Super Micro (SMCI): sales up 78%, margins nearly doubled, and quant funds piling in after the March low
By Gabriel Zacarkim · Published Oct 11, 2026 · Data as of Oct 9, 2026 close (13F positions as of June 30, 2026)
Super Micro Computer closed at $41.86 on October 9, 2026, worth $27.5 billion. Over twelve months the stock is down 27.8%, but it has more than doubled from its low of $20.53 on March 20, 2026, and is up 42.7% since June 30. It trades at about 13 times trailing earnings.
A record year and a better margin
In fiscal 2026, which ended June 30, sales rose 78% to $39.1 billion and net income more than doubled to $2.23 billion. The fourth quarter brought net sales of $11.1 billion, against $5.8 billion a year earlier, and — the bigger change — a gross margin of 17.5%, up from 9.5% a year earlier and 9.9% in the third quarter. Net income for the quarter was $1.18 billion. Chief executive Charles Liang said the company generated more than $60 billion of new orders and entered fiscal 2027 with a record backlog. For the quarter to September 30, 2026, Super Micro guided to net sales of $14.5 billion to $15.5 billion.
| Fiscal year | Revenue | Net income | Net margin |
|---|---|---|---|
| 2022 | $5.20B | $0.29B | 5.5% |
| 2023 | $7.12B | $0.64B | 9.0% |
| 2024 | $14.99B | $1.15B | 7.7% |
| 2025 | $21.97B | $1.05B | 4.8% |
| 2026 | $39.06B | $2.23B | 5.7% |
New money
In June 2026, Super Micro sold 75 million depositary shares of a 7.00% Series A mandatory convertible preferred stock — each a twentieth of a $1,000 preferred share, so $3.75 billion of liquidation preference — and set up an at-the-market program to sell up to $1.25 billion of common stock. It declared the first preferred dividend in August. At June 30 it had $7.5 billion of cash and $8.7 billion of bank debt and convertible notes. A former Intel executive, Shesha Krishnapura, joined the board on October 9, 2026.
Who held it at the end of June
| Manager | Shares, Jun 30 | Value, Jun 30 | Change in shares vs. Mar 31 |
|---|---|---|---|
| Two Sigma | 9,783,845 | $287.0M | +978.8% |
| Renaissance Technologies | 6,785,600 | $199.0M | +11,323.6% |
| Steve Cohen (Point72) | 4,755,283 | $139.5M | +14,760.3% |
| Ken Griffin (Citadel) | 3,542,512 | $103.9M | +117.6% |
| Cliff Asness (AQR) | 2,479,580 | $72.6M | +1,190.0% |
| Israel Englander (Millennium) | 1,772,969 | $52.0M | +265.8% |
| Ray Dalio (Bridgewater) | 82,317 | $2.4M | +11.4% |
The same seven managers held Super Micro at the end of March and June, all quantitative, multi-strategy or macro funds, but their combined shares went from 3.4 million to 29.2 million. Several positions grew more than tenfold in a quarter that included the stock’s March 20 low: Renaissance Technologies from 59,400 shares to 6.8 million and Steve Cohen’s Point72 from 32,000 to 4.8 million. A 13F does not say on which day of the quarter shares were bought. At the October 9 price the positions were worth 43% more than their June 30 values.
Insiders: from mid-August to early October, the only open-market sales were by Charles Liang, $12.2 million under a 10b5-1 plan, and no insider bought. Daily data is on the Super Micro page. Not investment advice.
Sources
- Q4 and fiscal 2026 results (Aug 11, 2026)
- Super Micro 10-K, fiscal 2026
- 8-K: at-the-market program of up to $1.25 billion (Jun 12, 2026)
- 8-K: mandatory convertible preferred offering (Jun 15, 2026)
- 8-K: new director (Oct 8, 2026)
For information only, not investment advice. The figures come from the filings listed above and describe what happened, not what will.