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World's largest PC maker, also selling servers, smartphones (Motorola) and infrastructure/AI solutions to consumers and enterprises.
World's largest PC maker, also selling servers, smartphones (Motorola) and infrastructure/AI solutions to consumers and enterprises.
Earns mostly from selling PCs through retailers and corporate resellers, with servers and services smaller. The business was built by acquisition: IBM's PC unit in 2005, then IBM's server line and Motorola's phone business in 2014. Legend Holdings is its biggest shareholder, and most sales come from outside China.
In one line: China's HP/Dell, plus Motorola-brand phones.
Moat: narrow (scale, brand, distribution). Largest PC shipment share globally gives supply-chain and distribution scale, but hardware margins stay thin.
Headquarters: Hong Kong · Founded: 1984 · Employees: 73,500
Size Lenovo (0992.HK) is a Hong Kong Information Technology company (Computer Processing Hardware) with a market value of $30.8B, the 50th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$18.81 on 6 Nov 2026.
Performance Over six months the shares gained 49.8%, against -8.1% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd highest of 13 in its peer set.
Growth Revenue grew 26.2% over the last twelve months (peer median +32.5%); the operating margin is 4.9% (peer median 6.0%).
Valuation It trades at 8.2× forward earnings against a peer median of 14.9× (3rd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about -15% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 32.3 points above its cost of capital (5.8% WACC).
Credit Lenovo has 1 bond outstanding ($562M), rated BBB by the agencies and trading like BBB+ at a weighted spread of 103 bp.
Next results Next results expected around 19 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$712B | HK$648B | HK$538B | HK$445B | HK$486B |
| Revenue growth | — | +20% | +21% | -8% | — |
| Gross profit | HK$110B | HK$97.5B | HK$83.4B | HK$73.5B | HK$76.9B |
| EBITDA | HK$46.0B | HK$35.9B | HK$29.8B | HK$27.1B | HK$32.8B |
| Net income | HK$6.21B | HK$14.9B | HK$10.8B | HK$7.91B | HK$12.6B |
| Free cash flow | HK$15.7B | HK$22.4B | HK$4.30B | HK$11.2B | HK$14.2B |
| Capital expenditure | HK$13.8B | HK$14.5B | HK$8.97B | HK$10.1B | HK$12.4B |
| Total debt | HK$52.3B | HK$40.4B | HK$44.6B | HK$31.0B | HK$34.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lenovo 0992.HK | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% |
| HP Inc. HPQ | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% |
| Dell Technologies DELL | $209B | +26% | +49% | 10% | 11.6× | 10.1% |
| Hewlett Packard Enterprise HPE | $59.4B | +43% | +27% | 8% | 9.6× | 16.2% |
| Asustek Computer 2357.TW | $19.3B | +55% | +32% | 6% | 11.4× | n/a |
| Xiaomi-w 1810.HK | $99.0B | -2% | +6% | 3% | 27.8× | 24.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0992.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -46.5% | -15.6% | lowest of 14 |
| 6-month return | +49.8% | -8.1% | 2nd highest of 13 |
| Distance from 52-week high | -50.3% | -38.2% | 4th lowest of 14 |
| Revenue growth (TTM) | +26.2% | +32.5% | 5th lowest of 14 |
| Operating margin | 4.9% | 6.0% | 6th lowest of 14 |
| Forward P/E | 8.2× | 14.9× | 3rd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | -15.0% | 14.8% | least demanding of 6 |
| Growth delivered (Del g) | +6.6% | +6.8% | 3rd lowest of 6 |
| Hurdle (Req g minus delivered) | -21.6 pp | +10.7 pp | least demanding of 6 |
| ROIC minus cost of capital | +32.3 pp | +1.1 pp | highest of 14 |
| EV / EBITDA | 5.5× | 12.2× | 2nd cheapest of 6 |
| Net debt / EBITDA | 0.1× | 1.2× | 2nd least indebted of 7 |
| Bond spread | 103 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lenovo 0992.HK | Hong Kong | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% | +6.6% |
| Asustek Computer 2357.TW | Taiwan | $19.3B | +55% | +32% | 6% | 11.4× | n/a | n/a |
| Supermicro SMCI | United States | $18.9B | -19% | +156% | 9% | 4.8× | n/a | n/a |
| Dawning Information Industry 603019.SS | China | $16.8B | -17% | +32% | 13% | 38.4× | 31.2% | +8.0% |
| Wistron 3231.TW | Taiwan | $16.3B | +13% | +107% | 4% | 8.1× | n/a | n/a |
| Hewlett Packard Enterprise HPE | United States | $59.4B | +43% | +27% | 8% | 9.6× | 16.2% | +5.0% |
| Zebra Technologies ZBRA | United States | $15.2B | +42% | +17% | 17% | 14.9× | 14.8% | +4.1% |
| Advantech 2395.TW | Taiwan | $14.5B | +39% | +40% | 19% | 22.5× | 9.5% | +6.8% |
| Lingyi iTech (Guangdong) 002600.SZ | China | $14.2B | -17% | +9% | 6% | 30.9× | n/a | n/a |
| IonQ IONQ | United States | $14.0B | -34% | +371% | -392% | n/a | n/a | n/a |
| GoerTek 002241.SZ | China | $13.1B | 0% | -3% | 2% | 25.5× | n/a | n/a |
| IEIT SYSTEMS Co., Ltd.Class A 000977.SZ | China | $12.1B | -21% | +14% | 3% | 14.3× | 7.7% | +21.2% |
| Sharetronic Data Technology 300857.SZ | China | $11.4B | -40% | +127% | 21% | 39.5× | n/a | n/a |
| Quantinuum QNT | United States | $9.89B | n/a | +35% | -644% | n/a | n/a | n/a |
Lenovo has 1 bond outstanding with $562M face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.71%, a spread of 103 bp over government bonds.