Aug. 27 at 2:05 PM
$SMCI I checked the latest comparable data. The earlier P/E figures were too low for DELL and, importantly, CRWV currently doesn’t have a meaningful P/E because it is loss-making.
As of the latest August 2026 data::
* SMCI: ~11.5× trailing / 8.6× forward P/E
*
$DELL: ~35× trailing / 23× forward P/E
*
$HPE: ~49× trailing / 13–14× forward P/E
*
$CRWV: N/M — CoreWeave has negative TTM earnings of roughly -
$1.93B, so a conventional P/E isn’t meaningful.
That actually makes the valuation argument for SMCI stronger.
SuperMicro’s valuation disconnect is staring the market in the face.
AI infrastructure demand is exploding alongside
$NVDA, and Supermicro is directly in the middle of that buildout with rack-scale AI systems and liquid cooling.
Now compare forward P/E:
🔥 SMCI: ~8.6×
DELL : ~23×
HPE: ~13–14×
CRWV: N/M — currently unprofitable
Let that sink in.
SMCI is profitable, generated
$39B+ FY26 revenue, is guiding toward
$65B–
$72B FY27 revenue, and yet trades at a MASSIVE discount to Dell.
The independent Special Committee investigation also found no evidence of misconduct by management or the Board.
And here’s the kicker:
Using ~
$3.44 EPS and only a 25× P/E = ~
$86/share.
A 25× multiple isn’t remotely crazy when DELL is already around 23× forward earnings while SMCI is growing directly into the NVDA -driven AI infrastructure boom.
NVDA sells the engines.
SMCI builds the AI factories.
At ~8.6× forward earnings, the market is pricing SMCI like a slow-growth hardware company, not one sitting at the center of the AI infrastructure supercycle.
That’s the opportunity. 🐂🔥
The most striking comparison is SMCI ~8.6× versus DELL ~23× forward earnings. That’s roughly a 63% multiple discount despite SMCI’s enormous projected revenue growth.
