$33.46
-46.8% vs S&P 12m
Business overview
AI server systems integrator with liquid-cooled rack-scale offerings, deep NVIDIA partnership, and ongoing governance scrutiny.
Pure-play AI server thesis; growth has been spectacular but governance issues and 10-K timing have compressed the multiple.
Products
- NVIDIA HGX/MGX systems
- Liquid-cooling racks
- Storage
Customers (3)
- Tier-2 clouds
- Enterprises
- Sovereign buyers
Composite score
Higher = stronger overall research case
Fundamental62
Technical33
Valuation83
AI relevance80
Risk-adjusted (higher = safer)36
Segment-relative fundamental percentile: 88
Synthetic 1Y price action
Deterministic price series; 50d (yellow) and 200d (orange) MAs shown
3M RS: -4.3%6M RS: -13.2%12M RS: -46.8%Vol30d: 92%DD52w: -44.9%
Financial summary
Curated, illustrative
Revenue
$33.70B
Growth (YoY)
122.7%
Gross margin
8.4%
Operating margin
6.1%
FCF
$-7.45B
Capex
$755.15M
Net cash / (debt)
$-7.85B
ROIC
5.5%
Customer conc.
Medium
Valuation
Market cap
$20.12B
Enterprise value
$27.97B
P/E (TTM)
17.6x
Forward P/E
10.4x
EV / Sales
0.8x
EV / EBITDA
17.7x
P / FCF
—
PEG
0.9x
Rule of 40
—
Risks
Severity 1 (low) to 5 (severe)
- 5Governance and disclosure overhang
- 4Thin margins, working capital strain
- 4Customer/GPU allocation dependence
Score components
What drove the composite
Growth100
Profitability37
Cash generation21
Balance sheet70
Moat / AI relevance88
Capital intensity (higher = lighter)79
Customer diversification60
Valuation discipline (dilution)65
Trend (MA50/MA200)29
Momentum (3/6/12m)39
Relative strength39
Realized vol (higher = lower vol)22
Segment peers
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