Super Micro Computer Inc., FCFF calculation

US$ in thousands

12 months ended:	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
Net income	639,998)	285,163)	111,865)	84,308)	71,918)	46,165)
Net noncash charges	(3,286)	43,885)	49,609)	34,859)	34,088)	64,759)
Changes in operating assets and liabilities	26,868)	(769,849)	(38,519)	(149,501)	156,548)	(26,577)
Net cash provided by (used in) operating activities	663,580)	(440,801)	122,955)	(30,334)	262,554)	84,347)
Cash paid for interest, net of tax¹	7,285)	4,630)	1,835)	2,098)	3,220)	2,561)
Purchases of property, plant and equipment	(36,793)	(45,182)	(58,016)	(44,338)	(24,849)	(24,824)
Free cash flow to the firm (FCFF)	634,072)	(481,353)	66,774)	(72,574)	240,925)	62,084)

Based on: 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), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Super Micro Computer Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Super Micro Computer Inc. FCFF decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Super Micro Computer Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
Effective Income Tax Rate (EITR)
EITR¹	14.70%	15.70%	5.80%	3.40%	16.60%	43.60%
Interest Paid, Net of Tax
Cash paid for interest, before tax	8,541)	5,492)	1,948)	2,172)	3,861)	4,541)
Less: Cash paid for interest, tax²	1,256)	862)	113)	74)	641)	1,980)
Cash paid for interest, net of tax	7,285)	4,630)	1,835)	2,098)	3,220)	2,561)

Based on: 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), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

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² 2023 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 8,541 × 14.70% = 1,256

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Super Micro Computer Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	16,128,722)
Free cash flow to the firm (FCFF)	634,072)
Valuation Ratio
EV/FCFF	25.44
Benchmarks
EV/FCFF, Competitors¹
Apple Inc.	33.64
Arista Networks Inc.	65.44
Cisco Systems Inc.	23.39
Dell Technologies Inc.	12.80
EV/FCFF, Sector
Technology Hardware & Equipment	32.67
EV/FCFF, Industry
Information Technology	53.01

Based on: 10-K (reporting date: 2023-06-30).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Super Micro Computer Inc., historical EV/FCFF calculation, comparison to benchmarks

	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019	Jun 30, 2018
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	13,351,606)	3,957,189)	1,672,177)	1,255,796)	912,580)	1,126,460)
Free cash flow to the firm (FCFF)²	634,072)	(481,353)	66,774)	(72,574)	240,925)	62,084)
Valuation Ratio
EV/FCFF³	21.06	—	25.04	—	3.79	18.14
Benchmarks
EV/FCFF, Competitors⁴
Apple Inc.	27.21	22.40	26.45	24.67	18.01	—
Arista Networks Inc.	39.01	89.98	38.47	29.00	15.17	—
Cisco Systems Inc.	10.98	13.55	15.50	10.47	12.58	—
Dell Technologies Inc.	34.88	6.45	9.28	8.76	11.85	—
EV/FCFF, Sector
Technology Hardware & Equipment	24.95	20.82	23.63	21.09	—	—
EV/FCFF, Industry
Information Technology	34.40	26.66	27.46	23.88	—	—

Based on: 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), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).

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² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 13,351,606 ÷ 634,072 = 21.06

⁴ Click competitor name to see calculations.

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Super Micro Computer Inc. (NASDAQ:SMCI)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical