Supermicro management check
SMCI · Information Technology · Technology Hardware, Storage & Peripherals · CEO Charles Liang
Filings as of
4 good · 0 to watch · 3 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $1726, against $276 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.54 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.00% of net income$442 of reported pay in fiscal 2025, against $1.0bn of net income.
- Good
Do they own the stock?
Large stake, almost no payThe CEO holds 337,506 shares, directly or through trusts (unvested awards not counted): a stake against almost no pay. Light activity: no buys, $24.4m sold in six months. 8 of 8 sales ran on pre-arranged 10b5-1 plans.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +6.0% a year over the last three fiscal years. Stock-based pay was 1.4% of revenue in the latest year.
- Flag
Is leadership stable?
14 leadership filings in 3 yearsCEO in the pay table: Mr. Liang. 14 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Flag
Are the books clean?
Red flags on file3 auditor changes (8-K 4.01), 3 late-filing notices since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 33 | |
| Pay for performance | 77 | 87 | |
| CEO cost | 100 | 35 | |
| Skin in the game | 100 | 47 | |
| Dilution | 0 | 56 | |
| Stable leadership | 55 | 85 | |
| Clean books | 0 | 100 |
Closest peers
Others in Technology Hardware, Storage & Peripherals, by management score. Supermicro is 36th of 73 in its sector.
- 3SNDKSandisk94
- 7DELLDell Technologies90
- 24STXSeagate Technology85
- 178WDCWestern Digital70
- 195PEverpure69
- 204AAPLApple Inc.68
- 295SMCISupermicro62
- 348NTAPNetApp58
- 387HPQHP Inc.55
- 403HPEHewlett Packard Enterprise53
Pay versus performance
From the proxy statement filed March 3, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Liang | $442 | −$190.3m | $1.7m | $1726 | $276 | $1.0bn |
| 2024 | Mr. Liang | $28.1m | $409.4m | $5.4m | $2886 | $243 | $1.2bn |
| 2023 | Mr. Liang | $1 | $92.1m | $1.3m | $878 | $168 | $640.0m |
| 2022 | Mr. Liang | $1 | $3.7m | $1.2m | $142 | $123 | $285.0m |
| 2021 | Mr. Liang | $18.1m | $20.5m | $739k | $124 | $150 | $112.0m |
The board says pay is tied most to total revenue for the four fiscal quarters during each fiscal year. Its other key measures: Revenue Growth, Stock Price, Slow Moving & Excess and Obsolete Inventory(1), Long-Term Investors, Top 3000 Customer Growth, Top 300 Customer Growth.
Insiders and the CEO's stake
Charles Liang (President and CEO) held 337,506 shares directly after their latest Form 4 on Oct 7, 2026, roughly $15.2m at that filing's price.
Light activity: no buys, $24.4m sold in six months. 8 of 8 sales ran on pre-arranged 10b5-1 plans.
- SoldLiang Chiu-Chu Sara LiuDirector · 10b5-1 plan$12.2mOct 7, 2026
- SoldCharles LiangPresident and CEO · 10b5-1 plan$12.2mOct 7, 2026
Leadership and governance on file
- Oct 15, 2026Leadership change8-K 5.02
- Oct 8, 2026Leadership change8-K 5.02
- May 18, 2026Leadership change8-K 5.02
- Apr 20, 2026Leadership change8-K 5.02
- Mar 20, 2026Leadership change8-K 5.02
- Jan 2, 2026Leadership change8-K/A 5.02
- Dec 29, 2025Leadership change8-K 5.02
- Jun 6, 2025Leadership change8-K 5.02
- Mar 31, 2025Leadership change8-K 5.02
- Feb 11, 2025Late filing noticeNT 10-Q
- Dec 2, 2024Leadership change8-K 5.02
- Nov 18, 2024Auditor change8-K 4.01
Latest shareholder vote results: Apr 20, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $0 returned to owners in buybacks and dividends, 0% of net income, and $661.8m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.6bn | $5.2bn | $7.1bn | $15.0bn | $22.0bn |
| Net income | $111.9m | $285.2m | $640.0m | $1.2bn | $1.0bn |
| Stock-based pay | $28.5m | $32.8m | $54.4m | $231.5m | $314.5m |
| Buybacks | — | — | — | — | — |
| Dividends | — | — | — | — | — |
| Diluted shares | 54m | 536m | 560m | 602m | 628m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.