Lenovo Group Past Earnings Performance
Past criteria checks 4/6
Lenovo Group's earnings have been declining at an average annual rate of -2.3%, while the Tech industry saw earnings declining at 2.3% annually. Revenues have been growing at an average rate of 2.5% per year. Lenovo Group's return on equity is 25.6%, and it has net margins of 2.3%.
Key information
-2.32%
Earnings growth rate
-3.50%
EPS growth rate
| Tech Industry Growth | 4.97% |
| Revenue growth rate | 2.46% |
| Return on equity | 25.58% |
| Net Margin | 2.30% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 24
992: AI PC Transition Will Face Delayed Benefit From New Chip Partnerships
Analysts now see fair value for Lenovo Group at about HK$14.00, up from roughly HK$12.23, reflecting updated assumptions for revenue growth, profit margins, and a lower expected future P/E multiple. What's in the News Dell, Lenovo, and other PC companies are reported to be working with Nvidia on laptops using an Arm based Nvidia MediaTek system on a chip, with potential launch timing in the first half of 2026.
New Narrative • May 17
Lenovo is a global AI infrastructure orchestrator with unique full-stack reach
Here is the investment memo , made with Copilot, integrating strategic AI alliances (based strictly on Lenovo News + credible external coverage + Simply Wall St context). Investment Memo – Lenovo Group (HK: 992) Upgraded with Strategic AI Alliances Executive Summary Lenovo is evolving into a full-stack AI infrastructure and devices player , supported not only by internal execution but by deep strategic alliances with global AI leaders (notably NVIDIA and AMD, and a multi-model ecosystem approach).
Narrative Update • May 01
992: Future AI Chip Partnerships Will Strain Already Full Pricing Assumptions
Analysts have slightly revised their HK$ price target on Lenovo Group, reflecting updated views on revenue growth, profit margins, discount rates and future P/E assumptions that differ only modestly from prior estimates. What's in the News Dell, Lenovo and other PC makers are reported to be working with Nvidia on Arm based Nvidia MediaTek system on a chip for laptops, with potential launch timing in the first half of 2026.
Narrative Update • Apr 16
992: AI Chip Partnerships With Nvidia Will Drive Future Upside
Analysts have adjusted their fair value estimate for Lenovo Group slightly higher to HK$16.93, reflecting updated assumptions for the discount rate, revenue growth, profit margin and a higher future P/E multiple. What's in the News Dell, Lenovo and other PC makers are reported to be working with Nvidia on laptops built around an Arm based Nvidia MediaTek system on a chip, with potential launches cited for the first half of 2026.Narrative Update • Apr 02
992: AI PC Transition And Hybrid AI Platforms Will Support Future Upside
Analysts have trimmed their HK$ fair value estimate for Lenovo Group from about HK$12.51 to around HK$12.23, reflecting updated views on discount rates, revenue growth, profit margins and future P/E assumptions. What's in the News Dell, Lenovo and other PC makers are reported to be working with Nvidia on Arm based Nvidia MediaTek SoC laptops for a potential launch in the first half of 2026, alongside separate work between Nvidia and Intel on Windows PC chips that combine Intel CPUs with Nvidia graphics and AI technology (The Wall Street Journal).Narrative Update • Mar 19
992: AI Hardware Cycles And Hybrid Cloud Plans Will Shape Fairly Priced Outlook
Analysts have slightly trimmed their HK$ price target on Lenovo Group, reflecting small adjustments to revenue growth and P/E expectations alongside a modest improvement in the profit margin outlook. What's in the News Dell, Lenovo and other PC makers are reported to be working with Nvidia on laptops using an Arm based Nvidia MediaTek system on a chip, with potential launch timing in the first half of 2026.Narrative Update • Mar 05
992: AI Hardware Partnerships And Edge Computing Will Drive Future Recovery
Analysts have slightly reduced their average 12 month price target for Lenovo Group to about HK$16.89 from roughly HK$16.91, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News Dell, Lenovo and other PC makers are reported to be working with Nvidia on laptops built around an Arm based Nvidia MediaTek system on a chip, with potential launches in the first half of 2026.Narrative Update • Feb 18
992: Memory Cost Headwinds Will Set Up Future AI Hardware Recovery
Analysts have reduced their price target on Lenovo Group to HK$9.50 from HK$13.00, citing concerns that rising memory prices and potential component shortages over the next six months could pressure earnings and support a lower fair value and P/E assumption. Analyst Commentary The latest move from JPMorgan to trim its price target on Lenovo Group to HK$9.50 from HK$13 centers on concerns that higher memory costs and potential component shortages over the next six months could weigh on earnings and justify a lower P/E assumption.Narrative Update • Feb 04
992: Memory Super Cycle Risks Will Test AI Hardware And Agentic AI Plans
Analysts have trimmed their price targets on Lenovo Group, with recent revisions from HK$13.00 to HK$9.50 and from HK$13.00 to HK$10.20, reflecting concerns about higher memory costs and potential component shortages that could pressure margins and earnings. Analyst Commentary Recent research from JPMorgan and other bearish analysts highlights a more cautious stance on Lenovo, centered on cost pressures and their possible impact on earnings quality and valuation.Narrative Update • Jan 21
992: Memory Super Cycle Risks Will Temper AI Hardware Ambitions
Analysts have trimmed their price targets for Lenovo Group to around HK$9.50 to HK$10.20. This reflects lower fair value estimates and expectations for softer revenue growth and margins as rising memory costs and potential component shortages weigh on the hardware outlook.Narrative Update • Jan 07
992: Rising Memory Super Cycle Will Pressure Margins Yet Support AI Upside
Narrative update Analysts have trimmed their fair value estimate for Lenovo Group slightly to about $12.51, reflecting lower price targets in the HK$9.50 to HK$10.20 range as they factor in higher memory costs and potential component shortages that could pressure margins over the next year. Analyst Commentary Recent rating changes from JPMorgan and others highlight a more cautious stance on Lenovo Group, with price targets now clustered in the HK$9.50 to HK$10.20 range.Analysis Article • Dec 31
Investors Aren't Buying Lenovo Group Limited's (HKG:992) Earnings
When close to half the companies in Hong Kong have price-to-earnings ratios (or "P/E's") above 13x, you may consider...Narrative Update • Dec 24
992 Memory Cost Headwinds Will Eventually Set Up AI Hardware Rebound
Analysts have modestly lowered their price target on Lenovo Group to HK$9.50 from HK$13.00, citing expectations that rising memory costs and potential component shortages will compress margins and weigh on earnings over the next several years. Analyst Commentary While the recent revisions reflect a more cautious stance on near term profitability, major houses such as JPMorgan emphasize that the reset in expectations also creates a cleaner starting point for Lenovo Group.Narrative Update • Dec 09
992: Rising Memory Super Cycle Will Pressure Margins But Support Long Term Upside
The analyst price target for Lenovo Group has been revised downward from HK$13.00 to a range of HK$9.50 to HK$10.20, as analysts factor in higher memory costs and potential component shortages that are expected to pressure earnings and margins. Analyst Commentary Analysts are reassessing Lenovo's investment case in light of rising memory prices and anticipated component shortages, which are expected to compress margins and temper earnings growth over the next year.Narrative Update • Nov 25
992: Rising Memory Costs Will Shape Margin Potential Over The Next Year
Lenovo Group’s analyst price target has been revised down from HK$13 to HK$9.50, as analysts cite rising memory costs and expected margin pressure as primary reasons for the more cautious outlook. Analyst Commentary Recent analyst updates have offered insight into how shifting market dynamics could affect Lenovo Group's valuation, growth prospects, and execution abilities over the coming quarters.Analysis Article • Nov 24
Lenovo Group (HKG:992) Will Pay A Dividend Of $0.085
Lenovo Group Limited's ( HKG:992 ) investors are due to receive a payment of $0.085 per share on 24th of December. This...Narrative Update • Nov 04
992: Next-Gen AI Capabilities Will Drive Performance Upside in 2024
Analysts have slightly raised their price target for Lenovo Group, increasing it from $13.55 to $13.56. This change reflects marginally improved forecasts for key financial metrics including revenue growth and future valuation.Narrative Update • Oct 21
Analysts Lift Lenovo Price Target Slightly as New AI Solutions and Valuation Tweaks Emerge
Lenovo Group's analyst price target has been increased slightly from $13.42 to $13.55, as analysts cite marginal improvements in the company's discount rate and fair value estimates. What's in the News Lenovo announced an upcoming Board Meeting on November 19, 2025, to consider and potentially approve unaudited financial results for the six months ended September 30, 2025.Narrative Update • Aug 27
AI Investments Will Strengthen Brand Through Global Partnerships
Lenovo Group’s consensus analyst price target has increased modestly, despite a significant rise in the forward P/E multiple and reduced revenue growth forecasts, resulting in a new fair value estimate of HK$13.43. What's in the News Lenovo and Sphere Entertainment Co established a multi-year global partnership, making Lenovo an Official Technology Partner of Sphere Studios; Lenovo’s annual Tech World event will debut at Sphere in Las Vegas during CES 2026, highlighting AI-driven innovation and immersive content.Analysis Article • Jul 28
Return Trends At Lenovo Group (HKG:992) Aren't Appealing
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to...Analysis Article • Jul 14
Lenovo Group's (HKG:992) Upcoming Dividend Will Be Larger Than Last Year's
Lenovo Group Limited ( HKG:992 ) has announced that it will be increasing its dividend from last year's comparable...Analysis Article • Jul 10
Shareholders Will Probably Hold Off On Increasing Lenovo Group Limited's (HKG:992) CEO Compensation For The Time Being
Key Insights Lenovo Group's Annual General Meeting to take place on 17th of July Total pay for CEO Yuanqing Yang...Analysis Article • Jun 27
Lenovo Group (HKG:992) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Lenovo Group Limited's ( HKG:992 ) robust earnings report didn't manage to move the market for its stock. Our analysis...Analysis Article • Jun 26
Lenovo Group's (HKG:992) Dividend Will Be Increased To $0.305
Lenovo Group Limited ( HKG:992 ) will increase its dividend from last year's comparable payment on the 13th of August...
New Narrative • Feb 13
Hybrid AI And Global Expansion Will Drive Future Success
Lenovo's focus on AI innovations and expansion in AI services is poised to drive revenue and enhance future profitability.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Lenovo Group makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 83,075 | 1,912 | 7,141 | 2,490 |
| 31 Dec 25 | 78,470 | 1,481 | 6,827 | 2,386 |
| 30 Sep 25 | 75,062 | 1,628 | 6,703 | 2,369 |
| 30 Jun 25 | 72,460 | 1,646 | 6,553 | 2,336 |
| 31 Mar 25 | 69,077 | 1,384 | 6,407 | 2,288 |
| 31 Dec 24 | 65,927 | 1,542 | 6,280 | 2,176 |
| 30 Sep 24 | 62,851 | 1,187 | 6,078 | 2,102 |
| 30 Jun 24 | 59,411 | 1,077 | 5,891 | 2,052 |
| 31 Mar 24 | 56,864 | 1,011 | 5,801 | 2,028 |
| 31 Dec 23 | 55,666 | 876 | 5,534 | 2,045 |
| 30 Sep 23 | 55,211 | 977 | 5,422 | 2,078 |
| 30 Jun 23 | 57,891 | 1,269 | 5,416 | 2,135 |
| 31 Mar 23 | 61,947 | 1,608 | 5,586 | 2,195 |
| 31 Dec 22 | 66,006 | 1,906 | 6,004 | 2,222 |
| 30 Sep 22 | 70,865 | 2,109 | 6,394 | 2,192 |
| 30 Jun 22 | 71,645 | 2,079 | 6,598 | 2,118 |
| 31 Mar 22 | 71,618 | 2,030 | 6,691 | 2,073 |
| 31 Dec 21 | 70,555 | 1,835 | 6,669 | 1,914 |
| 30 Sep 21 | 67,673 | 1,591 | 6,650 | 1,763 |
| 30 Jun 21 | 64,324 | 1,389 | 6,395 | 1,588 |
| 31 Mar 21 | 60,742 | 1,136 | 6,029 | 1,454 |
| 31 Dec 20 | 55,692 | 961 | 5,720 | 1,384 |
| 30 Sep 20 | 52,549 | 824 | 5,423 | 1,328 |
| 30 Jun 20 | 51,552 | 716 | 5,416 | 1,339 |
| 31 Mar 20 | 50,716 | 665 | 5,497 | 1,336 |
| 31 Dec 19 | 51,847 | 741 | 5,402 | 1,360 |
| 30 Sep 19 | 51,780 | 715 | 5,295 | 1,291 |
| 30 Jun 19 | 51,637 | 682 | 5,102 | 1,286 |
| 31 Mar 19 | 51,038 | 596 | 4,867 | 1,266 |
| 31 Dec 18 | 49,966 | 511 | 4,715 | 1,222 |
| 30 Sep 18 | 48,869 | -11 | 4,591 | 1,293 |
| 30 Jun 18 | 47,250 | -40 | 4,604 | 1,292 |
| 31 Mar 18 | 45,350 | -189 | 4,591 | 1,274 |
| 31 Dec 17 | 44,290 | -115 | 4,670 | 1,286 |
| 30 Sep 17 | 43,521 | 272 | 4,649 | 1,260 |
| 30 Jun 17 | 42,991 | 290 | 4,611 | 1,298 |
| 31 Mar 17 | 43,035 | 535 | 4,533 | 1,362 |
| 31 Dec 16 | 42,589 | 608 | 4,377 | 1,375 |
| 30 Sep 16 | 43,333 | 810 | 4,351 | 1,437 |
| 30 Jun 16 | 44,252 | -60 | 4,398 | 1,458 |
| 31 Mar 16 | 44,912 | -128 | 4,482 | 1,491 |
| 31 Dec 15 | 47,113 | -208 | 4,673 | 1,564 |
| 30 Sep 15 | 48,291 | -255 | 4,790 | 1,597 |
| 30 Jun 15 | 46,617 | 720 | 4,481 | 1,430 |
Quality Earnings: 992 has high quality earnings.
Growing Profit Margin: 992's current net profit margins (2.3%) are higher than last year (2%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: 992's earnings have declined by 2.3% per year over the past 5 years.
Accelerating Growth: 992's earnings growth over the past year (38.1%) exceeds its 5-year average (-2.3% per year).
Earnings vs Industry: 992 earnings growth over the past year (38.1%) did not outperform the Tech industry 76%.
Return on Equity
High ROE: 992's Return on Equity (25.6%) is considered high.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/27 01:50 |
| End of Day Share Price | 2026/05/27 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2026/03/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Lenovo Group Limited is covered by 48 analysts. 19 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Brett Simpson | Arete Research Services LLP |
| Nam Hyung Kim | Arete Research Services LLP |
| Yingchao Yang | Barclays |