.38 | 0.40 | 0.37 | 0.12 | 0.07 | 0.15 | 0.11 | 0.09 | 0.15 | 0.42 | 0.43 | 0.27 | 0.25 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||
| Apple Inc. | — | 0.78 | 0.80 | 1.03 | 1.34 | 1.54 | 1.47 | 1.45 | 1.87 | 1.52 | 1.41 | 1.46 | 1.79 | 1.81 | 1.76 | 1.96 | 2.37 | 2.06 | 1.78 | 1.71 | ||||||
| Arista Networks Inc. | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Cisco Systems Inc. | 0.59 | 0.64 | 0.63 | 0.60 | 0.60 | 0.64 | 0.68 | 0.71 | 0.68 | 0.70 | 0.25 | 0.17 | 0.19 | 0.20 | 0.21 | 0.22 | 0.24 | 0.23 | 0.29 | 0.22 | ||||||
| Dell Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 5.36 | 9.04 | 13.39 | ||||||
| Lumentum Holdings Inc. | 0.35 | 1.10 | 3.88 | 4.15 | 2.27 | 2.93 | 2.95 | 2.88 | 2.61 | 2.13 | 2.21 | 2.15 | 2.07 | 1.51 | 1.50 | 1.52 | 1.00 | 0.97 | 0.60 | 0.61 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q4 2026 Calculation
Debt to equity = Total debt ÷ Total Super Micro Computer, Inc. stockholders’ equity
= 8,720,287 ÷ 14,479,452 = 0.60
2 Click competitor name to see calculations.
The solvency profile exhibits a transition from a conservative, low-leverage position to a period of aggressive capital expansion and increased debt utilization. While stockholders' equity has grown consistently across the observed period, the rate of debt accumulation has accelerated significantly in more recent quarters, leading to a substantial increase in the debt-to-equity ratio.
- Initial Solvency Stability (September 2021 – September 2023)
- During this interval, the capital structure remained conservative. The debt-to-equity ratio fluctuated between 0.07 and 0.43, reaching its lowest point of 0.07 in September 2023. This period was characterized by relatively modest debt levels and a steady increase in stockholders' equity, indicating a low reliance on external borrowing relative to the company's net worth.
- Moderate Leverage Expansion (December 2023 – March 2025)
- A shift toward increased borrowing is evident starting in late 2023. Total debt rose from $375.6 million in December 2023 to approximately $2.49 billion by March 2025. Despite this increase, the debt-to-equity ratio remained relatively contained, fluctuating between 0.12 and 0.39, as equity grew concurrently to over $6.3 billion, which mitigated the impact of the increased debt load.
- Accelerated Leverage and Capital Rebalancing (June 2025 – June 2026)
- The final period shows a rapid escalation in leverage, with total debt surging to a peak of $8.77 billion in March 2026. This drove the debt-to-equity ratio to its maximum value of 1.16, indicating a phase where debt growth significantly outpaced equity growth. However, a sharp correction is observed by June 2026, where the ratio dropped to 0.60. This decline coincided with a substantial increase in stockholders' equity to $14.48 billion, suggesting a significant equity infusion or a strategic restructuring of the balance sheet to reduce leverage.
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Debt to Capital
Super Micro Computer Inc., debt to capital calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Lines of credit and term loans, current | 2,039,774) | 2,095,069) | 201,776) | 100,618) | 75,060) | 63,971) | 154,988) | 493,808) | 402,346) | 81,566) | 276,307) | 40,843) | 170,123) | 53,972) | 27,869) | 101,173) | 449,146) | 403,045) | 176,904) | 233,674) | ||||||
| Lines of credit and term loans, non-current | 2,016,374) | 2,018,675) | 21,437) | 25,199) | 37,415) | 43,003) | 53,409) | 65,733) | 74,083) | 85,646) | 99,322) | 105,389) | 120,179) | 133,235) | 142,273) | 148,551) | 147,618) | 144,423) | 139,032) | 45,134) | ||||||
| Convertible notes | 4,664,139) | 4,659,357) | 4,654,623) | 4,649,889) | 4,645,178) | 2,385,320) | 1,700,638) | 1,699,177) | 1,697,716) | 1,696,255) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total debt | 8,720,287) | 8,773,101) | 4,877,836) | 4,775,706) | 4,757,653) | 2,492,294) | 1,909,035) | 2,258,718) | 2,174,145) | 1,863,467) | 375,629) | 146,232) | 290,302) | 187,207) | 170,142) | 249,724) | 596,764) | 547,468) | 315,936) | 278,808) | ||||||
| Total Super Micro Computer, Inc. stockholders’ equity | 14,479,452) | 7,575,430) | 6,992,015) | 6,523,390) | 6,301,693) | 6,379,319) | 6,238,307) | 5,876,754) | 5,417,206) | 5,093,993) | 3,076,910) | 2,165,378) | 1,972,005) | 1,768,407) | 1,818,677) | 1,625,036) | 1,425,575) | 1,273,743) | 1,186,668) | 1,132,622) | ||||||
| Total capital | 23,199,739) | 16,348,531) | 11,869,851) | 11,299,096) | 11,059,346) | 8,871,613) | 8,147,342) | 8,135,472) | 7,591,351) | 6,957,460) | 3,452,539) | 2,311,610) | 2,262,307) | 1,955,614) | 1,988,819) | 1,874,760) | 2,022,339) | 1,821,211) | 1,502,604) | 1,411,430) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital1 | 0.38 | 0.54 | 0.41 | 0.42 | 0.43 | 0.28 | 0.23 | 0.28 | 0.29 | 0.27 | 0.11 | 0.06 | 0.13 | 0.10 | 0.09 | 0.13 | 0.30 | 0.30 | 0.21 | 0.20 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||
| Apple Inc. | — | 0.44 | 0.44 | 0.51 | 0.57 | 0.61 | 0.60 | 0.59 | 0.65 | 0.60 | 0.59 | 0.59 | 0.64 | 0.64 | 0.64 | 0.66 | 0.70 | 0.67 | 0.64 | 0.63 | ||||||
| Arista Networks Inc. | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Cisco Systems Inc. | 0.37 | 0.39 | 0.39 | 0.37 | 0.37 | 0.39 | 0.41 | 0.41 | 0.41 | 0.41 | 0.20 | 0.14 | 0.16 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.23 | 0.18 | ||||||
| Dell Technologies Inc. | 1.09 | 1.09 | 1.11 | 1.12 | 1.06 | 1.10 | 1.13 | 1.12 | 1.10 | 1.11 | 1.11 | 1.12 | 1.12 | 1.15 | 1.12 | 1.10 | 1.07 | 0.84 | 0.90 | 0.93 | ||||||
| Lumentum Holdings Inc. | 0.26 | 0.52 | 0.80 | 0.81 | 0.69 | 0.75 | 0.75 | 0.74 | 0.72 | 0.68 | 0.69 | 0.68 | 0.67 | 0.60 | 0.60 | 0.60 | 0.50 | 0.49 | 0.37 | 0.38 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q4 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 8,720,287 ÷ 23,199,739 = 0.38
2 Click competitor name to see calculations.
The solvency profile exhibits a transition from a conservative capital structure to a significantly more leveraged position over the analyzed period. While total capital grew consistently, the acceleration in total debt acquisition became the primary driver of the shifting solvency metrics, particularly from 2024 onward.
- Debt Accumulation Patterns
- Total debt remained relatively contained below 600 million USD from September 2021 through September 2023, reaching a periodic minimum of 146 million USD. A substantial inflection point occurred in March 2024, where debt levels surged to 1.86 billion USD. This upward trajectory intensified through 2025, peaking at 8.77 billion USD by March 2026 before stabilizing slightly at 8.72 billion USD in June 2026.
- Capital Expansion
- Total capital demonstrated a strong growth trajectory, increasing from 1.41 billion USD in September 2021 to 23.19 billion USD by June 2026. The expansion of the capital base occurred in tandem with the debt increase, but the scale of borrowing in the final quarters of the period outpaced early growth trends, fundamentally altering the company's financial leverage.
- Debt to Capital Ratio Trends
- The debt-to-capital ratio fluctuated between 0.06 and 0.30 during the period from September 2021 to December 2023, suggesting a period of low financial risk and high solvency. Beginning in March 2025, the ratio entered a phase of escalation, rising from 0.28 to a peak of 0.54 in March 2026. A notable reduction to 0.38 was observed by June 2026, indicating a rapid expansion of total capital relative to debt in the final quarter.
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Debt to Assets
Super Micro Computer Inc., debt to assets calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Lines of credit and term loans, current | 2,039,774) | 2,095,069) | 201,776) | 100,618) | 75,060) | 63,971) | 154,988) | 493,808) | 402,346) | 81,566) | 276,307) | 40,843) | 170,123) | 53,972) | 27,869) | 101,173) | 449,146) | 403,045) | 176,904) | 233,674) | ||||||
| Lines of credit and term loans, non-current | 2,016,374) | 2,018,675) | 21,437) | 25,199) | 37,415) | 43,003) | 53,409) | 65,733) | 74,083) | 85,646) | 99,322) | 105,389) | 120,179) | 133,235) | 142,273) | 148,551) | 147,618) | 144,423) | 139,032) | 45,134) | ||||||
| Convertible notes | 4,664,139) | 4,659,357) | 4,654,623) | 4,649,889) | 4,645,178) | 2,385,320) | 1,700,638) | 1,699,177) | 1,697,716) | 1,696,255) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total debt | 8,720,287) | 8,773,101) | 4,877,836) | 4,775,706) | 4,757,653) | 2,492,294) | 1,909,035) | 2,258,718) | 2,174,145) | 1,863,467) | 375,629) | 146,232) | 290,302) | 187,207) | 170,142) | 249,724) | 596,764) | 547,468) | 315,936) | 278,808) | ||||||
| Total assets | 29,945,467) | 23,452,029) | 28,001,610) | 14,386,037) | 14,018,429) | 10,738,525) | 9,728,348) | 10,851,383) | 9,826,092) | 8,862,781) | 5,405,000) | 4,095,964) | 3,674,729) | 3,192,604) | 3,074,942) | 3,301,283) | 3,205,077) | 3,071,177) | 2,676,602) | 2,426,693) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets1 | 0.29 | 0.37 | 0.17 | 0.33 | 0.34 | 0.23 | 0.20 | 0.21 | 0.22 | 0.21 | 0.07 | 0.04 | 0.08 | 0.06 | 0.06 | 0.08 | 0.19 | 0.18 | 0.12 | 0.11 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||
| Apple Inc. | — | 0.22 | 0.23 | 0.24 | 0.27 | 0.31 | 0.30 | 0.28 | 0.29 | 0.31 | 0.31 | 0.31 | 0.32 | 0.33 | 0.33 | 0.32 | 0.34 | 0.36 | 0.34 | 0.32 | ||||||
| Arista Networks Inc. | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Cisco Systems Inc. | 0.23 | 0.25 | 0.24 | 0.23 | 0.23 | 0.24 | 0.26 | 0.26 | 0.25 | 0.26 | 0.11 | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.12 | 0.10 | ||||||
| Dell Technologies Inc. | 0.31 | 0.36 | 0.32 | 0.33 | 0.31 | 0.31 | 0.30 | 0.32 | 0.32 | 0.32 | 0.32 | 0.34 | 0.33 | 0.32 | 0.30 | 0.31 | 0.29 | 0.35 | 0.36 | 0.38 | ||||||
| Lumentum Holdings Inc. | 0.22 | 0.47 | 0.68 | 0.70 | 0.61 | 0.65 | 0.65 | 0.65 | 0.64 | 0.60 | 0.61 | 0.62 | 0.61 | 0.53 | 0.53 | 0.53 | 0.45 | 0.45 | 0.34 | 0.34 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q4 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 8,720,287 ÷ 29,945,467 = 0.29
2 Click competitor name to see calculations.
The financial trajectory between September 2021 and June 2026 is characterized by a substantial expansion of the balance sheet, transitioning from a low-leverage profile to a more aggressive capital structure. While total assets grew exponentially, total debt increased at a pace that periodically elevated the solvency risk profile.
- Total Debt Trends
- Total debt remained relatively contained between September 2021 and September 2023, fluctuating between 146 million and 596 million US dollars. A pivotal shift occurred in December 2023, initiating a period of rapid debt accumulation. Debt levels climbed from 375 million US dollars in December 2023 to over 8.7 billion US dollars by March 2026, representing a massive scale-up in borrowing to support organizational growth.
- Total Asset Growth
- Assets demonstrated a consistent upward trend throughout the analyzed period. Starting at 2.4 billion US dollars in September 2021, assets grew steadily to 4.1 billion US dollars by September 2023. A period of acceleration followed, with assets surging to 10.8 billion US dollars by September 2024 and eventually reaching a peak of 29.9 billion US dollars by June 2026. This expansion indicates a significant increase in the company's resource base.
- Debt to Assets Ratio Analysis
- The debt to assets ratio reflects three distinct phases of solvency. From September 2021 to September 2023, the ratio remained low and stable, reaching a minimum of 0.04, suggesting a conservative approach to leverage. From December 2023 to September 2024, the ratio stabilized in the 0.20 to 0.22 range as both debt and assets scaled. The final period, from December 2024 to June 2026, shows increased volatility; the ratio peaked at 0.37 in March 2026 before moderating to 0.29 by June 2026. This indicates that while the company has significantly increased its reliance on debt, the asset growth has largely kept pace, preventing a critical destabilization of the solvency ratio.
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Financial Leverage
Super Micro Computer Inc., financial leverage calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Total assets | 29,945,467) | 23,452,029) | 28,001,610) | 14,386,037) | 14,018,429) | 10,738,525) | 9,728,348) | 10,851,383) | 9,826,092) | 8,862,781) | 5,405,000) | 4,095,964) | 3,674,729) | 3,192,604) | 3,074,942) | 3,301,283) | 3,205,077) | 3,071,177) | 2,676,602) | 2,426,693) | ||||||
| Total Super Micro Computer, Inc. stockholders’ equity | 14,479,452) | 7,575,430) | 6,992,015) | 6,523,390) | 6,301,693) | 6,379,319) | 6,238,307) | 5,876,754) | 5,417,206) | 5,093,993) | 3,076,910) | 2,165,378) | 1,972,005) | 1,768,407) | 1,818,677) | 1,625,036) | 1,425,575) | 1,273,743) | 1,186,668) | 1,132,622) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Financial leverage1 | 2.07 | 3.10 | 4.00 | 2.21 | 2.22 | 1.68 | 1.56 | 1.85 | 1.81 | 1.74 | 1.76 | 1.89 | 1.86 | 1.81 | 1.69 | 2.03 | 2.25 | 2.41 | 2.26 | 2.14 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||
| Apple Inc. | — | 3.56 | 3.48 | 4.30 | 4.87 | 5.04 | 4.96 | 5.15 | 6.41 | 4.97 | 4.55 | 4.77 | 5.67 | 5.56 | 5.34 | 6.11 | 6.96 | 5.79 | 5.20 | 5.30 | ||||||
| Arista Networks Inc. | — | — | 1.60 | 1.61 | 1.57 | 1.52 | 1.52 | 1.43 | 1.41 | 1.39 | 1.38 | 1.34 | 1.38 | 1.39 | 1.40 | 1.42 | 1.39 | 1.41 | 1.45 | 1.47 | ||||||
| Cisco Systems Inc. | 2.58 | 2.57 | 2.59 | 2.58 | 2.61 | 2.61 | 2.67 | 2.72 | 2.74 | 2.69 | 2.19 | 2.18 | 2.30 | 2.31 | 2.31 | 2.31 | 2.36 | 2.30 | 2.39 | 2.25 | ||||||
| Dell Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 15.15 | 25.43 | 34.92 | ||||||
| Lumentum Holdings Inc. | 1.57 | 2.36 | 5.68 | 5.91 | 3.72 | 4.52 | 4.55 | 4.43 | 4.11 | 3.57 | 3.64 | 3.47 | 3.42 | 2.83 | 2.86 | 2.87 | 2.22 | 2.16 | 1.79 | 1.79 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q4 2026 Calculation
Financial leverage = Total assets ÷ Total Super Micro Computer, Inc. stockholders’ equity
= 29,945,467 ÷ 14,479,452 = 2.07
2 Click competitor name to see calculations.
An examination of the financial position from September 2021 through June 2026 reveals a period of aggressive balance sheet expansion characterized by substantial growth in both total assets and stockholders' equity. Total assets increased from approximately 2.43 billion USD to 29.95 billion USD, while stockholders' equity rose from 1.13 billion USD to 14.48 billion USD over the same duration.
- Asset Expansion Trends
- A steady upward trajectory in assets was observed from 2021 through mid-2024. A significant acceleration occurred between December 2023 and March 2024, where assets grew from 5.41 billion USD to 8.86 billion USD. The most pronounced increase occurred between September 2025 and December 2025, with assets nearly doubling from 14.39 billion USD to 28.00 billion USD.
- Financial Leverage Volatility
- The financial leverage ratio exhibited three distinct phases. Initially, the ratio fluctuated between 2.03 and 2.41 from September 2021 to September 2022. This was followed by a period of relative stability and deleveraging between March 2023 and September 2024, reaching a low of 1.56. A period of high volatility emerged in late 2025, culminating in a peak leverage ratio of 4.00 in December 2025.
- Capital Structure Shifts
- The spike in financial leverage to 4.00 in December 2025 indicates a period where asset growth significantly outpaced equity accumulation, suggesting an increase in liabilities to fund expansion. However, this trend reversed sharply by June 2026, as the leverage ratio declined to 2.07. This reduction is attributed to a substantial increase in stockholders' equity, which jumped from 7.58 billion USD in March 2026 to 14.48 billion USD in June 2026, effectively rebalancing the capital structure.
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Interest Coverage
Super Micro Computer Inc., interest coverage calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net income | 1,178,217) | 483,387) | 400,564) | 168,285) | 195,154) | 108,777) | 320,596) | 424,327) | 297,244) | 402,459) | 295,968) | 156,995) | 193,569) | 85,846) | 176,167) | 184,416) | 140,822) | 76,972) | 41,932) | 25,437) | ||||||
| Add: Income tax expense | 290,130) | 126,887) | 99,151) | 40,161) | 19,307) | 5,843) | 56,969) | 74,732) | 1,559) | (19,983) | 61,503) | 20,215) | 31,302) | 10,857) | 29,573) | 38,934) | 25,760) | 16,192) | 7,599) | 3,325) | ||||||
| Add: Interest expense | 79,802) | 64,483) | 25,358) | 24,931) | 22,282) | 13,402) | 6,535) | 17,354) | 3,112) | 6,246) | 8,131) | 1,863) | 3,509) | 1,288) | 1,756) | 3,938) | 2,928) | 1,531) | 1,150) | 804) | ||||||
| Earnings before interest and tax (EBIT) | 1,548,149) | 674,757) | 525,073) | 233,377) | 236,743) | 128,022) | 384,100) | 516,413) | 301,915) | 388,722) | 365,602) | 179,073) | 228,380) | 97,991) | 207,496) | 227,288) | 169,510) | 94,695) | 50,681) | 29,566) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Interest coverage1 | 15.32 | 12.18 | 13.06 | 14.63 | 21.24 | 32.93 | 47.86 | 45.14 | 63.83 | 58.83 | 58.89 | 84.71 | 72.55 | 70.87 | 68.85 | 56.79 | 53.71 | 51.73 | 42.94 | 45.86 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||
| Cisco Systems Inc. | 11.89 | 10.61 | 9.71 | 9.02 | 7.97 | 7.39 | 7.13 | 8.66 | 13.16 | 21.47 | 36.55 | 38.18 | 36.87 | 35.87 | 37.17 | 39.53 | 41.21 | 41.54 | 38.79 | 35.64 | ||||||
| Lumentum Holdings Inc. | -328.03 | 12.61 | 3.21 | -2.92 | -6.75 | -11.98 | -12.98 | -13.04 | -11.00 | -7.56 | -6.06 | -4.19 | -1.88 | 0.62 | 1.91 | 3.15 | 3.93 | 4.16 | 7.58 | 8.09 | ||||||
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q4 2026 Calculation
Interest coverage
= (EBITQ4 2026
+ EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026)
÷ (Interest expenseQ4 2026
+ Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026)
= (1,548,149 + 674,757 + 525,073 + 233,377)
÷ (79,802 + 64,483 + 25,358 + 24,931)
= 15.32
2 Click competitor name to see calculations.
The financial trajectory from September 2021 through June 2026 is characterized by a substantial increase in operating profitability, which is offset by a simultaneous and accelerating rise in interest obligations. This dynamic has resulted in a significant compression of the interest coverage ratio over the long term.
- Earnings Before Interest and Tax (EBIT)
- A consistent upward trend in EBIT is observed, growing from 29,566 thousand US$ in September 2021 to 1,548,149 thousand US$ by June 2026. While there were periodic fluctuations—most notably a dip in March 2023 and March 2025—the overall growth pattern reflects a massive expansion in operating earnings, particularly in the final period of the analysis.
- Interest Expense
- Interest expenses remained relatively low and stable between September 2021 and September 2023, staying below 4 million US$. However, a sharp escalation began in December 2023, with expenses reaching 8,131 thousand US$. This upward trend intensified through 2025 and 2026, culminating in a peak of 79,802 thousand US$ by June 2026, indicating a significant increase in debt servicing costs.
- Interest Coverage Ratio
- The interest coverage ratio experienced two distinct phases. From September 2021 to September 2023, the ratio improved from 45.86 to a peak of 84.71, as EBIT growth significantly outpaced interest expenses. Conversely, from December 2023 through March 2026, a steady decline is observed, with the ratio falling to a low of 12.18. Although a slight recovery to 15.32 occurred in June 2026, the overall trend indicates a reduction in the margin of safety for meeting interest payments due to the disproportionate growth of interest costs relative to operating income.
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