# Consumer Electronics — company-by-company sector analysis

> Consumer Electronics: Apple Inc. owns the largest revenue base AND the fastest current growth.

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

## Bottom line

Consumer Electronics has outperformed S&P 500 by 0.4% over 52 weeks and 9.5% over 13 weeks. 2 of 5 covered companies beat the S&P 500 on Mansfield relative strength, while 3 of 5 beat the sector itself. Apple Inc. leads with revenue of $451,442 million, based on 5 of 6 comparable companies through Mar 2026.

### Is the Consumer Electronics sector outperforming S&P 500?

Consumer Electronics has outperformed S&P 500 by 0.4% over 52 weeks and 9.5% over 13 weeks. 2 of 5 covered companies beat the S&P 500 on Mansfield relative strength, while 3 of 5 beat the sector itself.

### Which Consumer Electronics company is largest by revenue?

Apple Inc. leads with revenue of $451,442 million, based on 5 of 6 comparable companies through Mar 2026.

### Which Consumer Electronics company is growing fastest?

Apple Inc. has the fastest current revenue growth at 12.8%, across 5 of 6 comparable companies.

### Which Consumer Electronics company has the strongest 4-Factor Sector Score?

Apple Inc. ranks first at 78.4/100 with 83.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Consumer Electronics company reports the most CAPEX?

Apple Inc. reports the largest latest CAPEX at $1,971 million, with 5 of 6 companies comparable.

### Which Consumer Electronics company has the least gross debt?

Vuzix Corporation has the lowest comparable gross debt at $1 million. Apple Inc. has the highest at $84,711 million.

### Which Consumer Electronics company has the lowest comparable PEG?

Apple Inc. has the lowest comparable Guarded PEG at 1.04, among 1 of 6 companies that pass the metric’s comparability rules.

### How much history does this Consumer Electronics comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 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

Consumer Electronics has outperformed S&P 500 by 0.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 9.5%. 2 of 5 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. Apple Inc. is the strongest against the sector itself at +30.4%.

13-week sector return versus NIFTY 500: -9.5%
52-week sector return versus NIFTY 500: 0.4%
Stocks leading NIFTY: 2/5
Stocks leading sector: 3/5

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 6
Combined market value: ₹50.0 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. Apple Inc. (AAPL): 78/100 — Favorable setup; evidence 83%
   - Growth & earnings 27.3/35 | Capital efficiency 17.8/25 | Valuation 13.3/20 | Relative strength 20.0/20
   - Exact sum: 27.3 + 17.8 + 13.3 + 20 = 78.4
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Sonos, Inc. (SONO): 60/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 22.4/35 | Capital efficiency 13.9/25 | Valuation 10.0/20 | Relative strength 14.1/20
   - Exact sum: 22.4 + 13.9 + 10 + 14.1 = 60.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Vuzix Corporation (VUZI): 43/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.3/35 | Capital efficiency 10.4/25 | Valuation 10.0/20 | Relative strength 5.3/20
   - Exact sum: 17.3 + 10.4 + 10 + 5.3 = 43
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Turtle Beach Corporation (TBCH): 39/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 7.6/35 | Capital efficiency 11.6/25 | Valuation 10.0/20 | Relative strength 9.5/20
   - Exact sum: 7.6 + 11.6 + 10 + 9.5 = 38.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. GoPro, Inc. (GPRO): 26/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 7.8/35 | Capital efficiency 5.5/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 7.8 + 5.5 + 10 + 3 = 26.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Boundless Group (BLTG): 46/100 — Thin evidence · provisional; evidence 9%
   - Growth & earnings 17.5/35 | Capital efficiency 8.2/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 8.2 + 10 + 10 = 45.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Apple Inc. is the scale leader at $451,442 million, 309× the revenue of Sonos, Inc.. Apple Inc.'s growth is 12.8% from a $451,442 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: Apple Inc. is the scale benchmark; Apple Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

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

Evidence: Apple Inc. · $451,442 million | 309× versus #2 · Sonos, Inc. | 7/8 recent comparable periods | 5/6 companies · 97 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. Apple Inc. (AAPL): ₹4.5 L Cr
2. Sonos, Inc. (SONO): ₹1.5K Cr
3. GoPro, Inc. (GPRO): ₹617 Cr
4. Turtle Beach Corporation (TBCH): ₹298 Cr
5. Vuzix Corporation (VUZI): ₹5 Cr

### Revenue growth — fastest growers
1. Apple Inc. (AAPL): 13%
2. Vuzix Corporation (VUZI): 0.0%
3. Sonos, Inc. (SONO): -0.1%
4. GoPro, Inc. (GPRO): -21%
5. Turtle Beach Corporation (TBCH): -22%

### 20-quarter Revenue history
- AAPL: Jun 2021 ₹81.4K Cr | Sep 2021 ₹83.4K Cr | Dec 2021 ₹1.2 L Cr | Mar 2022 ₹97.3K Cr | Jun 2022 ₹83.0K Cr | Sep 2022 ₹90.1K Cr | Dec 2022 ₹1.2 L Cr | Mar 2023 — | Jun 2023 ₹94.8K Cr | Sep 2023 ₹81.8K Cr | Dec 2023 ₹1.2 L Cr | Mar 2024 ₹90.8K Cr | Jun 2024 ₹85.8K Cr | Sep 2024 ₹94.9K Cr | Dec 2024 ₹1.2 L Cr | Mar 2025 ₹95.4K Cr | Jun 2025 ₹94.0K Cr | Sep 2025 ₹1.0 L Cr | Dec 2025 ₹1.4 L Cr | Mar 2026 ₹1.1 L Cr
- SONO: Jun 2021 — | Sep 2021 ₹379 Cr | Dec 2021 ₹360 Cr | Mar 2022 ₹664 Cr | Jun 2022 ₹400 Cr | Sep 2022 ₹372 Cr | Dec 2022 ₹316 Cr | Mar 2023 — | Jun 2023 ₹304 Cr | Sep 2023 ₹373 Cr | Dec 2023 ₹613 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹397 Cr | Sep 2024 ₹255 Cr | Dec 2024 ₹551 Cr | Mar 2025 ₹260 Cr | Jun 2025 ₹345 Cr | Sep 2025 ₹288 Cr | Dec 2025 ₹546 Cr | Mar 2026 ₹282 Cr
- TBCH: Jun 2021 ₹79 Cr | Sep 2021 ₹85 Cr | Dec 2021 ₹109 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹101 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹146 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹119 Cr | Mar 2026 ₹42 Cr
- VUZI: Jun 2021 ₹3 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr
- GPRO: Jun 2021 ₹250 Cr | Sep 2021 ₹317 Cr | Dec 2021 ₹391 Cr | Mar 2022 ₹217 Cr | Jun 2022 ₹251 Cr | Sep 2022 ₹305 Cr | Dec 2022 ₹321 Cr | Mar 2023 ₹175 Cr | Jun 2023 ₹241 Cr | Sep 2023 ₹294 Cr | Dec 2023 ₹295 Cr | Mar 2024 ₹155 Cr | Jun 2024 ₹186 Cr | Sep 2024 ₹259 Cr | Dec 2024 ₹201 Cr | Mar 2025 ₹134 Cr | Jun 2025 ₹153 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹202 Cr | Mar 2026 ₹99 Cr

### 20-quarter Revenue growth history
- AAPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.9% | Sep 2022 8.1% | Dec 2022 -5.5% | Mar 2023 — | Jun 2023 14% | Sep 2023 -9.3% | Dec 2023 2.1% | Mar 2024 — | Jun 2024 -9.6% | Sep 2024 16% | Dec 2024 4.0% | Mar 2025 5.1% | Jun 2025 9.6% | Sep 2025 7.9% | Dec 2025 16% | Mar 2026 17%
- SONO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -1.9% | Dec 2022 -12% | Mar 2023 — | Jun 2023 -24% | Sep 2023 0.3% | Dec 2023 94% | Mar 2024 — | Jun 2024 31% | Sep 2024 -32% | Dec 2024 -10% | Mar 2025 2.8% | Jun 2025 -13% | Sep 2025 13% | Dec 2025 -0.9% | Mar 2026 8.5%
- TBCH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -48% | Sep 2022 -40% | Dec 2022 -7.3% | Mar 2023 8.5% | Jun 2023 17% | Sep 2023 16% | Dec 2023 -1.0% | Mar 2024 9.8% | Jun 2024 58% | Sep 2024 59% | Dec 2024 46% | Mar 2025 14% | Jun 2025 -25% | Sep 2025 -15% | Dec 2025 -18% | Mar 2026 -34%
- VUZI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 33% | Jun 2023 67% | Sep 2023 -33% | Dec 2023 -67% | Mar 2024 -50% | Jun 2024 -80% | Sep 2024 -50% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 100% | Mar 2026 -50%
- GPRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.4% | Sep 2022 -3.8% | Dec 2022 -18% | Mar 2023 -19% | Jun 2023 -4.0% | Sep 2023 -3.6% | Dec 2023 -8.1% | Mar 2024 -11% | Jun 2024 -23% | Sep 2024 -12% | Dec 2024 -32% | Mar 2025 -14% | Jun 2025 -18% | Sep 2025 -37% | Dec 2025 0.5% | Mar 2026 -26%

## Operating Economics & Margin Trend

What the numbers say: Apple Inc. leads opm at 32.3%; Vuzix Corporation leads margin change at +37.1 percentage points.

Investor read: Apple 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 margin change signal.

Evidence: Apple Inc. · 32.3% | 388.4% versus #2 · Sonos, Inc. | 7/8 recent comparable periods | 5/6 companies · 94 observations

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

### OPM — highest
1. Apple Inc. (AAPL): 32%
2. Sonos, Inc. (SONO): -11%
3. Turtle Beach Corporation (TBCH): -33%
4. GoPro, Inc. (GPRO): -58%
5. Vuzix Corporation (VUZI): -518%

### Margin change — fastest expanders
1. Vuzix Corporation (VUZI): +37.1 pp
2. Sonos, Inc. (SONO): +12.4 pp
3. Apple Inc. (AAPL): +1.3 pp
4. GoPro, Inc. (GPRO): −24.1 pp
5. Turtle Beach Corporation (TBCH): −35.7 pp

### 20-quarter OPM history
- AAPL: Jun 2021 30% | Sep 2021 29% | Dec 2021 34% | Mar 2022 31% | Jun 2022 28% | Sep 2022 28% | Dec 2022 31% | Mar 2023 — | Jun 2023 30% | Sep 2023 28% | Dec 2023 34% | Mar 2024 31% | Jun 2024 30% | Sep 2024 31% | Dec 2024 35% | Mar 2025 31% | Jun 2025 30% | Sep 2025 32% | Dec 2025 35% | Mar 2026 32%
- SONO: Jun 2021 — | Sep 2021 4.4% | Dec 2021 -3.2% | Mar 2022 20% | Jun 2022 2.5% | Sep 2022 1.9% | Dec 2022 -19% | Mar 2023 — | Jun 2023 -19% | Sep 2023 -5.7% | Dec 2023 13% | Mar 2024 -28% | Jun 2024 3.2% | Sep 2024 -27% | Dec 2024 8.7% | Mar 2025 -24% | Jun 2025 -0.8% | Sep 2025 -12% | Dec 2025 18% | Mar 2026 -11%
- TBCH: Jun 2021 0.6% | Sep 2021 1.7% | Dec 2021 5.7% | Mar 2022 -18% | Jun 2022 -52% | Sep 2022 -27% | Dec 2022 -8.0% | Mar 2023 -13% | Jun 2023 -33% | Sep 2023 -4.3% | Dec 2023 8.4% | Mar 2024 -10% | Jun 2024 -5.4% | Sep 2024 6.8% | Dec 2024 16% | Mar 2025 2.4% | Jun 2025 -0.6% | Sep 2025 6.7% | Dec 2025 18% | Mar 2026 -33%
- VUZI: Jun 2021 -316% | Sep 2021 -344% | Dec 2021 -341% | Mar 2022 -416% | Jun 2022 -333% | Sep 2022 -291% | Dec 2022 -409% | Mar 2023 -259% | Jun 2023 -205% | Sep 2023 -524% | Dec 2023 — | Mar 2024 -504% | Jun 2024 — | Sep 2024 -671% | Dec 2024 — | Mar 2025 -555% | Jun 2025 -606% | Sep 2025 -646% | Dec 2025 -374% | Mar 2026 -518%
- GPRO: Jun 2021 3.8% | Sep 2021 15% | Dec 2021 15% | Mar 2022 3.8% | Jun 2022 1.9% | Sep 2022 8.0% | Dec 2022 0.5% | Mar 2023 -23% | Jun 2023 -9.3% | Sep 2023 -1.3% | Dec 2023 -3.2% | Mar 2024 -27% | Jun 2024 -25% | Sep 2024 -3.1% | Dec 2024 -20% | Mar 2025 -34% | Jun 2025 -9.2% | Sep 2025 -9.8% | Dec 2025 -4.1% | Mar 2026 -58%

### 20-quarter Margin change history
- AAPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.8 pp | Sep 2022 −0.9 pp | Dec 2022 −2.8 pp | Mar 2023 — | Jun 2023 +2.1 pp | Sep 2023 +0.5 pp | Dec 2023 +3.1 pp | Mar 2024 — | Jun 2024 −0.3 pp | Sep 2024 +3.1 pp | Dec 2024 +0.7 pp | Mar 2025 +0.3 pp | Jun 2025 +0.4 pp | Sep 2025 +0.4 pp | Dec 2025 +0.9 pp | Mar 2026 +1.3 pp
- SONO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 −15.8 pp | Mar 2023 — | Jun 2023 −21.3 pp | Sep 2023 −7.6 pp | Dec 2023 +32.0 pp | Mar 2024 — | Jun 2024 +22.0 pp | Sep 2024 −21.5 pp | Dec 2024 −4.3 pp | Mar 2025 +4.5 pp | Jun 2025 −4.0 pp | Sep 2025 +15.2 pp | Dec 2025 +9.7 pp | Mar 2026 +12.4 pp
- TBCH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −52.4 pp | Sep 2022 −28.4 pp | Dec 2022 −13.7 pp | Mar 2023 +5.2 pp | Jun 2023 +18.9 pp | Sep 2023 +22.4 pp | Dec 2023 +16.4 pp | Mar 2024 +2.4 pp | Jun 2024 +27.5 pp | Sep 2024 +11.1 pp | Dec 2024 +7.6 pp | Mar 2025 +12.6 pp | Jun 2025 +4.8 pp | Sep 2025 −0.1 pp | Dec 2025 +1.6 pp | Mar 2026 −35.7 pp
- VUZI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −16.8 pp | Sep 2022 +52.8 pp | Dec 2022 −67.5 pp | Mar 2023 +157.2 pp | Jun 2023 +127.7 pp | Sep 2023 −233.6 pp | Dec 2023 −1,504.4 pp | Mar 2024 −244.8 pp | Jun 2024 −3,523.1 pp | Sep 2024 −146.7 pp | Dec 2024 +824.8 pp | Mar 2025 −51.4 pp | Jun 2025 +3,121.6 pp | Sep 2025 +25.6 pp | Dec 2025 +714.7 pp | Mar 2026 +37.1 pp
- GPRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.9 pp | Sep 2022 −7.3 pp | Dec 2022 −14.5 pp | Mar 2023 −26.6 pp | Jun 2023 −11.2 pp | Sep 2023 −9.3 pp | Dec 2023 −3.7 pp | Mar 2024 −3.8 pp | Jun 2024 −15.7 pp | Sep 2024 −1.8 pp | Dec 2024 −16.3 pp | Mar 2025 −7.1 pp | Jun 2025 +15.8 pp | Sep 2025 −6.7 pp | Dec 2025 +15.4 pp | Mar 2026 −24.1 pp

## Profit Scale & Acceleration

What the numbers say: Apple Inc. leads with $122,575 million of TTM profit, 5,107× the profit of Sonos, Inc.. Apple Inc. shows 26% growth from a $122,575 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Apple 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: Apple Inc. · $122,575 million | 5,107× versus #2 · Sonos, Inc. | 6/8 recent comparable periods | 5/6 companies · 97 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. Apple Inc. (AAPL): ₹1.2 L Cr
2. Sonos, Inc. (SONO): ₹24 Cr
3. Turtle Beach Corporation (TBCH): ₹2 Cr
4. Vuzix Corporation (VUZI): ₹-31 Cr
5. GoPro, Inc. (GPRO): ₹-127 Cr

### Profit growth — fastest growers
1. Apple Inc. (AAPL): 26%

### 20-quarter Net profit history
- AAPL: Jun 2021 ₹21.7K Cr | Sep 2021 ₹20.6K Cr | Dec 2021 ₹34.6K Cr | Mar 2022 ₹25.0K Cr | Jun 2022 ₹19.4K Cr | Sep 2022 ₹20.7K Cr | Dec 2022 ₹30.0K Cr | Mar 2023 — | Jun 2023 ₹24.2K Cr | Sep 2023 ₹19.9K Cr | Dec 2023 ₹33.9K Cr | Mar 2024 ₹23.6K Cr | Jun 2024 ₹21.4K Cr | Sep 2024 ₹14.7K Cr | Dec 2024 ₹36.3K Cr | Mar 2025 ₹24.8K Cr | Jun 2025 ₹23.4K Cr | Sep 2025 ₹27.5K Cr | Dec 2025 ₹42.1K Cr | Mar 2026 ₹29.6K Cr
- SONO: Jun 2021 — | Sep 2021 ₹18 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-64 Cr | Mar 2023 — | Jun 2023 ₹-31 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹-70 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹-53 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹-70 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-38 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹-29 Cr
- TBCH: Jun 2021 ₹2 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹-18 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹-15 Cr
- VUZI: Jun 2021 ₹-9 Cr | Sep 2021 ₹-10 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹-11 Cr | Jun 2022 ₹-10 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹-20 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-41 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-14 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹-7 Cr
- GPRO: Jun 2021 ₹17 Cr | Sep 2021 ₹312 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹-30 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-339 Cr | Jun 2024 ₹-48 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹-37 Cr | Mar 2025 ₹-47 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹-21 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹-81 Cr

### 20-quarter Profit growth history
- AAPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 0.8% | Dec 2022 -13% | Mar 2023 — | Jun 2023 24% | Sep 2023 -4.1% | Dec 2023 13% | Mar 2024 — | Jun 2024 -11% | Sep 2024 -26% | Dec 2024 7.1% | Mar 2025 4.8% | Jun 2025 9.3% | Sep 2025 86% | Dec 2025 16% | Mar 2026 19%
- SONO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -106% | Dec 2022 — | Mar 2023 — | Jun 2023 -444% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -38% | Mar 2025 — | Jun 2025 -175% | Sep 2025 — | Dec 2025 88% | Mar 2026 —
- TBCH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1,000% | Sep 2022 -500% | Dec 2022 -560% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 122% | Mar 2025 — | Jun 2025 — | Sep 2025 -33% | Dec 2025 -10% | Mar 2026 —
- GPRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -82% | Sep 2022 -94% | Dec 2022 -94% | Mar 2023 -600% | Jun 2023 -667% | Sep 2023 -122% | Dec 2023 -167% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Apple Inc. reports $1,971 million of CAPEX; Vuzix Corporation has the highest covered intensity at 100%. Coverage is only 5 of 6 companies and 97 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: Apple Inc. · $1,971 million | 394× versus #2 · Sonos, Inc. | 8/8 recent comparable periods | 5/6 companies · 97 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. Apple Inc. (AAPL): ₹2.0K Cr
2. Sonos, Inc. (SONO): ₹5 Cr
3. GoPro, Inc. (GPRO): ₹1 Cr
4. Vuzix Corporation (VUZI): ₹1 Cr
5. Turtle Beach Corporation (TBCH): ₹0 Cr

### CAPEX intensity — highest reinvestment intensity
1. Vuzix Corporation (VUZI): 100%
2. Apple Inc. (AAPL): 1.8%
3. Sonos, Inc. (SONO): 1.8%
4. GoPro, Inc. (GPRO): 1.0%
5. Turtle Beach Corporation (TBCH): 0.0%

### 20-quarter CAPEX history
- AAPL: Jun 2021 ₹2.1K Cr | Sep 2021 ₹3.2K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 — | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.0K Cr
- SONO: Jun 2021 — | Sep 2021 ₹15 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹21 Cr | Mar 2023 — | Jun 2023 ₹9 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹5 Cr
- TBCH: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr
- VUZI: Jun 2021 ₹0 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr
- GPRO: Jun 2021 ₹1 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr

### 20-quarter CAPEX intensity history
- AAPL: Jun 2021 2.6% | Sep 2021 3.9% | Dec 2021 2.3% | Mar 2022 2.6% | Jun 2022 2.5% | Sep 2022 3.6% | Dec 2022 3.2% | Mar 2023 — | Jun 2023 3.1% | Sep 2023 2.6% | Dec 2023 2.0% | Mar 2024 2.2% | Jun 2024 2.5% | Sep 2024 3.1% | Dec 2024 2.4% | Mar 2025 3.2% | Jun 2025 3.7% | Sep 2025 3.2% | Dec 2025 1.7% | Mar 2026 1.8%
- SONO: Jun 2021 — | Sep 2021 4.0% | Dec 2021 3.1% | Mar 2022 0.9% | Jun 2022 2.3% | Sep 2022 2.4% | Dec 2022 6.6% | Mar 2023 — | Jun 2023 3.0% | Sep 2023 4.6% | Dec 2023 1.0% | Mar 2024 4.0% | Jun 2024 5.8% | Sep 2024 6.3% | Dec 2024 2.4% | Mar 2025 2.3% | Jun 2025 1.4% | Sep 2025 1.7% | Dec 2025 1.1% | Mar 2026 1.8%
- TBCH: Jun 2021 1.3% | Sep 2021 1.2% | Dec 2021 0.9% | Mar 2022 2.1% | Jun 2022 2.4% | Sep 2022 2.0% | Dec 2022 2.0% | Mar 2023 2.0% | Jun 2023 0.0% | Sep 2023 1.7% | Dec 2023 0.0% | Mar 2024 1.8% | Jun 2024 1.3% | Sep 2024 1.1% | Dec 2024 1.4% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 1.3% | Dec 2025 0.0% | Mar 2026 0.0%
- VUZI: Jun 2021 0.0% | Sep 2021 100% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 100% | Sep 2022 67% | Dec 2022 100% | Mar 2023 50% | Jun 2023 0.0% | Sep 2023 50% | Dec 2023 200% | Mar 2024 0.0% | Jun 2024 100% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 50% | Jun 2025 100% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 100%
- GPRO: Jun 2021 0.4% | Sep 2021 0.9% | Dec 2021 0.3% | Mar 2022 0.5% | Jun 2022 0.4% | Sep 2022 0.7% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.3% | Mar 2024 0.6% | Jun 2024 0.5% | Sep 2024 0.8% | Dec 2024 0.0% | Mar 2025 0.7% | Jun 2025 0.0% | Sep 2025 0.6% | Dec 2025 0.5% | Mar 2026 1.0%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Sonos, Inc. has the clearest covered balance-sheet capacity with $197 million net cash and gross debt of $52 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: Vuzix Corporation · $1 million | 98.1% versus #2 · Sonos, Inc. | 8/8 recent comparable periods | 5/6 companies · 97 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. Vuzix Corporation (VUZI): ₹1 Cr
2. Sonos, Inc. (SONO): ₹52 Cr
3. Turtle Beach Corporation (TBCH): ₹53 Cr
4. GoPro, Inc. (GPRO): ₹89 Cr
5. Apple Inc. (AAPL): ₹84.7K Cr

### Net debt — lowest net debt
1. Sonos, Inc. (SONO): ₹-197 Cr
2. Vuzix Corporation (VUZI): ₹-19 Cr
3. Turtle Beach Corporation (TBCH): ₹41 Cr
4. GoPro, Inc. (GPRO): ₹48 Cr
5. Apple Inc. (AAPL): ₹16.2K Cr

### 20-quarter Gross debt history
- AAPL: Jun 2021 ₹1.2 L Cr | Sep 2021 ₹1.2 L Cr | Dec 2021 ₹1.2 L Cr | Mar 2022 ₹1.2 L Cr | Jun 2022 ₹1.2 L Cr | Sep 2022 ₹1.2 L Cr | Dec 2022 ₹1.1 L Cr | Mar 2023 — | Jun 2023 ₹1.1 L Cr | Sep 2023 ₹1.1 L Cr | Dec 2023 ₹1.1 L Cr | Mar 2024 ₹1.0 L Cr | Jun 2024 ₹1.0 L Cr | Sep 2024 ₹1.1 L Cr | Dec 2024 ₹96.8K Cr | Mar 2025 ₹98.2K Cr | Jun 2025 ₹1.0 L Cr | Sep 2025 ₹98.7K Cr | Dec 2025 ₹90.5K Cr | Mar 2026 ₹84.7K Cr
- SONO: Jun 2021 — | Sep 2021 ₹37 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹26 Cr | Mar 2023 — | Jun 2023 ₹20 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹52 Cr
- TBCH: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹53 Cr
- VUZI: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 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 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr
- GPRO: Jun 2021 ₹283 Cr | Sep 2021 ₹284 Cr | Dec 2021 ₹287 Cr | Mar 2022 ₹315 Cr | Jun 2022 ₹189 Cr | Sep 2022 ₹186 Cr | Dec 2022 ₹184 Cr | Mar 2023 ₹182 Cr | Jun 2023 ₹181 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹126 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹146 Cr | Jun 2025 ₹124 Cr | Sep 2025 ₹205 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹89 Cr

### 20-quarter Net debt history
- AAPL: Jun 2021 ₹60.1K Cr | Sep 2021 ₹62.1K Cr | Dec 2021 ₹58.9K Cr | Mar 2022 ₹68.5K Cr | Jun 2022 ₹71.5K Cr | Sep 2022 ₹71.8K Cr | Dec 2022 ₹59.8K Cr | Mar 2023 — | Jun 2023 ₹53.7K Cr | Sep 2023 ₹46.8K Cr | Dec 2023 ₹34.9K Cr | Mar 2024 ₹37.4K Cr | Jun 2024 ₹39.5K Cr | Sep 2024 ₹41.5K Cr | Dec 2024 ₹43.0K Cr | Mar 2025 ₹49.7K Cr | Jun 2025 ₹46.3K Cr | Sep 2025 ₹44.0K Cr | Dec 2025 ₹23.6K Cr | Mar 2026 ₹16.2K Cr
- SONO: Jun 2021 — | Sep 2021 ₹-634 Cr | Dec 2021 ₹-606 Cr | Mar 2022 ₹-721 Cr | Jun 2022 ₹-578 Cr | Sep 2022 ₹-414 Cr | Dec 2022 ₹-249 Cr | Mar 2023 — | Jun 2023 ₹-275 Cr | Sep 2023 ₹-215 Cr | Dec 2023 ₹-406 Cr | Mar 2024 ₹-240 Cr | Jun 2024 ₹-224 Cr | Sep 2024 ₹-164 Cr | Dec 2024 ₹-271 Cr | Mar 2025 ₹-168 Cr | Jun 2025 ₹-199 Cr | Sep 2025 ₹-175 Cr | Dec 2025 ₹-311 Cr | Mar 2026 ₹-197 Cr
- TBCH: Jun 2021 ₹-56 Cr | Sep 2021 ₹-28 Cr | Dec 2021 ₹-38 Cr | Mar 2022 ₹-24 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹-21 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹-19 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹41 Cr
- VUZI: Jun 2021 ₹-137 Cr | Sep 2021 ₹-128 Cr | Dec 2021 ₹-119 Cr | Mar 2022 ₹-112 Cr | Jun 2022 ₹-100 Cr | Sep 2022 ₹-89 Cr | Dec 2022 ₹-72 Cr | Mar 2023 ₹-62 Cr | Jun 2023 ₹-48 Cr | Sep 2023 ₹-38 Cr | Dec 2023 ₹-27 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-18 Cr | Mar 2025 ₹-15 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-22 Cr | Dec 2025 ₹-20 Cr | Mar 2026 ₹-19 Cr
- GPRO: Jun 2021 ₹-36 Cr | Sep 2021 ₹-95 Cr | Dec 2021 ₹-252 Cr | Mar 2022 ₹-135 Cr | Jun 2022 ₹-133 Cr | Sep 2022 ₹-163 Cr | Dec 2022 ₹-183 Cr | Mar 2023 ₹-113 Cr | Jun 2023 ₹-91 Cr | Sep 2023 ₹-80 Cr | Dec 2023 ₹-118 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹48 Cr

## Return On Capital Employed

What the numbers say: Apple Inc. leads ROCE at 17%, 23.3 percentage points above Sonos, Inc.. Sonos, Inc. has the strongest latest improvement at +4.6 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: Apple 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 roce change signal.

Evidence: Apple Inc. · 17% | 369.8% versus #2 · Sonos, Inc. | 7/8 recent comparable periods | 6/6 companies · 92 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. Apple Inc. (AAPL): 17%
2. Sonos, Inc. (SONO): -6.3%
3. Turtle Beach Corporation (TBCH): -8.4%
4. Vuzix Corporation (VUZI): -21%
5. GoPro, Inc. (GPRO): -67%

### ROCE change — fastest improvers
1. Sonos, Inc. (SONO): +4.6 pp
2. Apple Inc. (AAPL): +2.2 pp
3. Boundless Group (BLTG): −3.1 pp
4. Vuzix Corporation (VUZI): −4.9 pp
5. Turtle Beach Corporation (TBCH): −9.3 pp

### 20-quarter ROCE history
- AAPL: Jun 2021 — | Sep 2021 11% | Dec 2021 18% | Mar 2022 13% | Jun 2022 11% | Sep 2022 12% | Dec 2022 16% | Mar 2023 — | Jun 2023 13% | Sep 2023 11% | Dec 2023 19% | Mar 2024 13% | Jun 2024 12% | Sep 2024 15% | Dec 2024 20% | Mar 2025 15% | Jun 2025 14% | Sep 2025 17% | Dec 2025 24% | Mar 2026 17%
- SONO: Jun 2021 — | Sep 2021 — | Dec 2021 -2.1% | Mar 2022 19% | Jun 2022 1.4% | Sep 2022 1.0% | Dec 2022 -9.1% | Mar 2023 — | Jun 2023 -7.8% | Sep 2023 -2.9% | Dec 2023 11% | Mar 2024 -11% | Jun 2024 1.9% | Sep 2024 -12% | Dec 2024 7.3% | Mar 2025 -11% | Jun 2025 -0.5% | Sep 2025 -6.7% | Dec 2025 18% | Mar 2026 -6.3%
- TBCH: Jun 2021 — | Sep 2021 1.2% | Dec 2021 4.5% | Mar 2022 -5.8% | Jun 2022 -16% | Sep 2022 -10% | Dec 2022 -6.5% | Mar 2023 -5.4% | Jun 2023 -15% | Sep 2023 -2.5% | Dec 2023 8.7% | Mar 2024 -4.1% | Jun 2024 -3.4% | Sep 2024 5.4% | Dec 2024 17% | Mar 2025 0.9% | Jun 2025 -0.2% | Sep 2025 3.3% | Dec 2025 12% | Mar 2026 -8.4%
- VUZI: Jun 2021 — | Sep 2021 -11% | Dec 2021 -12% | Mar 2022 -7.3% | Jun 2022 -6.8% | Sep 2022 -7.1% | Dec 2022 -9.1% | Mar 2023 -8.8% | Jun 2023 -7.9% | Sep 2023 -10% | Dec 2023 -21% | Mar 2024 -11% | Jun 2024 -58% | Sep 2024 -14% | Dec 2024 -23% | Mar 2025 -17% | Jun 2025 -23% | Sep 2025 -19% | Dec 2025 -23% | Mar 2026 -21%
- GPRO: Jun 2021 — | Sep 2021 8.8% | Dec 2021 9.1% | Mar 2022 1.4% | Jun 2022 0.8% | Sep 2022 3.2% | Dec 2022 0.2% | Mar 2023 -5.1% | Jun 2023 -2.9% | Sep 2023 -0.5% | Dec 2023 -1.3% | Mar 2024 -7.3% | Jun 2024 -8.7% | Sep 2024 -1.5% | Dec 2024 -8.9% | Mar 2025 -18% | Jun 2025 -6.3% | Sep 2025 -6.7% | Dec 2025 -4.9% | Mar 2026 -67%

### 20-quarter ROCE change history
- AAPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 −1.9 pp | Mar 2023 — | Jun 2023 +2.2 pp | Sep 2023 −0.7 pp | Dec 2023 +2.5 pp | Mar 2024 — | Jun 2024 −0.6 pp | Sep 2024 +4.0 pp | Dec 2024 +1.6 pp | Mar 2025 +1.7 pp | Jun 2025 +2.0 pp | Sep 2025 +2.0 pp | Dec 2025 +4.0 pp | Mar 2026 +2.2 pp
- SONO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −7.0 pp | Mar 2023 — | Jun 2023 −9.2 pp | Sep 2023 −3.9 pp | Dec 2023 +20.0 pp | Mar 2024 — | Jun 2024 +9.7 pp | Sep 2024 −8.6 pp | Dec 2024 −3.6 pp | Mar 2025 −0.2 pp | Jun 2025 −2.4 pp | Sep 2025 +4.8 pp | Dec 2025 +10.2 pp | Mar 2026 +4.6 pp
- TBCH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.6 pp | Dec 2022 −11.0 pp | Mar 2023 +0.4 pp | Jun 2023 +1.0 pp | Sep 2023 +7.9 pp | Dec 2023 +15.2 pp | Mar 2024 +1.3 pp | Jun 2024 +11.3 pp | Sep 2024 +7.9 pp | Dec 2024 +8.7 pp | Mar 2025 +5.0 pp | Jun 2025 +3.2 pp | Sep 2025 −2.1 pp | Dec 2025 −5.7 pp | Mar 2026 −9.3 pp
- VUZI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.8 pp | Dec 2022 +2.6 pp | Mar 2023 −1.5 pp | Jun 2023 −1.1 pp | Sep 2023 −3.0 pp | Dec 2023 −11.7 pp | Mar 2024 −2.2 pp | Jun 2024 −50.5 pp | Sep 2024 −3.6 pp | Dec 2024 −2.6 pp | Mar 2025 −5.5 pp | Jun 2025 +35.8 pp | Sep 2025 −5.5 pp | Dec 2025 +0.3 pp | Mar 2026 −4.9 pp
- GPRO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.6 pp | Dec 2022 −8.9 pp | Mar 2023 −6.5 pp | Jun 2023 −3.7 pp | Sep 2023 −3.7 pp | Dec 2023 −1.5 pp | Mar 2024 −2.2 pp | Jun 2024 −5.8 pp | Sep 2024 −1.0 pp | Dec 2024 −7.6 pp | Mar 2025 −10.7 pp | Jun 2025 +2.4 pp | Sep 2025 −5.2 pp | Dec 2025 +4.0 pp | Mar 2026 −49.3 pp

## Valuation Against Growth & Quality

What the numbers say: Apple Inc. has the lowest comparable Guarded PEG at 1.04×. Only 1 of 6 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: Apple Inc. · 1.04× | Not enough peers | 0/8 recent comparable periods | 1/6 companies · 3 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. Apple Inc. (AAPL): 1.0

### P/E — lowest P/E
1. GoPro, Inc. (GPRO): 27.7
2. Apple Inc. (AAPL): 30.1
3. Sonos, Inc. (SONO): 74.7
4. Turtle Beach Corporation (TBCH): 338.0

### 20-quarter Guarded PEG history
- AAPL: Jun 2021 — | 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 1.5 | Dec 2025 1.4 | Mar 2026 1.0

### 20-quarter P/E history
- AAPL: Jun 2021 — | Sep 2021 26.2 | Dec 2021 29.2 | Mar 2022 28.4 | Jun 2022 23.4 | Sep 2022 24.6 | Dec 2022 22.1 | Mar 2023 — | Jun 2023 28.0 | Sep 2023 32.6 | Dec 2023 30.0 | Mar 2024 26.7 | Jun 2024 32.1 | Sep 2024 37.5 | Dec 2024 40.6 | Mar 2025 33.9 | Jun 2025 30.5 | Sep 2025 34.2 | Dec 2025 34.6 | Mar 2026 30.1
- SONO: Jun 2021 — | Sep 2021 — | Dec 2021 28.6 | Mar 2022 28.7 | Jun 2022 28.2 | Sep 2022 20.6 | Dec 2022 28.4 | 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 74.7
- TBCH: Jun 2021 — | Sep 2021 16.9 | Dec 2021 23.0 | Mar 2022 266.1 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 52.9 | Dec 2024 22.2 | Mar 2025 19.6 | Jun 2025 14.7 | Sep 2025 18.5 | Dec 2025 18.2 | Mar 2026 338.0
- GPRO: Jun 2021 — | Sep 2021 4.2 | Dec 2021 4.5 | Mar 2022 3.6 | Jun 2022 2.4 | Sep 2022 10.3 | Dec 2022 27.7 | 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 —

## Enterprise Value & Book Value

What the numbers say: Turtle Beach Corporation leads both ev/ebitda at 9.92× and p/bv at 1.78×.

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: Turtle Beach Corporation · 9.92× | 6.4% versus #2 · GoPro, Inc. | 0/8 recent comparable periods | 4/6 companies · 49 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. Turtle Beach Corporation (TBCH): 9.9
2. GoPro, Inc. (GPRO): 10.6
3. Sonos, Inc. (SONO): 15.1
4. Apple Inc. (AAPL): 22.9

### P/BV — lowest P/BV
1. Turtle Beach Corporation (TBCH): 1.8
2. Sonos, Inc. (SONO): 3.9
3. Vuzix Corporation (VUZI): 8.0
4. Apple Inc. (AAPL): 34.3

### 20-quarter EV/EBITDA history
- AAPL: Jun 2021 — | Sep 2021 20.6 | Dec 2021 22.9 | Mar 2022 22.2 | Jun 2022 18.2 | Sep 2022 18.9 | Dec 2022 16.9 | Mar 2023 — | Jun 2023 21.4 | Sep 2023 24.9 | Dec 2023 23.2 | Mar 2024 20.6 | Jun 2024 24.6 | Sep 2024 25.9 | Dec 2024 28.3 | Mar 2025 23.8 | Jun 2025 21.4 | Sep 2025 26.4 | Dec 2025 26.4 | Mar 2026 22.9
- SONO: Jun 2021 — | Sep 2021 — | Dec 2021 18.5 | Mar 2022 16.6 | Jun 2022 16.2 | Sep 2022 10.8 | Dec 2022 11.8 | Mar 2023 — | Jun 2023 121.0 | Sep 2023 51.0 | Dec 2023 76.6 | Mar 2024 252.1 | Jun 2024 37.2 | Sep 2024 303.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 140.3 | Dec 2025 30.9 | Mar 2026 15.1
- TBCH: Jun 2021 — | Sep 2021 10.6 | Dec 2021 12.5 | Mar 2022 57.1 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 111.7 | Sep 2024 28.0 | Dec 2024 13.7 | Mar 2025 8.0 | Jun 2025 7.4 | Sep 2025 9.0 | Dec 2025 8.4 | Mar 2026 9.9
- GPRO: Jun 2021 — | Sep 2021 11.2 | Dec 2021 5.7 | Mar 2022 9.5 | Jun 2022 5.6 | Sep 2022 9.0 | Dec 2022 10.6 | 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 —

### 20-quarter P/BV history
- AAPL: Jun 2021 — | Sep 2021 38.3 | Dec 2021 40.1 | Mar 2022 42.0 | Jun 2022 39.2 | Sep 2022 47.3 | Dec 2022 36.3 | Mar 2023 — | Jun 2023 41.7 | Sep 2023 50.4 | Dec 2023 40.2 | Mar 2024 35.5 | Jun 2024 48.1 | Sep 2024 60.5 | Dec 2024 57.6 | Mar 2025 48.7 | Jun 2025 45.4 | Sep 2025 51.2 | Dec 2025 45.6 | Mar 2026 34.3
- SONO: Jun 2021 — | Sep 2021 — | Dec 2021 7.2 | Mar 2022 5.6 | Jun 2022 5.3 | Sep 2022 3.6 | Dec 2022 3.1 | Mar 2023 — | Jun 2023 4.1 | Sep 2023 3.6 | Dec 2023 3.6 | Mar 2024 4.8 | Jun 2024 3.8 | Sep 2024 3.5 | Dec 2024 3.9 | Mar 2025 3.4 | Jun 2025 3.3 | Sep 2025 5.2 | Dec 2025 4.9 | Mar 2026 3.9
- TBCH: Jun 2021 — | Sep 2021 3.3 | Dec 2021 2.6 | Mar 2022 2.5 | Jun 2022 1.7 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 2.0 | Jun 2023 2.7 | Sep 2023 2.2 | Dec 2023 2.3 | Mar 2024 2.9 | Jun 2024 2.8 | Sep 2024 3.0 | Dec 2024 2.9 | Mar 2025 2.3 | Jun 2025 2.4 | Sep 2025 2.8 | Dec 2025 2.1 | Mar 2026 1.8
- VUZI: Jun 2021 — | Sep 2021 4.4 | Dec 2021 3.8 | Mar 2022 3.1 | Jun 2022 3.5 | Sep 2022 2.9 | Dec 2022 2.0 | Mar 2023 2.4 | Jun 2023 3.1 | Sep 2023 2.4 | Dec 2023 1.7 | Mar 2024 1.1 | Jun 2024 2.5 | Sep 2024 2.2 | Dec 2024 8.0 | Mar 2025 4.7 | Jun 2025 7.8 | Sep 2025 8.9 | Dec 2025 12.4 | Mar 2026 8.0
- GPRO: Jun 2021 — | Sep 2021 2.6 | Dec 2021 2.6 | Mar 2022 2.3 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 1.1 | Mar 2023 1.3 | Jun 2023 1.0 | Sep 2023 0.7 | Dec 2023 0.9 | Mar 2024 1.5 | Jun 2024 1.0 | Sep 2024 1.1 | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 1.2 | Sep 2025 4.2 | Dec 2025 3.0 | Mar 2026 -67.6

## Market action

Apple Inc. has the strongest one-year price move in Consumer Electronics at +68%. It also leads on Mansfield relative strength against the S&P 500 at +17.1%. 2 of 5 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Apple Inc. (AAPL): 68%
2. Sonos, Inc. (SONO): 62%
3. Vuzix Corporation (VUZI): 16%
4. Turtle Beach Corporation (TBCH): -7.1%
5. GoPro, Inc. (GPRO): -40%

### Strongest relative strength versus NIFTY 500
1. Apple Inc. (AAPL): 17%
2. Sonos, Inc. (SONO): 1.6%
3. Turtle Beach Corporation (TBCH): -10%
4. Vuzix Corporation (VUZI): -26%
5. GoPro, Inc. (GPRO): -49%

## 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.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Apple Inc. (AAPL) — market value ₹49.9 L Cr; latest fundamentals Mar 2026
- Sonos, Inc. (SONO) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- Turtle Beach Corporation (TBCH) — market value ₹258 Cr; latest fundamentals Mar 2026
- Vuzix Corporation (VUZI) — market value ₹187 Cr; latest fundamentals Mar 2026
- Boundless Group (BLTG) — market value ₹136 Cr; latest fundamentals unavailable
- GoPro, Inc. (GPRO) — market value ₹123 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Mar 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 Consumer Electronics company is the biggest?

Apple Inc. is the largest, with trailing-twelve-month revenue of $451,442 million, ahead of Sonos, Inc. at $1,461 million. That covers 5 of 6 companies with comparable reporting through Mar 2026.

### Which Consumer Electronics company is growing fastest?

Apple Inc. has the fastest revenue growth at 12.8% year on year, across 5 of 6 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 Consumer Electronics company has the best profit margins?

Apple Inc. has the highest operating margin at 32.3%, from 5 of 6 comparable companies. Vuzix Corporation shows the biggest recent improvement, at +37.1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Consumer Electronics company makes the most profit?

Apple Inc. earns the most, at $122,575 million of trailing-twelve-month net profit, from 5 of 6 comparable companies. Apple Inc. has the fastest profit growth at 26%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Consumer Electronics company earns the highest return on capital?

Apple Inc. leads on return on capital employed at 17%, across 6 of 6 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 Consumer Electronics stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Apple Inc. screens cheapest at 1.04×. Only 1 of 6 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 Consumer Electronics company has the strongest balance sheet?

Vuzix Corporation carries the lowest comparable gross debt at $1 million, from 5 of 6 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 Consumer Electronics company is investing most in new capacity?

Apple Inc. reports the largest capital spending at $1,971 million, across 5 of 6 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 Consumer Electronics sector beating the market?

Consumer Electronics has outperformed S&P 500 by 0.4% over the last 52 weeks and 9.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 5 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Consumer Electronics stock has the strongest price momentum?

Apple 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 Consumer Electronics company scores highest for research priority?

Apple Inc. scores 78.4 out of 100 with 83.2% evidence confidence, from 27.3 points on growth and earnings, 17.8 on capital efficiency, 13.3 on valuation and 20 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 Consumer Electronics companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Mar 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 Consumer Electronics sector?

The 6 Consumer Electronics companies on this page carry $4,997,581 million of combined market value. Apple Inc. is the largest at $4,994,876 million, about 100% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### How is the Consumer Electronics sector performing?

2 of the 5 covered Consumer Electronics companies are beating S&P 500 on Mansfield relative strength. The sector itself is 0.4% 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 Consumer Electronics stocks are listed in the US?

This comparison covers 6 listed Consumer Electronics companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 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/consumer-electronics