SMCI vs WDC: Super Micro Computer and Western Digital compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Western Digital is the larger company, worth $134.8B, about 5.6 times Super Micro Computer.
- Super Micro Computer grew revenue faster over the last year (+93.2% vs +43.8%).
- Western Digital keeps more of each dollar of revenue as operating profit (34.5% vs 7.1%).
- On earnings, Super Micro Computer is the cheaper stock (21.0x vs 23.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | SMCI | WDC |
|---|---|---|
| Market cap | $24.0B | $134.8B |
| Share price | $41.86 | $397.28 |
| Revenue (last fiscal year) | $39.1B | $12.9B |
| Free cash flow (last fiscal year) | -$7.0B | $3.5B |
| Revenue growth, last year | +93.2% | +43.8% |
| Revenue growth per year, last 5 fiscal years | +65.6% | -8.9% |
| Operating margin | 7.1% | 34.5% |
| Net margin | 5.7% | 73.0% |
| Return on equity | 15.4% | 106.3% |
| P/E (trailing) | 21.0x | 23.4x |
| Price / free cash flow | 15.7x | 105.0x |
| EV / EBITDA | 10.5x | 21.9x |
| FCF growth the price implies | — | 13.5% |
| Dividend yield | — | 0.12% |
| Debt / equity | 1.07x | 0.56x |
| Fundamental grade | C | B |
| Superinvestors holding it | 4 | 6 |
| Insider purchases, last 12 months | 2 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Super Micro Computer
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $5.2B | -$486M | 6.5% |
| 2023 | $7.1B | $627M | 10.7% |
| 2024 | $15.0B | -$2.6B | 8.1% |
| 2025 | $22.0B | $1.5B | 5.7% |
| 2026 | $39.1B | -$7.0B | 7.1% |
Western Digital
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $18.8B | $758M | 12.7% |
| 2023 | $6.3B | -$1.2B | -8.8% |
| 2024 | $6.3B | -$781M | -6.4% |
| 2025 | $9.5B | $1.3B | 24.5% |
| 2026 | $12.9B | $3.5B | 34.5% |
Where the revenue comes from
Super Micro Computer · by products, 2025
Server and storage systems$21.3B97%
Subsystems and accessories$660M3%
Western Digital · by segments, 2024
Flash$6.7B51%
HDD$6.3B49%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open SMCI in InvestinglyQuestions
Which is bigger, Super Micro Computer or Western Digital?
Western Digital (WDC), at $134.8B against $24.0B.
Is SMCI or WDC cheaper?
By trailing P/E, Super Micro Computer (21.0x) is cheaper than Western Digital (23.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, SMCI or WDC?
Super Micro Computer: revenue grew +93.2% over the last year, against +43.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.