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U.S. Tech Hardware Industry Analysis

UpdatedDec 28, 2025
DataAggregated Company Financials
Companies46
  • 7D-0.08%
  • 3M7.6%
  • 1Y7.8%
  • YTD13.7%

The Tech Hardware industry has stayed flat over the last week. The past year has been better, since the industry has gained 7.8% in that time. As for the next few years, earnings are expected to grow by 8.9% per annum.

Industry Valuation and Performance

Has the U.S. Tech Hardware Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 28 Dec 2025US$4.3tUS$514.1bUS$111.9b23.5x38.1x8.3x
Tue, 25 Nov 2025US$4.3tUS$512.7bUS$113.1b24.8x37.8x8.3x
Thu, 23 Oct 2025US$4.1tUS$504.7bUS$100.3b26.3x41x8.2x
Sat, 20 Sep 2025US$3.7tUS$504.4bUS$100.3b26x37.2x7.4x
Mon, 18 Aug 2025US$3.6tUS$502.8bUS$100.5b20.2x35.7x7.1x
Wed, 16 Jul 2025US$3.3tUS$500.2bUS$98.6b19.4x33.1x6.5x
Fri, 13 Jun 2025US$3.1tUS$500.2bUS$98.5b17.7x31.6x6.2x
Sun, 11 May 2025US$3.1tUS$499.4bUS$99.9b14.5x30.8x6.2x
Tue, 08 Apr 2025US$2.9tUS$494.0bUS$101.2b13x28.8x5.9x
Thu, 06 Mar 2025US$3.7tUS$492.7bUS$100.5b17x36.4x7.4x
Sat, 01 Feb 2025US$3.7tUS$479.7bUS$100.5b21.6x36.8x7.7x
Mon, 30 Dec 2024US$4.0tUS$473.9bUS$97.2b24.4x41.1x8.4x
Wed, 27 Nov 2024US$3.7tUS$472.7bUS$96.5b22.9x37.8x7.7x
Fri, 25 Oct 2024US$3.6tUS$466.0bUS$106.8b19.8x34x7.8x
Sun, 22 Sep 2024US$3.6tUS$466.0bUS$106.7b19.5x33.7x7.7x
Tue, 20 Aug 2024US$3.6tUS$465.1bUS$106.8b24.6x33.5x7.7x
Thu, 18 Jul 2024US$3.8tUS$457.1bUS$103.3b26.6x36.4x8.2x
Sat, 15 Jun 2024US$3.4tUS$457.1bUS$103.2b26.3x33.4x7.5x
Mon, 13 May 2024US$2.9tUS$456.7bUS$103.2b28x28.6x6.5x
Wed, 10 Apr 2024US$2.8tUS$457.8bUS$102.9b24.4x26.7x6x
Fri, 08 Mar 2024US$2.8tUS$457.8bUS$102.6b25.9x27x6.1x
Sun, 04 Feb 2024US$3.0tUS$458.7bUS$102.6b28.4x29.1x6.5x
Tue, 02 Jan 2024US$3.1tUS$455.3bUS$98.5b26.2x31.4x6.8x
Thu, 30 Nov 2023US$3.1tUS$455.2bUS$98.4b26x31x6.7x
Sat, 28 Oct 2023US$2.7tUS$453.7bUS$95.6b19x28.4x6x
Mon, 25 Sep 2023US$2.8tUS$453.9bUS$95.1b20.2x29.7x6.2x
Wed, 23 Aug 2023US$2.9tUS$454.0bUS$95.2b25.2x30.1x6.3x
Fri, 21 Jul 2023US$3.1tUS$456.4bUS$95.7b32.2x32.7x6.9x
Sun, 18 Jun 2023US$3.0tUS$456.4bUS$95.7b30.8x31.3x6.6x
Tue, 16 May 2023US$2.8tUS$456.5bUS$95.7b25.2x29x6.1x
Thu, 13 Apr 2023US$2.6tUS$460.6bUS$97.1b25.4x26.9x5.7x
Sat, 11 Mar 2023US$2.4tUS$460.6bUS$97.0b24.7x24.9x5.3x
Mon, 06 Feb 2023US$2.5tUS$460.1bUS$97.3b25.7x25.9x5.5x
Wed, 04 Jan 2023US$2.1tUS$467.8bUS$102.0b21.8x20.2x4.4x
Price to Earnings Ratio

20.2x


Total Market Cap: US$2.1tTotal Earnings: US$102.0bTotal Revenue: US$467.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Tech Hardware Industry Price to Earnings3Y Average 32.1x20242025
Current Industry PE
  • Investors are optimistic on the American Tech industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 38.1x which is higher than its 3-year average PE of 32.1x.
  • The 3-year average PS ratio of 6.8x is lower than the industry's current PS ratio of 8.3x.
Past Earnings Growth
  • The earnings for companies in the Tech industry have grown 3.1% per year over the last three years.
  • Revenues for these companies have grown 3.2% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Tech industry?

US Market1.25%
Tech1.60%
Tech Hardware-0.078%
Tech Hardware Storage and Peripherals-0.078%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
DELL Dell TechnologiesUS$129.242.2%
+US$1.9b		10.2%PE16.4x
SNDK SandiskUS$250.055.2%
+US$1.8b		n/aPS4.7x
WDC Western DigitalUS$181.540.3%
+US$157.3m		199.1%PE23.9x
HPE Hewlett Packard EnterpriseUS$24.490.2%
+US$80.1m		13.1%PS1x
PSTG Pure StorageUS$69.280.2%
+US$49.5m		8.8%PE175.5x

Latest News

NTAP
US$110.51
NetApp
7D
-1.2%
1Y
-5.5%
KODK
US$8.74
Eastman Kodak
7D
4.9%
1Y
24.7%
STX
US$286.22
Seagate Technology Holdings
7D
-3.4%
1Y
227.5%

STX: AI Data Demand And Tighter Supply Will Support Durable Margin Expansion

Analysts have nudged their fair value estimate for Seagate Technology Holdings higher to approximately $297 per share from about $289, citing sustained HDD pricing power, structurally stronger nearline demand tied to AI infrastructure, and a higher expected earnings multiple supported by disciplined capacity additions and accelerating HAMR adoption. Analyst Commentary Recent Street research reflects a broadly positive reassessment of Seagate valuation, with multiple price target increases clustered across a relatively short period.
HPE
US$24.49
Hewlett Packard Enterprise
7D
0.2%
1Y
13.1%

HPE: Networking Expansion And AI Supercomputers Will Shape Outlook Amid Memory Cycle Risks

Analysts have modestly lifted their price target on Hewlett Packard Enterprise to $26.28 per share from $25.00, reflecting improved expectations for networking driven by the Juniper acquisition and data center switching momentum, partially offset by concerns around a memory supercycle pressuring hardware margins into 2026. Analyst Commentary Recent Street research reflects a more nuanced view of Hewlett Packard Enterprise, with constructive commentary on networking driven by the Juniper acquisition and cautious views on hardware earnings risk as the memory cycle unfolds.
DBD
US$69.29
Diebold Nixdorf
7D
1.1%
1Y
61.4%

DBD: Share Repurchases And Margin Expansion Will Support Stronger Earnings Power

Analysts have raised their price target on Diebold Nixdorf from 60 dollars to 77 dollars, citing expectations for slightly faster revenue growth, stronger profit margins, and a modestly higher required return that together still support a richer valuation on future earnings. What's in the News The Board of Directors authorized a new share repurchase plan, under which Diebold Nixdorf may buy back up to 200 million dollars of its shares, signaling confidence in long term value creation (buyback transaction announcements).
SMCI
US$30.64
Super Micro Computer
7D
-1.5%
1Y
-4.2%

SMCI: Margin Pressures Will Likely Undermine Benefits Of Major AI Server Wins

Analysts have modestly lowered their fair value estimate for Super Micro Computer, trimming the average price target by a few dollars per share to about $34 to $40. They are balancing expectations for sharply accelerating revenue driven by large AI server orders, including a $12B GB300 platform win, against lingering concerns over near term margin pressure and long term profitability risks in an increasingly competitive market.
PSTG
US$69.28
Pure Storage
7D
0.2%
1Y
8.8%

PSTG Flash Demand From AI And Hyperscalers Will Drive Balanced Risk Reward

Analysts have lifted their fair value estimate for Pure Storage from $51.88 to $69.05, citing rising price targets driven by confidence in AI related storage demand, expanding enterprise and hyperscaler opportunities, and the company's differentiated flash technology. Analyst Commentary Recent Street research reflects a generally constructive but increasingly selective stance toward Pure Storage, with multiple firms lifting price targets following product events and AI focused updates.
CAN
US$0.76
Canaan
7D
-7.0%
1Y
-65.7%

CAN: Clean Energy Mining Expansion Will Drive Long Term Upside Potential

Analysts have slightly raised their price target on Canaan to reflect a modest uptick in fair value to approximately $2.91, supported by expectations of stronger long term earnings multiples, despite slightly softer forecasts for revenue growth and profit margins. What's in the News Canaan launched its next generation Avalon A16 series bitcoin mining machines, including the A16XP model delivering 300 TH/s at 12.8 J/TH, reinforcing its vertically integrated bitcoin infrastructure strategy and expanding global pre orders and shipments from production centers across North America, East Asia, and Southeast Asia (company announcement).
WDC
US$181.54
Western Digital
7D
0.3%
1Y
199.1%

WDC: AI Storage Demand Will Support Higher Margins Amid Cycle Uncertainty

Analysts have nudged our Western Digital fair value estimate higher to about $187 per share from roughly $181, reflecting stronger than expected enterprise HDD and NAND demand, improving pricing and margin dynamics, and higher forward valuation multiples following a series of Street price target hikes into the $135 to $200 range. Analyst Commentary Bullish analysts have broadly raised price targets into the mid 100s to $200 range, citing a combination of better than expected earnings execution, improving supply demand conditions in both HDD and NAND, and rising confidence in Western Digital's ability to sustain higher margins through the current cycle.
DELL
US$129.24
Dell Technologies
7D
2.2%
1Y
10.2%
AAPL
US$273.40
Apple
7D
-0.1%
1Y
7.0%
QUBT
US$10.66
Quantum Computing
7D
-2.1%
1Y
-41.9%
IMMR
US$6.85
Immersion
7D
6.2%
1Y
-23.9%
SNDK
US$250.05
Sandisk
7D
5.2%
1Y
n/a
IONQ
US$46.00
IonQ
7D
-5.1%
1Y
1.1%
BGIN
US$2.50
Bgin Blockchain
7D
-11.3%
1Y
n/a

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Nov 18