Super Micro Computer Inc (SMCI)
Operating return on assets (Operating ROA)
| 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 |
| Total assets | US$ in thousands | 10,738,500 | 9,728,350 | 10,851,400 | 9,943,240 | 8,862,780 | 5,405,000 | 4,095,960 | 3,674,730 | 3,192,600 | 3,074,940 | 3,301,280 | 3,205,080 | 3,071,180 | 2,676,600 | 2,426,690 | 2,241,960 | 1,998,840 | 1,894,070 | 1,816,690 | 1,918,650 |
| Operating ROA | 12.23% | 15.88% | 14.26% | 12.18% | 12.96% | 15.62% | 16.80% | 20.02% | 21.12% | 22.45% | 15.94% | 10.46% | 6.81% | 5.09% | 5.05% | 5.53% | 4.72% | 4.90% | 4.58% | 4.46% |
March 31, 2025 calculation
Operating ROA = Operating income (ttm) ÷ Total assets
= $1,313,089K ÷ $10,738,500K
= 12.23%
The analysis of Super Micro Computer Inc’s operating return on assets (ROA) over the specified period reveals significant fluctuations and a general upward trend from mid-2020 through early 2023, followed by a decline and subsequent stabilization.
Between June 2020 and September 2020, the operating ROA increased slightly from 4.46% to 4.58%, indicating a modest improvement in the company's operational efficiency relative to its assets. This incremental rise continued into December 2020, reaching 4.90%. The first quarter of 2021 shows a slight decrease to 4.72%, but by June 2021, the ROA improved substantially to 5.53%, suggesting enhanced operational profitability.
Throughout 2021, the operating ROA maintained a relatively stable range, fluctuating between 5.05% to 5.09%. An accelerated growth phase began in the second quarter of 2022, with the ratio rising sharply to 6.81% and then more markedly to 10.46% by June 2022. The most pronounced increase occurred in the latter half of 2022, with the ratio reaching 15.94% by September 2022 and 22.45% at year-end, indicative of a substantial enhancement in operational efficiency.
Entering 2023, the ROA remained high, around 21.12% in March and slightly declining to 20.02% in June. The subsequent quarters, however, exhibited a declining trend: September 2023 recorded 16.80%, and December 2023 declined further to 15.62%. In the first quarter of 2024, the ratio decreased to 12.96%, with a continued downward trajectory through June (12.18%) and September (14.26%). A slight recovery was observed in late 2024, reaching 15.88% in December, before decreasing again to 12.23% in the first quarter of 2025.
In summary, Super Micro Computer Inc’s operating ROA experienced a notable upward trend from mid-2020 through late 2022, peaking around the end of 2022, reflective of improved operational performance. However, starting in early 2023, the ratio declined, indicating a possible reduction in operational efficiency or margin compression. Despite some fluctuations, the overall pattern suggests periods of significant operational improvement followed by stabilization or contraction phases in recent quarters.
Peer comparison
Mar 31, 2025