Direct Answer
8 SEC filers are classified under the Standard Industrial Classification codes that describe the personal computers industry, and their latest annual reports show $708.8 billion of combined revenue and a median operating margin of 5.7%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Personal computer makers design and sell laptops, desktops and workstations to consumers and businesses and earn thin margins on hardware plus services. Refresh cycles, operating system transitions and component costs drive demand. The first numbers to compare across companies here are unit shipments, average selling price and gross margin.
Key Industry Metrics
- Unit shipments: The number of laptops, desktops and workstations sold. Units show demand from refresh cycles and operating system changes, and mature volumes mean growth often comes from price instead.
- Average selling price: Revenue earned per machine. It reflects mix between premium and entry models, and rising prices can come from AI-capable systems or component cost pass-through.
- Gross margin: Revenue left after components and assembly. Margins are thin because parts are largely commodity, so mix toward commercial and premium systems helps.
- Commercial versus consumer mix: The split of sales between businesses and households. Commercial buyers tend to be steadier and pay more, while consumer demand is more price sensitive and cyclical.
- Inventory: Machines and parts held by makers and channels. Excess stock leads to discounting, so rising inventory beside weak sales warns of price pressure.
Primary Macro Drivers
- Refresh cycles and operating system changes: Businesses and consumers replace laptops every few years, and operating system end-of-support dates can pull purchases forward, driving unit shipments.
- AI PC adoption: Computers with built-in AI processing can command higher prices and spur upgrades, affecting average selling price and mix.
- Component costs: Memory, display and processor prices are a large part of cost, so moves in them change gross margin unless prices adjust.
- Business and education demand: Corporate and school purchases come in large batches with set budgets, supporting commercial mix and smoothing consumer weakness.
Major Risks
- Mature unit volumes: When most buyers already own a computer, sales depend on replacement timing, so volumes stay flat; watch unit shipments and refresh cycle length.
- Thin margins: Hardware is resold at small markup, so small cost or price moves erase profit; watch gross margin and operating margin.
- Component price swings: Memory and chip prices can jump before contracts adjust, squeezing gross margin; watch component cost commentary and gross margin.
- Competition: Many brands compete on price and promotions, pressuring average selling price and share; watch commercial versus consumer mix and inventory.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | Low |
| Regulatory Intensity | Low |
| Industry Maturity | Mature |
| Geographic Importance | Global |
Personal Computers Filers in the SEC Record
8 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 3571, 3570. Their latest fiscal years end between 2025 and 2026, and together they reported $708.8 billion of revenue. Median revenue growth over the prior year was 10.7%. Median operating margin was 5.7% and median net margin 5.0%. Median total liabilities were 74% of total assets, and 7 of 8 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 |
| International Business Machines Corp | $67.5 billion | 7.6% | n/a | 15.7% | FY 2025 |
| Hp Inc | $55.3 billion | 3.2% | 5.7% | 4.6% | FY 2025 |
| Hewlett Packard Enterprise Co | $34.3 billion | 13.8% | -1.3% | 0.2% | FY 2025 |
| Super Micro Computer, Inc. | $22.0 billion | 46.6% | 5.7% | 4.8% | FY 2025 |
| One Stop Systems, Inc. | $32 million | 31.2% | -10.5% | 15.8% | FY 2025 |
| Socket Mobile, Inc. | $15 million | -19.6% | -21.3% | -95.4% | FY 2025 |
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 Personal Computers 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 Personal Computers industry?
Key performance indicators for the Personal Computers industry include: Unit shipments, Average selling price, Gross margin, Commercial versus consumer mix, 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 Personal Computers industry?
The Personal Computers 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 Personal Computers industry?
The primary risks for Personal Computers companies include: Mature unit volumes, Thin margins, Component price swings, Competition. Investors should assess each company's exposure to these factors and its track record of navigating them.