# Computer Hardware — company-by-company sector analysis

> Computer Hardware: Dell Technologies Inc. owns the largest revenue base; IonQ, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Computer Hardware has outperformed S&P 500 by 60.9% over 52 weeks and 3.7% over 13 weeks. 12 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 26 beat the sector itself. Dell Technologies Inc. leads with revenue of $134,002 million, based on 22 of 29 comparable companies through Jun 2026.

### Is the Computer Hardware sector outperforming S&P 500?

Computer Hardware has outperformed S&P 500 by 60.9% over 52 weeks and 3.7% over 13 weeks. 12 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 26 beat the sector itself.

### Which Computer Hardware company is largest by revenue?

Dell Technologies Inc. leads with revenue of $134,002 million, based on 22 of 29 comparable companies through Jun 2026.

### Which Computer Hardware company is growing fastest?

IonQ, Inc. has the fastest current revenue growth at 100%, across 21 of 29 comparable companies.

### Which Computer Hardware company has the strongest 4-Factor Sector Score?

Dell Technologies Inc. ranks first at 76.3/100 with 86.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Computer Hardware company reports the most CAPEX?

Dell Technologies Inc. reports the largest latest CAPEX at $963 million, with 26 of 29 companies comparable.

### Which Computer Hardware company has the least gross debt?

AMC Robotics Corporation has the lowest comparable gross debt at $0 million. Dell Technologies Inc. has the highest at $31,161 million.

### Which Computer Hardware company has the lowest comparable PEG?

Dell Technologies Inc. has the lowest comparable Guarded PEG at 0.36, among 6 of 29 companies that pass the metric’s comparability rules.

### How much history does this Computer Hardware comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Computer Hardware has outperformed S&P 500 by 60.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 3.7%. 12 of 26 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. AstroNova, Inc. is the strongest against the sector itself at +88.1%.

13-week sector return versus NIFTY 500: 3.7%
52-week sector return versus NIFTY 500: 61%
Stocks leading NIFTY: 12/26
Stocks leading sector: 9/26

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 29
Combined market value: ₹10.8 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Dell Technologies Inc. (DELL): 76/100 — Favorable setup; evidence 86%
   - Growth & earnings 29.5/35 | Capital efficiency 12.0/25 | Valuation 15.2/20 | Relative strength 19.6/20
   - Exact sum: 29.5 + 12 + 15.2 + 19.6 = 76.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Sandisk Corporation (SNDK): 66/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 22.9/35 | Capital efficiency 20.6/25 | Valuation 9.4/20 | Relative strength 13.0/20
   - Exact sum: 22.9 + 20.6 + 9.4 + 13 = 65.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Western Digital Corporation (WDC): 60/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 21.6/35 | Capital efficiency 15.1/25 | Valuation 10.0/20 | Relative strength 13.0/20
   - Exact sum: 21.6 + 15.1 + 10 + 13 = 59.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Seagate Technology Holdings plc (STX): 60/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 22.2/35 | Capital efficiency 14.6/25 | Valuation 9.1/20 | Relative strength 13.6/20
   - Exact sum: 22.2 + 14.6 + 9.1 + 13.6 = 59.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Unusual Machines, Inc. (UMAC): 60/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 25.0/35 | Capital efficiency 9.7/25 | Valuation 10.0/20 | Relative strength 14.8/20
   - Exact sum: 25 + 9.7 + 10 + 14.8 = 59.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Logitech International S.A. (LOGI): 56/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.9/35 | Capital efficiency 16.6/25 | Valuation 10.1/20 | Relative strength 11.2/20
   - Exact sum: 17.9 + 16.6 + 10.1 + 11.2 = 55.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. One Stop Systems, Inc. (OSS): 56/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 21.5/35 | Capital efficiency 10.6/25 | Valuation 9.3/20 | Relative strength 14.1/20
   - Exact sum: 21.5 + 10.6 + 9.3 + 14.1 = 55.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Arista Networks, Inc. (ANET): 55/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 20.4/35 | Capital efficiency 18.1/25 | Valuation 6.7/20 | Relative strength 9.7/20
   - Exact sum: 20.4 + 18.1 + 6.7 + 9.7 = 54.9
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
9. Super Micro Computer, Inc. (SMCI): 53/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.7/35 | Capital efficiency 11.4/25 | Valuation 12.2/20 | Relative strength 7.9/20
   - Exact sum: 21.7 + 11.4 + 12.2 + 7.9 = 53.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Corsair Gaming, Inc. (CRSR): 52/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.9/35 | Capital efficiency 10.2/25 | Valuation 8.7/20 | Relative strength 15.2/20
   - Exact sum: 17.9 + 10.2 + 8.7 + 15.2 = 52
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. AstroNova, Inc. (ALOT): 51/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 14.2/35 | Capital efficiency 9.7/25 | Valuation 9.6/20 | Relative strength 17.0/20
   - Exact sum: 14.2 + 9.7 + 9.6 + 17 = 50.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 111.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
12. HP Inc. (HPQ): 50/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 9.6/35 | Capital efficiency 12.4/25 | Valuation 15.1/20 | Relative strength 13.3/20
   - Exact sum: 9.6 + 12.4 + 15.1 + 13.3 = 50.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 11.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13. Everpure, Inc. (P): 48/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 20.7/35 | Capital efficiency 10.5/25 | Valuation 8.5/20 | Relative strength 8.7/20
   - Exact sum: 20.7 + 10.5 + 8.5 + 8.7 = 48.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Velo3D, Inc. (VELO): 48/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 23.6/35 | Capital efficiency 7.3/25 | Valuation 10.4/20 | Relative strength 6.5/20
   - Exact sum: 23.6 + 7.3 + 10.4 + 6.5 = 47.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Cricut, Inc. (CRCT): 47/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 10.9/35 | Capital efficiency 15.3/25 | Valuation 13.9/20 | Relative strength 7.0/20
   - Exact sum: 10.9 + 15.3 + 13.9 + 7 = 47.1
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
16. Quantum Computing Inc. (QUBT): 46/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 20.8/35 | Capital efficiency 10.1/25 | Valuation 10.0/20 | Relative strength 5.0/20
   - Exact sum: 20.8 + 10.1 + 10 + 5 = 45.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. IonQ, Inc. (IONQ): 46/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 23.9/35 | Capital efficiency 9.1/25 | Valuation 10.0/20 | Relative strength 2.7/20
   - Exact sum: 23.9 + 9.1 + 10 + 2.7 = 45.7
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -43.2% and the one-year return is -11.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
18. 3D Systems Corporation (DDD): 45/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.7/35 | Capital efficiency 8.2/25 | Valuation 11.1/20 | Relative strength 8.0/20
   - Exact sum: 17.7 + 8.2 + 11.1 + 8 = 45
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. Rigetti Computing, Inc. (RGTI): 44/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 23.0/35 | Capital efficiency 8.9/25 | Valuation 10.0/20 | Relative strength 2.5/20
   - Exact sum: 23 + 8.9 + 10 + 2.5 = 44.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -48.4% and the one-year return is 2.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
20. Nano Dimension Ltd. (NNDM): 42/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 18.5/35 | Capital efficiency 7.5/25 | Valuation 10.0/20 | Relative strength 6.4/20
   - Exact sum: 18.5 + 7.5 + 10 + 6.4 = 42.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
21. Draganfly Inc. (DPRO): 40/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.8/35 | Capital efficiency 8.9/25 | Valuation 11.5/20 | Relative strength 3.7/20
   - Exact sum: 15.8 + 8.9 + 11.5 + 3.7 = 39.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
22. Stratasys Ltd. (SSYS): 36/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 9.2/35 | Capital efficiency 9.2/25 | Valuation 10.0/20 | Relative strength 7.6/20
   - Exact sum: 9.2 + 9.2 + 10 + 7.6 = 36
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Canaan Inc. (CAN): 36/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.8/35 | Capital efficiency 7.4/25 | Valuation 11.3/20 | Relative strength 3.0/20
   - Exact sum: 13.8 + 7.4 + 11.3 + 3 = 35.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
24. D-Wave Quantum Inc. (QBTS): 31/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 8.6/35 | Capital efficiency 8.9/25 | Valuation 10.0/20 | Relative strength 3.7/20
   - Exact sum: 8.6 + 8.9 + 10 + 3.7 = 31.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
25. Virtuix Holdings Inc. (VTIX): 50/100 — Thin evidence · provisional; evidence 0%
   - Growth & earnings 17.5/35 | Capital efficiency 12.5/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 12.5 + 10 + 10 = 50
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
26. Quantum Corporation (QMCO): 47/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 12.9/35 | Capital efficiency 9.6/25 | Valuation 10.0/20 | Relative strength 14.5/20
   - Exact sum: 12.9 + 9.6 + 10 + 14.5 = 47
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
27. AMC Robotics Corporation (AMCI): 47/100 — Thin evidence · provisional; evidence 36%
   - Growth & earnings 18.1/35 | Capital efficiency 15.0/25 | Valuation 10.0/20 | Relative strength 3.4/20
   - Exact sum: 18.1 + 15 + 10 + 3.4 = 46.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
28. Braiin Limited (BRAI): 46/100 — Thin evidence · provisional; evidence 17%
   - Growth & earnings 13.4/35 | Capital efficiency 12.6/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 13.4 + 12.6 + 10 + 10 = 46
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
29. Bgin Blockchain Limited (BGIN): 46/100 — Thin evidence · provisional; evidence 12%
   - Growth & earnings 16.4/35 | Capital efficiency 9.5/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 16.4 + 9.5 + 10 + 10 = 45.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Dell Technologies Inc. is the scale leader at $134,002 million, 133.4% ahead of HP Inc.. IonQ, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 337.2% from a $188 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Dell Technologies Inc. is the scale benchmark; IonQ, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Dell Technologies Inc.'s growth falls below IonQ, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Dell Technologies Inc. · $134,002 million | 133.4% versus #2 · HP Inc. | 8/8 recent comparable periods | 22/29 companies · 473 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Dell Technologies Inc. (DELL): ₹1.3 L Cr
2. HP Inc. (HPQ): ₹57.4K Cr
3. Super Micro Computer, Inc. (SMCI): ₹33.7K Cr
4. Arista Networks, Inc. (ANET): ₹9.7K Cr
5. Logitech International S.A. (LOGI): ₹4.8K Cr

### Revenue growth — fastest growers
1. IonQ, Inc. (IONQ): 100%
2. Nano Dimension Ltd. (NNDM): 100%
3. Unusual Machines, Inc. (UMAC): 100%
4. Canaan Inc. (CAN): 60%
5. Super Micro Computer, Inc. (SMCI): 56%

### 20-quarter Revenue history
- DELL: Sep 2021 ₹24.2K Cr | Dec 2021 ₹26.4K Cr | Mar 2022 ₹28.0K Cr | Jun 2022 ₹26.1K Cr | Sep 2022 ₹26.4K Cr | Dec 2022 ₹24.7K Cr | Mar 2023 ₹25.0K Cr | Jun 2023 ₹20.9K Cr | Sep 2023 ₹22.9K Cr | Dec 2023 ₹22.3K Cr | Mar 2024 ₹22.3K Cr | Jun 2024 ₹22.2K Cr | Sep 2024 ₹25.0K Cr | Dec 2024 ₹24.4K Cr | Mar 2025 ₹23.9K Cr | Jun 2025 ₹23.4K Cr | Sep 2025 ₹29.8K Cr | Dec 2025 ₹27.0K Cr | Mar 2026 ₹33.4K Cr | Jun 2026 ₹43.8K Cr
- ANET: Sep 2021 ₹749 Cr | Dec 2021 ₹824 Cr | Mar 2022 ₹877 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- STX: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 — | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 — | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 ₹3.1K Cr
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 — | Dec 2025 ₹2.3K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 ₹6.0K Cr
- WDC: Sep 2021 ₹4.9K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 — | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 — | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 ₹3.3K Cr
- HPQ: Sep 2021 ₹15.3K Cr | Dec 2021 ₹16.6K Cr | Mar 2022 ₹17.0K Cr | Jun 2022 ₹16.5K Cr | Sep 2022 ₹14.6K Cr | Dec 2022 ₹14.8K Cr | Mar 2023 ₹13.8K Cr | Jun 2023 ₹12.9K Cr | Sep 2023 ₹13.2K Cr | Dec 2023 ₹13.8K Cr | Mar 2024 ₹13.2K Cr | Jun 2024 ₹12.8K Cr | Sep 2024 ₹13.5K Cr | Dec 2024 ₹14.1K Cr | Mar 2025 ₹13.5K Cr | Jun 2025 ₹13.2K Cr | Sep 2025 ₹13.9K Cr | Dec 2025 ₹14.6K Cr | Mar 2026 ₹14.4K Cr | Jun 2026 ₹14.4K Cr
- P: Sep 2021 ₹497 Cr | Dec 2021 ₹563 Cr | Mar 2022 ₹709 Cr | Jun 2022 ₹620 Cr | Sep 2022 ₹647 Cr | Dec 2022 ₹676 Cr | Mar 2023 ₹810 Cr | Jun 2023 ₹589 Cr | Sep 2023 ₹689 Cr | Dec 2023 ₹763 Cr | Mar 2024 ₹790 Cr | Jun 2024 ₹693 Cr | Sep 2024 ₹764 Cr | Dec 2024 ₹831 Cr | Mar 2025 ₹880 Cr | Jun 2025 ₹778 Cr | Sep 2025 ₹861 Cr | Dec 2025 ₹964 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.1K Cr
- SMCI: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹5.9K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹5.8K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹12.7K Cr | Mar 2026 ₹10.2K Cr | Jun 2026 —
- LOGI: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹960 Cr | Jun 2023 ₹974 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- IONQ: Sep 2021 ₹0 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹65 Cr | Jun 2026 —
- QBTS: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- RGTI: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- QUBT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- CRSR: Sep 2021 ₹391 Cr | Dec 2021 ₹511 Cr | Mar 2022 ₹381 Cr | Jun 2022 ₹284 Cr | Sep 2022 ₹312 Cr | Dec 2022 ₹399 Cr | Mar 2023 ₹354 Cr | Jun 2023 ₹325 Cr | Sep 2023 ₹363 Cr | Dec 2023 ₹417 Cr | Mar 2024 ₹337 Cr | Jun 2024 ₹261 Cr | Sep 2024 ₹304 Cr | Dec 2024 ₹414 Cr | Mar 2025 ₹370 Cr | Jun 2025 ₹320 Cr | Sep 2025 ₹346 Cr | Dec 2025 ₹437 Cr | Mar 2026 ₹355 Cr | Jun 2026 —
- CRCT: Sep 2021 ₹260 Cr | Dec 2021 ₹388 Cr | Mar 2022 ₹245 Cr | Jun 2022 ₹184 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹281 Cr | Mar 2023 ₹181 Cr | Jun 2023 ₹178 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹231 Cr | Mar 2024 ₹167 Cr | Jun 2024 ₹168 Cr | Sep 2024 ₹168 Cr | Dec 2024 ₹209 Cr | Mar 2025 ₹163 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹170 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹159 Cr | Jun 2026 —
- UMAC: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- SSYS: Sep 2021 ₹159 Cr | Dec 2021 ₹167 Cr | Mar 2022 ₹163 Cr | Jun 2022 ₹167 Cr | Sep 2022 ₹162 Cr | Dec 2022 ₹159 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹160 Cr | Sep 2023 ₹162 Cr | Dec 2023 ₹156 Cr | Mar 2024 ₹144 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹136 Cr | Jun 2025 ₹138 Cr | Sep 2025 ₹137 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹133 Cr | Jun 2026 —
- QMCO: Sep 2021 ₹93 Cr | Dec 2021 ₹95 Cr | Mar 2022 ₹106 Cr | Jun 2022 ₹97 Cr | Sep 2022 ₹101 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹109 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- DDD: Sep 2021 ₹156 Cr | Dec 2021 ₹151 Cr | Mar 2022 ₹133 Cr | Jun 2022 ₹140 Cr | Sep 2022 ₹132 Cr | Dec 2022 ₹133 Cr | Mar 2023 ₹121 Cr | Jun 2023 ₹128 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹113 Cr | Dec 2024 ₹111 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹96 Cr | Jun 2026 —
- NNDM: Sep 2021 ₹1 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- OSS: Sep 2021 ₹16 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- VELO: Sep 2021 ₹9 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- ALOT: Sep 2021 ₹30 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹38 Cr | Jun 2026 ₹39 Cr
- BGIN: Sep 2021 — | Dec 2021 ₹10 Cr | Mar 2022 — | Jun 2022 ₹11 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹10 Cr | Sep 2023 — | Dec 2023 ₹248 Cr | Mar 2024 — | Jun 2024 ₹144 Cr | Sep 2024 — | Dec 2024 ₹158 Cr | Mar 2025 — | Jun 2025 ₹48 Cr | Sep 2025 — | Dec 2025 ₹20 Cr | Mar 2026 — | Jun 2026 —
- CAN: Sep 2021 ₹204 Cr | Dec 2021 ₹344 Cr | Mar 2022 ₹214 Cr | Jun 2022 ₹247 Cr | Sep 2022 ₹146 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹150 Cr | Dec 2025 ₹196 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- DPRO: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- AMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- DELL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.2% | Dec 2022 -6.4% | Mar 2023 -11% | Jun 2023 -20% | Sep 2023 -13% | Dec 2023 -10.0% | Mar 2024 -11% | Jun 2024 6.3% | Sep 2024 9.1% | Dec 2024 9.5% | Mar 2025 7.2% | Jun 2025 5.1% | Sep 2025 19% | Dec 2025 11% | Mar 2026 39% | Jun 2026 88%
- ANET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 57% | Dec 2022 55% | Mar 2023 54% | Jun 2023 39% | Sep 2023 28% | Dec 2023 21% | Mar 2024 16% | Jun 2024 16% | Sep 2024 20% | Dec 2024 25% | Mar 2025 28% | Jun 2025 30% | Sep 2025 27% | Dec 2025 29% | Mar 2026 35% | Jun 2026 —
- STX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -13% | Dec 2022 -39% | Mar 2023 — | Jun 2023 -43% | Sep 2023 -45% | Dec 2023 -18% | Mar 2024 -11% | Jun 2024 18% | Sep 2024 49% | Dec 2024 50% | Mar 2025 31% | Jun 2025 30% | Sep 2025 — | Dec 2025 13% | Mar 2026 31% | Jun 2026 27%
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 30% | Jun 2024 26% | Sep 2024 23% | Dec 2024 13% | Mar 2025 -0.6% | Jun 2025 8.0% | Sep 2025 — | Dec 2025 23% | Mar 2026 78% | Jun 2026 213%
- WDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -8.0% | Dec 2022 -38% | Mar 2023 — | Jun 2023 -39% | Sep 2023 -39% | Dec 2023 -2.4% | Mar 2024 -38% | Jun 2024 -25% | Sep 2024 -20% | Dec 2024 -21% | Mar 2025 31% | Jun 2025 30% | Sep 2025 — | Dec 2025 17% | Mar 2026 32% | Jun 2026 28%
- HPQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -4.2% | Dec 2022 -11% | Mar 2023 -19% | Jun 2023 -22% | Sep 2023 -9.9% | Dec 2023 -6.5% | Mar 2024 -4.4% | Jun 2024 -0.8% | Sep 2024 2.5% | Dec 2024 1.7% | Mar 2025 2.4% | Jun 2025 3.3% | Sep 2025 3.1% | Dec 2025 4.2% | Mar 2026 6.9% | Jun 2026 9.0%
- P: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 30% | Dec 2022 20% | Mar 2023 14% | Jun 2023 -5.0% | Sep 2023 6.5% | Dec 2023 13% | Mar 2024 -2.5% | Jun 2024 18% | Sep 2024 11% | Dec 2024 8.9% | Mar 2025 11% | Jun 2025 12% | Sep 2025 13% | Dec 2025 16% | Mar 2026 20% | Jun 2026 35%
- SMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 53% | Sep 2022 79% | Dec 2022 54% | Mar 2023 -5.3% | Jun 2023 34% | Sep 2023 14% | Dec 2023 103% | Mar 2024 200% | Jun 2024 145% | Sep 2024 180% | Dec 2024 55% | Mar 2025 19% | Jun 2025 7.5% | Sep 2025 -15% | Dec 2025 123% | Mar 2026 123% | Jun 2026 —
- LOGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -12% | Sep 2022 -12% | Dec 2022 -22% | Mar 2023 -22% | Jun 2023 -16% | Sep 2023 -8.0% | Dec 2023 -1.2% | Mar 2024 5.3% | Jun 2024 12% | Sep 2024 5.6% | Dec 2024 6.8% | Mar 2025 -0.1% | Jun 2025 5.5% | Sep 2025 6.3% | Dec 2025 6.0% | Mar 2026 7.5% | Jun 2026 —
- IONQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 100% | Mar 2023 100% | Jun 2023 100% | Sep 2023 100% | Dec 2023 50% | Mar 2024 100% | Jun 2024 83% | Sep 2024 100% | Dec 2024 100% | Mar 2025 0.0% | Jun 2025 91% | Sep 2025 233% | Dec 2025 417% | Mar 2026 713% | Jun 2026 —
- QBTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 100% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 100% | Sep 2023 50% | Dec 2023 50% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 -33% | Dec 2024 -33% | Mar 2025 650% | Jun 2025 50% | Sep 2025 100% | Dec 2025 50% | Mar 2026 -80% | Jun 2026 —
- RGTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 200% | Mar 2023 0.0% | Jun 2023 50% | Sep 2023 0.0% | Dec 2023 -50% | Mar 2024 50% | Jun 2024 0.0% | Sep 2024 -33% | Dec 2024 -33% | Mar 2025 -67% | Jun 2025 -33% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 300% | Jun 2026 —
- CRSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -40% | Sep 2022 -20% | Dec 2022 -22% | Mar 2023 -7.1% | Jun 2023 14% | Sep 2023 16% | Dec 2023 4.5% | Mar 2024 -4.8% | Jun 2024 -20% | Sep 2024 -16% | Dec 2024 -0.7% | Mar 2025 9.8% | Jun 2025 23% | Sep 2025 14% | Dec 2025 5.6% | Mar 2026 -4.1% | Jun 2026 —
- CRCT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -45% | Sep 2022 -32% | Dec 2022 -28% | Mar 2023 -26% | Jun 2023 -3.3% | Sep 2023 -1.1% | Dec 2023 -18% | Mar 2024 -7.7% | Jun 2024 -5.6% | Sep 2024 -4.0% | Dec 2024 -9.5% | Mar 2025 -2.4% | Jun 2025 2.4% | Sep 2025 1.2% | Dec 2025 -2.4% | Mar 2026 -2.5% | Jun 2026 —
- UMAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 100% | Jun 2025 100% | Sep 2025 0.0% | Dec 2025 150% | Mar 2026 300% | Jun 2026 —
- SSYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 1.9% | Dec 2022 -4.8% | Mar 2023 -8.6% | Jun 2023 -4.2% | Sep 2023 0.0% | Dec 2023 -1.9% | Mar 2024 -3.4% | Jun 2024 -14% | Sep 2024 -14% | Dec 2024 -3.9% | Mar 2025 -5.6% | Jun 2025 0.0% | Sep 2025 -2.1% | Dec 2025 -6.7% | Mar 2026 -2.2% | Jun 2026 —
- QMCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.0% | Sep 2022 8.6% | Dec 2022 19% | Mar 2023 2.8% | Jun 2023 -5.2% | Sep 2023 -25% | Dec 2023 -36% | Mar 2024 -34% | Jun 2024 -22% | Sep 2024 -5.3% | Dec 2024 -4.2% | Mar 2025 -15% | Jun 2025 -11% | Sep 2025 -13% | Dec 2025 8.7% | Mar 2026 28% | Jun 2026 —
- DDD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -14% | Sep 2022 -15% | Dec 2022 -12% | Mar 2023 -9.0% | Jun 2023 -8.6% | Sep 2023 -6.1% | Dec 2023 -14% | Mar 2024 -15% | Jun 2024 -12% | Sep 2024 -8.9% | Dec 2024 -3.5% | Mar 2025 -7.8% | Jun 2025 -16% | Sep 2025 -19% | Dec 2025 -4.5% | Mar 2026 1.1% | Jun 2026 —
- NNDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,000% | Sep 2022 900% | Dec 2022 50% | Mar 2023 50% | Jun 2023 36% | Sep 2023 20% | Dec 2023 17% | Mar 2024 -13% | Jun 2024 0.0% | Sep 2024 25% | Dec 2024 7.1% | Mar 2025 7.7% | Jun 2025 73% | Sep 2025 80% | Dec 2025 133% | Mar 2026 114% | Jun 2026 —
- OSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 19% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 -5.6% | Sep 2023 -26% | Dec 2023 -28% | Mar 2024 -24% | Jun 2024 -24% | Sep 2024 0.0% | Dec 2024 15% | Mar 2025 -62% | Jun 2025 7.7% | Sep 2025 36% | Dec 2025 -20% | Mar 2026 60% | Jun 2026 —
- VELO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 186% | Sep 2022 111% | Dec 2022 180% | Mar 2023 125% | Jun 2023 25% | Sep 2023 21% | Dec 2023 -93% | Mar 2024 -63% | Jun 2024 -60% | Sep 2024 -65% | Dec 2024 550% | Mar 2025 -10% | Jun 2025 40% | Sep 2025 75% | Dec 2025 -31% | Mar 2026 56% | Jun 2026 —
- ALOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.7% | Dec 2022 34% | Mar 2023 33% | Jun 2023 13% | Sep 2023 13% | Dec 2023 -2.6% | Mar 2024 0.0% | Jun 2024 -5.7% | Sep 2024 14% | Dec 2024 5.3% | Mar 2025 -7.5% | Jun 2025 15% | Sep 2025 -12% | Dec 2025 -2.5% | Mar 2026 2.7% | Jun 2026 2.6%
- BGIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.3% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -9.1% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1,340% | Sep 2024 — | Dec 2024 -36% | Mar 2025 — | Jun 2025 -67% | Sep 2025 — | Dec 2025 -87% | Mar 2026 — | Jun 2026 —
- CAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 47% | Sep 2022 -28% | Dec 2022 -83% | Mar 2023 -74% | Jun 2023 -70% | Sep 2023 -77% | Dec 2023 -14% | Mar 2024 -36% | Jun 2024 -2.7% | Sep 2024 124% | Dec 2024 82% | Mar 2025 137% | Jun 2025 39% | Sep 2025 103% | Dec 2025 120% | Mar 2026 -24% | Jun 2026 —
- DPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 -50% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 -50% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 100% | Mar 2025 100% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- AMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -67% | Dec 2025 -50% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Sandisk Corporation leads opm at 69.1%; Quantum Computing Inc. leads margin change at +20689.4 percentage points.

Investor read: Sandisk Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Sandisk Corporation · 69.1% | 61.8% versus #2 · Arista Networks, Inc. | 5/8 recent comparable periods | 25/29 companies · 430 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Sandisk Corporation (SNDK): 69%
2. Arista Networks, Inc. (ANET): 43%
3. Western Digital Corporation (WDC): 36%
4. Seagate Technology Holdings plc (STX): 32%
5. AMC Robotics Corporation (AMCI): 23% — older report

### Margin change — fastest expanders
1. Quantum Computing Inc. (QUBT): +20,689.4 pp
2. Rigetti Computing, Inc. (RGTI): +879.8 pp
3. IonQ, Inc. (IONQ): +580.5 pp
4. Nano Dimension Ltd. (NNDM): +73.9 pp
5. Velo3D, Inc. (VELO): +73.3 pp

### 20-quarter OPM history
- DELL: Sep 2021 4.2% | Dec 2021 4.0% | Mar 2022 5.7% | Jun 2022 5.9% | Sep 2022 4.8% | Dec 2022 7.1% | Mar 2023 4.7% | Jun 2023 5.1% | Sep 2023 5.1% | Dec 2023 6.7% | Mar 2024 6.7% | Jun 2024 4.3% | Sep 2024 5.6% | Dec 2024 7.1% | Mar 2025 9.0% | Jun 2025 5.0% | Sep 2025 6.0% | Dec 2025 7.8% | Mar 2026 9.3% | Jun 2026 8.3%
- ANET: Sep 2021 31% | Dec 2021 32% | Mar 2022 32% | Jun 2022 35% | Sep 2022 36% | Dec 2022 37% | Mar 2023 36% | Jun 2023 36% | Sep 2023 40% | Dec 2023 42% | Mar 2024 42% | Jun 2024 41% | Sep 2024 43% | Dec 2024 41% | Mar 2025 43% | Jun 2025 45% | Sep 2025 42% | Dec 2025 42% | Mar 2026 43% | Jun 2026 —
- STX: Sep 2021 17% | Dec 2021 19% | Mar 2022 — | Jun 2022 15% | Sep 2022 14% | Dec 2022 -8.5% | Mar 2023 -17% | Jun 2023 1.6% | Sep 2023 -8.9% | Dec 2023 8.0% | Mar 2024 8.6% | Jun 2024 17% | Sep 2024 19% | Dec 2024 21% | Mar 2025 20% | Jun 2025 23% | Sep 2025 — | Dec 2025 26% | Mar 2026 30% | Jun 2026 32%
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -38% | Jun 2023 -42% | Sep 2023 -32% | Dec 2023 -15% | Mar 2024 3.8% | Jun 2024 11% | Sep 2024 16% | Dec 2024 10% | Mar 2025 -111% | Jun 2025 0.9% | Sep 2025 — | Dec 2025 7.6% | Mar 2026 35% | Jun 2026 69%
- WDC: Sep 2021 14% | Dec 2021 15% | Mar 2022 — | Jun 2022 7.4% | Sep 2022 12% | Dec 2022 -10% | Mar 2023 -17% | Jun 2023 -24% | Sep 2023 -22% | Dec 2023 -6.9% | Mar 2024 5.4% | Jun 2024 -4.5% | Sep 2024 15% | Dec 2024 23% | Mar 2025 33% | Jun 2025 26% | Sep 2025 — | Dec 2025 28% | Mar 2026 30% | Jun 2026 36%
- HPQ: Sep 2021 9.0% | Dec 2021 7.8% | Mar 2022 8.0% | Jun 2022 7.8% | Sep 2022 8.6% | Dec 2022 5.0% | Mar 2023 5.4% | Jun 2023 5.8% | Sep 2023 7.2% | Dec 2023 7.3% | Mar 2024 7.1% | Jun 2024 7.4% | Sep 2024 7.0% | Dec 2024 7.1% | Mar 2025 6.3% | Jun 2025 4.9% | Sep 2025 5.1% | Dec 2025 6.6% | Mar 2026 5.3% | Jun 2026 4.2%
- P: Sep 2021 -6.8% | Dec 2021 -3.2% | Mar 2022 4.2% | Jun 2022 -0.7% | Sep 2022 2.2% | Dec 2022 1.4% | Mar 2023 8.0% | Jun 2023 -12% | Sep 2023 -0.9% | Dec 2023 9.7% | Mar 2024 7.3% | Jun 2024 -6.0% | Sep 2024 3.3% | Dec 2024 7.2% | Mar 2025 4.8% | Jun 2025 -4.0% | Sep 2025 0.6% | Dec 2025 5.6% | Mar 2026 8.2% | Jun 2026 1.9%
- SMCI: Sep 2021 2.8% | Dec 2021 4.4% | Mar 2022 6.6% | Jun 2022 10% | Sep 2022 12% | Dec 2022 12% | Mar 2023 7.7% | Jun 2023 10% | Sep 2023 8.1% | Dec 2023 10% | Mar 2024 9.8% | Jun 2024 5.4% | Sep 2024 8.6% | Dec 2024 6.5% | Mar 2025 3.2% | Jun 2025 4.0% | Sep 2025 3.6% | Dec 2025 3.7% | Mar 2026 6.1% | Jun 2026 —
- LOGI: Sep 2021 14% | Dec 2021 16% | Mar 2022 11% | Jun 2022 10% | Sep 2022 11% | Dec 2022 14% | Mar 2023 4.0% | Jun 2023 8.0% | Sep 2023 15% | Dec 2023 18% | Mar 2024 13% | Jun 2024 14% | Sep 2024 14% | Dec 2024 18% | Mar 2025 11% | Jun 2025 14% | Sep 2025 16% | Dec 2025 20% | Mar 2026 13% | Jun 2026 —
- IONQ: Sep 2021 — | Dec 2021 -658% | Mar 2022 -936% | Jun 2022 -726% | Sep 2022 -902% | Dec 2022 -621% | Mar 2023 -654% | Jun 2023 -600% | Sep 2023 -688% | Dec 2023 -892% | Mar 2024 -697% | Jun 2024 -430% | Sep 2024 -429% | Dec 2024 -662% | Mar 2025 — | Jun 2025 -776% | Sep 2025 -424% | Dec 2025 -369% | Mar 2026 -420% | Jun 2026 —
- QBTS: Sep 2021 -749% | Dec 2021 -447% | Mar 2022 -639% | Jun 2022 -905% | Sep 2022 -895% | Dec 2022 -878% | Mar 2023 — | Jun 2023 — | Sep 2023 -719% | Dec 2023 -569% | Mar 2024 -711% | Jun 2024 -863% | Sep 2024 — | Dec 2024 -876% | Mar 2025 -75% | Jun 2025 -856% | Sep 2025 -742% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RGTI: Sep 2021 -314% | Dec 2021 -609% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -441% | Mar 2023 — | Jun 2023 -488% | Sep 2023 -542% | Dec 2023 -510% | Mar 2024 -543% | Jun 2024 -521% | Sep 2024 -729% | Dec 2024 -813% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -590% | Jun 2026 —
- QUBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -557% | Jun 2026 —
- CRSR: Sep 2021 2.7% | Dec 2021 4.9% | Mar 2022 -0.7% | Jun 2022 -19% | Sep 2022 -3.5% | Dec 2022 3.4% | Mar 2023 0.3% | Jun 2023 -0.8% | Sep 2023 -0.2% | Dec 2023 2.9% | Mar 2024 -3.0% | Jun 2024 -9.5% | Sep 2024 -6.9% | Dec 2024 1.4% | Mar 2025 -0.6% | Jun 2025 -5.3% | Sep 2025 -1.6% | Dec 2025 6.2% | Mar 2026 3.9% | Jun 2026 —
- CRCT: Sep 2021 15% | Dec 2021 6.7% | Mar 2022 13% | Jun 2022 11% | Sep 2022 9.8% | Dec 2022 4.0% | Mar 2023 5.8% | Jun 2023 11% | Sep 2023 14% | Dec 2023 7.1% | Mar 2024 15% | Jun 2024 16% | Sep 2024 6.3% | Dec 2024 6.6% | Mar 2025 18% | Jun 2025 18% | Sep 2025 13% | Dec 2025 6.8% | Mar 2026 14% | Jun 2026 —
- UMAC: Sep 2021 -265% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -176% | Jun 2024 -111% | Sep 2024 -95% | Dec 2024 -642% | Mar 2025 -160% | Jun 2025 -339% | Sep 2025 -232% | Dec 2025 -199% | Mar 2026 -90% | Jun 2026 —
- SSYS: Sep 2021 -14% | Dec 2021 -9.7% | Mar 2022 -12% | Jun 2022 -14% | Sep 2022 -9.6% | Dec 2022 1.0% | Mar 2023 -11% | Jun 2023 -21% | Sep 2023 -26% | Dec 2023 3.6% | Mar 2024 -17% | Jun 2024 -19% | Sep 2024 -18% | Dec 2024 -6.5% | Mar 2025 -9.1% | Jun 2025 -12% | Sep 2025 -17% | Dec 2025 -15% | Mar 2026 -20% | Jun 2026 —
- QMCO: Sep 2021 -1.0% | Dec 2021 -7.6% | Mar 2022 -5.3% | Jun 2022 -7.3% | Sep 2022 -9.7% | Dec 2022 3.6% | Mar 2023 -5.2% | Jun 2023 -5.6% | Sep 2023 -4.9% | Dec 2023 -8.6% | Mar 2024 -19% | Jun 2024 -23% | Sep 2024 -7.7% | Dec 2024 -11% | Mar 2025 -19% | Jun 2025 -20% | Sep 2025 -13% | Dec 2025 -1.6% | Mar 2026 -3.3% | Jun 2026 —
- DDD: Sep 2021 -11% | Dec 2021 -2.5% | Mar 2022 -18% | Jun 2022 -23% | Sep 2022 -26% | Dec 2022 -21% | Mar 2023 -28% | Jun 2023 -25% | Sep 2023 -11% | Dec 2023 -285% | Mar 2024 -39% | Jun 2024 -23% | Sep 2024 -160% | Dec 2024 -27% | Mar 2025 -39% | Jun 2025 -16% | Sep 2025 -23% | Dec 2025 -21% | Mar 2026 -7.0% | Jun 2026 —
- NNDM: Sep 2021 — | Dec 2021 — | Mar 2022 -316% | Jun 2022 -289% | Sep 2022 -338% | Dec 2022 -601% | Mar 2023 -209% | Jun 2023 -207% | Sep 2023 -296% | Dec 2023 -189% | Mar 2024 -142% | Jun 2024 -143% | Sep 2024 -137% | Dec 2024 -181% | Mar 2025 -291% | Jun 2025 -155% | Sep 2025 -123% | Dec 2025 -72% | Mar 2026 -217% | Jun 2026 —
- OSS: Sep 2021 6.4% | Dec 2021 -0.4% | Mar 2022 3.8% | Jun 2022 2.2% | Sep 2022 0.9% | Dec 2022 1.9% | Mar 2023 -1.2% | Jun 2023 -20% | Sep 2023 -29% | Dec 2023 -2.5% | Mar 2024 -10% | Jun 2024 -17% | Sep 2024 -49% | Dec 2024 -21% | Mar 2025 -45% | Jun 2025 -13% | Sep 2025 3.0% | Dec 2025 16% | Mar 2026 -8.3% | Jun 2026 —
- VELO: Sep 2021 -172% | Dec 2021 -183% | Mar 2022 -231% | Jun 2022 -134% | Sep 2022 -146% | Dec 2022 -86% | Mar 2023 -91% | Jun 2023 -102% | Sep 2023 -112% | Dec 2023 — | Mar 2024 -219% | Jun 2024 -198% | Sep 2024 -229% | Dec 2024 -171% | Mar 2025 -124% | Jun 2025 -89% | Sep 2025 -78% | Dec 2025 -215% | Mar 2026 -50% | Jun 2026 —
- ALOT: Sep 2021 12% | Dec 2021 1.0% | Mar 2022 -0.8% | Jun 2022 2.5% | Sep 2022 3.8% | Dec 2022 3.4% | Mar 2023 5.3% | Jun 2023 4.1% | Sep 2023 -3.4% | Dec 2023 12% | Mar 2024 9.9% | Jun 2024 4.1% | Sep 2024 2.6% | Dec 2024 3.1% | Mar 2025 -33% | Jun 2025 1.5% | Sep 2025 -2.0% | Dec 2025 3.3% | Mar 2026 0.1% | Jun 2026 4.0%
- CAN: Sep 2021 35% | Dec 2021 56% | Mar 2022 43% | Jun 2022 40% | Sep 2022 -7.2% | Dec 2022 -213% | Mar 2023 -155% | Jun 2023 -161% | Sep 2023 -339% | Dec 2023 -190% | Mar 2024 -194% | Jun 2024 -65% | Sep 2024 -77% | Dec 2024 -63% | Mar 2025 -46% | Jun 2025 -27% | Sep 2025 -16% | Dec 2025 -12% | Mar 2026 -87% | Jun 2026 —
- DPRO: Sep 2021 -381% | Dec 2021 -312% | Mar 2022 -262% | Jun 2022 -260% | Sep 2022 -340% | Dec 2022 -535% | Mar 2023 -443% | Jun 2023 -350% | Sep 2023 -255% | Dec 2023 -338% | Mar 2024 -233% | Jun 2024 -219% | Sep 2024 -195% | Dec 2024 -210% | Mar 2025 -233% | Jun 2025 -213% | Sep 2025 -229% | Dec 2025 -410% | Mar 2026 -329% | Jun 2026 —
- AMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -36% | Dec 2024 22% | Mar 2025 — | Jun 2025 — | Sep 2025 46% | Dec 2025 23% | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- DELL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +3.1 pp | Mar 2023 −1.0 pp | Jun 2023 −0.8 pp | Sep 2023 +0.3 pp | Dec 2023 −0.4 pp | Mar 2024 +2.0 pp | Jun 2024 −0.8 pp | Sep 2024 +0.5 pp | Dec 2024 +0.4 pp | Mar 2025 +2.3 pp | Jun 2025 +0.7 pp | Sep 2025 +0.4 pp | Dec 2025 +0.7 pp | Mar 2026 +0.3 pp | Jun 2026 +3.3 pp
- ANET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.5 pp | Sep 2022 +4.3 pp | Dec 2022 +4.6 pp | Mar 2023 +4.2 pp | Jun 2023 +1.8 pp | Sep 2023 +4.4 pp | Dec 2023 +4.7 pp | Mar 2024 +6.1 pp | Jun 2024 +5.1 pp | Sep 2024 +3.5 pp | Dec 2024 −0.1 pp | Mar 2025 +0.8 pp | Jun 2025 +3.3 pp | Sep 2025 −1.0 pp | Dec 2025 +0.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- STX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 −27.3 pp | Mar 2023 — | Jun 2023 −13.7 pp | Sep 2023 −22.6 pp | Dec 2023 +16.5 pp | Mar 2024 +25.5 pp | Jun 2024 +15.0 pp | Sep 2024 +27.5 pp | Dec 2024 +13.0 pp | Mar 2025 +11.4 pp | Jun 2025 +6.6 pp | Sep 2025 — | Dec 2025 +5.4 pp | Mar 2026 +9.8 pp | Jun 2026 +8.9 pp
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +41.9 pp | Jun 2024 +52.9 pp | Sep 2024 +47.3 pp | Dec 2024 +25.1 pp | Mar 2025 −114.8 pp | Jun 2025 −10.4 pp | Sep 2025 — | Dec 2025 −2.8 pp | Mar 2026 +146.2 pp | Jun 2026 +68.2 pp
- WDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −25.7 pp | Mar 2023 — | Jun 2023 −31.7 pp | Sep 2023 −34.1 pp | Dec 2023 +3.4 pp | Mar 2024 +22.2 pp | Jun 2024 +19.8 pp | Sep 2024 +36.8 pp | Dec 2024 +30.1 pp | Mar 2025 +27.7 pp | Jun 2025 +30.6 pp | Sep 2025 — | Dec 2025 +4.9 pp | Mar 2026 −3.0 pp | Jun 2026 +9.6 pp
- HPQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −2.8 pp | Mar 2023 −2.6 pp | Jun 2023 −2.0 pp | Sep 2023 −1.4 pp | Dec 2023 +2.3 pp | Mar 2024 +1.7 pp | Jun 2024 +1.6 pp | Sep 2024 −0.2 pp | Dec 2024 −0.2 pp | Mar 2025 −0.8 pp | Jun 2025 −2.5 pp | Sep 2025 −1.9 pp | Dec 2025 −0.5 pp | Mar 2026 −1.0 pp | Jun 2026 −0.7 pp
- P: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.0 pp | Dec 2022 +4.6 pp | Mar 2023 +3.8 pp | Jun 2023 −11.5 pp | Sep 2023 −3.1 pp | Dec 2023 +8.3 pp | Mar 2024 −0.7 pp | Jun 2024 +6.2 pp | Sep 2024 +4.2 pp | Dec 2024 −2.5 pp | Mar 2025 −2.5 pp | Jun 2025 +2.0 pp | Sep 2025 −2.7 pp | Dec 2025 −1.6 pp | Mar 2026 +3.4 pp | Jun 2026 +5.9 pp
- SMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.4 pp | Sep 2022 +9.1 pp | Dec 2022 +7.5 pp | Mar 2023 +1.1 pp | Jun 2023 +0.3 pp | Sep 2023 −3.8 pp | Dec 2023 −1.8 pp | Mar 2024 +2.1 pp | Jun 2024 −5.0 pp | Sep 2024 +0.5 pp | Dec 2024 −3.6 pp | Mar 2025 −6.6 pp | Jun 2025 −1.4 pp | Sep 2025 −5.0 pp | Dec 2025 −2.8 pp | Mar 2026 +2.9 pp | Jun 2026 —
- LOGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.5 pp | Sep 2022 −2.6 pp | Dec 2022 −2.2 pp | Mar 2023 −6.5 pp | Jun 2023 −2.0 pp | Sep 2023 +3.7 pp | Dec 2023 +3.8 pp | Mar 2024 +8.9 pp | Jun 2024 +6.1 pp | Sep 2024 −0.4 pp | Dec 2024 −0.2 pp | Mar 2025 −2.4 pp | Jun 2025 0.0 pp | Sep 2025 +1.7 pp | Dec 2025 +2.6 pp | Mar 2026 +2.0 pp | Jun 2026 —
- IONQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10,014.0 pp | Sep 2022 +3,615.1 pp | Dec 2022 +37.0 pp | Mar 2023 +282.2 pp | Jun 2023 +125.8 pp | Sep 2023 +214.0 pp | Dec 2023 −271.1 pp | Mar 2024 −43.4 pp | Jun 2024 +170.0 pp | Sep 2024 +259.1 pp | Dec 2024 +229.8 pp | Mar 2025 −302.9 pp | Jun 2025 −346.0 pp | Sep 2025 +5.0 pp | Dec 2025 +292.5 pp | Mar 2026 +580.5 pp | Jun 2026 —
- QBTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −145.3 pp | Dec 2022 −430.7 pp | Mar 2023 −920.4 pp | Jun 2023 −320.1 pp | Sep 2023 +176.1 pp | Dec 2023 +308.9 pp | Mar 2024 +849.1 pp | Jun 2024 +361.8 pp | Sep 2024 −385.0 pp | Dec 2024 −307.0 pp | Mar 2025 +635.3 pp | Jun 2025 +6.7 pp | Sep 2025 +361.7 pp | Dec 2025 −389.8 pp | Mar 2026 −1,839.6 pp | Jun 2026 —
- RGTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −578.7 pp | Sep 2022 −803.0 pp | Dec 2022 +168.4 pp | Mar 2023 +200.6 pp | Jun 2023 +719.0 pp | Sep 2023 +575.0 pp | Dec 2023 −68.7 pp | Mar 2024 +457.1 pp | Jun 2024 −33.2 pp | Sep 2024 −187.3 pp | Dec 2024 −303.6 pp | Mar 2025 −926.2 pp | Jun 2025 −582.7 pp | Sep 2025 −326.0 pp | Dec 2025 −396.4 pp | Mar 2026 +879.8 pp | Jun 2026 —
- QUBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +16,438.3 pp | Jun 2023 +1,130.3 pp | Sep 2023 +4,931.3 pp | Dec 2023 +11,07,747.1 pp | Mar 2024 −18,366.5 pp | Jun 2024 +3,334.4 pp | Sep 2024 +7,837.8 pp | Dec 2024 −3,834.5 pp | Mar 2025 +2,157.5 pp | Jun 2025 −13,795.7 pp | Sep 2025 +2,674.8 pp | Dec 2025 +3,157.2 pp | Mar 2026 +20,689.4 pp | Jun 2026 —
- CRSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −26.7 pp | Sep 2022 −6.2 pp | Dec 2022 −1.5 pp | Mar 2023 +1.0 pp | Jun 2023 +18.6 pp | Sep 2023 +3.3 pp | Dec 2023 −0.5 pp | Mar 2024 −3.3 pp | Jun 2024 −8.7 pp | Sep 2024 −6.7 pp | Dec 2024 −1.5 pp | Mar 2025 +2.4 pp | Jun 2025 +4.2 pp | Sep 2025 +5.3 pp | Dec 2025 +4.8 pp | Mar 2026 +4.5 pp | Jun 2026 —
- CRCT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.3 pp | Sep 2022 −4.7 pp | Dec 2022 −2.7 pp | Mar 2023 −7.0 pp | Jun 2023 −0.1 pp | Sep 2023 +3.7 pp | Dec 2023 +3.1 pp | Mar 2024 +9.3 pp | Jun 2024 +4.9 pp | Sep 2024 −7.2 pp | Dec 2024 −0.5 pp | Mar 2025 +2.9 pp | Jun 2025 +1.8 pp | Sep 2025 +7.0 pp | Dec 2025 +0.2 pp | Mar 2026 −3.6 pp | Jun 2026 —
- UMAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +15.5 pp | Jun 2025 −227.1 pp | Sep 2025 −137.0 pp | Dec 2025 +443.6 pp | Mar 2026 +70.3 pp | Jun 2026 —
- SSYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 +4.2 pp | Dec 2022 +10.7 pp | Mar 2023 +0.8 pp | Jun 2023 −7.0 pp | Sep 2023 −16.8 pp | Dec 2023 +2.6 pp | Mar 2024 −5.8 pp | Jun 2024 +2.2 pp | Sep 2024 +8.2 pp | Dec 2024 −10.1 pp | Mar 2025 +7.9 pp | Jun 2025 +6.9 pp | Sep 2025 +1.6 pp | Dec 2025 −8.3 pp | Mar 2026 −10.9 pp | Jun 2026 —
- QMCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.2 pp | Sep 2022 −8.7 pp | Dec 2022 +11.2 pp | Mar 2023 +0.1 pp | Jun 2023 +1.7 pp | Sep 2023 +4.8 pp | Dec 2023 −12.2 pp | Mar 2024 −14.1 pp | Jun 2024 −17.7 pp | Sep 2024 −2.8 pp | Dec 2024 −2.7 pp | Mar 2025 +0.4 pp | Jun 2025 +3.7 pp | Sep 2025 −5.3 pp | Dec 2025 +9.7 pp | Mar 2026 +15.6 pp | Jun 2026 —
- DDD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −16.7 pp | Sep 2022 −14.5 pp | Dec 2022 −18.6 pp | Mar 2023 −10.0 pp | Jun 2023 −1.9 pp | Sep 2023 +14.5 pp | Dec 2023 −263.9 pp | Mar 2024 −11.2 pp | Jun 2024 +1.5 pp | Sep 2024 −149.0 pp | Dec 2024 +257.6 pp | Mar 2025 −0.2 pp | Jun 2025 +7.1 pp | Sep 2025 +136.6 pp | Dec 2025 +6.1 pp | Mar 2026 +31.9 pp | Jun 2026 —
- NNDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2,159.5 pp | Sep 2022 +1,490.8 pp | Dec 2022 +1,646.6 pp | Mar 2023 +107.1 pp | Jun 2023 +82.7 pp | Sep 2023 +42.1 pp | Dec 2023 +412.0 pp | Mar 2024 +66.6 pp | Jun 2024 +63.7 pp | Sep 2024 +159.5 pp | Dec 2024 +7.8 pp | Mar 2025 −149.0 pp | Jun 2025 −11.9 pp | Sep 2025 +13.3 pp | Dec 2025 +109.0 pp | Mar 2026 +73.9 pp | Jun 2026 —
- OSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.3 pp | Sep 2022 −5.5 pp | Dec 2022 +2.3 pp | Mar 2023 −5.0 pp | Jun 2023 −22.0 pp | Sep 2023 −29.9 pp | Dec 2023 −4.4 pp | Mar 2024 −8.8 pp | Jun 2024 +2.7 pp | Sep 2024 −20.1 pp | Dec 2024 −18.0 pp | Mar 2025 −35.2 pp | Jun 2025 +4.2 pp | Sep 2025 +52.1 pp | Dec 2025 +36.6 pp | Mar 2026 +36.9 pp | Jun 2026 —
- VELO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +31.1 pp | Sep 2022 +26.2 pp | Dec 2022 +96.9 pp | Mar 2023 +139.7 pp | Jun 2023 +31.3 pp | Sep 2023 +34.6 pp | Dec 2023 −2,253.1 pp | Mar 2024 −128.3 pp | Jun 2024 −96.1 pp | Sep 2024 −117.3 pp | Dec 2024 +2,168.2 pp | Mar 2025 +95.6 pp | Jun 2025 +109.3 pp | Sep 2025 +151.0 pp | Dec 2025 −43.5 pp | Mar 2026 +73.3 pp | Jun 2026 —
- ALOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.8 pp | Dec 2022 +2.4 pp | Mar 2023 +6.1 pp | Jun 2023 +1.6 pp | Sep 2023 −7.2 pp | Dec 2023 +8.9 pp | Mar 2024 +4.6 pp | Jun 2024 0.0 pp | Sep 2024 +6.0 pp | Dec 2024 −9.2 pp | Mar 2025 −42.9 pp | Jun 2025 −2.6 pp | Sep 2025 −4.6 pp | Dec 2025 +0.2 pp | Mar 2026 +33.1 pp | Jun 2026 +2.5 pp
- CAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +24.6 pp | Sep 2022 −42.4 pp | Dec 2022 −268.8 pp | Mar 2023 −197.8 pp | Jun 2023 −201.2 pp | Sep 2023 −331.5 pp | Dec 2023 +23.2 pp | Mar 2024 −38.8 pp | Jun 2024 +96.5 pp | Sep 2024 +261.5 pp | Dec 2024 +127.4 pp | Mar 2025 +148.4 pp | Jun 2025 +37.8 pp | Sep 2025 +61.3 pp | Dec 2025 +50.7 pp | Mar 2026 −41.1 pp | Jun 2026 —
- DPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −128.2 pp | Sep 2022 +41.2 pp | Dec 2022 −222.8 pp | Mar 2023 −180.6 pp | Jun 2023 −89.9 pp | Sep 2023 +85.1 pp | Dec 2023 +196.8 pp | Mar 2024 +209.3 pp | Jun 2024 +130.6 pp | Sep 2024 +59.6 pp | Dec 2024 +128.6 pp | Mar 2025 +0.6 pp | Jun 2025 +6.3 pp | Sep 2025 −33.1 pp | Dec 2025 −199.9 pp | Mar 2026 −96.6 pp | Jun 2026 —
- AMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +81.4 pp | Dec 2025 +0.9 pp | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Dell Technologies Inc. leads with $8,409 million of TTM profit, 126% above Arista Networks, Inc.. Dell Technologies Inc. shows 84.8% growth from a $8,409 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Dell Technologies Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Dell Technologies Inc. · $8,409 million | 126% versus #2 · Arista Networks, Inc. | 7/8 recent comparable periods | 23/29 companies · 495 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Dell Technologies Inc. (DELL): ₹8.4K Cr
2. Arista Networks, Inc. (ANET): ₹3.7K Cr
3. HP Inc. (HPQ): ₹2.6K Cr
4. Super Micro Computer, Inc. (SMCI): ₹1.3K Cr
5. Logitech International S.A. (LOGI): ₹711 Cr

### Profit growth — fastest growers
1. Dell Technologies Inc. (DELL): 85%
2. Arista Networks, Inc. (ANET): 23%
3. Logitech International S.A. (LOGI): 13%
4. Super Micro Computer, Inc. (SMCI): 9.3%
5. Cricut, Inc. (CRCT): 9.0%

### 20-quarter Net profit history
- DELL: Sep 2021 ₹880 Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹506 Cr | Dec 2022 ₹241 Cr | Mar 2023 ₹606 Cr | Jun 2023 ₹578 Cr | Sep 2023 ₹455 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹992 Cr | Sep 2024 ₹882 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹965 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹3.4K Cr
- ANET: Sep 2021 ₹224 Cr | Dec 2021 ₹239 Cr | Mar 2022 ₹272 Cr | Jun 2022 ₹299 Cr | Sep 2022 ₹354 Cr | Dec 2022 ₹427 Cr | Mar 2023 ₹436 Cr | Jun 2023 ₹492 Cr | Sep 2023 ₹545 Cr | Dec 2023 ₹614 Cr | Mar 2024 ₹638 Cr | Jun 2024 ₹665 Cr | Sep 2024 ₹748 Cr | Dec 2024 ₹801 Cr | Mar 2025 ₹814 Cr | Jun 2025 ₹889 Cr | Sep 2025 ₹853 Cr | Dec 2025 ₹956 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- STX: Sep 2021 ₹482 Cr | Dec 2021 ₹526 Cr | Mar 2022 — | Jun 2022 ₹346 Cr | Sep 2022 ₹276 Cr | Dec 2022 ₹-33 Cr | Mar 2023 ₹-433 Cr | Jun 2023 ₹-92 Cr | Sep 2023 ₹-184 Cr | Dec 2023 ₹-19 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹513 Cr | Sep 2024 ₹305 Cr | Dec 2024 ₹336 Cr | Mar 2025 ₹340 Cr | Jun 2025 ₹488 Cr | Sep 2025 — | Dec 2025 ₹549 Cr | Mar 2026 ₹593 Cr | Jun 2026 ₹748 Cr
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-498 Cr | Jun 2023 ₹-582 Cr | Sep 2023 ₹-487 Cr | Dec 2023 ₹-301 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹120 Cr | Sep 2024 ₹211 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹-1.9K Cr | Jun 2025 ₹-23 Cr | Sep 2025 — | Dec 2025 ₹112 Cr | Mar 2026 ₹803 Cr | Jun 2026 ₹3.6K Cr
- WDC: Sep 2021 ₹622 Cr | Dec 2021 ₹610 Cr | Mar 2022 — | Jun 2022 ₹25 Cr | Sep 2022 ₹347 Cr | Dec 2022 ₹-451 Cr | Mar 2023 ₹-571 Cr | Jun 2023 ₹-709 Cr | Sep 2023 ₹-685 Cr | Dec 2023 ₹-287 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹-246 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹466 Cr | Mar 2025 ₹772 Cr | Jun 2025 ₹252 Cr | Sep 2025 — | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹3.2K Cr
- HPQ: Sep 2021 ₹1.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹469 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹766 Cr | Dec 2023 ₹974 Cr | Mar 2024 ₹622 Cr | Jun 2024 ₹607 Cr | Sep 2024 ₹640 Cr | Dec 2024 ₹906 Cr | Mar 2025 ₹565 Cr | Jun 2025 ₹406 Cr | Sep 2025 ₹763 Cr | Dec 2025 ₹795 Cr | Mar 2026 ₹545 Cr | Jun 2026 ₹450 Cr
- P: Sep 2021 ₹-45 Cr | Dec 2021 ₹-29 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹-12 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹-67 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹-35 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹100 Cr | Jun 2026 ₹24 Cr
- SMCI: Sep 2021 ₹25 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹140 Cr | Sep 2022 ₹185 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹194 Cr | Sep 2023 ₹157 Cr | Dec 2023 ₹294 Cr | Mar 2024 ₹402 Cr | Jun 2024 ₹298 Cr | Sep 2024 ₹424 Cr | Dec 2024 ₹318 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹203 Cr | Sep 2025 ₹168 Cr | Dec 2025 ₹401 Cr | Mar 2026 ₹484 Cr | Jun 2026 —
- LOGI: Sep 2021 ₹139 Cr | Dec 2021 ₹210 Cr | Mar 2022 ₹108 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹140 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹245 Cr | Mar 2024 ₹168 Cr | Jun 2024 ₹142 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹200 Cr | Mar 2025 ₹144 Cr | Jun 2025 ₹146 Cr | Sep 2025 ₹171 Cr | Dec 2025 ₹251 Cr | Mar 2026 ₹143 Cr | Jun 2026 —
- IONQ: Sep 2021 ₹-15 Cr | Dec 2021 ₹-74 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-24 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹-27 Cr | Jun 2023 ₹-44 Cr | Sep 2023 ₹-45 Cr | Dec 2023 ₹-42 Cr | Mar 2024 ₹-40 Cr | Jun 2024 ₹-38 Cr | Sep 2024 ₹-52 Cr | Dec 2024 ₹-202 Cr | Mar 2025 ₹-32 Cr | Jun 2025 ₹-178 Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹753 Cr | Mar 2026 ₹805 Cr | Jun 2026 —
- QBTS: Sep 2021 ₹-4 Cr | Dec 2021 ₹-12 Cr | Mar 2022 ₹-12 Cr | Jun 2022 ₹-12 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹-18 Cr | Mar 2023 ₹-24 Cr | Jun 2023 ₹-26 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-17 Cr | Mar 2024 ₹-17 Cr | Jun 2024 ₹-18 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-89 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-167 Cr | Sep 2025 ₹-140 Cr | Dec 2025 ₹-50 Cr | Mar 2026 ₹-18 Cr | Jun 2026 —
- RGTI: Sep 2021 ₹-10 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹-18 Cr | Jun 2022 ₹-12 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹-23 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹-22 Cr | Dec 2023 ₹-13 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹-12 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹-153 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹-40 Cr | Sep 2025 ₹-201 Cr | Dec 2025 ₹-18 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- QUBT: Sep 2021 ₹-5 Cr | Dec 2021 ₹-16 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-51 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹-36 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹-4 Cr | Jun 2026 —
- BRAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-1 Cr | Mar 2024 — | Jun 2024 ₹-1 Cr | Sep 2024 — | Dec 2024 ₹-1 Cr | Mar 2025 — | Jun 2025 ₹-1 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CRSR: Sep 2021 ₹2 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-52 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹-11 Cr | Jun 2024 ₹-24 Cr | Sep 2024 ₹-52 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-20 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- CRCT: Sep 2021 ₹30 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- UMAC: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-27 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-11 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- SSYS: Sep 2021 ₹-18 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-24 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-22 Cr | Jun 2023 ₹-39 Cr | Sep 2023 ₹-47 Cr | Dec 2023 ₹-15 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹-26 Cr | Sep 2024 ₹-27 Cr | Dec 2024 ₹-42 Cr | Mar 2025 ₹-13 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-56 Cr | Dec 2025 ₹-19 Cr | Mar 2026 ₹-24 Cr | Jun 2026 —
- QMCO: Sep 2021 ₹-9 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹-8 Cr | Jun 2022 ₹-10 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹-20 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹-75 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-46 Cr | Dec 2025 ₹-28 Cr | Mar 2026 ₹-10 Cr | Jun 2026 —
- DDD: Sep 2021 ₹293 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹-27 Cr | Jun 2022 ₹-33 Cr | Sep 2022 ₹-38 Cr | Dec 2022 ₹-26 Cr | Mar 2023 ₹-30 Cr | Jun 2023 ₹-29 Cr | Sep 2023 ₹-12 Cr | Dec 2023 ₹-293 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-179 Cr | Dec 2024 ₹-33 Cr | Mar 2025 ₹-37 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹-18 Cr | Dec 2025 ₹-20 Cr | Mar 2026 ₹-5 Cr | Jun 2026 —
- NNDM: Sep 2021 ₹-19 Cr | Dec 2021 ₹-168 Cr | Mar 2022 ₹-33 Cr | Jun 2022 ₹-40 Cr | Sep 2022 ₹-67 Cr | Dec 2022 ₹-88 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-67 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-35 Cr | Jun 2024 ₹-45 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-26 Cr | Jun 2025 ₹-181 Cr | Sep 2025 ₹-53 Cr | Dec 2025 ₹-34 Cr | Mar 2026 ₹-70 Cr | Jun 2026 —
- OSS: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-7 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- VELO: Sep 2021 ₹-67 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹-65 Cr | Jun 2022 ₹128 Cr | Sep 2022 ₹-75 Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹-36 Cr | Jun 2023 ₹-23 Cr | Sep 2023 ₹-19 Cr | Dec 2023 ₹-64 Cr | Mar 2024 ₹-28 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-18 Cr | Mar 2025 ₹-25 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹-20 Cr | Mar 2026 ₹-7 Cr | Jun 2026 —
- ALOT: Sep 2021 ₹7 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-16 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹-1 Cr | Jun 2026 ₹1 Cr
- BGIN: Sep 2021 — | Dec 2021 ₹1 Cr | Mar 2022 — | Jun 2022 ₹5 Cr | Sep 2022 — | Dec 2022 ₹-5 Cr | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 — | Dec 2023 ₹138 Cr | Mar 2024 — | Jun 2024 ₹64 Cr | Sep 2024 — | Dec 2024 ₹3 Cr | Mar 2025 — | Jun 2025 ₹-60 Cr | Sep 2025 — | Dec 2025 ₹-117 Cr | Mar 2026 — | Jun 2026 —
- CAN: Sep 2021 ₹79 Cr | Dec 2021 ₹188 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹91 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹-88 Cr | Mar 2023 ₹-84 Cr | Jun 2023 ₹-111 Cr | Sep 2023 ₹-80 Cr | Dec 2023 ₹-139 Cr | Mar 2024 ₹-39 Cr | Jun 2024 ₹-42 Cr | Sep 2024 ₹-76 Cr | Dec 2024 ₹-93 Cr | Mar 2025 ₹-86 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹-28 Cr | Dec 2025 ₹-85 Cr | Mar 2026 ₹-89 Cr | Jun 2026 —
- DPRO: Sep 2021 ₹24 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-17 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-6 Cr | Jun 2026 —
- AMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-25 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- DELL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -43% | Dec 2022 -94% | Mar 2023 — | Jun 2023 -46% | Sep 2023 -10% | Dec 2023 317% | Mar 2024 91% | Jun 2024 72% | Sep 2024 94% | Dec 2024 17% | Mar 2025 32% | Jun 2025 -2.7% | Sep 2025 32% | Dec 2025 32% | Mar 2026 47% | Jun 2026 256%
- ANET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 58% | Dec 2022 79% | Mar 2023 60% | Jun 2023 65% | Sep 2023 54% | Dec 2023 44% | Mar 2024 46% | Jun 2024 35% | Sep 2024 37% | Dec 2024 30% | Mar 2025 28% | Jun 2025 34% | Sep 2025 14% | Dec 2025 19% | Mar 2026 26% | Jun 2026 —
- STX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -43% | Dec 2022 -106% | Mar 2023 — | Jun 2023 -127% | Sep 2023 -167% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1,260% | Jun 2025 -4.9% | Sep 2025 — | Dec 2025 63% | Mar 2026 74% | Jun 2026 53%
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -7,259% | Jun 2025 -119% | Sep 2025 — | Dec 2025 7.7% | Mar 2026 — | Jun 2026 —
- WDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -44% | Dec 2022 -174% | Mar 2023 — | Jun 2023 -2,936% | Sep 2023 -297% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 154% | Mar 2026 139% | Jun 2026 1,172%
- HPQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.3% | Dec 2022 -101% | Mar 2023 -57% | Jun 2023 5.4% | Sep 2023 -32% | Dec 2023 — | Mar 2024 33% | Jun 2024 -42% | Sep 2024 -16% | Dec 2024 -7.0% | Mar 2025 -9.2% | Jun 2025 -33% | Sep 2025 19% | Dec 2025 -12% | Mar 2026 -3.5% | Jun 2026 11%
- P: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 393% | Jun 2023 — | Sep 2023 -164% | Dec 2023 — | Mar 2024 -12% | Jun 2024 — | Sep 2024 — | Dec 2024 -8.6% | Mar 2025 -35% | Jun 2025 — | Sep 2025 31% | Dec 2025 -14% | Mar 2026 138% | Jun 2026 —
- SMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 259% | Sep 2022 640% | Dec 2022 324% | Mar 2023 13% | Jun 2023 39% | Sep 2023 -15% | Dec 2023 65% | Mar 2024 362% | Jun 2024 54% | Sep 2024 170% | Dec 2024 8.2% | Mar 2025 -73% | Jun 2025 -32% | Sep 2025 -60% | Dec 2025 26% | Mar 2026 344% | Jun 2026 —
- LOGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -46% | Sep 2022 -41% | Dec 2022 -33% | Mar 2023 -62% | Jun 2023 -38% | Sep 2023 67% | Dec 2023 75% | Mar 2024 310% | Jun 2024 125% | Sep 2024 5.8% | Dec 2024 -18% | Mar 2025 -14% | Jun 2025 2.8% | Sep 2025 18% | Dec 2025 26% | Mar 2026 -0.7% | Jun 2026 —
- RGTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -23% | Jun 2026 —
- QUBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -124% | Jun 2026 —
- CRSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -286% | Sep 2022 -400% | Dec 2022 -72% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -63% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 767% | Mar 2026 — | Jun 2026 —
- CRCT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -71% | Sep 2022 -60% | Dec 2022 -8.3% | Mar 2023 -63% | Jun 2023 14% | Sep 2023 42% | Dec 2023 0.0% | Mar 2024 122% | Jun 2024 25% | Sep 2024 -35% | Dec 2024 9.1% | Mar 2025 20% | Jun 2025 20% | Sep 2025 91% | Dec 2025 -33% | Mar 2026 -17% | Jun 2026 —
- SSYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -347% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DDD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -113% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NNDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -259% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 -100% | Dec 2022 — | Mar 2023 -100% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VELO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -118% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -86% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -300% | Dec 2023 — | Mar 2024 200% | Jun 2024 0.0% | Sep 2024 — | Dec 2024 -100% | Mar 2025 -633% | Jun 2025 -100% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BGIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -29% | Sep 2022 — | Dec 2022 -600% | Mar 2023 — | Jun 2023 -80% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 6,300% | Sep 2024 — | Dec 2024 -98% | Mar 2025 — | Jun 2025 -194% | Sep 2025 — | Dec 2025 -4,000% | Mar 2026 — | Jun 2026 —
- CAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 139% | Sep 2022 -92% | Dec 2022 -147% | Mar 2023 -220% | Jun 2023 -222% | Sep 2023 -1,433% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -121% | Dec 2022 -231% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -100% | Jun 2024 -100% | Sep 2024 -200% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -2,600% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Dell Technologies Inc. reports $963 million of CAPEX; Rigetti Computing, Inc. has the highest covered intensity at 100%. Coverage is only 26 of 29 companies and 439 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Dell Technologies Inc. · $963 million | 466.5% versus #2 · HP Inc. | 8/8 recent comparable periods | 26/29 companies · 439 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Dell Technologies Inc. (DELL): ₹963 Cr
2. HP Inc. (HPQ): ₹170 Cr
3. Seagate Technology Holdings plc (STX): ₹161 Cr
4. Western Digital Corporation (WDC): ₹145 Cr
5. Super Micro Computer, Inc. (SMCI): ₹80 Cr

### CAPEX intensity — highest reinvestment intensity
1. Rigetti Computing, Inc. (RGTI): 100%
2. Quantum Computing Inc. (QUBT): 50%
3. D-Wave Quantum Inc. (QBTS): 33%
4. Unusual Machines, Inc. (UMAC): 13%
5. IonQ, Inc. (IONQ): 12%

### 20-quarter CAPEX history
- DELL: Sep 2021 ₹632 Cr | Dec 2021 ₹799 Cr | Mar 2022 ₹740 Cr | Jun 2022 ₹690 Cr | Sep 2022 ₹807 Cr | Dec 2022 ₹747 Cr | Mar 2023 ₹759 Cr | Jun 2023 ₹701 Cr | Sep 2023 ₹624 Cr | Dec 2023 ₹704 Cr | Mar 2024 ₹727 Cr | Jun 2024 ₹596 Cr | Sep 2024 ₹682 Cr | Dec 2024 ₹639 Cr | Mar 2025 ₹735 Cr | Jun 2025 ₹568 Cr | Sep 2025 ₹675 Cr | Dec 2025 ₹669 Cr | Mar 2026 ₹721 Cr | Jun 2026 ₹963 Cr
- ANET: Sep 2021 ₹46 Cr | Dec 2021 — | Mar 2022 ₹15 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹10 Cr | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹11 Cr | Dec 2023 — | Mar 2024 ₹9 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹7 Cr | Dec 2024 — | Mar 2025 ₹28 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹30 Cr | Dec 2025 — | Mar 2026 ₹55 Cr | Jun 2026 —
- STX: Sep 2021 ₹124 Cr | Dec 2021 ₹117 Cr | Mar 2022 — | Jun 2022 ₹97 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹83 Cr | Sep 2025 — | Dec 2025 ₹105 Cr | Mar 2026 ₹116 Cr | Jun 2026 ₹161 Cr
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹67 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹45 Cr | Sep 2025 — | Dec 2025 ₹50 Cr | Mar 2026 ₹39 Cr | Jun 2026 ₹45 Cr
- WDC: Sep 2021 ₹326 Cr | Dec 2021 ₹245 Cr | Mar 2022 — | Jun 2022 ₹291 Cr | Sep 2022 ₹280 Cr | Dec 2022 ₹258 Cr | Mar 2023 ₹124 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹71 Cr | Sep 2025 — | Dec 2025 ₹73 Cr | Mar 2026 ₹92 Cr | Jun 2026 ₹145 Cr
- HPQ: Sep 2021 ₹158 Cr | Dec 2021 ₹172 Cr | Mar 2022 ₹273 Cr | Jun 2022 ₹178 Cr | Sep 2022 ₹196 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹192 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹158 Cr | Jun 2024 ₹119 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹153 Cr | Mar 2025 ₹302 Cr | Jun 2025 ₹183 Cr | Sep 2025 ₹215 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹233 Cr | Jun 2026 ₹170 Cr
- P: Sep 2021 ₹28 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹67 Cr | Jun 2026 ₹68 Cr
- SMCI: Sep 2021 ₹11 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹80 Cr | Jun 2026 —
- LOGI: Sep 2021 ₹23 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- IONQ: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- QBTS: Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- RGTI: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- QUBT: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- CRSR: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- CRCT: Sep 2021 ₹12 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- UMAC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 — | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- SSYS: Sep 2021 ₹5 Cr | Dec 2021 ₹9 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹4 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- QMCO: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- DDD: Sep 2021 ₹7 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- NNDM: Sep 2021 ₹1 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- OSS: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- VELO: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹2 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- ALOT: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr
- BGIN: Sep 2021 — | Dec 2021 ₹2 Cr | Mar 2022 — | Jun 2022 ₹3 Cr | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 — | Jun 2023 ₹5 Cr | Sep 2023 — | Dec 2023 ₹2 Cr | Mar 2024 — | Jun 2024 ₹2 Cr | Sep 2024 — | Dec 2024 ₹11 Cr | Mar 2025 — | Jun 2025 ₹2 Cr | Sep 2025 — | Dec 2025 ₹2 Cr | Mar 2026 — | Jun 2026 —
- CAN: Sep 2021 — | Dec 2021 ₹2 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹5 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DPRO: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- DELL: Sep 2021 2.6% | Dec 2021 3.0% | Mar 2022 2.6% | Jun 2022 2.6% | Sep 2022 3.1% | Dec 2022 3.0% | Mar 2023 3.0% | Jun 2023 3.4% | Sep 2023 2.7% | Dec 2023 3.2% | Mar 2024 3.3% | Jun 2024 2.7% | Sep 2024 2.7% | Dec 2024 2.6% | Mar 2025 3.1% | Jun 2025 2.4% | Sep 2025 2.3% | Dec 2025 2.5% | Mar 2026 2.2% | Jun 2026 2.2%
- ANET: Sep 2021 6.1% | Dec 2021 — | Mar 2022 1.7% | Jun 2022 0.9% | Sep 2022 0.8% | Dec 2022 — | Mar 2023 0.4% | Jun 2023 0.8% | Sep 2023 0.7% | Dec 2023 — | Mar 2024 0.6% | Jun 2024 0.2% | Sep 2024 0.4% | Dec 2024 — | Mar 2025 1.4% | Jun 2025 1.1% | Sep 2025 1.3% | Dec 2025 — | Mar 2026 2.0% | Jun 2026 —
- STX: Sep 2021 4.1% | Dec 2021 3.8% | Mar 2022 — | Jun 2022 3.5% | Sep 2022 2.7% | Dec 2022 4.2% | Mar 2023 2.9% | Jun 2023 3.1% | Sep 2023 4.8% | Dec 2023 4.5% | Mar 2024 3.6% | Jun 2024 2.9% | Sep 2024 3.1% | Dec 2024 3.1% | Mar 2025 2.0% | Jun 2025 3.4% | Sep 2025 — | Dec 2025 4.0% | Mar 2026 4.1% | Jun 2026 5.2%
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.6% | Dec 2024 — | Mar 2025 — | Jun 2025 2.4% | Sep 2025 — | Dec 2025 2.2% | Mar 2026 1.3% | Jun 2026 0.8%
- WDC: Sep 2021 6.6% | Dec 2021 4.9% | Mar 2022 — | Jun 2022 6.6% | Sep 2022 6.2% | Dec 2022 8.3% | Mar 2023 4.4% | Jun 2023 4.5% | Sep 2023 4.5% | Dec 2023 4.9% | Mar 2024 5.5% | Jun 2024 5.8% | Sep 2024 4.3% | Dec 2024 4.8% | Mar 2025 5.6% | Jun 2025 2.7% | Sep 2025 — | Dec 2025 2.6% | Mar 2026 3.0% | Jun 2026 4.3%
- HPQ: Sep 2021 1.0% | Dec 2021 1.0% | Mar 2022 1.6% | Jun 2022 1.1% | Sep 2022 1.3% | Dec 2022 1.0% | Mar 2023 1.4% | Jun 2023 1.0% | Sep 2023 1.0% | Dec 2023 1.0% | Mar 2024 1.2% | Jun 2024 0.9% | Sep 2024 1.2% | Dec 2024 1.1% | Mar 2025 2.2% | Jun 2025 1.4% | Sep 2025 1.5% | Dec 2025 1.3% | Mar 2026 1.6% | Jun 2026 1.2%
- P: Sep 2021 5.6% | Dec 2021 4.6% | Mar 2022 3.0% | Jun 2022 5.3% | Sep 2022 3.9% | Dec 2022 5.9% | Mar 2023 7.4% | Jun 2023 8.7% | Sep 2023 8.0% | Dec 2023 5.9% | Mar 2024 5.6% | Jun 2024 7.1% | Sep 2024 7.9% | Dec 2024 7.5% | Mar 2025 6.4% | Jun 2025 9.3% | Sep 2025 7.2% | Dec 2025 6.5% | Mar 2026 6.3% | Jun 2026 6.5%
- SMCI: Sep 2021 1.1% | Dec 2021 1.0% | Mar 2022 0.8% | Jun 2022 0.7% | Sep 2022 0.6% | Dec 2022 0.6% | Mar 2023 0.6% | Jun 2023 0.4% | Sep 2023 0.1% | Dec 2023 0.4% | Mar 2024 2.4% | Jun 2024 0.3% | Sep 2024 0.7% | Dec 2024 0.5% | Mar 2025 0.7% | Jun 2025 0.4% | Sep 2025 0.6% | Dec 2025 0.2% | Mar 2026 0.8% | Jun 2026 —
- LOGI: Sep 2021 1.8% | Dec 2021 1.0% | Mar 2022 2.0% | Jun 2022 1.7% | Sep 2022 2.3% | Dec 2022 1.9% | Mar 2023 2.4% | Jun 2023 1.6% | Sep 2023 1.7% | Dec 2023 0.9% | Mar 2024 1.0% | Jun 2024 1.4% | Sep 2024 1.3% | Dec 2024 1.0% | Mar 2025 1.3% | Jun 2025 1.4% | Sep 2025 1.4% | Dec 2025 1.1% | Mar 2026 1.3% | Jun 2026 —
- IONQ: Sep 2021 — | Dec 2021 100% | Mar 2022 150% | Jun 2022 133% | Sep 2022 33% | Dec 2022 25% | Mar 2023 25% | Jun 2023 17% | Sep 2023 67% | Dec 2023 117% | Mar 2024 38% | Jun 2024 64% | Sep 2024 33% | Dec 2024 33% | Mar 2025 25% | Jun 2025 4.8% | Sep 2025 10% | Dec 2025 15% | Mar 2026 12% | Jun 2026 —
- QBTS: Sep 2021 — | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 50% | Sep 2024 0.0% | Dec 2024 50% | Mar 2025 0.0% | Jun 2025 33% | Sep 2025 25% | Dec 2025 67% | Mar 2026 33% | Jun 2026 —
- RGTI: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 150% | Jun 2022 400% | Sep 2022 300% | Dec 2022 50% | Mar 2023 250% | Jun 2023 33% | Sep 2023 67% | Dec 2023 67% | Mar 2024 167% | Jun 2024 67% | Sep 2024 100% | Dec 2024 50% | Mar 2025 300% | Jun 2025 300% | Sep 2025 300% | Dec 2025 250% | Mar 2026 100% | Jun 2026 —
- QUBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 50% | Jun 2026 —
- CRSR: Sep 2021 0.8% | Dec 2021 0.6% | Mar 2022 1.0% | Jun 2022 2.8% | Sep 2022 2.6% | Dec 2022 1.5% | Mar 2023 1.4% | Jun 2023 0.9% | Sep 2023 0.8% | Dec 2023 0.5% | Mar 2024 0.9% | Jun 2024 1.1% | Sep 2024 1.0% | Dec 2024 0.2% | Mar 2025 0.8% | Jun 2025 0.9% | Sep 2025 1.2% | Dec 2025 1.1% | Mar 2026 1.1% | Jun 2026 —
- CRCT: Sep 2021 4.6% | Dec 2021 1.8% | Mar 2022 4.1% | Jun 2022 4.3% | Sep 2022 5.1% | Dec 2022 2.5% | Mar 2023 4.4% | Jun 2023 2.8% | Sep 2023 3.4% | Dec 2023 2.2% | Mar 2024 3.0% | Jun 2024 3.0% | Sep 2024 2.4% | Dec 2024 1.9% | Mar 2025 3.1% | Jun 2025 3.5% | Sep 2025 4.1% | Dec 2025 3.4% | Mar 2026 5.7% | Jun 2026 —
- UMAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.0% | Sep 2025 — | Dec 2025 20% | Mar 2026 13% | Jun 2026 —
- SSYS: Sep 2021 3.1% | Dec 2021 5.4% | Mar 2022 — | Jun 2022 — | Sep 2022 2.5% | Dec 2022 1.3% | Mar 2023 2.7% | Jun 2023 1.9% | Sep 2023 1.2% | Dec 2023 3.2% | Mar 2024 1.4% | Jun 2024 1.4% | Sep 2024 1.4% | Dec 2024 2.7% | Mar 2025 2.9% | Jun 2025 5.1% | Sep 2025 2.9% | Dec 2025 5.0% | Mar 2026 3.0% | Jun 2026 —
- QMCO: Sep 2021 1.1% | Dec 2021 2.1% | Mar 2022 1.9% | Jun 2022 3.1% | Sep 2022 5.0% | Dec 2022 2.7% | Mar 2023 1.8% | Jun 2023 2.2% | Sep 2023 2.6% | Dec 2023 1.4% | Mar 2024 1.4% | Jun 2024 2.8% | Sep 2024 2.8% | Dec 2024 1.4% | Mar 2025 1.6% | Jun 2025 1.6% | Sep 2025 0.0% | Dec 2025 1.3% | Mar 2026 1.3% | Jun 2026 —
- DDD: Sep 2021 4.5% | Dec 2021 2.6% | Mar 2022 3.0% | Jun 2022 4.3% | Sep 2022 5.3% | Dec 2022 3.0% | Mar 2023 7.4% | Jun 2023 3.9% | Sep 2023 5.6% | Dec 2023 5.2% | Mar 2024 2.9% | Jun 2024 3.5% | Sep 2024 3.5% | Dec 2024 4.5% | Mar 2025 3.2% | Jun 2025 3.2% | Sep 2025 2.2% | Dec 2025 1.9% | Mar 2026 2.1% | Jun 2026 —
- NNDM: Sep 2021 100% | Dec 2021 100% | Mar 2022 20% | Jun 2022 27% | Sep 2022 20% | Dec 2022 25% | Mar 2023 27% | Jun 2023 20% | Sep 2023 17% | Dec 2023 0.0% | Mar 2024 7.7% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 6.7% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- OSS: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 — | Mar 2025 0.0% | Jun 2025 — | Sep 2025 0.0% | Dec 2025 — | Mar 2026 0.0% | Jun 2026 —
- VELO: Sep 2021 11% | Dec 2021 20% | Mar 2022 33% | Jun 2022 25% | Sep 2022 21% | Dec 2022 7.1% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 14% | Sep 2025 0.0% | Dec 2025 11% | Mar 2026 7.1% | Jun 2026 —
- ALOT: Sep 2021 3.3% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 2.6% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 0.0%
- BGIN: Sep 2021 — | Dec 2021 20% | Mar 2022 — | Jun 2022 27% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 50% | Sep 2023 — | Dec 2023 0.8% | Mar 2024 — | Jun 2024 1.4% | Sep 2024 — | Dec 2024 7.0% | Mar 2025 — | Jun 2025 4.2% | Sep 2025 — | Dec 2025 10% | Mar 2026 — | Jun 2026 —
- CAN: Sep 2021 — | Dec 2021 0.6% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 8.8% | Mar 2023 1.8% | Jun 2023 1.4% | Sep 2023 3.0% | Dec 2023 2.0% | Mar 2024 2.9% | Jun 2024 1.4% | Sep 2024 11% | Dec 2024 9.0% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DPRO: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Arista Networks, Inc. has the clearest covered balance-sheet capacity with $12,353 million net cash and gross debt of $0 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: AMC Robotics Corporation · $0 million | null versus #2 · Arista Networks, Inc. | 2/8 recent comparable periods | 26/29 companies · 481 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. AMC Robotics Corporation (AMCI): ₹0 Cr — older report
2. Arista Networks, Inc. (ANET): ₹0 Cr
3. Draganfly Inc. (DPRO): ₹0 Cr
4. Logitech International S.A. (LOGI): ₹0 Cr
5. Sandisk Corporation (SNDK): ₹0 Cr

### Net debt — lowest net debt
1. Arista Networks, Inc. (ANET): ₹-12.4K Cr
2. Sandisk Corporation (SNDK): ₹-3.7K Cr
3. IonQ, Inc. (IONQ): ₹-2.0K Cr
4. Logitech International S.A. (LOGI): ₹-1.7K Cr
5. Everpure, Inc. (P): ₹-1.3K Cr

### 20-quarter Gross debt history
- DELL: Sep 2021 ₹43.6K Cr | Dec 2021 ₹48.0K Cr | Mar 2022 ₹27.0K Cr | Jun 2022 ₹27.1K Cr | Sep 2022 ₹26.9K Cr | Dec 2022 ₹27.3K Cr | Mar 2023 ₹29.6K Cr | Jun 2023 ₹28.4K Cr | Sep 2023 ₹27.1K Cr | Dec 2023 ₹26.6K Cr | Mar 2024 ₹26.0K Cr | Jun 2024 ₹25.5K Cr | Sep 2024 ₹24.5K Cr | Dec 2024 ₹25.0K Cr | Mar 2025 ₹24.6K Cr | Jun 2025 ₹28.8K Cr | Sep 2025 ₹28.7K Cr | Dec 2025 ₹31.2K Cr | Mar 2026 ₹31.5K Cr | Jun 2026 ₹31.2K Cr
- ANET: Sep 2021 ₹62 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- STX: Sep 2021 ₹5.1K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 — | Jun 2022 ₹5.6K Cr | Sep 2022 ₹5.6K Cr | Dec 2022 ₹6.0K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹5.5K Cr | Sep 2023 ₹5.7K Cr | Dec 2023 ₹5.7K Cr | Mar 2024 ₹5.7K Cr | Jun 2024 ₹5.7K Cr | Sep 2024 ₹5.7K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 — | Dec 2025 ₹5.0K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 ₹3.9K Cr
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹950 Cr | Sep 2022 ₹950 Cr | Dec 2022 — | Mar 2023 ₹926 Cr | Jun 2023 ₹919 Cr | Sep 2023 ₹887 Cr | Dec 2023 ₹926 Cr | Mar 2024 ₹823 Cr | Jun 2024 ₹814 Cr | Sep 2024 ₹296 Cr | Dec 2024 ₹553 Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 — | Dec 2025 ₹1.4K Cr | Mar 2026 ₹603 Cr | Jun 2026 ₹0 Cr
- WDC: Sep 2021 ₹8.7K Cr | Dec 2021 ₹8.5K Cr | Mar 2022 — | Jun 2022 ₹7.2K Cr | Sep 2022 ₹7.0K Cr | Dec 2022 ₹7.1K Cr | Mar 2023 ₹7.1K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹7.7K Cr | Dec 2023 ₹8.4K Cr | Mar 2024 ₹7.8K Cr | Jun 2024 ₹7.4K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹7.4K Cr | Mar 2025 ₹7.3K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 — | Dec 2025 ₹4.7K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 ₹1.6K Cr
- HPQ: Sep 2021 ₹7.1K Cr | Dec 2021 ₹7.5K Cr | Mar 2022 ₹7.1K Cr | Jun 2022 ₹9.0K Cr | Sep 2022 ₹11.0K Cr | Dec 2022 ₹11.0K Cr | Mar 2023 ₹10.8K Cr | Jun 2023 ₹10.6K Cr | Sep 2023 ₹9.7K Cr | Dec 2023 ₹9.5K Cr | Mar 2024 ₹9.7K Cr | Jun 2024 ₹9.6K Cr | Sep 2024 ₹9.6K Cr | Dec 2024 ₹9.7K Cr | Mar 2025 ₹9.7K Cr | Jun 2025 ₹10.7K Cr | Sep 2025 ₹9.6K Cr | Dec 2025 ₹9.7K Cr | Mar 2026 ₹9.7K Cr | Jun 2026 ₹9.7K Cr
- P: Sep 2021 ₹912 Cr | Dec 2021 ₹912 Cr | Mar 2022 ₹915 Cr | Jun 2022 ₹702 Cr | Sep 2022 ₹758 Cr | Dec 2022 ₹752 Cr | Mar 2023 ₹751 Cr | Jun 2023 ₹278 Cr | Sep 2023 ₹274 Cr | Dec 2023 ₹267 Cr | Mar 2024 ₹268 Cr | Jun 2024 ₹266 Cr | Sep 2024 ₹281 Cr | Dec 2024 ₹294 Cr | Mar 2025 ₹281 Cr | Jun 2025 ₹271 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹226 Cr | Mar 2026 ₹216 Cr | Jun 2026 ₹231 Cr
- SMCI: Sep 2021 ₹279 Cr | Dec 2021 ₹316 Cr | Mar 2022 ₹547 Cr | Jun 2022 ₹597 Cr | Sep 2022 ₹250 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹187 Cr | Jun 2023 ₹290 Cr | Sep 2023 ₹146 Cr | Dec 2023 ₹376 Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹8.8K Cr | Jun 2026 —
- LOGI: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- IONQ: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- QBTS: Sep 2021 ₹39 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹47 Cr | Jun 2026 —
- RGTI: Sep 2021 ₹0 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- QUBT: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- CRSR: Sep 2021 ₹249 Cr | Dec 2021 ₹248 Cr | Mar 2022 ₹246 Cr | Jun 2022 ₹245 Cr | Sep 2022 ₹244 Cr | Dec 2022 ₹239 Cr | Mar 2023 ₹229 Cr | Jun 2023 ₹228 Cr | Sep 2023 ₹223 Cr | Dec 2023 ₹198 Cr | Mar 2024 ₹183 Cr | Jun 2024 ₹180 Cr | Sep 2024 ₹177 Cr | Dec 2024 ₹174 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹124 Cr | Sep 2025 ₹123 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹120 Cr | Jun 2026 —
- CRCT: Sep 2021 ₹0 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- UMAC: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- SSYS: Sep 2021 ₹16 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- QMCO: Sep 2021 ₹111 Cr | Dec 2021 ₹104 Cr | Mar 2022 ₹121 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹105 Cr | Dec 2022 ₹110 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹119 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹145 Cr | Mar 2025 ₹132 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹153 Cr | Jun 2026 —
- DDD: Sep 2021 ₹54 Cr | Dec 2021 ₹503 Cr | Mar 2022 ₹501 Cr | Jun 2022 ₹503 Cr | Sep 2022 ₹499 Cr | Dec 2022 ₹496 Cr | Mar 2023 ₹516 Cr | Jun 2023 ₹526 Cr | Sep 2023 ₹533 Cr | Dec 2023 ₹386 Cr | Mar 2024 ₹276 Cr | Jun 2024 ₹273 Cr | Sep 2024 ₹272 Cr | Dec 2024 ₹274 Cr | Mar 2025 ₹276 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹147 Cr | Mar 2026 ₹144 Cr | Jun 2026 —
- NNDM: Sep 2021 ₹4 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- OSS: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- VELO: Sep 2021 ₹28 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- ALOT: Sep 2021 ₹10 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹40 Cr | Jun 2026 ₹38 Cr
- CAN: Sep 2021 ₹4 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- DPRO: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- AMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Net debt history
- DELL: Sep 2021 ₹31.9K Cr | Dec 2021 ₹25.6K Cr | Mar 2022 ₹17.5K Cr | Jun 2022 ₹20.5K Cr | Sep 2022 ₹21.4K Cr | Dec 2022 ₹22.4K Cr | Mar 2023 ₹21.0K Cr | Jun 2023 ₹20.8K Cr | Sep 2023 ₹18.8K Cr | Dec 2023 ₹18.3K Cr | Mar 2024 ₹18.6K Cr | Jun 2024 ₹19.7K Cr | Sep 2024 ₹20.0K Cr | Dec 2024 ₹19.8K Cr | Mar 2025 ₹20.9K Cr | Jun 2025 ₹21.1K Cr | Sep 2025 ₹20.5K Cr | Dec 2025 ₹21.7K Cr | Mar 2026 ₹20.0K Cr | Jun 2026 ₹19.6K Cr
- ANET: Sep 2021 ₹-3.3K Cr | Dec 2021 ₹-3.4K Cr | Mar 2022 ₹-3.4K Cr | Jun 2022 ₹-2.9K Cr | Sep 2022 ₹-2.9K Cr | Dec 2022 ₹-3.0K Cr | Mar 2023 ₹-3.3K Cr | Jun 2023 ₹-3.7K Cr | Sep 2023 ₹-4.4K Cr | Dec 2023 ₹-5.0K Cr | Mar 2024 ₹-5.5K Cr | Jun 2024 ₹-6.3K Cr | Sep 2024 ₹-7.4K Cr | Dec 2024 ₹-8.3K Cr | Mar 2025 ₹-8.2K Cr | Jun 2025 ₹-8.8K Cr | Sep 2025 ₹-10.1K Cr | Dec 2025 ₹-10.7K Cr | Mar 2026 ₹-12.4K Cr | Jun 2026 —
- STX: Sep 2021 ₹3.9K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 — | Jun 2022 ₹4.5K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 — | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 ₹2.7K Cr
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹615 Cr | Sep 2022 ₹615 Cr | Dec 2022 — | Mar 2023 ₹681 Cr | Jun 2023 ₹627 Cr | Sep 2023 ₹685 Cr | Dec 2023 ₹501 Cr | Mar 2024 ₹446 Cr | Jun 2024 ₹486 Cr | Sep 2024 ₹-26 Cr | Dec 2024 ₹-251 Cr | Mar 2025 ₹440 Cr | Jun 2025 ₹368 Cr | Sep 2025 — | Dec 2025 ₹-91 Cr | Mar 2026 ₹-936 Cr | Jun 2026 ₹-3.7K Cr
- WDC: Sep 2021 ₹5.4K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 — | Jun 2022 ₹4.7K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹5.9K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹5.7K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 — | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹-469 Cr
- HPQ: Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹5.6K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹9.0K Cr | Jun 2023 ₹8.7K Cr | Sep 2023 ₹8.0K Cr | Dec 2023 ₹6.3K Cr | Mar 2024 ₹7.2K Cr | Jun 2024 ₹7.1K Cr | Sep 2024 ₹6.7K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹8.0K Cr | Sep 2025 ₹6.7K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.5K Cr | Jun 2026 ₹6.0K Cr
- P: Sep 2021 ₹-373 Cr | Dec 2021 ₹-451 Cr | Mar 2022 ₹-498 Cr | Jun 2022 ₹-590 Cr | Sep 2022 ₹-604 Cr | Dec 2022 ₹-713 Cr | Mar 2023 ₹-831 Cr | Jun 2023 ₹-906 Cr | Sep 2023 ₹-955 Cr | Dec 2023 ₹-1.1K Cr | Mar 2024 ₹-1.3K Cr | Jun 2024 ₹-1.5K Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹-1.4K Cr | Mar 2025 ₹-1.2K Cr | Jun 2025 ₹-1.3K Cr | Sep 2025 ₹-1.3K Cr | Dec 2025 ₹-1.3K Cr | Mar 2026 ₹-1.3K Cr | Jun 2026 ₹-1.3K Cr
- SMCI: Sep 2021 ₹9 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹300 Cr | Jun 2022 ₹330 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹-135 Cr | Mar 2023 ₹-176 Cr | Jun 2023 ₹-150 Cr | Sep 2023 ₹-397 Cr | Dec 2023 ₹-350 Cr | Mar 2024 ₹-252 Cr | Jun 2024 ₹504 Cr | Sep 2024 ₹170 Cr | Dec 2024 ₹479 Cr | Mar 2025 ₹-44 Cr | Jun 2025 ₹-412 Cr | Sep 2025 ₹579 Cr | Dec 2025 ₹787 Cr | Mar 2026 ₹7.5K Cr | Jun 2026 —
- LOGI: Sep 2021 ₹-1.1K Cr | Dec 2021 ₹-1.4K Cr | Mar 2022 ₹-1.3K Cr | Jun 2022 ₹-1.1K Cr | Sep 2022 ₹-869 Cr | Dec 2022 ₹-1.0K Cr | Mar 2023 ₹-1.1K Cr | Jun 2023 ₹-1.3K Cr | Sep 2023 ₹-1.2K Cr | Dec 2023 ₹-1.4K Cr | Mar 2024 ₹-1.5K Cr | Jun 2024 ₹-1.5K Cr | Sep 2024 ₹-1.4K Cr | Dec 2024 ₹-1.5K Cr | Mar 2025 ₹-1.5K Cr | Jun 2025 ₹-1.5K Cr | Sep 2025 ₹-1.4K Cr | Dec 2025 ₹-1.8K Cr | Mar 2026 ₹-1.7K Cr | Jun 2026 —
- IONQ: Sep 2021 ₹-583 Cr | Dec 2021 ₹-518 Cr | Mar 2022 ₹-412 Cr | Jun 2022 ₹-419 Cr | Sep 2022 ₹-402 Cr | Dec 2022 ₹-352 Cr | Mar 2023 ₹-382 Cr | Jun 2023 ₹-370 Cr | Sep 2023 ₹-377 Cr | Dec 2023 ₹-347 Cr | Mar 2024 ₹-359 Cr | Jun 2024 ₹-353 Cr | Sep 2024 ₹-348 Cr | Dec 2024 ₹-322 Cr | Mar 2025 ₹-571 Cr | Jun 2025 ₹-528 Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-2.4K Cr | Mar 2026 ₹-2.0K Cr | Jun 2026 —
- QBTS: Sep 2021 ₹30 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹-140 Cr | Mar 2025 ₹-266 Cr | Jun 2025 ₹-779 Cr | Sep 2025 ₹-796 Cr | Dec 2025 ₹-841 Cr | Mar 2026 ₹-541 Cr | Jun 2026 —
- RGTI: Sep 2021 ₹-1 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹-177 Cr | Jun 2022 ₹-155 Cr | Sep 2022 ₹-131 Cr | Dec 2022 ₹-104 Cr | Mar 2023 ₹-85 Cr | Jun 2023 ₹-69 Cr | Sep 2023 ₹-76 Cr | Dec 2023 ₹-69 Cr | Mar 2024 ₹-76 Cr | Jun 2024 ₹-76 Cr | Sep 2024 ₹-71 Cr | Dec 2024 ₹-183 Cr | Mar 2025 ₹-201 Cr | Jun 2025 ₹-418 Cr | Sep 2025 ₹-439 Cr | Dec 2025 ₹-437 Cr | Mar 2026 ₹-411 Cr | Jun 2026 —
- QUBT: Sep 2021 ₹-10 Cr | Dec 2021 ₹-17 Cr | Mar 2022 ₹-12 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹-78 Cr | Mar 2025 ₹-165 Cr | Jun 2025 ₹-347 Cr | Sep 2025 ₹-554 Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹-982 Cr | Jun 2026 —
- CRSR: Sep 2021 ₹177 Cr | Dec 2021 ₹186 Cr | Mar 2022 ₹217 Cr | Jun 2022 ₹209 Cr | Sep 2022 ₹187 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- CRCT: Sep 2021 ₹-224 Cr | Dec 2021 ₹-222 Cr | Mar 2022 ₹-224 Cr | Jun 2022 ₹-209 Cr | Sep 2022 ₹-177 Cr | Dec 2022 ₹-280 Cr | Mar 2023 ₹-289 Cr | Jun 2023 ₹-344 Cr | Sep 2023 ₹-159 Cr | Dec 2023 ₹-231 Cr | Mar 2024 ₹-269 Cr | Jun 2024 ₹-287 Cr | Sep 2024 ₹-237 Cr | Dec 2024 ₹-322 Cr | Mar 2025 ₹-342 Cr | Jun 2025 ₹-364 Cr | Sep 2025 ₹-194 Cr | Dec 2025 ₹-264 Cr | Mar 2026 ₹-245 Cr | Jun 2026 —
- UMAC: Sep 2021 ₹-4 Cr | Dec 2021 ₹-4 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-4 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-39 Cr | Sep 2025 ₹-80 Cr | Dec 2025 ₹-139 Cr | Mar 2026 ₹-281 Cr | Jun 2026 —
- SSYS: Sep 2021 ₹-504 Cr | Dec 2021 ₹-487 Cr | Mar 2022 ₹-462 Cr | Jun 2022 ₹-426 Cr | Sep 2022 ₹-330 Cr | Dec 2022 ₹-310 Cr | Mar 2023 ₹-271 Cr | Jun 2023 ₹-185 Cr | Sep 2023 ₹-166 Cr | Dec 2023 ₹-144 Cr | Mar 2024 ₹-144 Cr | Jun 2024 ₹-133 Cr | Sep 2024 ₹-112 Cr | Dec 2024 ₹-119 Cr | Mar 2025 ₹-119 Cr | Jun 2025 ₹-224 Cr | Sep 2025 ₹-224 Cr | Dec 2025 ₹-218 Cr | Mar 2026 ₹-211 Cr | Jun 2026 —
- QMCO: Sep 2021 ₹88 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹116 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹93 Cr | Dec 2025 ₹124 Cr | Mar 2026 ₹137 Cr | Jun 2026 —
- DDD: Sep 2021 ₹-449 Cr | Dec 2021 ₹-287 Cr | Mar 2022 ₹-245 Cr | Jun 2022 ₹-135 Cr | Sep 2022 ₹-110 Cr | Dec 2022 ₹-73 Cr | Mar 2023 ₹-14 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹141 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹59 Cr | Jun 2026 —
- NNDM: Sep 2021 ₹-1.4K Cr | Dec 2021 ₹-1.3K Cr | Mar 2022 ₹-1.2K Cr | Jun 2022 ₹-1.2K Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-1.1K Cr | Mar 2023 ₹-1.1K Cr | Jun 2023 ₹-943 Cr | Sep 2023 ₹-991 Cr | Dec 2023 ₹-977 Cr | Mar 2024 ₹-893 Cr | Jun 2024 ₹-833 Cr | Sep 2024 ₹-829 Cr | Dec 2024 ₹-747 Cr | Mar 2025 ₹-830 Cr | Jun 2025 ₹-513 Cr | Sep 2025 ₹-480 Cr | Dec 2025 ₹-425 Cr | Mar 2026 ₹-410 Cr | Jun 2026 —
- OSS: Sep 2021 ₹-14 Cr | Dec 2021 ₹-16 Cr | Mar 2022 ₹-12 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-11 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-30 Cr | Mar 2026 ₹-33 Cr | Jun 2026 —
- VELO: Sep 2021 ₹-269 Cr | Dec 2021 ₹-215 Cr | Mar 2022 ₹-178 Cr | Jun 2022 ₹-135 Cr | Sep 2022 ₹-107 Cr | Dec 2022 ₹-72 Cr | Mar 2023 ₹-52 Cr | Jun 2023 ₹-25 Cr | Sep 2023 ₹-20 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹-14 Cr | Mar 2026 ₹-11 Cr | Jun 2026 —
- ALOT: Sep 2021 ₹-1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹36 Cr | Jun 2026 ₹33 Cr
- CAN: Sep 2021 ₹-259 Cr | Dec 2021 ₹-417 Cr | Mar 2022 ₹-413 Cr | Jun 2022 ₹-390 Cr | Sep 2022 ₹-276 Cr | Dec 2022 ₹-98 Cr | Mar 2023 ₹-69 Cr | Jun 2023 ₹-64 Cr | Sep 2023 ₹-39 Cr | Dec 2023 ₹-95 Cr | Mar 2024 ₹-51 Cr | Jun 2024 ₹-44 Cr | Sep 2024 ₹-45 Cr | Dec 2024 ₹-69 Cr | Mar 2025 ₹-50 Cr | Jun 2025 ₹-18 Cr | Sep 2025 ₹-71 Cr | Dec 2025 ₹-26 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- DPRO: Sep 2021 ₹-29 Cr | Dec 2021 ₹-23 Cr | Mar 2022 ₹-19 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹-8 Cr | Mar 2023 ₹-14 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-24 Cr | Sep 2025 ₹-71 Cr | Dec 2025 ₹-94 Cr | Mar 2026 ₹-150 Cr | Jun 2026 —
- AMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹-7 Cr | Mar 2026 — | Jun 2026 —

## Return On Capital Employed

What the numbers say: Sandisk Corporation leads ROCE at 30.7%, 12.2 percentage points above Seagate Technology Holdings plc. Draganfly Inc. has the strongest latest improvement at +800.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Sandisk Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Sandisk Corporation · 30.7% | 65.9% versus #2 · Seagate Technology Holdings plc | 5/8 recent comparable periods | 28/29 companies · 501 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Sandisk Corporation (SNDK): 31%
2. Seagate Technology Holdings plc (STX): 19%
3. Braiin Limited (BRAI): 11% — older report
4. Western Digital Corporation (WDC): 11%
5. Dell Technologies Inc. (DELL): 9.5%

### ROCE change — fastest improvers
1. Draganfly Inc. (DPRO): +800.2 pp
2. Sandisk Corporation (SNDK): +30.5 pp
3. Unusual Machines, Inc. (UMAC): +12.3 pp
4. Velo3D, Inc. (VELO): +8.9 pp
5. Seagate Technology Holdings plc (STX): +7.2 pp

### 20-quarter ROCE history
- DELL: Sep 2021 — | Dec 2021 1.6% | Mar 2022 3.0% | Jun 2022 3.0% | Sep 2022 2.5% | Dec 2022 3.6% | Mar 2023 3.2% | Jun 2023 2.9% | Sep 2023 3.4% | Dec 2023 4.4% | Mar 2024 4.2% | Jun 2024 2.8% | Sep 2024 4.3% | Dec 2024 5.1% | Mar 2025 6.4% | Jun 2025 3.4% | Sep 2025 5.5% | Dec 2025 6.1% | Mar 2026 8.7% | Jun 2026 9.5%
- ANET: Sep 2021 5.6% | Dec 2021 6.2% | Mar 2022 6.3% | Jun 2022 8.2% | Sep 2022 8.8% | Dec 2022 9.3% | Mar 2023 9.1% | Jun 2023 9.6% | Sep 2023 9.9% | Dec 2023 9.5% | Mar 2024 9.0% | Jun 2024 8.7% | Sep 2024 8.9% | Dec 2024 8.3% | Mar 2025 8.5% | Jun 2025 9.0% | Sep 2025 8.2% | Dec 2025 8.1% | Mar 2026 8.7% | Jun 2026 —
- STX: Sep 2021 — | Dec 2021 9.8% | Mar 2022 — | Jun 2022 7.2% | Sep 2022 6.5% | Dec 2022 -2.8% | Mar 2023 -5.9% | Jun 2023 0.5% | Sep 2023 -2.5% | Dec 2023 2.5% | Mar 2024 3.4% | Jun 2024 6.5% | Sep 2024 8.5% | Dec 2024 10% | Mar 2025 9.4% | Jun 2025 11% | Sep 2025 — | Dec 2025 15% | Mar 2026 17% | Jun 2026 19%
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 — | Mar 2023 -3.9% | Jun 2023 -4.7% | Sep 2023 -4.3% | Dec 2023 -2.2% | Mar 2024 0.6% | Jun 2024 1.7% | Sep 2024 2.5% | Dec 2024 1.7% | Mar 2025 -17% | Jun 2025 0.2% | Sep 2025 — | Dec 2025 1.5% | Mar 2026 9.0% | Jun 2026 31%
- WDC: Sep 2021 — | Dec 2021 3.6% | Mar 2022 — | Jun 2022 1.5% | Sep 2022 2.7% | Dec 2022 -1.5% | Mar 2023 -2.3% | Jun 2023 -3.2% | Sep 2023 -3.1% | Dec 2023 -1.0% | Mar 2024 0.5% | Jun 2024 -0.5% | Sep 2024 1.8% | Dec 2024 2.8% | Mar 2025 4.9% | Jun 2025 5.1% | Sep 2025 — | Dec 2025 5.7% | Mar 2026 5.8% | Jun 2026 11%
- HPQ: Sep 2021 — | Dec 2021 14% | Mar 2022 18% | Jun 2022 15% | Sep 2022 12% | Dec 2022 6.8% | Mar 2023 7.5% | Jun 2023 6.4% | Sep 2023 8.0% | Dec 2023 8.2% | Mar 2024 8.1% | Jun 2024 7.6% | Sep 2024 8.4% | Dec 2024 8.3% | Mar 2025 7.2% | Jun 2025 5.3% | Sep 2025 6.2% | Dec 2025 8.1% | Mar 2026 6.4% | Jun 2026 4.9%
- P: Sep 2021 — | Dec 2021 -0.9% | Mar 2022 1.4% | Jun 2022 -0.3% | Sep 2022 0.8% | Dec 2022 0.5% | Mar 2023 3.2% | Jun 2023 -4.4% | Sep 2023 -0.4% | Dec 2023 4.0% | Mar 2024 2.8% | Jun 2024 -2.0% | Sep 2024 1.2% | Dec 2024 2.6% | Mar 2025 1.8% | Jun 2025 -1.3% | Sep 2025 0.2% | Dec 2025 2.1% | Mar 2026 3.4% | Jun 2026 0.8%
- SMCI: Sep 2021 2.3% | Dec 2021 3.8% | Mar 2022 6.4% | Jun 2022 11% | Sep 2022 14% | Dec 2022 12% | Mar 2023 5.4% | Jun 2023 11% | Sep 2023 7.8% | Dec 2023 13% | Mar 2024 8.2% | Jun 2024 5.9% | Sep 2024 9.7% | Dec 2024 6.3% | Mar 2025 1.8% | Jun 2025 2.4% | Sep 2025 1.8% | Dec 2025 4.5% | Mar 2026 5.1% | Jun 2026 —
- LOGI: Sep 2021 8.2% | Dec 2021 11% | Mar 2022 5.1% | Jun 2022 4.5% | Sep 2022 5.2% | Dec 2022 6.9% | Mar 2023 1.5% | Jun 2023 3.1% | Sep 2023 6.6% | Dec 2023 8.9% | Mar 2024 5.2% | Jun 2024 6.1% | Sep 2024 6.7% | Dec 2024 9.6% | Mar 2025 4.3% | Jun 2025 6.4% | Sep 2025 7.9% | Dec 2025 11% | Mar 2026 5.5% | Jun 2026 —
- IONQ: Sep 2021 -2.3% | Dec 2021 -3.1% | Mar 2022 -4.0% | Jun 2022 -4.2% | Sep 2022 -4.1% | Dec 2022 -3.9% | Mar 2023 -4.7% | Jun 2023 -5.7% | Sep 2023 -7.5% | Dec 2023 -10% | Mar 2024 -9.8% | Jun 2024 -9.4% | Sep 2024 -11% | Dec 2024 -16% | Mar 2025 -12% | Jun 2025 -18% | Sep 2025 -7.3% | Dec 2025 -6.7% | Mar 2026 -7.4% | Jun 2026 —
- QBTS: Sep 2021 -36% | Dec 2021 -40% | Mar 2022 1,784% | Jun 2022 2,020% | Sep 2022 -78% | Dec 2022 -141% | Mar 2023 -576% | Jun 2023 439% | Sep 2023 -79% | Dec 2023 -56% | Mar 2024 -75% | Jun 2024 -379% | Sep 2024 -82% | Dec 2024 -19% | Mar 2025 -6.5% | Jun 2025 -6.3% | Sep 2025 -6.3% | Dec 2025 -6.5% | Mar 2026 -7.4% | Jun 2026 —
- RGTI: Sep 2021 -2.7% | Dec 2021 -29% | Mar 2022 -8.7% | Jun 2022 -9.2% | Sep 2022 -12% | Dec 2022 -24% | Mar 2023 -11% | Jun 2023 -9.0% | Sep 2023 -9.9% | Dec 2023 -11% | Mar 2024 -11% | Jun 2024 -11% | Sep 2024 -13% | Dec 2024 -9.2% | Mar 2025 -11% | Jun 2025 -5.2% | Sep 2025 -5.4% | Dec 2025 -4.9% | Mar 2026 -6.1% | Jun 2026 —
- QUBT: Sep 2021 -69% | Dec 2021 -30% | Mar 2022 -52% | Jun 2022 -9.4% | Sep 2022 -13% | Dec 2022 -41% | Mar 2023 -14% | Jun 2023 -8.3% | Sep 2023 -7.6% | Dec 2023 -11% | Mar 2024 -8.3% | Jun 2024 -7.0% | Sep 2024 -7.0% | Dec 2024 -8.2% | Mar 2025 -5.3% | Jun 2025 -4.1% | Sep 2025 -2.1% | Dec 2025 -2.5% | Mar 2026 -2.2% | Jun 2026 —
- BRAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 — | Dec 2023 — | Mar 2024 23% | Jun 2024 23% | Sep 2024 21% | Dec 2024 21% | Mar 2025 11% | Jun 2025 11% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CRSR: Sep 2021 1.3% | Dec 2021 3.0% | Mar 2022 -0.3% | Jun 2022 -6.2% | Sep 2022 -1.3% | Dec 2022 1.5% | Mar 2023 0.1% | Jun 2023 -0.3% | Sep 2023 -0.1% | Dec 2023 1.3% | Mar 2024 -1.1% | Jun 2024 -2.7% | Sep 2024 -2.3% | Dec 2024 0.7% | Mar 2025 -0.3% | Jun 2025 -2.0% | Sep 2025 -0.7% | Dec 2025 3.2% | Mar 2026 1.7% | Jun 2026 —
- CRCT: Sep 2021 9.1% | Dec 2021 5.5% | Mar 2022 4.9% | Jun 2022 2.9% | Sep 2022 2.4% | Dec 2022 1.6% | Mar 2023 1.5% | Jun 2023 3.1% | Sep 2023 3.6% | Dec 2023 2.6% | Mar 2024 3.9% | Jun 2024 5.5% | Sep 2024 2.0% | Dec 2024 2.7% | Mar 2025 5.4% | Jun 2025 7.6% | Sep 2025 5.2% | Dec 2025 3.3% | Mar 2026 5.2% | Jun 2026 —
- UMAC: Sep 2021 -0.1% | Dec 2021 -4.2% | Mar 2022 — | Jun 2022 — | Sep 2022 -8.1% | Dec 2022 -13% | Mar 2023 -45% | Jun 2023 -40% | Sep 2023 -13% | Dec 2023 7.5% | Mar 2024 -8.3% | Jun 2024 -12% | Sep 2024 -12% | Dec 2024 -155% | Mar 2025 -16% | Jun 2025 -19% | Sep 2025 -7.7% | Dec 2025 -10% | Mar 2026 -4.1% | Jun 2026 —
- SSYS: Sep 2021 -2.4% | Dec 2021 -1.7% | Mar 2022 -1.8% | Jun 2022 -2.2% | Sep 2022 -1.5% | Dec 2022 0.2% | Mar 2023 -1.6% | Jun 2023 -3.3% | Sep 2023 -4.2% | Dec 2023 0.6% | Mar 2024 -2.5% | Jun 2024 -2.7% | Sep 2024 -2.7% | Dec 2024 -1.1% | Mar 2025 -1.4% | Jun 2025 -1.8% | Sep 2025 -2.5% | Dec 2025 -2.3% | Mar 2026 -3.0% | Jun 2026 —
- QMCO: Sep 2021 -2.5% | Dec 2021 -20% | Mar 2022 -19% | Jun 2022 -14% | Sep 2022 -16% | Dec 2022 7.2% | Mar 2023 -14% | Jun 2023 -7.0% | Sep 2023 -21% | Dec 2023 -31% | Mar 2024 421% | Jun 2024 -40% | Sep 2024 140% | Dec 2024 8.6% | Mar 2025 14% | Jun 2025 68% | Sep 2025 22% | Dec 2025 1.2% | Mar 2026 3.4% | Jun 2026 —
- DDD: Sep 2021 -2.5% | Dec 2021 -0.4% | Mar 2022 -2.4% | Jun 2022 -3.4% | Sep 2022 -3.2% | Dec 2022 -2.1% | Mar 2023 -2.5% | Jun 2023 -2.4% | Sep 2023 -1.1% | Dec 2023 -31% | Mar 2024 -4.0% | Jun 2024 -2.7% | Sep 2024 -20% | Dec 2024 -4.6% | Mar 2025 -6.4% | Jun 2025 -2.7% | Sep 2025 -4.5% | Dec 2025 -5.2% | Mar 2026 -1.6% | Jun 2026 —
- NNDM: Sep 2021 -3.1% | Dec 2021 -17% | Mar 2022 -2.4% | Jun 2022 -2.3% | Sep 2022 -2.5% | Dec 2022 -5.8% | Mar 2023 -2.5% | Jun 2023 -2.5% | Sep 2023 -3.2% | Dec 2023 -2.5% | Mar 2024 -1.8% | Jun 2024 -2.1% | Sep 2024 -2.1% | Dec 2024 -2.8% | Mar 2025 -4.7% | Jun 2025 -5.0% | Sep 2025 -4.4% | Dec 2025 -3.5% | Mar 2026 -9.5% | Jun 2026 —
- OSS: Sep 2021 2.8% | Dec 2021 -0.2% | Mar 2022 1.5% | Jun 2022 0.9% | Sep 2022 0.4% | Dec 2022 0.8% | Mar 2023 -0.4% | Jun 2023 -7.5% | Sep 2023 -9.0% | Dec 2023 -0.8% | Mar 2024 -3.0% | Jun 2024 -5.5% | Sep 2024 -18% | Dec 2024 -8.9% | Mar 2025 -7.0% | Jun 2025 -5.3% | Sep 2025 1.8% | Dec 2025 5.1% | Mar 2026 -1.8% | Jun 2026 —
- VELO: Sep 2021 -10% | Dec 2021 -14% | Mar 2022 -9.8% | Jun 2022 -9.5% | Sep 2022 -12% | Dec 2022 -11% | Mar 2023 -12% | Jun 2023 -14% | Sep 2023 -16% | Dec 2023 -41% | Mar 2024 -17% | Jun 2024 -17% | Sep 2024 -21% | Dec 2024 -22% | Mar 2025 -19% | Jun 2025 -23% | Sep 2025 -21% | Dec 2025 -21% | Mar 2026 -9.9% | Jun 2026 —
- ALOT: Sep 2021 — | Dec 2021 0.3% | Mar 2022 -0.2% | Jun 2022 0.8% | Sep 2022 1.3% | Dec 2022 1.4% | Mar 2023 2.1% | Jun 2023 1.5% | Sep 2023 -1.2% | Dec 2023 4.6% | Mar 2024 3.8% | Jun 2024 1.3% | Sep 2024 0.9% | Dec 2024 1.1% | Mar 2025 -12% | Jun 2025 0.6% | Sep 2025 -0.6% | Dec 2025 1.2% | Mar 2026 0.1% | Jun 2026 1.6%
- BGIN: Sep 2021 12% | Dec 2021 12% | Mar 2022 38% | Jun 2022 38% | Sep 2022 -32% | Dec 2022 -32% | Mar 2023 9.7% | Jun 2023 9.7% | Sep 2023 108% | Dec 2023 108% | Mar 2024 35% | Jun 2024 35% | Sep 2024 1.4% | Dec 2024 1.4% | Mar 2025 -17% | Jun 2025 -17% | Sep 2025 -43% | Dec 2025 -43% | Mar 2026 — | Jun 2026 —
- CAN: Sep 2021 31% | Dec 2021 61% | Mar 2022 25% | Jun 2022 20% | Sep 2022 -2.0% | Dec 2022 -21% | Mar 2023 -14% | Jun 2023 -21% | Sep 2023 -21% | Dec 2023 -19% | Mar 2024 -14% | Jun 2024 -11% | Sep 2024 -16% | Dec 2024 -17% | Mar 2025 -11% | Jun 2025 -7.1% | Sep 2025 -6.4% | Dec 2025 -6.2% | Mar 2026 -16% | Jun 2026 —
- DPRO: Sep 2021 -42% | Dec 2021 -55% | Mar 2022 -68% | Jun 2022 -78% | Sep 2022 -85% | Dec 2022 -221% | Mar 2023 -167% | Jun 2023 -290% | Sep 2023 -578% | Dec 2023 -2,393% | Mar 2024 -847% | Jun 2024 709% | Sep 2024 -289% | Dec 2024 -281% | Mar 2025 -816% | Jun 2025 -65% | Sep 2025 -23% | Dec 2025 -22% | Mar 2026 -16% | Jun 2026 —
- AMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -0.8% | Dec 2023 0.0% | Mar 2024 -0.9% | Jun 2024 -0.6% | Sep 2024 -2.2% | Dec 2024 2.0% | Mar 2025 -0.5% | Jun 2025 -3.9% | Sep 2025 2.5% | Dec 2025 7.2% | Mar 2026 — | Jun 2026 —

### 20-quarter ROCE change history
- DELL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +2.0 pp | Mar 2023 +0.2 pp | Jun 2023 −0.1 pp | Sep 2023 +0.9 pp | Dec 2023 +0.8 pp | Mar 2024 +1.0 pp | Jun 2024 −0.1 pp | Sep 2024 +0.9 pp | Dec 2024 +0.7 pp | Mar 2025 +2.2 pp | Jun 2025 +0.6 pp | Sep 2025 +1.2 pp | Dec 2025 +1.0 pp | Mar 2026 +2.3 pp | Jun 2026 +6.1 pp
- ANET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.2 pp | Dec 2022 +3.1 pp | Mar 2023 +2.8 pp | Jun 2023 +1.4 pp | Sep 2023 +1.1 pp | Dec 2023 +0.2 pp | Mar 2024 −0.1 pp | Jun 2024 −0.9 pp | Sep 2024 −1.0 pp | Dec 2024 −1.2 pp | Mar 2025 −0.5 pp | Jun 2025 +0.3 pp | Sep 2025 −0.7 pp | Dec 2025 −0.2 pp | Mar 2026 +0.2 pp | Jun 2026 —
- STX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −12.6 pp | Mar 2023 — | Jun 2023 −6.7 pp | Sep 2023 −9.0 pp | Dec 2023 +5.3 pp | Mar 2024 +9.3 pp | Jun 2024 +6.0 pp | Sep 2024 +11.0 pp | Dec 2024 +7.7 pp | Mar 2025 +6.0 pp | Jun 2025 +4.8 pp | Sep 2025 — | Dec 2025 +5.0 pp | Mar 2026 +7.6 pp | Jun 2026 +7.2 pp
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −4.7 pp | Sep 2023 −4.3 pp | Dec 2023 — | Mar 2024 +4.5 pp | Jun 2024 +6.4 pp | Sep 2024 +6.8 pp | Dec 2024 +3.9 pp | Mar 2025 −17.1 pp | Jun 2025 −1.5 pp | Sep 2025 — | Dec 2025 −0.2 pp | Mar 2026 +25.5 pp | Jun 2026 +30.5 pp
- WDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −5.1 pp | Mar 2023 — | Jun 2023 −4.7 pp | Sep 2023 −5.8 pp | Dec 2023 +0.5 pp | Mar 2024 +2.8 pp | Jun 2024 +2.7 pp | Sep 2024 +4.9 pp | Dec 2024 +3.8 pp | Mar 2025 +4.4 pp | Jun 2025 +5.6 pp | Sep 2025 — | Dec 2025 +2.9 pp | Mar 2026 +0.9 pp | Jun 2026 +5.9 pp
- HPQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −7.6 pp | Mar 2023 −10.0 pp | Jun 2023 −8.2 pp | Sep 2023 −4.4 pp | Dec 2023 +1.4 pp | Mar 2024 +0.6 pp | Jun 2024 +1.2 pp | Sep 2024 +0.4 pp | Dec 2024 +0.1 pp | Mar 2025 −0.9 pp | Jun 2025 −2.3 pp | Sep 2025 −2.2 pp | Dec 2025 −0.2 pp | Mar 2026 −0.8 pp | Jun 2026 −0.4 pp
- P: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.4 pp | Mar 2023 +1.8 pp | Jun 2023 −4.1 pp | Sep 2023 −1.2 pp | Dec 2023 +3.5 pp | Mar 2024 −0.4 pp | Jun 2024 +2.4 pp | Sep 2024 +1.6 pp | Dec 2024 −1.4 pp | Mar 2025 −1.0 pp | Jun 2025 +0.7 pp | Sep 2025 −1.0 pp | Dec 2025 −0.5 pp | Mar 2026 +1.6 pp | Jun 2026 +2.1 pp
- SMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.2 pp | Dec 2022 +8.0 pp | Mar 2023 −1.0 pp | Jun 2023 +0.2 pp | Sep 2023 −5.7 pp | Dec 2023 +1.5 pp | Mar 2024 +2.8 pp | Jun 2024 −5.3 pp | Sep 2024 +1.9 pp | Dec 2024 −7.0 pp | Mar 2025 −6.4 pp | Jun 2025 −3.5 pp | Sep 2025 −7.9 pp | Dec 2025 −1.8 pp | Mar 2026 +3.3 pp | Jun 2026 —
- LOGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.0 pp | Dec 2022 −3.8 pp | Mar 2023 −3.6 pp | Jun 2023 −1.4 pp | Sep 2023 +1.4 pp | Dec 2023 +2.0 pp | Mar 2024 +3.7 pp | Jun 2024 +3.0 pp | Sep 2024 +0.1 pp | Dec 2024 +0.7 pp | Mar 2025 −0.9 pp | Jun 2025 +0.3 pp | Sep 2025 +1.2 pp | Dec 2025 +1.6 pp | Mar 2026 +1.2 pp | Jun 2026 —
- IONQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 −0.8 pp | Mar 2023 −0.7 pp | Jun 2023 −1.5 pp | Sep 2023 −3.4 pp | Dec 2023 −6.1 pp | Mar 2024 −5.1 pp | Jun 2024 −3.7 pp | Sep 2024 −3.1 pp | Dec 2024 −5.7 pp | Mar 2025 −1.7 pp | Jun 2025 −8.9 pp | Sep 2025 +3.3 pp | Dec 2025 +9.0 pp | Mar 2026 +4.1 pp | Jun 2026 —
- QBTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −41.7 pp | Dec 2022 −100.7 pp | Mar 2023 −2,359.9 pp | Jun 2023 −1,581.5 pp | Sep 2023 −1.2 pp | Dec 2023 +84.4 pp | Mar 2024 +501.7 pp | Jun 2024 −817.2 pp | Sep 2024 −3.1 pp | Dec 2024 +37.5 pp | Mar 2025 +68.2 pp | Jun 2025 +372.4 pp | Sep 2025 +75.6 pp | Dec 2025 +12.1 pp | Mar 2026 −0.9 pp | Jun 2026 —
- RGTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.9 pp | Dec 2022 +4.3 pp | Mar 2023 −2.5 pp | Jun 2023 +0.2 pp | Sep 2023 +1.7 pp | Dec 2023 +13.2 pp | Mar 2024 0.0 pp | Jun 2024 −2.4 pp | Sep 2024 −2.6 pp | Dec 2024 +1.8 pp | Mar 2025 +0.2 pp | Jun 2025 +6.2 pp | Sep 2025 +7.1 pp | Dec 2025 +4.3 pp | Mar 2026 +4.9 pp | Jun 2026 —
- QUBT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +55.5 pp | Dec 2022 −10.4 pp | Mar 2023 +38.4 pp | Jun 2023 +1.1 pp | Sep 2023 +5.8 pp | Dec 2023 +29.5 pp | Mar 2024 +5.4 pp | Jun 2024 +1.3 pp | Sep 2024 +0.6 pp | Dec 2024 +2.8 pp | Mar 2025 +3.0 pp | Jun 2025 +2.9 pp | Sep 2025 +4.9 pp | Dec 2025 +5.7 pp | Mar 2026 +3.1 pp | Jun 2026 —
- BRAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +22.6 pp | Jun 2024 +22.6 pp | Sep 2024 — | Dec 2024 — | Mar 2025 −11.5 pp | Jun 2025 −11.5 pp | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CRSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.6 pp | Dec 2022 −1.5 pp | Mar 2023 +0.4 pp | Jun 2023 +5.9 pp | Sep 2023 +1.2 pp | Dec 2023 −0.2 pp | Mar 2024 −1.2 pp | Jun 2024 −2.4 pp | Sep 2024 −2.2 pp | Dec 2024 −0.6 pp | Mar 2025 +0.8 pp | Jun 2025 +0.7 pp | Sep 2025 +1.6 pp | Dec 2025 +2.5 pp | Mar 2026 +2.0 pp | Jun 2026 —
- CRCT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.7 pp | Dec 2022 −3.9 pp | Mar 2023 −3.4 pp | Jun 2023 +0.2 pp | Sep 2023 +1.2 pp | Dec 2023 +1.0 pp | Mar 2024 +2.4 pp | Jun 2024 +2.4 pp | Sep 2024 −1.6 pp | Dec 2024 +0.1 pp | Mar 2025 +1.5 pp | Jun 2025 +2.1 pp | Sep 2025 +3.2 pp | Dec 2025 +0.6 pp | Mar 2026 −0.2 pp | Jun 2026 —
- UMAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.0 pp | Dec 2022 −8.9 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −4.7 pp | Dec 2023 +20.6 pp | Mar 2024 +36.6 pp | Jun 2024 +27.9 pp | Sep 2024 +0.8 pp | Dec 2024 −162.7 pp | Mar 2025 −8.1 pp | Jun 2025 −7.0 pp | Sep 2025 +4.3 pp | Dec 2025 +145.2 pp | Mar 2026 +12.3 pp | Jun 2026 —
- SSYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +1.9 pp | Mar 2023 +0.2 pp | Jun 2023 −1.1 pp | Sep 2023 −2.7 pp | Dec 2023 +0.4 pp | Mar 2024 −0.9 pp | Jun 2024 +0.6 pp | Sep 2024 +1.5 pp | Dec 2024 −1.7 pp | Mar 2025 +1.1 pp | Jun 2025 +0.9 pp | Sep 2025 +0.2 pp | Dec 2025 −1.2 pp | Mar 2026 −1.6 pp | Jun 2026 —
- QMCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −13.9 pp | Dec 2022 +27.2 pp | Mar 2023 +4.5 pp | Jun 2023 +6.5 pp | Sep 2023 −4.2 pp | Dec 2023 −38.6 pp | Mar 2024 +435.0 pp | Jun 2024 −32.5 pp | Sep 2024 +160.4 pp | Dec 2024 +40.0 pp | Mar 2025 −406.9 pp | Jun 2025 +107.4 pp | Sep 2025 −118.2 pp | Dec 2025 −7.4 pp | Mar 2026 −10.7 pp | Jun 2026 —
- DDD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −1.7 pp | Mar 2023 −0.1 pp | Jun 2023 +1.0 pp | Sep 2023 +2.1 pp | Dec 2023 −28.5 pp | Mar 2024 −1.5 pp | Jun 2024 −0.3 pp | Sep 2024 −19.3 pp | Dec 2024 +26.0 pp | Mar 2025 −2.4 pp | Jun 2025 0.0 pp | Sep 2025 +15.9 pp | Dec 2025 −0.6 pp | Mar 2026 +4.8 pp | Jun 2026 —
- NNDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +10.8 pp | Mar 2023 −0.1 pp | Jun 2023 −0.2 pp | Sep 2023 −0.7 pp | Dec 2023 +3.3 pp | Mar 2024 +0.7 pp | Jun 2024 +0.4 pp | Sep 2024 +1.1 pp | Dec 2024 −0.3 pp | Mar 2025 −2.9 pp | Jun 2025 −2.9 pp | Sep 2025 −2.3 pp | Dec 2025 −0.7 pp | Mar 2026 −4.8 pp | Jun 2026 —
- OSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.4 pp | Dec 2022 +1.0 pp | Mar 2023 −1.9 pp | Jun 2023 −8.4 pp | Sep 2023 −9.4 pp | Dec 2023 −1.6 pp | Mar 2024 −2.6 pp | Jun 2024 +2.0 pp | Sep 2024 −9.4 pp | Dec 2024 −8.1 pp | Mar 2025 −4.0 pp | Jun 2025 +0.2 pp | Sep 2025 +20.2 pp | Dec 2025 +14.0 pp | Mar 2026 +5.2 pp | Jun 2026 —
- VELO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 +2.7 pp | Mar 2023 −2.1 pp | Jun 2023 −4.0 pp | Sep 2023 −4.0 pp | Dec 2023 −29.6 pp | Mar 2024 −5.2 pp | Jun 2024 −3.7 pp | Sep 2024 −5.4 pp | Dec 2024 +18.4 pp | Mar 2025 −1.7 pp | Jun 2025 −6.1 pp | Sep 2025 +0.7 pp | Dec 2025 +1.4 pp | Mar 2026 +8.9 pp | Jun 2026 —
- ALOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.1 pp | Mar 2023 +2.3 pp | Jun 2023 +0.7 pp | Sep 2023 −2.5 pp | Dec 2023 +3.2 pp | Mar 2024 +1.7 pp | Jun 2024 −0.2 pp | Sep 2024 +2.1 pp | Dec 2024 −3.5 pp | Mar 2025 −15.9 pp | Jun 2025 −0.7 pp | Sep 2025 −1.5 pp | Dec 2025 +0.1 pp | Mar 2026 +12.2 pp | Jun 2026 +1.0 pp
- BGIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −44.1 pp | Dec 2022 −44.1 pp | Mar 2023 −28.5 pp | Jun 2023 −28.5 pp | Sep 2023 +140.0 pp | Dec 2023 +140.0 pp | Mar 2024 +25.5 pp | Jun 2024 +25.5 pp | Sep 2024 −106.6 pp | Dec 2024 −106.6 pp | Mar 2025 −52.5 pp | Jun 2025 −52.5 pp | Sep 2025 −44.7 pp | Dec 2025 −44.7 pp | Mar 2026 — | Jun 2026 —
- CAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −32.8 pp | Dec 2022 −81.8 pp | Mar 2023 −39.4 pp | Jun 2023 −40.6 pp | Sep 2023 −19.3 pp | Dec 2023 +1.5 pp | Mar 2024 +0.4 pp | Jun 2024 +9.9 pp | Sep 2024 +5.6 pp | Dec 2024 +2.0 pp | Mar 2025 +3.2 pp | Jun 2025 +4.0 pp | Sep 2025 +9.3 pp | Dec 2025 +11.1 pp | Mar 2026 −4.7 pp | Jun 2026 —
- DPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −42.6 pp | Dec 2022 −166.3 pp | Mar 2023 −99.2 pp | Jun 2023 −212.5 pp | Sep 2023 −493.7 pp | Dec 2023 −2,172.1 pp | Mar 2024 −679.5 pp | Jun 2024 +998.9 pp | Sep 2024 +289.8 pp | Dec 2024 +2,111.5 pp | Mar 2025 +30.6 pp | Jun 2025 −773.9 pp | Sep 2025 +265.3 pp | Dec 2025 +259.8 pp | Mar 2026 +800.2 pp | Jun 2026 —
- AMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −1.4 pp | Dec 2024 +2.0 pp | Mar 2025 +0.4 pp | Jun 2025 −3.3 pp | Sep 2025 +4.7 pp | Dec 2025 +5.2 pp | Mar 2026 — | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Dell Technologies Inc. has the lowest comparable Guarded PEG at 0.36×, 28% below HP Inc.. Only 6 of 29 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Dell Technologies Inc. · 0.36× | 28% versus #2 · HP Inc. | 0/8 recent comparable periods | 6/29 companies · 37 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Dell Technologies Inc. (DELL): 0.4
2. HP Inc. (HPQ): 0.5
3. Cricut, Inc. (CRCT): 0.8
4. Super Micro Computer, Inc. (SMCI): 1.0
5. Logitech International S.A. (LOGI): 1.2

### P/E — lowest P/E
1. Draganfly Inc. (DPRO): 1.3
2. Canaan Inc. (CAN): 5.1
3. 3D Systems Corporation (DDD): 7.5
4. HP Inc. (HPQ): 7.7
5. Cricut, Inc. (CRCT): 10.7

### 20-quarter Guarded PEG history
- DELL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.4 | Mar 2024 0.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 0.4 | Jun 2026 —
- ANET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 1.1 | Sep 2024 1.2 | Dec 2024 1.4 | Mar 2025 1.1 | Jun 2025 1.3 | Sep 2025 2.1 | Dec 2025 2.0 | Mar 2026 1.8 | Jun 2026 —
- HPQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.9 | Mar 2024 0.2 | Jun 2024 0.7 | Sep 2024 0.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SMCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.8 | Dec 2023 1.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LOGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 2.8 | Jun 2025 — | Sep 2025 — | Dec 2025 1.7 | Mar 2026 1.2 | Jun 2026 —
- CRCT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 1.5 | Dec 2024 0.9 | Mar 2025 2.4 | Jun 2025 3.2 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 0.8 | Jun 2026 —

### 20-quarter P/E history
- DELL: Sep 2021 — | Dec 2021 7.0 | Mar 2022 9.0 | Jun 2022 6.9 | Sep 2022 6.7 | Dec 2022 16.7 | Mar 2023 13.0 | Jun 2023 17.2 | Sep 2023 20.6 | Dec 2023 19.2 | Mar 2024 18.8 | Jun 2024 24.9 | Sep 2024 18.2 | Dec 2024 22.2 | Mar 2025 16.2 | Jun 2025 14.8 | Sep 2025 18.6 | Dec 2025 21.6 | Mar 2026 13.2 | Jun 2026 16.7
- ANET: Sep 2021 34.8 | Dec 2021 54.7 | Mar 2022 47.6 | Jun 2022 28.9 | Sep 2022 30.8 | Dec 2022 28.4 | Mar 2023 35.0 | Jun 2023 30.0 | Sep 2023 30.7 | Dec 2023 35.7 | Mar 2024 40.3 | Jun 2024 45.4 | Sep 2024 46.1 | Dec 2024 49.6 | Mar 2025 32.8 | Jun 2025 40.3 | Sep 2025 55.4 | Dec 2025 47.7 | Mar 2026 42.1 | Jun 2026 —
- STX: Sep 2021 — | Dec 2021 12.3 | Mar 2022 — | Jun 2022 11.0 | Sep 2022 9.4 | Dec 2022 18.7 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 65.4 | Sep 2024 28.4 | Dec 2024 16.0 | Mar 2025 12.3 | Jun 2025 20.9 | Sep 2025 — | Dec 2025 32.5 | Mar 2026 32.5 | Jun 2026 40.7
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 24.4
- WDC: Sep 2021 — | Dec 2021 9.1 | Mar 2022 — | Jun 2022 6.3 | Sep 2022 6.7 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 53.5 | Dec 2024 13.0 | Mar 2025 8.8 | Jun 2025 14.2 | Sep 2025 — | Dec 2025 19.3 | Mar 2026 19.0 | Jun 2026 17.7
- HPQ: Sep 2021 — | Dec 2021 5.7 | Mar 2022 6.6 | Jun 2022 6.6 | Sep 2022 5.8 | Dec 2022 9.3 | Mar 2023 11.8 | Jun 2023 11.5 | Sep 2023 14.5 | Dec 2023 8.1 | Mar 2024 8.4 | Jun 2024 9.5 | Sep 2024 12.7 | Dec 2024 12.6 | Mar 2025 11.7 | Jun 2025 9.9 | Sep 2025 9.1 | Dec 2025 10.4 | Mar 2026 7.4 | Jun 2026 7.7
- P: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 758.5 | Mar 2023 130.0 | Jun 2023 754.7 | Sep 2023 — | Dec 2023 184.0 | Mar 2024 222.4 | Jun 2024 186.6 | Sep 2024 135.7 | Dec 2024 134.1 | Mar 2025 218.7 | Jun 2025 129.3 | Sep 2025 133.0 | Dec 2025 259.7 | Mar 2026 122.1 | Jun 2026 105.1
- SMCI: Sep 2021 17.5 | Dec 2021 18.7 | Mar 2022 11.1 | Jun 2022 7.6 | Sep 2022 6.8 | Dec 2022 7.8 | Mar 2023 10.0 | Jun 2023 21.9 | Sep 2023 25.4 | Dec 2023 22.3 | Mar 2024 56.7 | Jun 2024 42.7 | Sep 2024 18.1 | Dec 2024 13.3 | Mar 2025 18.9 | Jun 2025 29.2 | Sep 2025 38.4 | Dec 2025 21.8 | Mar 2026 12.1 | Jun 2026 —
- LOGI: Sep 2021 16.2 | Dec 2021 18.5 | Mar 2022 19.5 | Jun 2022 15.8 | Sep 2022 15.4 | Dec 2022 23.9 | Mar 2023 26.0 | Jun 2023 29.6 | Sep 2023 29.1 | Dec 2023 31.1 | Mar 2024 23.1 | Jun 2024 22.0 | Sep 2024 20.0 | Dec 2024 19.3 | Mar 2025 20.4 | Jun 2025 21.4 | Sep 2025 24.9 | Dec 2025 21.0 | Mar 2026 19.0 | Jun 2026 —
- CRSR: Sep 2021 21.6 | Dec 2021 20.8 | Mar 2022 42.3 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 591.3 | Sep 2023 161.4 | Dec 2023 470.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 69.4 | Jun 2026 —
- CRCT: Sep 2021 31.0 | Dec 2021 34.5 | Mar 2022 25.7 | Jun 2022 17.5 | Sep 2022 33.1 | Dec 2022 33.1 | Mar 2023 48.6 | Jun 2023 55.5 | Sep 2023 38.7 | Dec 2023 27.5 | Mar 2024 16.4 | Jun 2024 19.3 | Sep 2024 24.8 | Dec 2024 19.7 | Mar 2025 16.6 | Jun 2025 20.5 | Sep 2025 16.6 | Dec 2025 14.1 | Mar 2026 10.7 | Jun 2026 —
- DDD: Sep 2021 11.2 | Dec 2021 8.5 | Mar 2022 8.3 | Jun 2022 5.3 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 9.3 | Mar 2026 7.5 | Jun 2026 —
- OSS: Sep 2021 33.5 | Dec 2021 41.3 | Mar 2022 25.5 | Jun 2022 49.3 | Sep 2022 80.0 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 32.6 | Mar 2026 30.3 | Jun 2026 —
- VELO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 44.8 | Mar 2023 16.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALOT: Sep 2021 — | Dec 2021 15.0 | Mar 2022 15.6 | Jun 2022 15.7 | Sep 2022 — | Dec 2022 149.3 | Mar 2023 36.8 | Jun 2023 35.9 | Sep 2023 133.9 | Dec 2023 30.2 | Mar 2024 28.0 | Jun 2024 26.5 | Sep 2024 17.5 | Dec 2024 24.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CAN: Sep 2021 5.1 | Dec 2021 2.9 | Mar 2022 2.0 | Jun 2022 1.1 | Sep 2022 1.6 | Dec 2022 5.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DPRO: Sep 2021 -4.3 | Dec 2021 -4.3 | Mar 2022 — | Jun 2022 1.3 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Rigetti Computing, Inc. leads ev/ebitda at 0.12×; Nano Dimension Ltd. leads p/bv at 0.73×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Rigetti Computing, Inc. · 0.12× | 70% versus #2 · Nano Dimension Ltd. | 0/8 recent comparable periods | 19/29 companies · 237 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Rigetti Computing, Inc. (RGTI): 0.1
2. Nano Dimension Ltd. (NNDM): 0.4
3. Canaan Inc. (CAN): 3.2
4. Stratasys Ltd. (SSYS): 4.7
5. Cricut, Inc. (CRCT): 4.8

### P/BV — lowest P/BV
1. Nano Dimension Ltd. (NNDM): 0.7
2. Canaan Inc. (CAN): 0.8
3. Stratasys Ltd. (SSYS): 0.8
4. Corsair Gaming, Inc. (CRSR): 0.9
5. Quantum Computing Inc. (QUBT): 1.0

### 20-quarter EV/EBITDA history
- DELL: Sep 2021 — | Dec 2021 7.1 | Mar 2022 6.5 | Jun 2022 6.0 | Sep 2022 6.1 | Dec 2022 5.4 | Mar 2023 5.8 | Jun 2023 6.3 | Sep 2023 6.8 | Dec 2023 8.3 | Mar 2024 9.1 | Jun 2024 12.9 | Sep 2024 10.7 | Dec 2024 12.8 | Mar 2025 10.0 | Jun 2025 9.0 | Sep 2025 10.8 | Dec 2025 12.7 | Mar 2026 8.5 | Jun 2026 11.4
- ANET: Sep 2021 25.6 | Dec 2021 41.9 | Mar 2022 37.7 | Jun 2022 21.5 | Sep 2022 22.8 | Dec 2022 21.5 | Mar 2023 26.9 | Jun 2023 23.5 | Sep 2023 24.4 | Dec 2023 29.4 | Mar 2024 34.2 | Jun 2024 39.0 | Sep 2024 39.9 | Dec 2024 43.6 | Mar 2025 27.9 | Jun 2025 34.3 | Sep 2025 47.0 | Dec 2025 39.2 | Mar 2026 33.6 | Jun 2026 —
- STX: Sep 2021 — | Dec 2021 10.4 | Mar 2022 — | Jun 2022 9.4 | Sep 2022 8.1 | Dec 2022 12.8 | Mar 2023 35.8 | Jun 2023 102.3 | Sep 2023 — | Dec 2023 308.2 | Mar 2024 52.1 | Jun 2024 36.3 | Sep 2024 22.2 | Dec 2024 14.3 | Mar 2025 11.8 | Jun 2025 16.0 | Sep 2025 — | Dec 2025 23.8 | Mar 2026 23.2 | Jun 2026 29.4
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 18.1
- WDC: Sep 2021 — | Dec 2021 6.2 | Mar 2022 — | Jun 2022 4.7 | Sep 2022 4.5 | Dec 2022 8.1 | Mar 2023 18.8 | Jun 2023 54.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 156.1 | Sep 2024 35.3 | Dec 2024 14.9 | Mar 2025 8.8 | Jun 2025 8.9 | Sep 2025 — | Dec 2025 15.0 | Mar 2026 19.0 | Jun 2026 25.8
- HPQ: Sep 2021 — | Dec 2021 5.9 | Mar 2022 6.9 | Jun 2022 7.0 | Sep 2022 6.6 | Dec 2022 6.5 | Mar 2023 7.8 | Jun 2023 8.8 | Sep 2023 10.0 | Dec 2023 7.5 | Mar 2024 7.9 | Jun 2024 7.4 | Sep 2024 8.9 | Dec 2024 8.6 | Mar 2025 8.2 | Jun 2025 7.6 | Sep 2025 7.3 | Dec 2025 7.7 | Mar 2026 6.1 | Jun 2026 6.2
- P: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 125.4 | Sep 2022 72.9 | Dec 2022 58.6 | Mar 2023 44.9 | Jun 2023 48.8 | Sep 2023 98.2 | Dec 2023 55.2 | Mar 2024 68.8 | Jun 2024 73.2 | Sep 2024 66.4 | Dec 2024 66.4 | Mar 2025 98.5 | Jun 2025 64.5 | Sep 2025 81.9 | Dec 2025 151.5 | Mar 2026 82.4 | Jun 2026 70.3
- SMCI: Sep 2021 12.5 | Dec 2021 14.1 | Mar 2022 9.5 | Jun 2022 6.2 | Sep 2022 5.3 | Dec 2022 5.9 | Mar 2023 7.5 | Jun 2023 16.4 | Sep 2023 19.0 | Dec 2023 17.2 | Mar 2024 49.6 | Jun 2024 38.4 | Sep 2024 15.9 | Dec 2024 12.0 | Mar 2025 15.0 | Jun 2025 21.7 | Sep 2025 29.1 | Dec 2025 16.4 | Mar 2026 13.3 | Jun 2026 —
- LOGI: Sep 2021 11.1 | Dec 2021 11.7 | Mar 2022 12.2 | Jun 2022 9.3 | Sep 2022 8.9 | Dec 2022 13.7 | Mar 2023 14.5 | Jun 2023 15.7 | Sep 2023 17.7 | Dec 2023 22.7 | Mar 2024 18.2 | Jun 2024 17.9 | Sep 2024 16.5 | Dec 2024 14.3 | Mar 2025 15.0 | Jun 2025 15.9 | Sep 2025 19.0 | Dec 2025 15.6 | Mar 2026 13.3 | Jun 2026 —
- RGTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CRSR: Sep 2021 12.1 | Dec 2021 11.9 | Mar 2022 19.7 | Jun 2022 50.3 | Sep 2022 135.2 | Dec 2022 — | Mar 2023 909.1 | Jun 2023 37.0 | Sep 2023 26.2 | Dec 2023 24.9 | Mar 2024 27.8 | Jun 2024 47.2 | Sep 2024 123.1 | Dec 2024 398.4 | Mar 2025 95.8 | Jun 2025 54.7 | Sep 2025 29.2 | Dec 2025 11.9 | Mar 2026 8.4 | Jun 2026 —
- CRCT: Sep 2021 22.4 | Dec 2021 22.1 | Mar 2022 14.8 | Jun 2022 8.4 | Sep 2022 15.5 | Dec 2022 16.4 | Mar 2023 22.4 | Jun 2023 26.7 | Sep 2023 20.1 | Dec 2023 12.1 | Mar 2024 6.6 | Jun 2024 8.2 | Sep 2024 11.6 | Dec 2024 8.6 | Mar 2025 7.0 | Jun 2025 9.7 | Sep 2025 9.5 | Dec 2025 6.5 | Mar 2026 4.8 | Jun 2026 —
- SSYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 186.1 | Mar 2023 478.3 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 4.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- QMCO: Sep 2021 27.3 | Dec 2021 160.7 | Mar 2022 41.0 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DDD: Sep 2021 396.9 | Dec 2021 1,594.7 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NNDM: Sep 2021 7.2 | Dec 2021 1.4 | Mar 2022 1.3 | Jun 2022 1.7 | Sep 2022 2.1 | Dec 2022 3.2 | Mar 2023 2.4 | Jun 2023 1.2 | Sep 2023 1.7 | Dec 2023 3.2 | Mar 2024 2.7 | Jun 2024 3.6 | Sep 2024 3.6 | Dec 2024 2.4 | Mar 2025 4.6 | Jun 2025 1.4 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.4 | Jun 2026 —
- OSS: Sep 2021 20.4 | Dec 2021 23.7 | Mar 2022 31.6 | Jun 2022 30.4 | Sep 2022 24.1 | Dec 2022 19.6 | Mar 2023 48.8 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 775.8 | Jun 2026 —
- ALOT: Sep 2021 — | Dec 2021 11.9 | Mar 2022 12.6 | Jun 2022 13.5 | Sep 2022 17.5 | Dec 2022 17.7 | Mar 2023 13.2 | Jun 2023 13.1 | Sep 2023 16.6 | Dec 2023 10.6 | Mar 2024 11.4 | Jun 2024 11.2 | Sep 2024 10.0 | Dec 2024 11.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 17.5 | Jun 2026 20.0
- CAN: Sep 2021 9.3 | Dec 2021 1.6 | Mar 2022 1.4 | Jun 2022 0.4 | Sep 2022 0.7 | Dec 2022 3.2 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- DELL: Sep 2021 — | Dec 2021 4.8 | Mar 2022 -25.3 | Jun 2022 -14.3 | Sep 2022 -11.6 | Dec 2022 -8.1 | Mar 2023 -9.7 | Jun 2023 -11.0 | Sep 2023 -13.9 | Dec 2023 -18.7 | Mar 2024 -27.3 | Jun 2024 -31.5 | Sep 2024 -24.9 | Dec 2024 -40.2 | Mar 2025 -48.7 | Jun 2025 -21.4 | Sep 2025 -31.1 | Dec 2025 -41.2 | Mar 2026 -30.2 | Jun 2026 -97.2
- ANET: Sep 2021 6.8 | Dec 2021 11.1 | Mar 2022 10.3 | Jun 2022 7.1 | Sep 2022 7.9 | Dec 2022 7.6 | Mar 2023 9.7 | Jun 2023 8.6 | Sep 2023 8.8 | Dec 2023 10.2 | Mar 2024 11.6 | Jun 2024 13.1 | Sep 2024 13.1 | Dec 2024 14.0 | Mar 2025 9.6 | Jun 2025 11.8 | Sep 2025 15.4 | Dec 2025 13.3 | Mar 2026 11.5 | Jun 2026 —
- STX: Sep 2021 — | Dec 2021 31.6 | Mar 2022 — | Jun 2022 45.9 | Sep 2022 133.0 | Dec 2022 -23.1 | Mar 2023 -13.6 | Jun 2023 -10.7 | Sep 2023 -8.1 | Dec 2023 -9.9 | Mar 2024 -10.3 | Jun 2024 -14.6 | Sep 2024 -17.7 | Dec 2024 -17.1 | Mar 2025 -21.6 | Jun 2025 -66.5 | Sep 2025 — | Dec 2025 -858.7 | Mar 2026 133.8 | Jun 2026 87.8
- SNDK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 — | Dec 2025 2.0 | Mar 2026 4.0 | Jun 2026 7.5
- WDC: Sep 2021 — | Dec 2021 1.2 | Mar 2022 — | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 0.6 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 1.1 | Dec 2023 1.3 | Mar 2024 1.7 | Jun 2024 1.8 | Sep 2024 1.6 | Dec 2024 1.3 | Mar 2025 2.7 | Jun 2025 4.1 | Sep 2025 — | Dec 2025 7.6 | Mar 2026 9.0 | Jun 2026 10.5
- HPQ: Sep 2021 — | Dec 2021 -20.2 | Mar 2022 -16.7 | Jun 2022 -20.0 | Sep 2022 -14.5 | Dec 2022 -9.0 | Mar 2023 -7.7 | Jun 2023 -11.8 | Sep 2023 -14.5 | Dec 2023 -24.4 | Mar 2024 -17.2 | Jun 2024 -30.0 | Sep 2024 -25.0 | Dec 2024 -25.2 | Mar 2025 -28.6 | Jun 2025 -18.9 | Sep 2025 -25.9 | Dec 2025 -73.7 | Mar 2026 -23.3 | Jun 2026 -132.4
- P: Sep 2021 — | Dec 2021 10.8 | Mar 2022 10.2 | Jun 2022 11.2 | Sep 2022 11.6 | Dec 2022 10.9 | Mar 2023 9.7 | Jun 2023 7.7 | Sep 2023 11.9 | Dec 2023 9.6 | Mar 2024 10.6 | Jun 2024 12.4 | Sep 2024 13.6 | Dec 2024 11.8 | Mar 2025 16.9 | Jun 2025 12.6 | Sep 2025 13.6 | Dec 2025 23.3 | Mar 2026 15.9 | Jun 2026 16.5
- SMCI: Sep 2021 1.7 | Dec 2021 1.9 | Mar 2022 1.6 | Jun 2022 1.5 | Sep 2022 1.8 | Dec 2022 2.4 | Mar 2023 3.2 | Jun 2023 6.7 | Sep 2023 6.8 | Dec 2023 5.2 | Mar 2024 11.6 | Jun 2024 8.9 | Sep 2024 4.2 | Dec 2024 2.9 | Mar 2025 3.2 | Jun 2025 4.6 | Sep 2025 4.4 | Dec 2025 2.5 | Mar 2026 1.8 | Jun 2026 —
- LOGI: Sep 2021 6.5 | Dec 2021 5.8 | Mar 2022 5.1 | Jun 2022 3.6 | Sep 2022 3.4 | Dec 2022 4.4 | Mar 2023 4.1 | Jun 2023 4.2 | Sep 2023 5.2 | Dec 2023 6.7 | Mar 2024 6.2 | Jun 2024 6.6 | Sep 2024 6.5 | Dec 2024 5.9 | Mar 2025 5.9 | Jun 2025 6.1 | Sep 2025 7.7 | Dec 2025 6.3 | Mar 2026 5.9 | Jun 2026 —
- IONQ: Sep 2021 3.6 | Dec 2021 5.5 | Mar 2022 4.3 | Jun 2022 1.5 | Sep 2022 1.8 | Dec 2022 1.2 | Mar 2023 2.2 | Jun 2023 5.2 | Sep 2023 6.1 | Dec 2023 5.3 | Mar 2024 4.4 | Jun 2024 3.2 | Sep 2024 4.3 | Dec 2024 24.2 | Mar 2025 7.0 | Jun 2025 10.0 | Sep 2025 8.8 | Dec 2025 4.3 | Mar 2026 2.2 | Jun 2026 —
- QBTS: Sep 2021 -1.5 | Dec 2021 -1.5 | Mar 2022 -1.4 | Jun 2022 -1.5 | Sep 2022 — | Dec 2022 -5.5 | Mar 2023 -2.8 | Jun 2023 -5.2 | Sep 2023 -9.9 | Dec 2023 -5.8 | Mar 2024 -8.9 | Jun 2024 -9.9 | Sep 2024 -12.1 | Dec 2024 35.8 | Mar 2025 10.7 | Jun 2025 7.2 | Sep 2025 12.8 | Dec 2025 11.0 | Mar 2026 4.8 | Jun 2026 —
- RGTI: Sep 2021 -18.9 | Dec 2021 -6.2 | Mar 2022 4.4 | Jun 2022 2.5 | Sep 2022 1.4 | Dec 2022 0.6 | Mar 2023 0.7 | Jun 2023 1.3 | Sep 2023 1.7 | Dec 2023 1.3 | Mar 2024 2.2 | Jun 2024 1.6 | Sep 2024 1.2 | Dec 2024 34.2 | Mar 2025 11.0 | Jun 2025 6.9 | Sep 2025 26.1 | Dec 2025 13.4 | Mar 2026 8.0 | Jun 2026 —
- QUBT: Sep 2021 17.6 | Dec 2021 6.1 | Mar 2022 6.2 | Jun 2022 0.8 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.3 | Jun 2024 0.7 | Sep 2024 1.0 | Dec 2024 19.9 | Mar 2025 5.0 | Jun 2025 7.6 | Sep 2025 3.9 | Dec 2025 1.4 | Mar 2026 1.0 | Jun 2026 —
- CRSR: Sep 2021 4.6 | Dec 2021 3.5 | Mar 2022 3.5 | Jun 2022 2.4 | Sep 2022 2.1 | Dec 2022 2.2 | Mar 2023 3.0 | Jun 2023 2.8 | Sep 2023 2.3 | Dec 2023 2.2 | Mar 2024 1.9 | Jun 2024 1.8 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 1.5 | Jun 2025 1.7 | Sep 2025 1.6 | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 —
- CRCT: Sep 2021 9.4 | Dec 2021 7.3 | Mar 2022 4.1 | Jun 2022 1.9 | Sep 2022 2.8 | Dec 2022 3.0 | Mar 2023 3.2 | Jun 2023 5.6 | Sep 2023 3.9 | Dec 2023 2.7 | Mar 2024 1.9 | Jun 2024 2.9 | Sep 2024 3.2 | Dec 2024 2.6 | Mar 2025 2.2 | Jun 2025 4.6 | Sep 2025 3.7 | Dec 2025 3.1 | Mar 2026 2.2 | Jun 2026 —
- UMAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 0.6 | Sep 2024 0.5 | Dec 2024 17.2 | Mar 2025 6.8 | Jun 2025 4.2 | Sep 2025 4.5 | Dec 2025 2.8 | Mar 2026 1.8 | Jun 2026 —
- SSYS: Sep 2021 1.5 | Dec 2021 1.7 | Mar 2022 1.8 | Jun 2022 1.4 | Sep 2022 1.0 | Dec 2022 0.8 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 0.7 | Sep 2024 0.0 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- QMCO: Sep 2021 -2.7 | Dec 2021 -2.7 | Mar 2022 -1.0 | Jun 2022 -1.9 | Sep 2022 -1.3 | Dec 2022 -1.3 | Mar 2023 -1.3 | Jun 2023 -1.1 | Sep 2023 -0.6 | Dec 2023 -0.3 | Mar 2024 -0.5 | Jun 2024 -0.3 | Sep 2024 -0.1 | Dec 2024 -1.5 | Mar 2025 -0.6 | Jun 2025 -1.2 | Sep 2025 -0.8 | Dec 2025 -0.5 | Mar 2026 -0.4 | Jun 2026 —
- DDD: Sep 2021 4.6 | Dec 2021 3.3 | Mar 2022 2.6 | Jun 2022 1.6 | Sep 2022 1.4 | Dec 2022 1.3 | Mar 2023 1.9 | Jun 2023 1.9 | Sep 2023 0.9 | Dec 2023 2.0 | Mar 2024 1.5 | Jun 2024 1.1 | Sep 2024 1.8 | Dec 2024 2.5 | Mar 2025 1.9 | Jun 2025 0.8 | Sep 2025 1.7 | Dec 2025 1.1 | Mar 2026 1.2 | Jun 2026 —
- NNDM: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.6 | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 —
- OSS: Sep 2021 2.2 | Dec 2021 2.2 | Mar 2022 1.7 | Jun 2022 1.7 | Sep 2022 1.4 | Dec 2022 1.4 | Mar 2023 1.1 | Jun 2023 1.4 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.8 | Jun 2024 1.4 | Sep 2024 1.7 | Dec 2024 2.6 | Mar 2025 1.9 | Jun 2025 3.0 | Sep 2025 4.5 | Dec 2025 3.8 | Mar 2026 4.1 | Jun 2026 —
- VELO: Sep 2021 12.6 | Dec 2021 13.0 | Mar 2022 34.5 | Jun 2022 1.4 | Sep 2022 6.5 | Dec 2022 2.4 | Mar 2023 3.6 | Jun 2023 3.8 | Sep 2023 3.1 | Dec 2023 1.5 | Mar 2024 2.6 | Jun 2024 0.6 | Sep 2024 0.2 | Dec 2024 3.3 | Mar 2025 1.1 | Jun 2025 4.7 | Sep 2025 2.1 | Dec 2025 8.9 | Mar 2026 4.8 | Jun 2026 —
- ALOT: Sep 2021 — | Dec 2021 1.4 | Mar 2022 1.2 | Jun 2022 1.2 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.3 | Dec 2023 1.1 | Mar 2024 1.5 | Jun 2024 1.4 | Sep 2024 1.2 | Dec 2024 1.0 | Mar 2025 1.2 | Jun 2025 0.8 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 1.4
- BGIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.2 | Mar 2026 — | Jun 2026 —
- CAN: Sep 2021 2.7 | Dec 2021 1.6 | Mar 2022 1.5 | Jun 2022 0.8 | Sep 2022 0.8 | Dec 2022 0.6 | Mar 2023 1.6 | Jun 2023 1.7 | Sep 2023 1.7 | Dec 2023 1.4 | Mar 2024 0.8 | Jun 2024 11.6 | Sep 2024 14.5 | Dec 2024 2.4 | Mar 2025 2.7 | Jun 2025 1.4 | Sep 2025 1.7 | Dec 2025 1.1 | Mar 2026 0.8 | Jun 2026 —
- DPRO: Sep 2021 3.4 | Dec 2021 2.0 | Mar 2022 3.4 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 3.1 | Mar 2023 4.8 | Jun 2023 8.5 | Sep 2023 11.4 | Dec 2023 76.7 | Mar 2024 7.7 | Jun 2024 -9.5 | Sep 2024 3.0 | Dec 2024 6.9 | Mar 2025 13.9 | Jun 2025 2.5 | Sep 2025 3.6 | Dec 2025 2.3 | Mar 2026 1.6 | Jun 2026 —

## Market action

Sandisk Corporation has the strongest one-year price move in Computer Hardware at +2552.1%. AstroNova, Inc. leads on Mansfield relative strength against the S&P 500 at +111.4%. 12 of 26 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Sandisk Corporation (SNDK): 2,552%
2. Western Digital Corporation (WDC): 506%
3. Seagate Technology Holdings plc (STX): 383%
4. Dell Technologies Inc. (DELL): 208%
5. AstroNova, Inc. (ALOT): 154%

### Strongest relative strength versus NIFTY 500
1. AstroNova, Inc. (ALOT): 111%
2. Dell Technologies Inc. (DELL): 86%
3. Seagate Technology Holdings plc (STX): 57%
4. Western Digital Corporation (WDC): 55%
5. Sandisk Corporation (SNDK): 51%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 3 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.

## Every company
- Dell Technologies Inc. (DELL) — market value ₹2.5 L Cr; latest fundamentals Jun 2026
- Arista Networks, Inc. (ANET) — market value ₹2.1 L Cr; latest fundamentals Mar 2026
- Seagate Technology Holdings plc (STX) — market value ₹1.7 L Cr; latest fundamentals Jun 2026
- Sandisk Corporation (SNDK) — market value ₹1.6 L Cr; latest fundamentals Jun 2026
- Western Digital Corporation (WDC) — market value ₹1.6 L Cr; latest fundamentals Jun 2026
- HP Inc. (HPQ) — market value ₹25.9K Cr; latest fundamentals Jun 2026
- Everpure, Inc. (P) — market value ₹24.3K Cr; latest fundamentals Jun 2026
- Super Micro Computer, Inc. (SMCI) — market value ₹18.4K Cr; latest fundamentals Mar 2026
- Logitech International S.A. (LOGI) — market value ₹15.4K Cr; latest fundamentals Mar 2026
- IonQ, Inc. (IONQ) — market value ₹12.6K Cr; latest fundamentals Mar 2026
- D-Wave Quantum Inc. (QBTS) — market value ₹6.5K Cr; latest fundamentals Mar 2026
- Rigetti Computing, Inc. (RGTI) — market value ₹4.8K Cr; latest fundamentals Mar 2026
- Quantum Computing Inc. (QUBT) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- Braiin Limited (BRAI) — market value ₹1.2K Cr; latest fundamentals Jun 2025
- Corsair Gaming, Inc. (CRSR) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Cricut, Inc. (CRCT) — market value ₹985 Cr; latest fundamentals Mar 2026
- Unusual Machines, Inc. (UMAC) — market value ₹952 Cr; latest fundamentals Mar 2026
- Stratasys Ltd. (SSYS) — market value ₹690 Cr; latest fundamentals Mar 2026
- Quantum Corporation (QMCO) — market value ₹444 Cr; latest fundamentals Mar 2026
- 3D Systems Corporation (DDD) — market value ₹412 Cr; latest fundamentals Mar 2026
- Nano Dimension Ltd. (NNDM) — market value ₹312 Cr; latest fundamentals Mar 2026
- One Stop Systems, Inc. (OSS) — market value ₹291 Cr; latest fundamentals Mar 2026
- Velo3D, Inc. (VELO) — market value ₹281 Cr; latest fundamentals Mar 2026
- AstroNova, Inc. (ALOT) — market value ₹223 Cr; latest fundamentals Jun 2026
- Bgin Blockchain Limited (BGIN) — market value ₹199 Cr; latest fundamentals Dec 2025
- Canaan Inc. (CAN) — market value ₹178 Cr; latest fundamentals Mar 2026
- Draganfly Inc. (DPRO) — market value ₹149 Cr; latest fundamentals Mar 2026
- AMC Robotics Corporation (AMCI) — market value ₹108 Cr; latest fundamentals Dec 2025
- Virtuix Holdings Inc. (VTIX) — market value ₹96 Cr; latest fundamentals unavailable

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Computer Hardware company is the biggest?

Dell Technologies Inc. is the largest, with trailing-twelve-month revenue of $134,002 million, ahead of HP Inc. at $57,417 million. That covers 22 of 29 companies with comparable reporting through Jun 2026.

### Which Computer Hardware company is growing fastest?

IonQ, Inc. has the fastest revenue growth at 100% year on year, across 21 of 29 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Computer Hardware company has the best profit margins?

Sandisk Corporation has the highest operating margin at 69.1%, from 25 of 29 comparable companies. Quantum Computing Inc. shows the biggest recent improvement, at +20689.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Computer Hardware company makes the most profit?

Dell Technologies Inc. earns the most, at $8,409 million of trailing-twelve-month net profit, from 23 of 29 comparable companies. Dell Technologies Inc. has the fastest profit growth at 84.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Computer Hardware company earns the highest return on capital?

Sandisk Corporation leads on return on capital employed at 30.7%, across 28 of 29 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Computer Hardware stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Dell Technologies Inc. screens cheapest at 0.36×. Only 6 of 29 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Computer Hardware company has the strongest balance sheet?

AMC Robotics Corporation carries the lowest comparable gross debt at $0 million, from 26 of 29 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Computer Hardware company is investing most in new capacity?

Dell Technologies Inc. reports the largest capital spending at $963 million, across 26 of 29 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Computer Hardware sector beating the market?

Computer Hardware has outperformed S&P 500 by 60.9% over the last 52 weeks and 3.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 12 of 26 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Computer Hardware stock has the strongest price momentum?

AstroNova, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Computer Hardware company scores highest for research priority?

Dell Technologies Inc. scores 76.3 out of 100 with 86.2% evidence confidence, from 29.5 points on growth and earnings, 12 on capital efficiency, 15.2 on valuation and 19.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Computer Hardware companies does this comparison cover, and over what period?

It compares 29 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Computer Hardware sector?

The 29 Computer Hardware companies on this page carry $1,075,581 million of combined market value. Dell Technologies Inc. is the largest at $253,352 million, about 24% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Computer Hardware sector's P/E ratio?

The median price-to-earnings ratio across the 29 Computer Hardware companies on this page is 17.7×, measured on the 17 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Computer Hardware sector performing?

12 of the 26 covered Computer Hardware companies are beating S&P 500 on Mansfield relative strength. The sector itself is 60.9% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Computer Hardware stocks are listed in the US?

This comparison covers 29 listed Computer Hardware companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/computer-hardware