Discounted Cash Flow

Super Micro Computer, Inc.

SMCI · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $2.2b $72.0m $73.4m 3.3% $1.50
2017 $2.5b (12.2%) $66.9m (-7.2%) $-125.6m (-271.1%) 2.7% (-17.2%) $1.38 (-8.1%)
2018 $3.4b (35.2%) $46.2m (-30.9%) $82.1m (165.4%) 1.4% (-48.9%) $0.94 (-32.3%)
2019 $3.5b (4.2%) $71.9m (55.8%) $237.7m (189.7%) 2.1% (49.6%) $1.44 (54.0%)
2020 $3.3b (-4.6%) $84.3m (17.2%) $-74.7m (-131.4%) 2.5% (22.9%) $1.65 (14.8%)
2021 $3.6b (6.5%) $111.9m (32.7%) $64.9m (187.0%) 3.1% (24.5%) $2.19 (32.2%)
2022 $5.2b (46.1%) $285.2m (154.9%) $-486.0m (-848.4%) 5.5% (74.5%) $5.54 (153.3%)
2023 $7.1b (37.1%) $640.0m (124.4%) $626.8m (229.0%) 9.0% (63.7%) $12.09 (118.3%)
2024 $15.0b (110.4%) $1.2b (80.1%) $-2.6b (-516.4%) 7.7% (-14.4%) $2.07 (-82.9%)
2025 $22.0b (46.6%) $1.0b (-9.0%) $1.6b (161.4%) 4.8% (-37.9%) $1.77 (-14.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model