Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2007
- Net Profit Margin since 2007
- Operating Profit Margin since 2007
- Debt to Equity since 2007
- Price to Sales (P/S) since 2007
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Super Micro Computer Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 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).
The analysis of investment activity ratios reveals a significant divergence between the efficiency of fixed assets and the overall efficiency of the total asset base over the analyzed period. While the utilization of fixed assets has grown exponentially, total asset and equity turnovers have exhibited more volatility, suggesting a shift in the company's asset structure and capital utilization.
- Net Fixed Asset Turnover
- A consistent and aggressive upward trend is observed in the net fixed asset turnover ratio. Starting at 13.65 in September 2020, the ratio climbed steadily through 2021 and 2022, accelerating sharply from September 2023 onwards. The ratio reached 31.14 by December 2023 and peaked at 55.46 by March 2026. This trajectory indicates a substantial increase in the company's ability to generate revenue from its fixed asset investments, suggesting either a period of minimal capital expenditure relative to explosive revenue growth or an extremely high return on existing infrastructure.
- Total Asset Turnover
- In contrast to fixed assets, the total asset turnover ratio demonstrates a pattern of fluctuation without a clear long-term growth trend. The ratio remained relatively stable between 1.50 and 1.82 from 2020 through 2022, with a temporary peak of 2.16 in December 2022. A period of instability is noted between 2024 and 2026, where the ratio fluctuated between a high of 2.14 in December 2024 and a low of 1.00 in December 2025. The discrepancy between the soaring net fixed asset turnover and the stagnating total asset turnover suggests that growth in current assets—such as inventory or accounts receivable—has offset the efficiency gains seen in fixed assets.
- Equity Turnover
- Equity turnover followed a gradual upward path from 3.08 in September 2020 to a peak of 3.72 in March 2023. A notable decline occurred in early 2024, reaching a trough of 2.32 in March 2024, which corresponds with a period of reduced total asset efficiency. However, a recovery trend is evident in the subsequent periods, with the ratio accelerating to 4.45 by March 2026. This indicates that revenue growth eventually outpaced the growth of shareholders' equity, resulting in higher capital efficiency in the final stages of the analyzed period.
Net Fixed Asset Turnover
Super Micro Computer Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Property, plant and equipment, net | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||
| Lumentum Holdings Inc. | ||||||||||||||||||||||||||||||
Based on: 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), 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).
1 Q3 2026 Calculation
Net fixed asset turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis reveals a significant and sustained increase in the efficiency of fixed asset utilization over the observed period. While both net sales and net property, plant, and equipment (PPE) have increased, the rate of revenue growth has vastly outpaced the expansion of the fixed asset base, leading to a substantial improvement in asset productivity.
- Net Sales Trajectory
- Net sales experienced an aggressive upward trend, rising from 762,250 thousand USD in September 2020 to 10,243,014 thousand USD by March 2026. A period of particularly rapid acceleration is evident starting in December 2023, where quarterly sales figures transitioned from the 3-billion-dollar range to exceeding 10 billion dollars by the final period of the analysis.
- Fixed Asset Investment Patterns
- Investment in property, plant, and equipment remained relatively conservative relative to the growth in revenue. Net PPE increased from 241,852 thousand USD in September 2020 to 607,659 thousand USD in March 2026. The growth in physical assets was steady and incremental, indicating that the scale of operations expanded without requiring a proportional increase in heavy capital expenditure.
- Net Fixed Asset Turnover Efficiency
- The net fixed asset turnover ratio demonstrates a strong positive trend, increasing from 13.65 in September 2020 to 55.46 in March 2026. This indicates a four-fold increase in the company's ability to generate revenue from its net fixed assets. The ratio exhibited three distinct phases: a period of relative stability between 12.74 and 13.65 through mid-2021, a steady climb from 14.88 to 25.34 between December 2021 and September 2023, and a final phase of rapid expansion where the ratio climbed from 31.14 to 55.46 by March 2026.
Total Asset Turnover
Super Micro Computer Inc., total asset turnover calculation (quarterly data)
| 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 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||
| Lumentum Holdings Inc. | ||||||||||||||||||||||||||||||
Based on: 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), 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).
1 Q3 2026 Calculation
Total asset turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of total asset turnover reveals a period of significant volatility and scaling, characterized by rapid expansion in both revenue generation and the asset base. While net sales experienced exponential growth over the observed period, the efficiency with which these assets were utilized to generate sales fluctuated, indicating alternating phases of aggressive capital investment and operational optimization.
- Early Efficiency Trends (2020–2022)
- Between September 2020 and March 2022, a gradual decline in the total asset turnover ratio was observed, falling from 1.82 to 1.51. This period was marked by a steady increase in total assets that slightly outpaced the growth of net sales, suggesting a phase of capacity building or inventory accumulation that had not yet fully translated into proportional revenue gains.
- Recovery and Peak Utilization (2022–2024)
- A notable recovery occurred between June 2022 and December 2022, where the ratio peaked at 2.16. This peak indicates a period of high capital efficiency. However, the ratio became highly volatile thereafter, dropping to 1.33 by March 2024. This fluctuation aligns with a massive surge in total assets—increasing from approximately 3 billion to 8.8 billion US dollars—reflecting a significant scale-up in the balance sheet to support rapidly increasing demand.
- Hyper-Growth and Asset Scaling (2024–2026)
- The most recent phase shows a dramatic expansion in the asset base, which peaked at 28 billion US dollars in December 2025. This aggressive expansion led to a sharp decline in the turnover ratio, reaching a period low of 1.00. This suggests a substantial lag between the acquisition of assets—likely infrastructure and inventory to support the spike in net sales to over 12.6 billion US dollars—and the realization of full revenue potential from those assets.
- Recent Convergence
- The final quarter ending March 31, 2026, shows a recovery of the turnover ratio to 1.44. This improvement, coinciding with a reduction in total assets to 23.4 billion US dollars and sustained high sales of 10.2 billion US dollars, indicates an effort to optimize the asset base and improve operational efficiency following a period of intense capital expenditure.
Equity Turnover
Super Micro Computer Inc., equity turnover calculation (quarterly data)
| 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 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Total Super Micro Computer, Inc. stockholders’ equity | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||
| Lumentum Holdings Inc. | ||||||||||||||||||||||||||||||
Based on: 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), 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).
1 Q3 2026 Calculation
Equity turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Total Super Micro Computer, Inc. stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals a period of significant expansion in both top-line revenue and the equity base, with a notable shift in the efficiency of equity utilization over the analyzed timeframe. Net sales grew from 762.25 million US dollars in September 2020 to 10.24 billion US dollars by March 2026, representing a substantial increase in market scale. Simultaneously, stockholders' equity expanded from 1.07 billion US dollars to 7.58 billion US dollars, reflecting a strengthened capital position.
- Equity Turnover Trend Analysis
- The equity turnover ratio exhibited three distinct phases. From September 2020 to September 2022, a steady upward trend was observed, with the ratio rising from 3.08 to a peak of 3.70. This suggests a period of improving asset efficiency where sales growth consistently outpaced the growth of equity.
- A period of contraction occurred between September 2023 and March 2024, where the ratio declined from 3.41 to a low of 2.32. This downturn indicates a phase where equity accumulation—rising from 2.17 billion to 5.09 billion US dollars—significantly exceeded the growth rate of net sales, resulting in a temporary reduction in turnover efficiency.
- Starting in June 2024, a strong recovery and subsequent acceleration occurred. The ratio climbed from 2.77 to 4.45 by March 2026. This final surge is primarily driven by an exponential increase in net sales, particularly the spike to 12.68 billion US dollars in December 2025, which vastly outweighed the incremental growth in stockholders' equity.
- Capital Efficiency Insights
- The terminal value of the equity turnover ratio (4.45) is the highest in the observed period, indicating that the company achieved its maximum efficiency in generating revenue per dollar of equity at the end of the timeframe. The correlation between the massive scale-up in sales and the stabilized growth of equity suggests a transition toward a high-velocity operating model.