Does SUPER MICRO COMPUTER, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores SUPER MICRO COMPUTER, INC. (SMCI) 55.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 19, returns on capital 58, balance-sheet safety 100, capital discipline 60.

Is SMCI stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $19.39 per share versus a recent price of $24.17 — 25% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has SMCI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 55.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

SUPER MICRO COMPUTER, INC.

SMCI · Technology · $14.4B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power19

Median gross margin 14.5% over 10y, stable.

Returns on capital58

Median ROIC 12.0%, above the 9% hurdle in 80% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline60

Owner earnings +34.7%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

25% above value

Owner earnings (normalized): $640.0M
Est. intrinsic value / share: $19.39
Recent price: $24.17
Discount to value: 25% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

17 years of fundamentals

The business, in plain English

SUPER MICRO COMPUTER, INC. booked $22.0B of revenue in FY2025 in the Technology sector and kept 11.1% of it as gross profit — a thin-margin business by that measure. After every other cost, 4.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $721.4M (FY2010) to $22.0B (FY2025) — about 25.6% a year compounded over 15 years.

It earned 87.7% on invested capital in FY2025, with a median of 12.6% across 16 filed years. The Returns on Capital filter above scores it 58/100.

The balance sheet carried $112.5M of total debt in FY2025 against $1.0B of owner earnings — roughly 0.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 100/100.

The share count rose 1089.3% between FY2019 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 60/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Pricing Power the weakest (19/100), which is how SMCI lands at 55/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$22.0B FY2025

Gross marginRevenue kept after cost of goods11.1% FY2025

Return on invested capitalOperating profit on the capital employed87.7% FY2025

Owner earningsCash an owner could take out$1.0B FY2025

Gaps in a line mean that item isn’t in SMCI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale55.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — SMCI has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#167 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#165CLFD CLEARFIELD, INC.55.9 out of 100, Shallow moatShallow moat
#166ENS ENERSYS55.8 out of 100, Shallow moatShallow moat
#168EEX Emerald Holding, Inc.55.1 out of 100, Shallow moatShallow moat
#169IDN Intellicheck, Inc.55.0 out of 100, Shallow moatShallow moat

Compare SMCI with its nearest peers →All Technology companies on the Index →

Common questions about SMCI

Does SUPER MICRO COMPUTER, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores SUPER MICRO COMPUTER, INC. (SMCI) 55.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 19, returns on capital 58, balance-sheet safety 100, capital discipline 60.
Is SMCI stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $19.39 per share versus a recent price of $24.17 — 25% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has SMCI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 55.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SMCI. See the disclaimer.