Intrinsic Valuation of: SMCI
Free Cash Flow Average and Growth over past 5Y Key Statistics
Year FCF FCF (FCF/Revenue)
2020 - - EPS (FY) 2 Market Cap $25B
2021 - - (-) P/E Ratio 25 Total Asset $14B
2022 $-486M - (-) Net Income $1B Total Debt $5B
2023 $627M 229.0% (194.1%) EBITDA $1B Total Liab $8B
2024 $-3B -516.4% (-297.9%) Opr Margin 0.06 Debt/Equity 0.74
2025 $2B 158.7% (140.0%) PreTax Margin 5.43 BV/Share 11
5Y Average FCF $-234M -42.9% (12.1%)
Overall Market Assumptions:
Assumptions: P/E for No-Growth Company: 7.0
Perpetual Growth Rate (g): 2.5% Historical US Bond Yield: 4.4%
Discount Rate (WACC): 7.4% Current US Bond Yield: 3.5%
Forcasting Future Free Cash Flow for next 6Y Modified Benjamin Graham's Intrinsic Value
Year FCF Projection (4.0%)
2026 $2B MBG Intrinsic Value $15
2027 $2B
2028 $2B
2029 $2B
2030 $2B
2031 $2B
Terminal Value $40B Net Worth/Share $11
DCF Valuation DCF Valuation "What If" Scenario Table
Enterprise Value $34B Growth Rate
(+) Cash & Cash Equivalents $5B $59 1.5% 2.0% 2.5% 3.0% 3.5%
(-) Total Debt $5B WACC 7.3% 52 55 60 65 72
Equity Value $35B 7.4% 51 55 59 64 71
Shares Outstanding 596,817,984 7.4% 51 54 59 64 70
7.9% 47 50 53 57 62
DCF Intrinsic Value $59 8.4% 43 46 49 52 56
Analyzed by QuantJuice (2025)