Supermicro vs Sandisk
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KIRAβs take AI analyst
I put Supermicro and Sandisk side by side, using each oneβs latest annual report. Here is what stands out:
- Supermicro is the larger business, with $39.1B of revenue in fiscal 2026 against $20.2B for Sandisk, about 1.9 times as much.
- Sandisk grew revenue faster (175.3%, against 77.8%).
- Sandisk kept more of each dollar of sales as operating profit (61.2% operating margin, against 7.1%).
- Sandisk turned more of its sales into free cash flow (56.8% FCF margin, against β17.9%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Supermicro
SMCI
0/7
Sandisk
SNDK
7/7
Revenue growthGross marginOperating marginNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | SMCI FY26 | SNDK FY26 |
|---|---|---|
| Size | ||
| Market cap | $22.8B | $194.6B |
| Revenue | $39.1B | $20.2B |
| Free cash flow | β$7.0B | $11.5B |
| Net income | $2.2B | $11.4B |
| Growth | ||
| Revenue growth | 77.8% | 175.3% |
| 5-year growth | 61.5% | β |
| Share count change | 11.0% | 6.9% |
| Profitability | ||
| Gross margin | 10.8% | 71.5% |
| Operating margin | 7.1% | 61.2% |
| Net margin | 5.7% | 56.5% |
| FCF margin | β17.9% | 56.8% |
| Return on capital | β | 105.9% |
| Return on equity | 21.5% | 91.6% |
| Balance sheet | ||
| Net debt | β | β$4.8B |
| Net debt / EBITDA | β | β0.4x |
| Dividends and buybacks | $0.0M | $4.5B |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | β | 7 |
Ten years
Revenue
FY17
SMCI $2.5B
SNDK β
FY18
SMCI $3.4B
SNDK β
FY19
SMCI $3.5B
SNDK β
FY20
SMCI $3.3B
SNDK β
FY21
SMCI $3.6B
SNDK β
FY22
SMCI $5.2B
SNDK β
FY23
SMCI $7.1B
SNDK $6.1B
FY24
SMCI $15.0B
SNDK $6.7B
FY25
SMCI $22.0B
SNDK $7.4B
FY26
SMCI $39.1B
SNDK $20.2B
SMCI
SNDK
Operating margin
FY17
SMCI 3.8%
SNDK β
FY18
SMCI 2.8%
SNDK β
FY19
SMCI 2.8%
SNDK β
FY20
SMCI 2.6%
SNDK β
FY21
SMCI 3.5%
SNDK β
FY22
SMCI 6.5%
SNDK β
FY23
SMCI 10.7%
SNDK β33.4%
FY24
SMCI 8.1%
SNDK β7.0%
FY25
SMCI 5.7%
SNDK β18.7%
FY26
SMCI 7.1%
SNDK 61.2%
SMCI
SNDK
Free cash flow
FY17
SMCI β$126M
SNDK β
FY18
SMCI $59.5M
SNDK β
FY19
SMCI $238M
SNDK β
FY20
SMCI β$74.7M
SNDK β
FY21
SMCI $64.9M
SNDK β
FY22
SMCI β$486M
SNDK β
FY23
SMCI $627M
SNDK β$932M
FY24
SMCI β$2.6B
SNDK β$475M
FY25
SMCI $1.5B
SNDK β$120M
FY26
SMCI β$7.0B
SNDK $11.5B
SMCI
SNDK
Return on capital
FY17
SMCI β
SNDK β
FY18
SMCI β
SNDK β
FY19
SMCI β
SNDK β
FY20
SMCI β
SNDK β
FY21
SMCI β
SNDK β
FY22
SMCI β
SNDK β
FY23
SMCI β
SNDK β
FY24
SMCI β
SNDK β
FY25
SMCI β
SNDK β10.7%
FY26
SMCI β
SNDK 105.9%
SMCI
SNDK
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.