Super Micro Cash Flow Plunges $6.6B; 10-Day Put/Call Ratio Rises to 4.63
SMCI•Super Micro Computer’s FQ3 revenues missed expectations as gross profit margin rose to 9.95% but operating cash flow plunged to negative $6.6 billion on surging working capital. A 10-day buy-to-open put/call ratio of 4.63—94th percentile of the past year—historically precedes an average 15.1% one-month loss.
1. Q3 Financial Performance
Super Micro Computer delivered mixed FQ3 2026 results, with revenues missing market expectations despite a gross profit margin rebound to 9.95%. Guidance warns of sequential margin contraction amid potential cost pressures and diminishing low-margin inventory benefits, while operating cash flow plunged to negative $6.6 billion due to surging payables and inventory accumulation.
2. Elevated Options Sentiment Signal
The 10-day buy-to-open put/call volume ratio reached 4.63, ranking above 94% of readings over the past year. Historically, similar signals were followed by a 15.1% average one-month stock decline 71% of the time, and a volatility score of 87 indicates the stock has consistently outperformed annual options traders’ expectations.
