Direct Answer
60 SEC filers are classified under the Standard Industrial Classification code that describes the integrated device manufacturers industry, and their latest annual reports show $542.8 billion of combined revenue and a median operating margin of -2.3%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Integrated device manufacturers design and also make their own chips in company-owned fabs, serving automotive, industrial and other markets. Owning fabs gives control and capacity but requires heavy capital spending. The first numbers to compare across companies here are revenue by end market, gross margin and utilization and capital spending.
Key Industry Metrics
- Revenue by end market: Sales divided among automotive, industrial, communications and consumer markets. It shows exposure to cyclical segments and how much revenue sits in longer-lived products.
- Gross margin and utilization: Profit left after production costs, and the share of factory capacity in use. Owned fabs carry fixed costs, so margins swing more with utilization than at design-only firms.
- Capital spending: Money spent on fabs and tools. It sets future capacity and cost per chip, but it is committed ahead of demand, so compare it with revenue and cash generation.
- Inventory: Chips and work in progress held. Rising stock in a slowdown can signal weak orders, and owned fabs may keep producing, which magnifies the effect on margin.
- Design wins: Chip selections by customers for future products. Wins convert into revenue over years, so they signal future share more than the current period.
Primary Macro Drivers
- End-market demand: Demand in cars, factories and other markets drives revenue by end market and fab utilization.
- Fab utilization: Filling owned factories spreads fixed costs over more units, raising gross margin; weak loading has the opposite effect.
- Capacity investment: Building or expanding plants adds capacity ahead of demand, raising future revenue potential but adding capital spending and depreciation.
- Pricing: Chip prices move with supply and demand, so price changes feed straight into revenue and gross margin.
Major Risks
- Capital intensity: Owning plants requires large spending that must be covered by sales, so weak demand strains cash flow; watch capital spending against revenue and utilization.
- Cyclical underutilization: When demand falls, fixed plant costs get spread over fewer units, cutting gross margin quickly; watch utilization and inventory.
- Competition: Rivals and outside foundry options pressure price and share; watch gross margin and design wins.
- Technology transitions: Shifts to new manufacturing methods can require costly upgrades or leave plants behind; watch capital spending and node roadmap disclosures.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | High |
| Regulatory Intensity | Low |
| Industry Maturity | Mature |
| Geographic Importance | Global |
Integrated Device Manufacturers Filers in the SEC Record
60 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 3674. Their latest fiscal years end between 2025 and 2026, and together they reported $542.8 billion of revenue. Median revenue growth over the prior year was 20.3%. Median operating margin was -2.3% and median net margin -1.7%. Median total liabilities were 34% of total assets, and 27 of 60 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Nvidia Corp | $215.9 billion | 65.5% | 60.4% | 55.6% | FY 2026 |
| Broadcom Inc. | $63.9 billion | 23.9% | 39.9% | 36.2% | FY 2025 |
| Intel Corp | $52.9 billion | -0.5% | -4.2% | -0.5% | FY 2025 |
| Micron Technology Inc | $37.4 billion | 48.9% | 26.1% | 22.8% | FY 2025 |
| Advanced Micro Devices Inc | $34.6 billion | 34.3% | 10.7% | 12.5% | FY 2025 |
| Applied Materials Inc | $28.4 billion | 4.4% | 29.2% | 24.7% | FY 2025 |
| Texas Instruments Inc | $17.7 billion | 13.0% | 34.1% | 28.3% | FY 2025 |
| Nxp Semiconductors N.V. | $12.3 billion | -2.7% | 24.8% | 16.5% | FY 2025 |
The 8 largest of 60 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 Integrated Device Manufacturers 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 Integrated Device Manufacturers industry?
Key performance indicators for the Integrated Device Manufacturers industry include: Revenue by end market, Gross margin and utilization, Capital spending, Inventory, Design wins. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Integrated Device Manufacturers industry?
The Integrated Device Manufacturers 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 Integrated Device Manufacturers industry?
The primary risks for Integrated Device Manufacturers companies include: Capital intensity, Cyclical underutilization, Competition, Technology transitions. Investors should assess each company's exposure to these factors and its track record of navigating them.