5 top hardware stocks to buy in 2023

The best hardware stocks depend on your portfolio and investment goals — while volatility can be ideal for day traders, long-term investors will want to look to stocks with steadier gains over time.

5 hardware stocks to buy in 2023

We round up a selection of stocks in or related to the tool industry, weighting the list more heavily towards popular mid- and large-cap US stocks.

1. Home Depot (HD)
2. Lowes Companies (LOW)
3. Stanley Black-and-Decker (SWK)
4. Snap-On (SNA)
5. Fortive (FTV)

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The hardware stocks industry is affected by a range of complex factors such as trade policies, regulations, and fluctuating supply and demand. So when considering hardware stocks to buy, it's important that you have access to vital information about a company's financial health, leadership team, and market positioning.

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How to invest in hardware stocks

1. Choose an online stock trading platform. Choose from our Top Picks above, use our comparison table below or jump straight to the best stock trading apps of 2023.
2. Sign up for an account. Provide your personal information and sign up.
3. Set up a funding method to pay for the transaction. Deposit funds into your account by linking your banking information.
4. Choose the stocks you want to buy. Search for the stock by name or ticker symbol like HD or LOW.
5. Place your order. Buy the stock. It's that simple.

Take a deeper dive into hardware stocks

If you're interested in investing in the tool industry, take a closer look at what companies in this industry do and how the stocks have historically performed. Keep in mind that positive past performance doesn't guarantee that a stock will continue to rise in the future.

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1. Home Depot (HD)

The Home Depot, Inc. operates as a home improvement retailer. It sells various building materials, home improvement products, lawn and garden products, and décor products, as well as facilities maintenance, repair, and operations products.

Home Depot stock opened the day at $326.00 after a previous close of $326.17. The latest price was $326.47 (25-minute delay). Home Depot is listed on the NYSE, has a trailing 12-month revenue of around USD153.7 billion and employs 470,000 staff.

• Market capitalization: $322,484,797,440
• P/E ratio: 20.7705
• PEG ratio: 1.9585

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2. Lowes Companies (LOW)

Lowe's Companies, Inc. , together with its subsidiaries, operates as a home improvement retailer in the United States. The company offers a line of products for construction, maintenance, repair, remodeling, and decorating.

Lowes Companies stock opened the day at $208.06 after a previous close of $208.30. The latest price was $207.83 (25-minute delay). Lowes Companies is listed on the NYSE, has a trailing 12-month revenue of around USD$90.2 billion and employs 300,000 staff.

• Market capitalization: $119,364,706,304
• P/E ratio: 15.9286
• PEG ratio: 1.3251

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3. Stanley Black-and-Decker (SWK)

Stanley Black & Decker, Inc. engages in the tools and storage and industrial businesses in the United States, Canada, rest of Americas, France, rest of Europe, and Asia. Its Tools & Storage segment offers professional products, including professional grade corded and cordless electric power tools and equipment, and pneumatic tools and fasteners; and consumer products, such as corded and cordless electric power tools primarily under the BLACK+DECKER brand, as well as corded and cordless lawn and garden products and related accessories; home products; and hand tools, power tool accessories, and storage products.

Stanley Black-and-Decker stock opened the day at $92.27 after a previous close of $93.15. The latest price was $92.85 (25-minute delay). Stanley Black-and-Decker is listed on the NYSE, has a trailing 12-month revenue of around USD$16 billion and employs 50,000 staff.

• Market capitalization: $14,377,505,792
• PEG ratio: 1.3679

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4. Snap-On (SNA)

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments. The company provides hand tools, including wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other related products; power tools, such as cordless, pneumatic, and hydraulic and corded tools; and tool storage products comprising tool chests, roll cabinets, and other products.

Snap-On stock opened the day at $279.78 after a previous close of $280.00. The latest price was $278.22 (25-minute delay). Snap-On is listed on the NYSE, has a trailing 12-month revenue of around USD$5.1 billion and employs 12,900 staff.

• Market capitalization: $14,826,957,824
• P/E ratio: 15.2013
• PEG ratio: 1.8393

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5. Fortive (FTV)

Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Intelligent Operating Solutions segment provides advanced instrumentation, software and services, which includes electrical test and measurement, facility and asset lifecycle software applications, and worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries. Additionally, it markets its products and services under the ACCRUENT, FLUKE, GORDIAN, INDUSTRIAL SCIENTIFIC, INTELEX, PRUFTECHNIK, and SERVICECHANNEL brands.

Fortive stock opened the day at $69.17 after a previous close of $69.06. The latest price was $68.89 (25-minute delay). Fortive is listed on the NYSE, has a trailing 12-month revenue of around USD$6 billion and employs 18,000 staff.

• Market capitalization: $24,389,519,360
• P/E ratio: 29.7854
• PEG ratio: 1.7732

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Bottom line

While it’s possible to turn a profit investing in hardware stocks, keep in mind that — like any investment — hardware stocks are not immune to risk. These stocks are subject to fluctuating conditions — both in the market and in the tool industry, so carefully vet your picks before you invest. And if you’re new to investing, or if it’s been awhile since you’ve taken a critical look at your investing accounts, compare brokers to make sure you’re getting the best features in your trading account.

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