A Business at a Glance
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Dell Technologies Inc.
DELL
$299.2B
Mkt Cap
$437.50
-0.42%
Dell Technologies Inc. (DELL) has a current P/E ratio of 52.2, compared to its historical median P/E of 11.7. The stock is currently considered Expensive based on its historical valuation range.
Dell Technologies Inc. (DELL) has a 5-year average return on invested capital (ROIC) of 32.5%. This indicates strong capital allocation and a potential competitive advantage.
Dell Technologies Inc. (DELL) has a market capitalization of $283.9B. It is classified as a mega-cap stock.
Yes, Dell Technologies Inc. (DELL) pays a dividend with a trailing twelve-month yield of 0.54%. The company also returns capital through share buybacks, with a buyback yield of 1.99%.
Based on historical P/E analysis, Dell Technologies Inc. (DELL) appears expensive. The current P/E of 52.2 is 346% above its historical median of 11.7. The estimated fair value CAGR (P/E method) is 20.4%.
Dell Technologies Inc. (DELL) operates in the Electronic Computers industry, within the Technology sector.
Dell Technologies Inc. (DELL) reported annual revenue of $113.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Dell Technologies is a global technology leader providing comprehensive solutions spanning client devices, infrastructure, and services across the data and AI era. The company operates through two reportable segments: Infrastructure Solutions Group (ISG), which delivers AI-optimized servers, traditional servers and networking, and storage solutions designed for multicloud environments and on-premises deployments; and Client Solutions Group (CSG), which offers commercial and consumer personal computers, workstations, peripherals, and related services. Dell's business model combines direct sales through an extensive global sales force with a network of channel partners, supported by a world-class supply chain and global services footprint. The company generates revenue through multiple consumption models—including utility, subscription, as-a-Service, leases, loans, and immediate pay options—which provide customers operational and financial flexibility while generating recurring revenue streams through multiyear agreements. Dell Financial Services originates and services customer receivables to support these financing solutions, creating a diversified revenue base across hardware, software, services, and financing. The company's competitive advantages include its end-to-end solution portfolio, operational scale, engineering differentiation in AI-optimized infrastructure, and ability to rapidly adjust pricing and supply chain execution in dynamic cost environments, positioning it to serve diverse customer types including neoclouds, sovereigns, and enterprises across over 170 countries.
【AI infrastructure momentum accelerating】 Management expects sustained strong demand for AI infrastructure throughout fiscal 2027, with customers prioritizing securing supply across compute, storage, and networking to support AI workloads and digital transformation initiatives. The company anticipates demand will continue to exceed supply, with memory as the primary constraint, and expects to exit the year with meaningful backlog as it enters fiscal 2028. Pricing discipline is expected to persist as the company manages rising input costs through rapid repricing actions and value engineering, while maintaining mid-single-digit operating margins on AI servers and expanding margins across the broader portfolio through mix shift toward higher-margin Dell IP storage and enterprise customer expansion. Management is confident in its ability to scale operations and deliver strong cash generation while continuing capital returns to shareholders, supported by operating leverage from modernization efforts and the proven execution of its operating model across all customer segments and geographies.
| Metric | Target | Period |
|---|---|---|
| Revenue | $165 billion–$169 billion | FY2027 |
| AI server revenue | $60 billion | FY2027 |
| Operating income | over 55% growth | FY2027 |
| Q2 FY2027 Revenue | $44 billion–$45 billion | Q2 FY2027 |
| Q2 FY2027 Diluted non-GAAP EPS | $4.80 ±$0.10 | Q2 FY2027 |
Revenue (FY2027): “For the full year, we expect revenue of $165 billion-$169 billion, up nearly 50% at the midpoint of $167 billion.”
AI server revenue (FY2027): “ISG is expected to grow roughly 80%, driven by $60 billion of AI server revenue at the midpoint, or approximately 2.4x year-over-year.”
Operating income (FY2027): “Operating income is expected to grow over 55%, with improvement both in dollars and as a percentage of revenue.”
Q2 FY2027 Revenue (Q2 FY2027): “For Q2, we expect revenue of $44 billion-$45 billion, up roughly 50% at the midpoint of $44.5 billion.”
Q2 FY2027 Diluted non-GAAP EPS (Q2 FY2027): “Diluted non-GAAP earnings per share is expected to be $4.80, ± $0.10, up over 100% at the midpoint.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2027 Earnings Call, Q3 FY2027 Earnings Call, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 134.0B | 113.5B | 95.6B | 88.4B | 102.3B | 101.2B |
| Net Income | 8.4B | 5.9B | 4.6B | 3.4B | 2.4B | 4.9B |
| EPS | $12.81 | $8.68 | $6.38 | $4.60 | $3.24 | $6.26 |
| Free Cash Flow | 9.4B | 8.6B | 1.9B | 5.9B | 562M | 7.5B |
| ROIC | 48.8% | 41.1% | 39.2% | 32.3% | 31.2% | 18.7% |
| Gross Margin | 19.1% | 20.0% | 22.2% | 23.8% | 22.2% | 21.6% |
| Debt/Equity | 0.00 | -13.05 | -16.58 | -11.67 | -9.48 | -16.00 |
| Dividends/Share | $2.35 | $2.10 | $1.78 | $1.48 | $1.32 | $0.33 |
| Operating Income | 10.6B | 8.1B | 6.2B | 5.4B | 5.8B | 4.7B |
| Operating Margin | 7.9% | 7.2% | 6.5% | 6.1% | 5.6% | 4.6% |
| ROE | 0.0% | -300.4% | -247.6% | -126.7% | -101.6% | - |
| Shares Outstanding | 649M | 684M | 720M | 737M | 754M | 790M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 54.1B | 50.9B | 62.2B | 79.0B | 90.6B | 84.8B | 86.7B | 101.2B | 102.3B | 88.4B | 95.6B | 113.5B | 134.0B |
| Gross Margin | 16.4% | 16.5% | 22.0% | 26.0% | 27.6% | 24.3% | 23.2% | 21.6% | 22.2% | 23.8% | 22.2% | 20.0% | 19.1% |
| R&D | 920M | 1.1B | 2.6B | 4.4B | 4.6B | 2.5B | 2.5B | 2.6B | 2.8B | 2.8B | 3.1B | 3.1B | 3.3B |
| SG&A | 8.3B | 7.8B | 13.4B | 18.6B | 20.6B | 15.8B | 14.0B | 14.7B | 14.1B | 12.9B | 12.0B | 11.4B | 11.6B |
| EBIT | -316M | -514M | -2.4B | -2.4B | -191M | 2.4B | 3.7B | 4.7B | 5.8B | 5.4B | 6.2B | 8.1B | 10.6B |
| Op. Margin | -0.6% | -1.0% | -3.8% | -3.1% | -0.2% | 2.8% | 4.3% | 4.6% | 5.6% | 6.1% | 6.5% | 7.2% | 7.9% |
| Net Income | -1.2B | -1.1B | -1.2B | -2.8B | -2.3B | 4.6B | 3.3B | 4.9B | 2.4B | 3.4B | 4.6B | 5.9B | 8.4B |
| Net Margin | -2.3% | -2.2% | -1.9% | -3.6% | -2.5% | 5.4% | 3.7% | 4.9% | 2.4% | 3.8% | 4.8% | 5.2% | 6.3% |
| Non-Recurring | 46M | 20M | 541M | 159M | 405M | 381M | 368M | 244M | 527M | 648M | 693M | 805M | 666M |
| Returns on Capital | |||||||||||||
| ROIC | N/A | -12.3% | -3.4% | -5.1% | -0.5% | 6.3% | 10.8% | 18.7% | 31.2% | 32.3% | 39.2% | 41.1% | 48.8% |
| ROE | N/A | -50.5% | -15.9% | -22.8% | -77.6% | -125.8% | 131.1% | N/A | -101.6% | -126.7% | -247.6% | -300.4% | 0.0% |
| ROA | N/A | -4.7% | -1.4% | -2.4% | -2.0% | 4.0% | 2.7% | 4.6% | 2.7% | 3.9% | 5.7% | 6.6% | 7.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.6B | 2.2B | 2.4B | 6.8B | 7.0B | 9.3B | 11.4B | 10.3B | 3.6B | 8.7B | 4.5B | 11.2B | 12.5B |
| Free Cash Flow | 2.1B | 1.7B | 1.7B | 5.6B | 5.5B | 6.7B | 9.3B | 7.5B | 562M | 5.9B | 1.9B | 8.6B | 9.4B |
| Owner Earnings | -498M | -782M | -3.0B | -2.6B | -1.7B | 1.9B | 4.4B | 4.1B | -522M | 4.5B | 613M | 7.4B | 8.7B |
| CapEx | 478M | 482M | 699M | 1.2B | 1.5B | 2.6B | 2.1B | 2.8B | 3.0B | 2.8B | 2.7B | 2.6B | 3.0B |
| Maint. CapEx | 3.0B | 2.9B | 4.9B | 8.6B | 7.7B | 6.1B | 5.4B | 4.6B | 3.2B | 3.3B | 3.1B | 3.0B | 3.0B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 3.0B | 2.9B | 4.9B | 8.6B | 7.7B | 6.1B | 5.4B | 4.6B | 3.2B | 3.3B | 3.1B | 3.0B | 3.0B |
| CapEx/OCF | N/A | N/A | 30.3% | 17.7% | 16.6% | 27.7% | 18.3% | 27.1% | 84.2% | 31.8% | 58.7% | N/A | 24.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 2.1B | 0 | 0 | 0 | 964M | 1.1B | 1.3B | 1.5B | 1.5B |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.1% | 2.7% | 1.5% | N/A | 0.5% |
| Share Buybacks | 0 | 0 | 611M | 724M | 14.1B | 8.0M | 241M | 1.5B | 2.9B | 2.1B | 2.6B | 6.0B | 5.7B |
| Buyback Yield | 0.0% | 0.0% | 1.6% | 3.4% | 0.3% | 0.0% | 0.6% | 1.5% | 10.1% | 3.5% | 3.6% | 0.0% | 2.0% |
| Stock-Based Comp | 72M | 72M | 398M | 835M | 918M | 1.3B | 1.6B | 1.6B | 931M | 878M | 785M | 723M | 722M |
| Debt Repayment | 6.1B | 6.0B | 17.0B | 12.3B | 11.5B | 22.1B | 20.9B | 26.7B | 9.8B | 11.2B | 10.6B | 8.5B | 8.5B |
| Balance Sheet | |||||||||||||
| Net Debt | -2.5B | 7.3B | 34.8B | 35.7B | 43.8B | 42.8B | 29.4B | 17.4B | 20.9B | 18.6B | 20.9B | 20.6B | 19.5B |
| Cash & Equiv. | 5.4B | 6.3B | 9.5B | 13.9B | 9.7B | 9.3B | 9.5B | 9.5B | 8.6B | 7.4B | 3.6B | 11.5B | 11.7B |
| Long-Term Debt | 2.9B | 10.7B | 43.1B | 44.0B | 49.2B | 44.3B | 32.9B | 21.1B | 23.0B | 19.0B | 19.4B | 23.5B | 23.6B |
| Debt/Equity | N/A | 9.30 | 3.73 | 4.43 | -9.28 | -33.07 | 15.82 | -16.00 | -9.48 | -11.67 | -16.58 | -13.05 | 0.00 |
| Interest Coverage | -0.4 | -0.8 | -1.4 | -1.0 | -0.1 | 1.0 | 1.8 | 3.0 | 4.7 | 3.6 | 4.5 | 5.2 | 6.7 |
| Equity | N/A | 1.5B | 13.2B | 11.7B | -5.8B | -1.6B | 2.5B | -1.7B | -3.1B | -2.2B | -1.5B | -2.5B | -1.4B |
| Total Assets | N/A | 45.1B | 118.2B | 124.2B | 111.8B | 118.9B | 123.4B | 92.7B | 89.6B | 82.1B | 79.7B | 101.3B | 114.9B |
| Total Liabilities | N/A | 43.7B | 99.0B | 106.3B | 117.6B | 120.4B | 115.4B | 94.4B | 92.7B | 84.4B | 81.2B | 103.8B | 116.3B |
| Intangibles | N/A | 8.6B | 35.1B | 28.3B | 22.3B | 18.1B | 9.1B | 7.5B | 6.5B | 5.7B | 5.0B | 4.5B | 4.4B |
| Retained Earnings | N/A | -3.9B | -5.6B | -6.9B | -21.3B | -16.9B | -13.8B | -8.2B | -6.7B | -4.5B | -1.2B | 3.3B | 6.3B |
| Working Capital | N/A | -1.7B | -7.4B | -5.5B | -8.8B | -15.6B | -10.6B | -11.2B | -9.3B | -12.4B | -10.3B | -5.7B | -4.0B |
| Current Assets | N/A | 23.6B | 30.8B | 40.3B | 36.1B | 36.9B | 43.6B | 45.0B | 42.4B | 36.0B | 36.2B | 57.6B | 70.6B |
| Current Liabilities | N/A | 25.3B | 38.1B | 45.8B | 45.0B | 52.5B | 54.1B | 56.2B | 51.7B | 48.4B | 46.5B | 63.3B | 74.6B |
| Per Share Data | |||||||||||||
| EPS | N/A | N/A | N/A | N/A | N/A | 6.03 | 4.22 | 6.26 | 3.24 | 4.60 | 6.38 | 8.68 | 12.81 |
| Owner EPS | N/A | N/A | N/A | N/A | N/A | 2.46 | 5.72 | 5.23 | -0.69 | 6.10 | 0.85 | 10.87 | 13.40 |
| Book Value | N/A | N/A | N/A | N/A | N/A | -2.06 | 3.22 | -2.13 | -4.14 | -3.02 | -2.06 | -3.61 | -2.16 |
| Cash Flow/Share | N/A | N/A | N/A | N/A | N/A | 12.14 | 14.81 | 13.04 | 4.73 | 11.78 | 6.28 | 16.36 | 17.65 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 | 0.33 | 1.32 | 1.48 | 1.78 | 2.10 | 2.35 |
| Shares Out. | N/A | N/A | N/A | N/A | N/A | 765.5M | 770.1M | 790.4M | 753.7M | 736.5M | 719.7M | 683.9M | 649.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 7.4 | 11.7 | 8.2 | 11.7 | 17.7 | 15.6 | N/A | 34.2 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 2.6 | 2.8 | 5.4 | 51.0 | 10.1 | 38.3 | N/A | 30.1 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 28.7 | 17.5 | 12.8 | 8.2 | 14.5 | 15.1 | N/A | 28.5 |
| Price/Book | N/A | N/A | 3.3 | 1.8 | N/A | N/A | 15.3 | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | N/A | N/A | 2.8 | 0.2 | 0.2 | 0.4 | 0.3 | 0.4 | 0.3 | 0.5 | 0.9 | N/A | 2.1 |
| FCF Yield | N/A | N/A | 3.8% | 26.6% | 33.6% | 19.7% | 24.6% | 16.5% | 2.0% | 9.9% | 2.6% | N/A | 3.3% |
| Market Cap | 0 | 0 | 43.9B | 21.2B | 16.4B | 34.0B | 37.9B | 45.6B | 28.6B | 60.0B | 71.6B | 0 | 283.9B |
| Avg. Price | 0.00 | 0.00 | 13.05 | 18.25 | 22.22 | 25.27 | 26.33 | 46.24 | 41.44 | 54.49 | 116.75 | 0.00 | 437.50 |
| Year-End Price | 0.00 | 0.00 | 16.02 | 21.19 | 21.70 | 22.52 | 34.20 | 51.33 | 38.00 | 81.46 | 99.44 | 0.00 | 437.50 |
Dell Technologies Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Dell Technologies Inc. trades at 52.2x trailing earnings, compared to its 15-year median P/E of 11.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 14.5x vs a median of 7.8x. The company's 5-year average ROIC is 32.5% with a gross margin of 22.0%. Total shareholder yield (dividends + buybacks) is 2.5%. At current prices, the estimated annualized return to fair value is -2.8%.
Dell Technologies Inc. (DELL) has a net profit margin of 5.2%. This is a modest margin.
Dell Technologies Inc. (DELL) generated $8.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Dell Technologies Inc. (DELL) reported earnings per share (EPS) of $8.68 in its most recent fiscal year.
Dell Technologies Inc. (DELL) has a return on equity (ROE) of -300.4%. A negative ROE may indicate losses or negative equity.
Dell Technologies Inc. (DELL) has a 5-year average gross margin of 22.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 12 years of financial data for Dell Technologies Inc. (DELL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Dell Technologies Inc. (DELL) has a book value per share of $-3.61, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects sustained strong demand for AI infrastructure throughout fiscal 2027, with customers prioritizing securing supply across compute, storage, and networking to support AI workloads and digital transformation initiatives. The company anticipates demand will continue to exceed supply, with memory as the primary constraint, and expects to exit the year with meaningful backlog as it enters fiscal 2028. Pricing discipline is expected to persist as the company manages rising input costs through rapid repricing actions and value engineering, while maintaining mid-single-digit operating margins on AI servers and expanding margins across the broader portfolio through mix shift toward higher-margin Dell IP storage and enterprise customer expansion. Management is confident in its ability to scale operations and deliver strong cash generation while continuing capital returns to shareholders, supported by operating leverage from modernization efforts and the proven execution of its operating model across all customer segments and geographies.
Based on recent SEC filings and earnings calls, Dell Technologies Inc. (DELL) has provided the following forward guidance: Revenue: $165 billion–$169 billion (FY2027); AI server revenue: $60 billion (FY2027); Operating income: over 55% growth (FY2027); Q2 FY2027 Revenue: $44 billion–$45 billion (Q2 FY2027); Q2 FY2027 Diluted non-GAAP EPS: $4.80 ±$0.10 (Q2 FY2027).