Jul. 29 at 3:41 PM
$SMCI Here’s a comparison of approximate forward P/E multiples for major AI infrastructure and server peers:
Company Ticker Approx. Forward P/E
Super Micro Computer SMCI ~9–10x
Dell Technologies
$DELL ~14–16x
Hewlett Packard Enterprise
$HPE ~16–18x
Lenovo 0992.HK ~11–13x
IBM IBM ~24–26x
NVIDIA
$NVDA ~34–38x
AMD
$AMD ~35–45x
Broadcom AVGO ~30–35x
Bullish takeaway for SMCI
* SMCI trades at one of the lowest forward earnings multiples among AI infrastructure leaders.
* Despite its discounted valuation, the company recently reported:
* More than
$60B in new orders
* Estimated gross margins of 15–17%, far above prior guidance
* Continued exposure to AI deployments built around NVIDIA, AMD, and other leading platforms.
* If SMCI continues executing and converts its record order book into revenue while sustaining higher margins, there is room for multiple expansion toward peer valuations.
A rerating from roughly 10x forward earnings to even 15–18x would imply a substantially higher valuation, assuming earnings estimates hold or improve.
