Dell has consistently outperformed other PC makers and the PC industry as a whole on most
financial measures (Table 5). In 1999, its return on equity and return on assets were first in the
industry, its net profit margin was second to Apple, and its overhead (SG&A) costs were by far
the lowest in the industry. Dell’s operating performance was equally impressive, with high
rates of inventory and asset turnover reflecting the inherent advantages of the direct model and
the efficiencies Dell has achieved with that model. Dell also has doubled the industry average
for revenue growth over the previous 12 months and 36 months.