Super Micro Computer Inc., current enterprise value calculation

Current share price (P)	$39.09
No. shares of common stock outstanding	656,965,384
US$ in thousands
Common equity (market value)¹	25,680,777)
Add: Preferred Stock and additional paid-in capital, $0.001 par value, Series A Mandatory Convertible Preferred Stock (per books)	4,226,258)
Add: Non-controlling interest (per books)	164)
Total equity	29,907,199)
Add: Lines of credit and term loans, current (per books)	2,039,774)
Add: Lines of credit and term loans, non-current (per books)	2,016,374)
Add: Convertible notes (per books)	4,664,139)
Total equity and debt	38,627,486)
Less: Cash and cash equivalents	7,521,474)
Less: Restricted cash	47,000)
Less: Marketable equity security	23,110)
Enterprise value (EV)	31,035,902)

Based on: 10-K (reporting date: 2026-06-30).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 39.09 × 656,965,384

Super Micro Computer Inc., EV calculation

	Jun 30, 2026	Jun 30, 2025	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021
Share price^1, 2	$37.28	$43.97	$45.54	$25.52	$6.93	$3.57
No. shares of common stock outstanding¹	656,965,384	594,273,308	593,481,352	529,059,470	523,470,390	505,904,660
US$ in thousands
Common equity (market value)³	24,491,670)	26,130,197)	27,027,141)	13,501,598)	3,627,650)	1,806,080)
Add: Preferred Stock and additional paid-in capital, $0.001 par value, Series A Mandatory Convertible Preferred Stock (book value)	4,226,258)	—)	—)	—)	—)	—)
Add: Non-controlling interest (book value)	164)	178)	164)	165)	172)	173)
Total equity	28,718,092)	26,130,375)	27,027,305)	13,501,763)	3,627,822)	1,806,253)
Add: Lines of credit and term loans, current (book value)	2,039,774)	75,060)	402,346)	170,123)	449,146)	63,490)
Add: Lines of credit and term loans, non-current (book value)	2,016,374)	37,415)	74,083)	120,179)	147,618)	34,700)
Add: Convertible notes (book value)	4,664,139)	4,645,178)	1,697,716)	—)	—)	—)
Total equity and debt	37,438,379)	30,888,028)	29,201,450)	13,792,065)	4,224,586)	1,904,443)
Less: Cash and cash equivalents	7,521,474)	5,169,911)	1,669,766)	440,459)	267,397)	232,266)
Less: Restricted cash	47,000)	—)	—)	—)	—)	—)
Less: Marketable equity security	23,110)	6,239)	3,686)	—)	—)	—)
Enterprise value (EV)	29,846,795)	25,711,878)	27,527,998)	13,351,606)	3,957,189)	1,672,177)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Super Micro Computer Inc. Annual Report.

³ 2026 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 37.28 × 656,965,384

The financial trajectory from June 30, 2021, to June 30, 2026, is characterized by a period of exponential valuation growth followed by a phase of stabilization and capital structure divergence. The Enterprise Value (EV) demonstrates a rapid ascent, peaking in 2024 before experiencing a brief contraction and a subsequent recovery by 2026.

Enterprise Value (EV) Trends: Enterprise Value grew from 1,672,177 thousand US$ in 2021 to a peak of 27,527,998 thousand US$ in 2024, representing a substantial expansion in the overall valuation of the business. A slight decline to 25,711,878 thousand US$ occurred in 2025, followed by a recovery to 29,846,795 thousand US$ by June 30, 2026.
Common Equity Market Value Dynamics: The market value of common equity followed a growth pattern similar to EV until 2024, reaching 27,027,141 thousand US$. However, a downward trend emerged thereafter, with values decreasing to 26,130,197 thousand US$ in 2025 and further to 24,491,670 thousand US$ in 2026. This indicates a decoupling between the market's valuation of equity and the total enterprise value toward the end of the period.
Capital Structure and Debt Integration: Total equity and debt exhibited consistent year-over-year growth, rising from 1,904,443 thousand US$ in 2021 to 37,438,379 thousand US$ in 2026. The steady increase in this metric, particularly in 2026 where it rose significantly despite the decline in common equity market value, suggests an increase in the company's total capital commitments or leverage.
Equity Valuation Divergence: A notable divergence is observed between total equity and common equity market value starting in 2026. While the market value of equity declined to 24,491,670 thousand US$, total equity increased to 28,718,092 thousand US$. This suggests that the book value of equity surpassed the market value, potentially indicating a shift in investor sentiment or a change in the valuation multiple applied to the company's assets.

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Super Micro Computer Inc. (NASDAQ:SMCI)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)