Direct Answer
24 SEC filers are classified under the Standard Industrial Classification codes that describe the consumer devices industry, and their latest annual reports show $614.2 billion of combined revenue and a median operating margin of -15.1%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Consumer device makers design and sell phones, wearables, audio, cameras and smart-home products to retail customers, increasingly paired with services. Product cycles, brand strength and component costs drive profit. The first numbers to compare across companies here are units shipped, average selling price and gross margin.
Key Industry Metrics
- Units shipped: Phones, speakers, cameras and other devices sold. Units show market reach, and in mature categories flat volumes are common, so growth often comes from price and services.
- Average selling price: Revenue earned per device sold. It reflects the product mix, and rising prices can mean customers buying premium models, while falling prices point to discounting or cheaper lines.
- Gross margin: Revenue left after components, assembly and warranty. Brand strength and ecosystem services support margin, while component price swings and promotions reduce it.
- Services revenue attach: Sales of apps, subscriptions and services tied to the devices. A rising share shows revenue broadening beyond hardware upgrades and smoothing the sales cycle.
- Inventory: Finished goods and parts held. Stock builds when demand disappoints and can lead to discounting or write-downs, so compare it with sales trends and days on hand.
Primary Macro Drivers
- Consumer upgrade cycles: When owners replace phones and gadgets on a regular schedule, units shipped and revenue move with upgrade timing, especially after new features arrive.
- Component costs: Memory, display and chip prices make up much of a device's cost, so changes flow into gross margin unless offset by price or mix.
- Brand and ecosystem strength: A strong brand and connected apps keep owners buying within one family of products, supporting average selling price and services revenue attach.
- Carrier and retail channel promotions: Carrier subsidies and retailer discounts lower the effective price buyers face, lifting units in promotion periods and affecting average selling price and inventory.
Major Risks
- Mature unit growth: When most buyers already own a device, sales rely on replacement, so unit growth stalls; watch units shipped and the lengthening of upgrade cycles.
- Tariffs and supply chain: Import duties and disrupted shipping raise product cost or delay launches, squeezing gross margin; watch sourcing disclosures and inventory levels.
- Competition: Rival brands match features at lower prices, pressuring average selling price and share; watch gross margin and promotional intensity.
- Component price swings: Spikes in memory or display prices raise cost of goods before prices can adjust; watch gross margin and component cost commentary.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | Medium |
| Regulatory Intensity | Low |
| Industry Maturity | Mature |
| Geographic Importance | Global |
Consumer Devices Filers in the SEC Record
24 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 3651, 3571, 3663. Their latest fiscal years end between 2025 and 2026, and together they reported $614.2 billion of revenue. Median revenue growth over the prior year was 10.8%. Median operating margin was -15.1% and median net margin -6.0%. Median total liabilities were 58% of total assets, and 11 of 24 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Apple Inc. | $416.2 billion | 6.4% | 32.0% | 26.9% | FY 2025 |
| Dell Technologies Inc. | $113.5 billion | 18.8% | 7.2% | 5.2% | FY 2026 |
| Qualcomm Inc | $44.3 billion | 13.7% | 27.9% | 12.5% | FY 2025 |
| Super Micro Computer, Inc. | $22.0 billion | 46.6% | 5.7% | 4.8% | FY 2025 |
| Motorola Solutions, Inc. | $11.7 billion | 8.0% | 25.6% | 18.4% | FY 2025 |
| Ubiquiti Inc. | $2.6 billion | 33.4% | 32.5% | 27.7% | FY 2025 |
| Vistance Networks, Inc. | $1.9 billion | 39.7% | 2.5% | 118.2% | FY 2025 |
| Comtech Telecommunications Corp | $500 million | -7.6% | -27.8% | -31.1% | FY 2025 |
The 8 largest of 24 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Consumer Devices guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Consumer Devices industry?
Key performance indicators for the Consumer Devices industry include: Units shipped, Average selling price, Gross margin, Services revenue attach, Inventory. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Consumer Devices industry?
The Consumer Devices industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Consumer Devices industry?
The primary risks for Consumer Devices companies include: Mature unit growth, Tariffs and supply chain, Competition, Component price swings. Investors should assess each company's exposure to these factors and its track record of navigating them.