Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Super Micro Computer Inc., FCFE calculation
US$ in thousands
Based on: 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), 10-K (reporting date: 2020-06-30).
The financial data reveals significant fluctuations in the cash flow metrics over the observed periods, indicating considerable volatility in the company's liquidity and cash management activities.
- Net Cash Provided by (Used in) Operating Activities
-
This metric shows a dramatic variation over the years. Initially, there was a negative cash flow of approximately 30.3 million USD in mid-2020, which turned positive in mid-2021 with about 123 million USD generated from operations. However, the mid-2022 period saw a sharp reversal to a significant negative cash flow of around 440.8 million USD, followed by a strong recovery in mid-2023 with 663.6 million USD positive cash flow.
Despite this recovery, the company experienced a substantial negative cash flow deficit again by mid-2024, decreasing to approximately 2.49 billion USD used in operating activities. The latest figures for mid-2025 indicate a recovery with a considerable positive cash flow of roughly 1.66 billion USD.
Overall, the operating cash flow exhibits high volatility with large swings between positive and negative values, suggesting unstable operational cash dynamics or significant changes in working capital or business conditions.
- Free Cash Flow to Equity (FCFE)
-
The FCFE also demonstrates substantial variability over the time periods. Beginning with a negative cash flow to equity of about 70.8 million USD in mid-2020, it shifted to a positive inflow of approximately 130.8 million USD in mid-2021. The following year, mid-2022, recorded a modest positive FCFE of around 26 million USD, which notably increased to 326.3 million USD by mid-2023.
In mid-2024, the free cash flow to equity plummeted to a negative 725.5 million USD, indicating reduced cash available for equity holders or increased cash outflows relating to financing activities. The subsequent period in mid-2025 saw a significant rebound with a very large positive FCFE of about 4.06 billion USD, upending previous negative results dramatically.
The substantial fluctuations in FCFE reflect unstable equity cash flows over the period, hinting at variable investment, financing decisions, or operational performance affecting residual cash available to shareholders.
In summary, both operating cash flows and free cash flow to equity are characterized by substantial volatility and large magnitude swings over the given periods. These patterns may indicate highly dynamic business conditions, fluctuating investment requirements, or changes in working capital management and financing strategies influencing liquidity and cash flow stability.
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Price to FCFE Ratio, Current
Super Micro Computer Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 601,418,482 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | 4,060,103) |
| FCFE per share | 6.75 |
| Current share price (P) | 30.85 |
| Valuation Ratio | |
| P/FCFE | 4.57 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Apple Inc. | 48.45 |
| Arista Networks Inc. | 41.96 |
| Cisco Systems Inc. | 44.82 |
| Dell Technologies Inc. | 10.22 |
| Lumentum Holdings Inc. | — |
| P/FCFE, Sector | |
| Technology Hardware & Equipment | 48.03 |
| P/FCFE, Industry | |
| Information Technology | 56.74 |
Based on: 10-K (reporting date: 2025-06-30).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Super Micro Computer Inc., historical P/FCFE calculation, comparison to benchmarks
| Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 594,273,308 | 593,481,352 | 529,059,470 | 523,470,390 | 505,904,660 | 524,365,480 | |
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in thousands)2 | 4,060,103) | (725,499) | 326,256) | 26,047) | 130,808) | (70,838) | |
| FCFE per share3 | 6.83 | -1.22 | 0.62 | 0.05 | 0.26 | -0.14 | |
| Share price1, 4 | 43.97 | 45.54 | 25.52 | 6.93 | 3.57 | 2.74 | |
| Valuation Ratio | |||||||
| P/FCFE5 | 6.44 | — | 41.38 | 139.27 | 13.81 | — | |
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| Apple Inc. | 44.25 | 32.77 | 30.63 | 22.26 | 23.27 | 24.40 | |
| Arista Networks Inc. | 42.13 | 35.65 | 41.51 | 96.72 | 42.05 | — | |
| Cisco Systems Inc. | 25.54 | 6.64 | 12.84 | 17.18 | 21.02 | 38.82 | |
| Dell Technologies Inc. | 123.86 | 32.94 | 9.06 | 33.54 | 14.15 | — | |
| Lumentum Holdings Inc. | — | — | 6.92 | 5.06 | 9.31 | 6.51 | |
| P/FCFE, Sector | |||||||
| Technology Hardware & Equipment | 41.47 | 27.73 | 27.33 | 22.05 | 22.76 | — | |
| P/FCFE, Industry | |||||||
| Information Technology | 45.29 | 36.69 | 33.14 | 26.97 | 27.38 | — | |
Based on: 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), 10-K (reporting date: 2020-06-30).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 4,060,103,000 ÷ 594,273,308 = 6.83
4 Closing price as at the filing date of Super Micro Computer Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= 43.97 ÷ 6.83 = 6.44
6 Click competitor name to see calculations.
The analysis of the financial data reveals several significant movements over the covered periods.
- Share Price
- The share price demonstrates a clear upward trend, increasing from $2.74 in mid-2020 to a peak of $45.54 in mid-2024. This rise indicates strong market confidence and potentially improved company valuation. Notably, after reaching $45.54, the share price experienced a slight decline to $43.97 by mid-2025, suggesting some volatility or market correction toward the latter period.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share shows notable fluctuations across the years. It started with a negative value of -$0.14 in 2020, indicating cash outflow to equity holders initially. Improvement was observed in 2021, with a positive FCFE of $0.26, followed by a decline to $0.05 in 2022. A significant rise to $0.62 occurred in 2023, reflecting stronger cash generation capability. However, a steep negative value of -$1.22 reappears in 2024, highlighting a period of cash outflow, before a remarkable recovery to $6.83 in 2025, signaling robust cash flows returning to equity holders.
- P/FCFE Ratio
- The Price to FCFE ratio displays high variability, which is consistent with the fluctuations in FCFE per share. It was absent in 2020 due to negative FCFE, then decreased to 13.81 in 2021, indicating a relatively moderate valuation compared to cash flow. A sharp spike to 139.27 in 2022 suggests an overvaluation or depressed FCFE at that time. The ratio fell significantly to 41.38 in 2023, aligning with improved cash flow. There is missing data for 2024, and the ratio dropped further to 6.44 in 2025, reflecting either strong cash flow growth or a more reasonable valuation multiple relative to FCFE.
Overall, the data suggests a company experiencing volatility in cash flow generation but achieving considerable growth in market valuation over the period. The sharp swings in FCFE and P/FCFE ratios may indicate operational or investment fluctuations impacting free cash flow availability for equity holders. The substantial increase in share price alongside improving FCFE in the later years suggests positive market expectations for future performance despite intermittent cash flow challenges.
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