Industries
Consumer Electronics
All research in Consumer Electronics — 4 reports.
43/100
Apple Inc.: Strip Out the Tariff Refunds and the 50.1% Margin Becomes 48.1%, While 308.91 Dollars Earns Less Than the Ten-Year Treasury
A premium-device maker that monetizes an installed base above 2.5 billion units through integrated hardware, silicon and high-margin services, with a reported Products gross margin of 40.1%, which includes the tariff refunds, and Services at 75.6% in the June quarter. Reported fiscal third-quarter earnings of 2.02 dollars and a 50.1% gross margin included about 0.11 dollars and roughly two percentage points from nonrecurring tariff refunds, leaving underlying figures of 1.91 dollars and 48.1%, and the shares fell 7.35% on July 31 to 308.91 dollars on weaker September guidance. Rating Hold: at 35.9 times underlying trailing earnings the 2.79% earnings yield sits 1.95 points below the 4.74% ten-year Treasury, so new capital gets no conservative margin of safety.
33/100
HP Inc.: A Value-Investing Deep Dive
A mature hardware company kept afloat by its print-supplies cash cow: the valuation is undemanding but the business quality is mediocre. We assign a Watch rating, with a fair entry price of 19 to 22 dollars; at the current 24.68 dollars the margin of safety is insufficient. Rating Watch: a cheap-looking cash cow whose price still does not cover its ordinary-business flaws.
47/100
Garmin Ltd. Deep Value Investment Research
Garmin is a multi-category professional hardware platform spanning Fitness, Outdoor, Marine, Aviation, and Auto OEM, backed by zero long-term debt and $4.1 billion of net cash. The core thesis is that the business is high quality, cash-generative, and conservatively run, but the current price of $238.53, at roughly 27x P/E, already discounts much of that quality. Research rating Watch: a durable compounder worth tracking closely, but not a clear value opportunity at today's price.
48/100
Xiaomi Group Long-Term Owner-Oriented Research
Xiaomi is now a platform hardware company built around smartphones, AIoT, internet services, and a rapidly scaling EV business. 2025 revenue reached RMB 457.29 billion, profit attributable to owners reached RMB 41.64 billion, EV revenue rose 223.8% and moved close to breakeven, while internet services carried a 76.5% gross margin; however, the HK$30.7 share price already pays upfront for stable smartphones, EV scaling, and AIoT expansion. Research rating Watch: a stronger business, but Apple-like moat depth and a clear margin of safety are still absent.