Super Micro Computer Inc (SMCI)

Operating profit margin

		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	Jun 30, 2020
Operating income (ttm)	US$ in thousands	1,313,089	1,544,623	1,547,463	1,210,774	1,149,043	844,352	688,070	735,683	674,141	690,295	526,162	335,167	209,035	136,313	122,629	123,947	94,294	92,785	83,235	85,654
Revenue (ttm)	US$ in thousands	21,569,720	20,819,880	18,806,840	14,989,250	11,819,520	9,252,750	7,391,030	7,123,490	6,574,090	6,646,280	6,015,500	5,196,100	4,629,620	4,170,011	3,827,897	3,557,417	3,384,563	3,261,090	3,301,727	3,339,281
Operating profit margin		6.09%	7.42%	8.23%	8.08%	9.72%	9.13%	9.31%	10.33%	10.25%	10.39%	8.75%	6.45%	4.52%	3.27%	3.20%	3.48%	2.79%	2.85%	2.52%	2.57%

March 31, 2025 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $1,313,089K ÷ $21,569,720K
= 6.09%

The operating profit margin of Super Micro Computer Inc has exhibited notable fluctuations over the specified period from June 30, 2020, through March 31, 2025. Initially, in June 2020, the margin stood at approximately 2.57%, with a slight decrease observed by September 2020 to 2.52%. This initial phase reflects a relatively modest profitability on operating income relative to revenue.

Throughout the subsequent quarters, the operating profit margin demonstrated a gradual upward trend, reaching approximately 2.85% by December 2020 and further increasing to 2.79% by March 2021. This steady, albeit modest, improvement continued into 2021, culminating at 3.48% as of June 2021, with intermittent quarterly variations maintaining a generally upward trajectory into September and December 2021, ending the year at approximately 3.27%.

The most significant period of growth occurred from the start of 2022 onward. Between March and December 2022, the operating profit margin increased substantially—from 4.52% to a peak of approximately 10.39%. This period marked a notable enhancement in operating efficiency or profitability relative to revenue, likely driven by operational improvements, favorable market conditions, or cost management strategies.

The upward trend persisted into the early months of 2023, with margins slightly decreasing but remaining elevated, with values such as 10.25% in March 2023 and 10.33% in June 2023. Subsequently, the margin experienced a slight decline through September 2023 to about 9.31%, followed by marginal reductions through December 2023 and into March 2024, reflecting some normalization or increased expenses.

In the most recent observations up to September 2024 and March 2025, the operating profit margin demonstrated a downward trend, decreasing to approximately 8.23% in September 2024 and further down to 6.09% by March 2025. These declines suggest a potential compression in profitability margins, possibly driven by increasing costs, competitive pressures, or changes in revenue composition.

Overall, the company's operating profit margin has experienced a significant expansion from early 2022, reaching over 10%, followed by a gradual decline in subsequent quarters. The recent figures indicate a moderation in operating profitability, returning closer to levels observed in the earlier years but still higher than pre-2022 values. This pattern reflects periods of operational improvement and increased efficiency, followed by normalization and margin compression in more recent periods.