As of the most recent data point for Q1'26 (2025-09-30), SMCI's ROS (Return on Sales) stands at 4.65%. This represents a modest recovery from the previous quarter, following a period of significant decline. Analyzing the trend from Q3'23 to Q1'26, SMCI's ROS initially improved from 7.64% in Q3'23 to a peak of 10.45% in Q4'23, before experiencing fluctuations and a marked downward trend. After maintaining levels near 10% through Q2'24, ROS dropped sharply to 2.78% by Q3'25, then showed a gradual rebound to 4.65% by Q1'26. This pattern suggests a period of strong profitability followed by notable margin compression, with some stabilization emerging in the most recent quarters.