--- title: "Wireless Network Equipment Industry" description: "22 SEC filers are classified under the Standard Industrial Classification codes that describe the wireless network equipment industry." canonical: https://www.getswoopr.com/stocks/industries/information-technology/wireless-network-equipment/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Wireless Network Equipment Industry ## Direct Answer 22 SEC filers are classified under the Standard Industrial Classification codes that describe the wireless network equipment industry, and their latest annual reports show $66.1 billion of combined revenue and a median operating margin of -22.1%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Wireless network equipment makers produce base stations, antennas, small cells and radio software for mobile and private networks. Orders follow carrier and enterprise network upgrades and spectrum deployment. The first numbers to compare across companies here are orders and backlog, revenue by region and gross margin. ## Key Industry Metrics - **Orders and backlog**: New orders and those awaiting delivery. Orders follow carrier and enterprise network plans, so backlog shows demand ahead but upgrades are lumpy. - **Revenue by region**: Sales by geography. It shows which markets are in a buildout phase and which are restricted, since carriers in different regions upgrade at different times. - **Gross margin**: Revenue left after radios, antennas and installation. Competition on price and mix toward software lift or reduce it, and early rollout phases can carry lower margins. - **Software and services share**: The portion of revenue from licenses, support and managed work. A higher share is steadier and earns more, as it continues after radios are installed. - **Carrier concentration**: The share of sales from a few large mobile operators. Their capital plans drive orders, so a pause or vendor switch at one operator can move results. ## Primary Macro Drivers - **5G rollout and densification**: Operators adding capacity and coverage buy radios and antennas, so rollout pace drives orders and backlog. - **Private network adoption**: Companies building their own wireless networks for factories and campuses add a customer type beyond carriers, widening the market. - **Spectrum auctions**: Allocation of new frequency bands triggers buildouts and equipment purchases, creating timing-driven orders. - **Open RAN**: Standards that separate hardware and software let operators mix suppliers, shifting share and software revenue. ## Major Risks - **Capex cycles**: Carrier spending slows after coverage is built, so orders and revenue can fall sharply; watch orders, backlog and carriers' capital guidance. - **Competition and pricing**: Rivals including lower-priced suppliers compete for contracts, pressuring price and margin; watch gross margin and regional revenue. - **Geopolitical restrictions**: Restrictions on suppliers or markets can close sales or force replacement of installed gear; watch regional revenue, disclosures and policy commentary. - **Customer concentration**: A few carriers account for much of sales, so one operator's pause moves results; watch carrier concentration and backlog. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Cyclical | | Capital Intensity | Medium | | Regulatory Intensity | Medium | | Industry Maturity | Mature | | Geographic Importance | Global | ## Wireless Network Equipment Filers in the SEC Record 22 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 3663, 3669. Their latest fiscal years end between 2025 and 2026, and together they reported $66.1 billion of revenue. Median revenue growth over the prior year was 10.8%. Median operating margin was -22.1% and median net margin -20.1%. Median total liabilities were 52% of total assets, and 10 of 22 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Qualcomm Inc](https://www.getswoopr.com/stocks/companies/qualcomm/) | $44.3 billion | 13.7% | 27.9% | 12.5% | FY 2025 | | [Motorola Solutions, Inc.](https://www.getswoopr.com/stocks/companies/motorola-solutions/) | $11.7 billion | 8.0% | 25.6% | 18.4% | FY 2025 | | [Lumentum Holdings Inc.](https://www.getswoopr.com/stocks/companies/lumentum/) | $3.0 billion | 83.2% | 17.4% | -230.1% | FY 2026 | | [Ubiquiti Inc.](https://www.getswoopr.com/stocks/companies/ubiquiti-inc/) | $2.6 billion | 33.4% | 32.5% | 27.7% | FY 2025 | | [Vistance Networks, Inc.](https://www.getswoopr.com/stocks/companies/vistance-networks-inc/) | $1.9 billion | 39.7% | 2.5% | 118.2% | FY 2025 | | [Comtech Telecommunications Corp](https://www.getswoopr.com/stocks/companies/comtech-telecommunications-corp/) | $500 million | -7.6% | -27.8% | -31.1% | FY 2025 | | [Powerfleet, Inc.](https://www.getswoopr.com/stocks/companies/powerfleet-inc/) | $444 million | 22.4% | 4.4% | 4.6% | FY 2026 | | [Aviat Networks, Inc.](https://www.getswoopr.com/stocks/companies/aviat-networks-inc/) | $435 million | 6.5% | 2.4% | 0.3% | FY 2025 | The 8 largest of 22 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 Wireless Network Equipment guide describes how the industry earns money, what to measure and what can go wrong. 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Key performance indicators for the Wireless Network Equipment industry include: Orders and backlog, Revenue by region, Gross margin, Software and services share, Carrier concentration. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Wireless Network Equipment industry? The Wireless Network Equipment 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 Wireless Network Equipment industry? The primary risks for Wireless Network Equipment companies include: Capex cycles, Competition and pricing, Geopolitical restrictions, Customer concentration. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).