MoatScopeMoatScope

Computer Hardware & Storage

PCs, phones, servers, storage, peripherals and quantum hardware.

Companies
31
With a moat
39%
Average quality
36
1 wide moat · 11 narrow moat · 19 no moat · Open in screener →
Updated 27 Sep 2026

Computer Hardware & Storage covers phones, PCs, servers, storage systems, drives and peripherals. MoatScope covers 31 companies here. One has a wide moat, 11 a narrow moat and 19 none.

How the industry makes money

Hardware earns a margin on each device, and the best businesses add software and services on top. Apple sells premium devices, from iPhone and Mac to AirPods, to a base of more than two billion active devices and earns a growing share of profit from services. Enterprise vendors add storage software and support contracts to the systems they ship.

Where the moats are

Switching costs and intangible assets each appear in seven of the 12 moat-rated companies.

  • Apple: an ecosystem of devices, software and services that keeps customers upgrading within it, reinforced by one of the world's strongest brands.

The narrow-moat group includes Dell, HPE, NetApp, Everpure, Seagate, Western Digital and Logitech. Companies without a moat include Sandisk, HP and Super Micro Computer.

What wears moats down

Hardware commoditizes quickly, component costs such as memory swing sharply, and cloud providers that build their own equipment reduce enterprises' direct purchases.

What to watch

  • Device upgrade cycles.
  • Server and storage demand from data centers.
  • Memory and component costs.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Computer Hardware & Storage into 4 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Phones, PCs & personal devices

Phones, PCs, tablets, wearables and peripherals.

Global market · $788.3B total revenue in 2025 · source: Gartner. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. End-user spending on phones, PCs and tablets (Gartner). Apple's revenue includes Services, so its share reads high.

#BusinessMarket shareRevenue
1AAPL · Apple Inc.52.8%$416.2B
2Lenovo (Intelligent Devices Group)
Listed outside the US (HKEX) · Lenovo
7.5%$58.9B
3DELL · Dell Technologies Inc.6.5%$51.0B
4Huawei (consumer business)
Private · TrendForce News
6.1%$47.9B
5HPQ · HP INC4.9%$38.6B
6Xiaomi (smartphones)
Listed outside the US (HKEX) · TelecomLead
3.3%$25.9B
7LOGI · LOGITECH INTERNATIONAL S.A.0.6%$4.8B
8IMMR · IMMERSION CORP0.2%$1.7B
9CRSR · Corsair Gaming, Inc.0.2%$1.5B
10ZEPP · Zepp Health Corp<0.1%$259M
All other companies17.9%$141.0B

Servers & enterprise storage

Servers, storage systems and data-center hardware.

Global market · $444.1B total revenue in 2025 · source: IDC. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Servers only (IDC); storage makers' shares are measured against servers.

#BusinessMarket shareRevenue
1DELL · Dell Technologies Inc.
Infrastructure Solutions
13.7%$60.8B
2HPE · Hewlett Packard Enterprise Co6.3%$27.8B
3SMCI · Super Micro Computer, Inc.4.9%$22.0B
4Lenovo (Infrastructure Solutions Group)
Listed outside the US (HKEX) · Lenovo
4.3%$19.2B
5IBM · INTERNATIONAL BUSINESS MACHINES CORP
Infrastructure · filed under IT Services & Consulting
3.5%$15.7B
6NTAP · NetApp, Inc.1.4%$6.2B
7P · Everpure, Inc.0.8%$3.7B
8ORCL · ORACLE CORP
Hardware · filed under Software
0.7%$3.1B
9QMCO · QUANTUM CORP /DE/<0.1%$280M
10OSS · ONE STOP SYSTEMS, INC.<0.1%$32M
All other companies64.2%$285.3B

Storage drives & flash

Hard drives, flash drives and SSDs.

Global market · $90.1B total revenue in 2025 · source: TrendForce quarterly NAND flash revenue… · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. NAND flash revenue of the five largest makers plus Seagate's and Western Digital's hard drives.

#BusinessMarket shareRevenue
1Samsung Electronics (NAND/SSD)
Listed outside the US (KRX) · TrendForce quarterly NAND flash revenue…
24.4%$22.0B
2SK Group (SK hynix + Solidigm) NAND/SSD
Listed outside the US (KRX) · TrendForce quarterly NAND flash revenue…
15.8%$14.3B
3Kioxia
Listed outside the US (TSE) · TrendForce quarterly NAND flash revenue…
11.3%$10.2B
4WDC · WESTERN DIGITAL CORP10.6%$9.5B
5STX · Seagate Technology Holdings plc10.1%$9.1B
6SNDK · Sandisk Corp8.2%$7.4B
All other companies19.6%$17.6B

Printers, ATMs & point-of-sale

Printers and copiers, ATMs, checkout and point-of-sale systems.

8 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessRevenue
1HPQ · HP INC
Printing
$16.7B
2XRX · Xerox Holdings Corp$6.3B
3DBD · DIEBOLD NIXDORF, Inc$3.8B
4NATL · NCR Atleos Corp
Self-Service Banking (ATMs) · filed under Payments & Fintech
$2.9B
5VYX · NCR Voyix Corp$2.7B
6PAR · PAR TECHNOLOGY CORP$456M
7ALOT · AstroNova, Inc.$151M
8TACT · TRANSACT TECHNOLOGIES INC$51M

Companies

CompanyMoatQualityMarket
AAPL
Apple Inc.
Wide74Phones, PCs & personal devices52.8%$5.00T
DELL
Dell Technologies Inc.
Narrow45Phones, PCs & personal devices
+ 1 other market
6.5%$289.6B
SNDK
Sandisk Corp
None59Storage drives & flash8.2%$200.8B
STX
Seagate Technology Holdings plc
Narrow64Storage drives & flash10.1%$149.8B
WDC
WESTERN DIGITAL CORP
Narrow63Storage drives & flash10.6%$127.0B
HPE
Hewlett Packard Enterprise Co
Narrow37Servers & enterprise storage
+ 1 other market
6.3%$74.2B
P
Everpure, Inc.
Narrow55Servers & enterprise storage0.8%$42.3B
NTAP
NetApp, Inc.
Narrow67Servers & enterprise storage1.4%$40.7B
HPQ
HP INC
None35Phones, PCs & personal devices
+ 1 other market
4.9%$27.3B
SMCI
Super Micro Computer, Inc.
None41Servers & enterprise storage4.9%$21.1B
LOGI
LOGITECH INTERNATIONAL S.A.
Narrow76Phones, PCs & personal devices0.6%$15.0B
DBD
DIEBOLD NIXDORF, Inc
None29Printers, ATMs & point-of-sale—$2.3B
ZEPP
Zepp Health Corp
None18Phones, PCs & personal devices<0.1%$1.6B
CRSR
Corsair Gaming, Inc.
None26Phones, PCs & personal devices0.2%$1.4B
VYX
NCR Voyix Corp
None19Printers, ATMs & point-of-sale—$1.1B
EVLV
Evolv Technologies Holdings, Inc.
None25Phones, PCs & personal devices<0.1%$757M
MITK
MITEK SYSTEMS INC
Narrow47Phones, PCs & personal devices<0.1%$754M
QMCO
QUANTUM CORP /DE/
None10Servers & enterprise storage<0.1%$722M
PAR
PAR TECHNOLOGY CORP
Narrow27Printers, ATMs & point-of-sale—$718M
XRX
Xerox Holdings Corp
None16Printers, ATMs & point-of-sale
+ 1 other market
—$327M
RDCM
RADCOM LTD
None46Phones, PCs & personal devices<0.1%$240M
IMMR
IMMERSION CORP
Narrow41Phones, PCs & personal devices0.2%$235M
ALOT
AstroNova, Inc.
Narrow40Printers, ATMs & point-of-sale—$225M
OSS
ONE STOP SYSTEMS, INC.
None20Servers & enterprise storage<0.1%$152M
LINK
INTERLINK ELECTRONICS INC
None22Phones, PCs & personal devices<0.1%$64M
INVE
Identiv, Inc.
None17Phones, PCs & personal devices<0.1%$55M
TACT
TRANSACT TECHNOLOGIES INC
None29Printers, ATMs & point-of-sale—$47M
VTIX
Virtuix Holdings Inc.
None3Phones, PCs & personal devices<0.1%$26M
WETH
Wetouch Technology Inc.
None48Phones, PCs & personal devices<0.1%$20M
AIMD
Ainos, Inc.
None12Phones, PCs & personal devices<0.1%$7M
SCKT
SOCKET MOBILE, INC.
None18Phones, PCs & personal devices<0.1%$4M

31 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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