Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Super Micro Computer Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 profitability profile exhibits a distinct cyclical pattern characterized by an initial expansion phase, a prolonged period of margin compression, and a subsequent recovery trend towards the end of the observed period.
- Profit Margin Analysis
- Gross profit margins experienced a steady ascent from 14.18% in September 2021 to a peak of 18.23% in March 2023. Following this peak, a consistent downward trajectory occurred, reaching a low of 8.02% by December 2025 before recovering to 11.67% by September 2026. Operating and net profit margins followed a similar trajectory, both peaking in June 2023 at 10.68% and 8.98% respectively, followed by a contraction that bottomed out in December 2025.
- Return on Equity (ROE) and Return on Assets (ROA)
- Efficiency ratios showed significant volatility. ROE climbed sharply from 9.77% in September 2021 to a high of 33.21% in March 2023, subsequently declining to 12.15% in September 2025 before rebounding to 22.75% by September 2026. ROA mirrored this trend, peaking at 18.81% in December 2022 and hitting a trough of 3.12% in December 2025, with a recent recovery to 10.23%.
- Trend Correlation
- A strong positive correlation is observed between all profitability metrics. The synchronicity between the decline in gross margins and the corresponding drop in ROA and ROE suggests that the reduction in overall profitability was primarily driven by cost of goods sold or pricing pressures rather than operational inefficiencies or capital structure changes. The simultaneous recovery of all ratios starting in early 2026 indicates a systemic improvement in the company's earning power.
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Gross Profit Margin
Super Micro Computer Inc., gross profit margin calculation (quarterly data)
| Sep 30, 2026 | 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) | ||||||||||||||||||||||||||||
| Gross profit | 2,541,043) | 1,942,631) | 1,018,680) | 798,567) | 467,373) | 544,102) | 440,218) | 670,022) | 775,580) | 546,029) | 597,368) | 564,322) | 353,691) | 371,696) | 226,359) | 337,422) | 347,535) | 287,344) | 210,775) | 163,743) | 138,139) | |||||||
| Net sales | 19,945,832) | 11,119,777) | 10,243,014) | 12,682,491) | 5,017,790) | 5,756,911) | 4,599,913) | 5,677,962) | 5,937,256) | 5,354,589) | 3,850,066) | 3,664,924) | 2,119,672) | 2,184,861) | 1,283,296) | 1,803,195) | 1,852,130) | 1,635,460) | 1,355,490) | 1,172,419) | 1,032,730) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Gross profit margin1 | 11.67% | 10.82% | 8.39% | 8.02% | 10.08% | 11.06% | 11.27% | 12.44% | 13.20% | 13.75% | 15.97% | 16.39% | 17.44% | 18.01% | 18.23% | 17.80% | 16.78% | 15.40% | 14.22% | 13.68% | 14.18% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Apple Inc. | — | 48.79% | 48.65% | 47.86% | 47.33% | 46.91% | 46.68% | 46.63% | 46.52% | 46.21% | 45.96% | 45.59% | 45.03% | 44.13% | 43.45% | 43.18% | 43.06% | 43.31% | 43.31% | 43.32% | 43.02% | |||||||
| Arista Networks Inc. | — | — | 62.88% | 63.00% | 63.54% | 64.06% | 64.34% | 64.24% | 64.09% | 64.13% | 64.41% | 64.01% | 62.94% | 61.95% | 60.76% | 60.18% | 60.27% | 61.07% | 61.82% | 62.77% | 63.64% | |||||||
| Cisco Systems Inc. | — | 64.52% | 64.33% | 64.81% | 64.85% | 64.94% | 65.24% | 65.13% | 64.92% | 64.73% | 64.65% | 64.22% | 63.69% | 62.73% | 61.99% | 61.92% | 62.23% | 62.55% | 63.14% | 63.30% | 63.73% | |||||||
| Dell Technologies Inc. | 19.07% | 20.00% | 20.80% | 21.12% | 22.06% | 22.24% | 22.23% | 22.51% | 23.07% | 23.60% | 23.38% | 23.36% | 22.57% | 22.18% | 21.42% | 20.92% | 21.40% | 21.63% | 24.59% | 27.13% | 29.32% | |||||||
| Lumentum Holdings Inc. | 45.91% | 41.67% | 37.71% | 33.44% | 30.59% | 27.96% | 23.86% | 20.39% | 18.33% | 18.50% | 20.38% | 23.79% | 28.17% | 32.20% | 36.36% | 39.14% | 42.78% | 46.05% | 45.74% | 46.14% | 46.56% | |||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q1 2027 Calculation
Gross profit margin = 100
× (Gross profitQ1 2027
+ Gross profitQ4 2026
+ Gross profitQ3 2026
+ Gross profitQ2 2026)
÷ (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
= 100 × (2,541,043 + 1,942,631 + 1,018,680 + 798,567)
÷ (19,945,832 + 11,119,777 + 10,243,014 + 12,682,491)
= 11.67%
2 Click competitor name to see calculations.
The financial trajectory of the company reveals a distinct inverse relationship between rapid revenue expansion and gross profit margin stability. While absolute gross profit grew significantly over the analyzed period, the percentage of revenue retained as gross profit experienced a period of sustained contraction following an initial peak.
- Initial Margin Expansion (September 2021 – March 2023)
- During the early phase of the observed period, gross profit margins exhibited a steady upward trend. Starting at 14.18% in September 2021, margins peaked at 18.23% by March 2023. This period was characterized by modest growth in net sales, suggesting an optimization of production costs or a favorable shift in product mix that enhanced profitability per unit of sale.
- Scaling and Margin Compression (June 2023 – December 2025)
- A significant transition occurred starting in mid-2023, where an aggressive acceleration in net sales coincided with a consistent decline in gross profit margins. As net sales surged from approximately 2.18 billion USD in June 2023 to a peak of 12.68 billion USD in December 2025, the gross profit margin fell from 18.01% to a low of 8.02%. This pattern suggests that the pursuit of market share and the scaling of operations led to increased cost of goods sold or aggressive pricing strategies that eroded the margin percentage despite the massive increase in absolute gross profit dollars.
- Recent Recovery and Stabilization (March 2026 – September 2026)
- Following the nadir in December 2025, a recovery trend is observable in the final three quarters. The gross profit margin climbed from 8.02% to 11.67% by September 2026. This recovery occurred alongside the highest recorded net sales levels, reaching 19.95 billion USD in the final quarter. The simultaneous increase in both revenue and margin percentage indicates a potential improvement in operational efficiencies or the realization of economies of scale after the period of intense expansion.
Overall, the data demonstrates that while the company successfully scaled its top-line revenue by nearly twenty-fold, this growth initially came at the expense of profitability margins. The recent upward turn in margins suggests a transition toward a more sustainable growth model where profitability is beginning to recover despite the immense scale of operations.
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Operating Profit Margin
Super Micro Computer Inc., operating profit margin calculation (quarterly data)
| Sep 30, 2026 | 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) | ||||||||||||||||||||||||||||
| Income from operations | 2,064,493) | 1,488,064) | 625,868) | 474,298) | 182,256) | 228,391) | 146,780) | 368,624) | 509,199) | 288,486) | 378,314) | 371,464) | 172,510) | 226,755) | 99,082) | 215,182) | 220,123) | 165,213) | 89,777) | 51,049) | 29,128) | |||||||
| Net sales | 19,945,832) | 11,119,777) | 10,243,014) | 12,682,491) | 5,017,790) | 5,756,911) | 4,599,913) | 5,677,962) | 5,937,256) | 5,354,589) | 3,850,066) | 3,664,924) | 2,119,672) | 2,184,861) | 1,283,296) | 1,803,195) | 1,852,130) | 1,635,460) | 1,355,490) | 1,172,419) | 1,032,730) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | 8.62% | 7.09% | 4.48% | 3.68% | 4.40% | 5.70% | 6.09% | 7.42% | 8.23% | 8.08% | 9.72% | 9.40% | 9.65% | 10.68% | 10.64% | 10.39% | 8.75% | 6.45% | 4.52% | 3.27% | 3.20% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Apple Inc. | — | 33.01% | 33.17% | 32.64% | 32.38% | 31.97% | 31.87% | 31.81% | 31.76% | 31.51% | 31.27% | 30.98% | 30.76% | 29.82% | 29.23% | 29.16% | 29.41% | 30.29% | 30.53% | 30.93% | 30.90% | |||||||
| Arista Networks Inc. | — | — | 43.83% | 43.14% | 42.79% | 42.82% | 42.88% | 43.14% | 42.27% | 42.05% | 42.11% | 41.23% | 40.01% | 38.52% | 37.29% | 36.12% | 35.71% | 34.86% | 33.69% | 32.55% | 31.56% | |||||||
| Cisco Systems Inc. | — | 24.27% | 23.36% | 22.75% | 22.12% | 20.76% | 20.30% | 18.98% | 19.37% | 22.64% | 24.95% | 27.21% | 27.17% | 26.37% | 25.89% | 26.10% | 26.91% | 27.09% | 27.36% | 27.09% | 26.98% | |||||||
| Dell Technologies Inc. | 7.94% | 7.18% | 6.93% | 6.72% | 6.66% | 6.53% | 5.93% | 5.81% | 5.69% | 5.89% | 5.39% | 5.54% | 5.45% | 5.64% | 5.88% | 5.12% | 4.99% | 4.60% | 5.26% | 5.51% | 5.72% | |||||||
| Lumentum Holdings Inc. | 23.46% | 17.41% | 9.53% | 1.18% | -4.94% | -10.95% | -20.72% | -27.02% | -31.60% | -31.93% | -25.08% | -20.39% | -13.31% | -6.55% | -0.24% | 5.12% | 11.34% | 17.71% | 17.46% | 30.10% | 31.28% | |||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q1 2027 Calculation
Operating profit margin = 100
× (Income from operationsQ1 2027
+ Income from operationsQ4 2026
+ Income from operationsQ3 2026
+ Income from operationsQ2 2026)
÷ (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
= 100 × (2,064,493 + 1,488,064 + 625,868 + 474,298)
÷ (19,945,832 + 11,119,777 + 10,243,014 + 12,682,491)
= 8.62%
2 Click competitor name to see calculations.
The operating profit margin exhibits a cyclical trend characterized by an initial phase of expansion, a period of significant compression during hyper-growth in sales, and a subsequent recovery in operational efficiency.
- Initial Margin Expansion (September 2021 – June 2023)
- A consistent upward trajectory in the operating profit margin is observed, rising from 3.20% in September 2021 to a peak of 10.68% in June 2023. During this period, income from operations grew at a rate that outpaced the growth of net sales, indicating an improvement in operational leverage and cost management.
- Margin Compression and Revenue Acceleration (June 2024 – December 2025)
- Despite a massive surge in net sales—which climbed from approximately 5.35 billion in March 2024 to 12.68 billion in December 2025—the operating profit margin underwent a steady decline. The margin fell from 8.08% in June 2024 to a period low of 3.68% in December 2025. This divergence suggests that the costs associated with scaling operations and increasing sales volume grew more rapidly than the resulting operating income.
- Operational Recovery (March 2026 – September 2026)
- A recovery in profitability is evident in the final three quarters of the analyzed period. The operating profit margin increased from 4.48% in March 2026 to 8.62% by September 2026. This improvement coincided with the highest recorded net sales of 19.95 billion and the highest quarterly income from operations of 2.06 billion, signaling a restoration of operational efficiency and improved scalability at higher revenue volumes.
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Net Profit Margin
Super Micro Computer Inc., net profit margin calculation (quarterly data)
| Sep 30, 2026 | 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 | 1,594,205) | 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) | |||||||
| Net sales | 19,945,832) | 11,119,777) | 10,243,014) | 12,682,491) | 5,017,790) | 5,756,911) | 4,599,913) | 5,677,962) | 5,937,256) | 5,354,589) | 3,850,066) | 3,664,924) | 2,119,672) | 2,184,861) | 1,283,296) | 1,803,195) | 1,852,130) | 1,635,460) | 1,355,490) | 1,172,419) | 1,032,730) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | 6.77% | 5.71% | 3.70% | 3.11% | 3.77% | 4.77% | 5.34% | 6.94% | 7.55% | 7.69% | 8.88% | 7.92% | 8.29% | 8.98% | 8.93% | 8.70% | 7.38% | 5.49% | 3.96% | 3.00% | 2.89% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Apple Inc. | — | 27.60% | 27.62% | 27.15% | 27.04% | 26.92% | 24.30% | 24.30% | 24.30% | 23.97% | 26.44% | 26.31% | 26.16% | 25.31% | 24.68% | 24.49% | 24.56% | 25.31% | 25.71% | 26.41% | 26.58% | |||||||
| Arista Networks Inc. | — | — | 39.97% | 38.37% | 38.32% | 38.99% | 39.73% | 40.89% | 40.72% | 40.73% | 40.29% | 39.01% | 37.64% | 35.62% | 33.97% | 32.48% | 31.24% | 30.87% | 29.63% | 29.55% | 29.54% | |||||||
| Cisco Systems Inc. | — | 20.95% | 19.69% | 18.76% | 17.90% | 17.97% | 17.60% | 16.96% | 17.73% | 19.18% | 21.88% | 23.49% | 23.40% | 22.13% | 20.89% | 21.26% | 22.00% | 22.91% | 23.28% | 22.94% | 22.44% | |||||||
| Dell Technologies Inc. | 6.28% | 5.23% | 5.01% | 4.77% | 4.72% | 4.81% | 4.49% | 4.41% | 4.04% | 3.63% | 2.92% | 2.03% | 2.01% | 2.39% | 1.74% | 5.07% | 5.49% | 5.50% | 6.83% | 3.92% | 4.21% | |||||||
| Lumentum Holdings Inc. | -175.78% | -230.10% | 17.68% | 11.95% | 6.11% | 1.57% | -29.87% | -36.98% | -40.70% | -40.21% | -24.91% | -18.52% | -12.62% | -7.45% | -2.02% | 1.56% | 6.61% | 11.61% | 11.04% | 22.57% | 23.68% | |||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q1 2027 Calculation
Net profit margin = 100
× (Net incomeQ1 2027
+ Net incomeQ4 2026
+ Net incomeQ3 2026
+ Net incomeQ2 2026)
÷ (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
= 100 × (1,594,205 + 1,178,217 + 483,387 + 400,564)
÷ (19,945,832 + 11,119,777 + 10,243,014 + 12,682,491)
= 6.77%
2 Click competitor name to see calculations.
The net profit margin exhibits a cyclical trajectory characterized by an initial period of expansion, a prolonged phase of contraction despite massive revenue growth, and a subsequent recovery toward the end of the analyzed period.
- Initial Margin Expansion (September 2021 – June 2023)
- A consistent upward trend in profitability is observed during this interval. The net profit margin grew from 2.89% in September 2021 to a peak of 8.98% by June 2023. This phase indicates a period of increasing operational efficiency or favorable pricing power as net income grew at a rate exceeding the growth of net sales.
- Margin Compression and Revenue Scaling (September 2023 – December 2025)
- A significant divergence between revenue growth and profitability is evident during this period. While net sales expanded aggressively, increasing from approximately 2.1 billion to over 12.6 billion, the net profit margin entered a steady decline. The margin fell from 8.29% in September 2023 to a trough of 3.11% in December 2025. This compression suggests that the costs associated with scaling operations, such as increased cost of goods sold or higher operating expenses, outpaced the growth in top-line revenue.
- Profitability Recovery (March 2026 – September 2026)
- A recovery in profitability is observed in the final three quarters. The net profit margin rose from 3.70% in March 2026 to 6.77% by September 2026. This rebound coincides with a substantial increase in net income, which reached 1.59 billion in the final quarter, suggesting an improvement in cost management or a shift toward higher-margin product mixes as the scale of operations stabilized.
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Return on Equity (ROE)
Super Micro Computer Inc., ROE calculation (quarterly data)
| Sep 30, 2026 | 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 | 1,594,205) | 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) | |||||||
| Total Super Micro Computer, Inc. stockholders’ equity | 16,068,632) | 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | 22.75% | 15.40% | 16.47% | 12.48% | 12.15% | 16.64% | 18.04% | 23.16% | 24.16% | 21.28% | 20.59% | 23.80% | 28.29% | 32.45% | 33.21% | 31.80% | 27.33% | 20.00% | 14.41% | 10.53% | 9.77% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Apple Inc. | — | 117.92% | 119.91% | 115.10% | 133.55% | 151.91% | 150.81% | 145.66% | 144.03% | 164.59% | 152.84% | 135.31% | 136.18% | 156.08% | 157.22% | 151.74% | 167.77% | 196.96% | 171.46% | 151.24% | 139.79% | |||||||
| Arista Networks Inc. | — | — | 28.89% | 27.33% | 27.59% | 28.39% | 28.19% | 29.83% | 29.93% | 28.54% | 28.82% | 29.20% | 29.11% | 28.91% | 29.22% | 29.18% | 28.46% | 27.68% | 26.56% | 25.84% | 22.46% | |||||||
| Cisco Systems Inc. | — | 26.38% | 24.47% | 23.21% | 22.04% | 21.73% | 21.32% | 20.18% | 20.75% | 22.70% | 26.47% | 29.06% | 30.04% | 28.44% | 27.12% | 27.25% | 28.56% | 29.70% | 29.72% | 29.94% | 26.69% | |||||||
| Dell Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 75.81% | 78.28% | 114.54% | |||||||
| Lumentum Holdings Inc. | -143.88% | -149.34% | 14.79% | 29.72% | 14.41% | 2.28% | -50.02% | -59.93% | -62.62% | -57.09% | -30.10% | -20.86% | -15.19% | -9.71% | -2.39% | 1.85% | 7.67% | 10.61% | 9.71% | 19.05% | 20.88% | |||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q1 2027 Calculation
ROE = 100
× (Net incomeQ1 2027
+ Net incomeQ4 2026
+ Net incomeQ3 2026
+ Net incomeQ2 2026)
÷ Total Super Micro Computer, Inc. stockholders’ equity
= 100 × (1,594,205 + 1,178,217 + 483,387 + 400,564)
÷ 16,068,632 = 22.75%
2 Click competitor name to see calculations.
The financial performance from September 2021 through September 2026 is characterized by a massive expansion of the equity base and significant volatility in net income, which collectively drove fluctuating Return on Equity (ROE) results.
- Net Income Trends
- Net income demonstrated an overall aggressive upward trajectory, increasing from 25.4 million in September 2021 to 1.59 billion by September 2026. However, this growth was not linear; notable contractions occurred in March 2023 and March 2025. The most significant acceleration is observed in the final three quarters of the period, where net income surged from 483.4 million in March 2026 to 1.59 billion by September 2026.
- Equity Base Expansion
- Total stockholders' equity grew consistently and substantially over the analyzed timeframe. Starting at 1.13 billion in September 2021, the equity base reached 16.07 billion by September 2026. The rate of expansion accelerated sharply in 2024 and again in 2026, indicating a significant accumulation of retained earnings or capital infusions that substantially increased the denominator for profitability calculations.
- Return on Equity (ROE) Dynamics
- ROE performance transitioned through three distinct phases:
First, a rapid growth phase occurred between September 2021 and March 2023, where ROE rose from 9.77% to a peak of 33.21% as net income grew faster than the equity base.
Second, a period of contraction was observed from June 2023 to September 2025, with ROE declining to a low of 12.15%. This decline was driven by the equity base expanding at a rate that outpaced net income growth, thereby diluting the return on each unit of equity.
Third, a recovery phase emerged in 2026, where ROE climbed back to 22.75% by September 2026, coinciding with the explosive growth in net income that finally overcame the expanded equity base.
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Return on Assets (ROA)
Super Micro Computer Inc., ROA calculation (quarterly data)
| Sep 30, 2026 | 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 | 1,594,205) | 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) | |||||||
| Total assets | 35,727,127) | 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | 10.23% | 7.45% | 5.32% | 3.12% | 5.51% | 7.48% | 10.72% | 14.85% | 13.09% | 11.73% | 11.84% | 13.55% | 14.96% | 17.42% | 18.39% | 18.81% | 13.45% | 8.90% | 5.98% | 4.67% | 4.56% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Apple Inc. | — | 32.67% | 33.64% | 33.03% | 31.05% | 31.18% | 29.95% | 29.37% | 27.94% | 25.68% | 30.75% | 29.75% | 28.55% | 27.51% | 28.28% | 28.40% | 27.45% | 28.29% | 29.63% | 29.07% | 26.38% | |||||||
| Arista Networks Inc. | — | — | 18.81% | 17.05% | 17.18% | 18.05% | 18.60% | 19.67% | 20.86% | 20.31% | 20.74% | 21.18% | 21.69% | 20.98% | 20.96% | 20.88% | 20.11% | 19.96% | 18.90% | 17.77% | 15.27% | |||||||
| Cisco Systems Inc. | — | 10.23% | 9.52% | 8.98% | 8.53% | 8.32% | 8.17% | 7.57% | 7.62% | 8.29% | 9.85% | 13.29% | 13.75% | 12.38% | 11.76% | 11.79% | 12.36% | 12.57% | 12.94% | 12.54% | 11.87% | |||||||
| Dell Technologies Inc. | 7.32% | 5.86% | 5.96% | 5.42% | 5.25% | 5.76% | 5.15% | 4.90% | 4.52% | 3.91% | 3.20% | 2.22% | 2.32% | 2.73% | 2.15% | 6.11% | 6.50% | 6.00% | 5.00% | 3.08% | 3.28% | |||||||
| Lumentum Holdings Inc. | -90.45% | -94.90% | 6.26% | 5.24% | 2.44% | 0.61% | -11.07% | -13.18% | -14.13% | -13.90% | -8.42% | -5.72% | -4.38% | -2.84% | -0.84% | 0.65% | 2.67% | 4.78% | 4.49% | 10.65% | 11.70% | |||||||
Based on: 10-Q (reporting date: 2026-09-30), 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 Q1 2027 Calculation
ROA = 100
× (Net incomeQ1 2027
+ Net incomeQ4 2026
+ Net incomeQ3 2026
+ Net incomeQ2 2026)
÷ Total assets
= 100 × (1,594,205 + 1,178,217 + 483,387 + 400,564)
÷ 35,727,127 = 10.23%
2 Click competitor name to see calculations.
The analysis of Return on Assets (ROA) reveals a volatile trajectory characterized by an initial period of rapid growth, a prolonged phase of moderation, a sharp contraction, and a subsequent recovery.
- Initial Growth and Peak Performance
- Between September 30, 2021, and December 31, 2022, a consistent and sharp upward trend in ROA is observed, rising from 4.56% to a peak of 18.81%. This period was marked by net income growth that significantly outpaced the expansion of the total asset base, indicating high operational efficiency and effective asset utilization.
- Moderation and Stabilization Phase
- From January 2023 through June 2024, the ROA entered a gradual decline, moving from 18.39% to 11.73%. During this window, total assets grew from approximately 3.19 billion to 9.83 billion. The decrease in ROA suggests that while net income remained strong, the rate of asset accumulation exceeded the rate of earnings growth, leading to a dilution of asset productivity.
- Significant Contraction and Asset Expansion
- A pronounced downturn occurred between December 31, 2024, and December 31, 2025, with ROA dropping from 14.85% to a low of 3.12%. This decline correlates with a massive expansion of the balance sheet, as total assets surged from 9.73 billion to 28.00 billion. The sharp drop in ROA indicates a period where substantial capital investment or asset acquisition preceded the realization of corresponding net income gains.
- Recovery and Recent Trends
- From January 2026 through September 30, 2026, a recovery trend is evident. The ROA climbed from 5.32% back to 10.23%. This improvement is driven by a surge in net income, which reached 1.59 billion by September 2026, suggesting that the expanded asset base has begun to generate significantly higher returns and operational leverage.
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