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Dell Technologies Inc.

DELL Technology Computer Hardware

Dell Technologies Inc.’s revenue for fiscal 2026 (year ended January 2026) was $113.5 billion, up 18.8% from fiscal 2025.

Revenue
+57.8%
EPS
+277.1%
Free cash flow
−47.2%
Total debt
+20.7%

Quarter to July 2026, against a year earlier

329.23 12.32 +3.89%
Market cap
$201.5B
P/E
18.5×
Fwd P/E
17.5×
Dividend yield
0.75%
F-score
7/9
Altman Z
1.81
Beneish M
−2.18
Dividend safety
78/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • Infrastructure Solutions Group
  • Client Solutions Group
  • Other, not broken out

Every year since 2015 →

Insider Decisions last twelve months

Sold, $m 3,505.95
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — 23 6 — 80 16 1 55 11 —
Insider Ownership 54.63%

Capital & Financial Ratios $m

Size
Market Cap 201,500.00
Revenue ttm 151,197.00
Net income ttm 11,378.00
Free cash flow ttm 8,560.00
Net debt Q 14,416.00
Valuation
P/E 18.46
Forward P/E 17.50
Price / sales 1.37
Forward P/S Powerpack
Price / FCF 24.14
Price / book 0.00
Financial health
Current ratio Q 0.96 (below 1: weak)
Debt / equity Q (18.21) (negative: negative equity)
Interest coverage Q 21.20
Growth
Revenue growth Q +57.75% (above 0%: growing)
Operating income growth Q +203.72% (above 0%: growing)
EPS, this year +151.69% (at or above 15%: strong)
EPS, next year A +19.69% (at or above 15%: strong)
Revenue, next year A +70.41% (at or above 10%: strong)
EPS, past 5 yrs +15.52% (at or above 15%: strong)
EPS, next 5 yrs A +51.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.5×, against a ten-year median of 0.7×; over the ten years it ranged from 0.4× in 2022 to 2.4× in 2026.
P/E against its own 10 years 64.31%
10-year low 10-year high
P/S against its own 10 years 95.49%
10-year low 10-year high
EV/Sales against its own 10 years 95.45%
10-year low 10-year high
EV/FCF against its own 10 years 74.79%
10-year low 10-year high

Dividends raised every year since 2022

Yield
0.75%
Annual rate
2.42
Payout ratio
14.0%
Growth, 2022–25
+26.8%/yr
  1. 0.99 ’22
  2. 1.44 ’23 +45
  3. 1.71 ’24 +18
  4. 2.02 ’25 +18
  5. 2.08 ’26e +3
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 7,366 3,633 11,528 11,569
Receivables 13,986 15,602 26,043 35,723
Inventory 3,622 6,716 10,437 21,290
Other 11,010 10,278 9,594 11,965
35,984 36,229 57,602 80,547
2024 2025 2026 Q'26
Payables 19,226 20,832 33,630 49,723
ST’ Debt — — — —
Other — 221 — —
48,354 46,527 63,269 83,703

Compound Annual Growth %

10y 5y 3y
Sales 8.35% 5.55% 3.53%
Cash Flow 17.86% (0.39%) 46.39%
Earnings 0.00% 12.80% 34.46%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY27 Estimate 4.97 Actual 7.04

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY26 2.48 2.59 Beat by 0.11
Q4 FY26 3.54 3.89 Beat by 0.35
Q1 FY27 3.04 4.86 Beat by 1.82
Q2 FY27 4.97 7.04 Beat by 2.07
Q3 FY27 6.63 — Reports 24 November 2026

EPS $

Apr Jul Oct Jan Year
’26 5.24 6.34 — — —
’26 1.37 1.70 2.28 3.37 8.68
’25 1.32 1.17 1.58 2.15 6.38
’24 0.79 0.63 1.36 1.66 4.60
’23 1.37 0.68 0.33 0.84 3.24
’22 1.13 1.05 4.87 0.00 7.02
’21 0.19 1.37 1.08 1.57 4.22
Fiscal quarters ending in the months shown.

Revenue $m

Apr Jul Oct Jan Year
’26 43,842 46,971 — — —
’26 23,378 29,776 27,005 33,379 113,538
’25 22,244 25,026 24,366 23,931 95,567
’24 20,922 22,934 22,251 22,318 88,425
’23 26,116 26,425 24,721 25,039 102,301
’22 22,590 24,191 26,424 27,992 101,197
’21 21,897 22,733 23,482 18,558 86,670
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Apr Jul Oct Jan Year
’26 4,081 2,225 — — —
’26 2,796 2,543 1,172 4,674 11,185
’25 1,043 1,340 1,553 585 4,521
’24 1,777 3,214 2,152 1,533 8,676
’23 (269) 724 396 2,714 3,565
’22 2,238 1,725 3,251 3,093 10,307
’21 (796) 3,332 2,994 5,877 11,407
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Apr Jul Oct Jan Year
’26 3,118 986 — — —
’26 2,228 1,868 503 3,953 8,552
’25 447 658 914 (150) 1,869
’24 1,076 2,590 1,321 933 5,920
’23 (959) (83) (351) 1,955 562
’22 1,613 1,093 2,452 2,353 7,511
’21 (1,355) 2,787 2,514 5,379 9,325
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 10.6% a year for ten years. It grew 13.8% a year over the last ten.

Implied
10.6%
10 years, reported
13.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to January

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Jul ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 62,164 79,040 90,621 84,815 86,670 101,197 102,301 88,425 95,567 113,538 151,197 +6.9% 193,485 230,704 259,471 +31.7%
Gross margin, % 21.96 25.98 27.65 24.33 23.24 21.63 22.18 23.83 22.24 20.00 19.80 (2.0) pt
EBT (4,494) (4,769) (2,361) (51) 2,346 5,923 3,225 4,087 5,048 7,263 13,819 n/m
EBT margin, % (7.23) (6.03) (2.61) (0.06) 2.71 5.85 3.15 4.62 5.28 6.40 9.14 +13.6 pt
Net income (1,158) (2,926) (2,181) 5,529 3,505 5,707 2,422 3,372 4,576 5,936 11,378 n/m
Per share, $
Per share, $ Revenue 90.49 102.65 116.03 117.15 116.49 132.80 139.37 122.81 135.56 168.20 234.41 +7.1%
Earnings (4.22) (3.80) (2.79) 6.38 4.37 7.30 3.33 4.71 6.38 8.68 17.36 n/m
Cash flow 3.45 8.89 8.95 12.83 15.33 13.53 4.86 12.05 6.41 16.57 18.84 +19.1%
Capex (1.28) (2.25) (1.92) (3.56) (2.80) (3.67) (4.09) (3.83) (3.76) (3.90) (5.57) +13.1%
Free cash flow 2.16 6.63 7.03 9.27 12.53 9.86 0.77 8.22 2.65 12.67 13.27 +21.7%
Book value 27.67 22.71 (1.21) 4.36 10.15 (2.07) (4.12) (2.96) (1.97) (3.66) (2.21) n/m
Shares, m 687 770 781 724 744 762 734 720 705 675 660 (0.2%)
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 3.65 8.64 7.80 12.27 18.30 16.58 13.67 18.46 8.1
P/S 0.20 0.20 0.21 0.21 0.32 0.43 0.29 0.66 0.76 0.71 1.37 0.4
P/B 0.64 0.89 0.00 5.69 3.70 0.00 0.00 0.00 0.00 0.00 0.00 1.1
EV/Sales 0.70 0.55 0.65 0.62 0.59 0.54 0.43 0.80 0.93 0.81 1.46 0.7
EV/FCF 29.47 8.49 10.70 7.89 5.50 7.32 78.69 11.88 47.49 10.81 25.83 21.8
Cash, $m
Cash, $m Operating cash flow 2,367 6,843 6,991 9,291 11,407 10,307 3,565 8,676 4,521 11,185 12,152 +18.8%
Capex (882) (1,736) (1,497) (2,576) (2,082) (2,796) (3,003) (2,756) (2,652) (2,633) (3,592) +12.9%
Free cash flow 1,485 5,107 5,494 6,715 9,325 7,511 562 5,920 1,869 8,552 8,560 +21.5%
Balance, $m
Balance, $m Working capital (7,362) (5,511) (8,834) (15,588) (10,565) (11,186) (9,303) (12,370) (10,298) (5,667) (3,156) (2.9%)
Net debt 31,612 27,869 39,525 35,017 23,357 11,654 14,408 11,646 15,730 11,985 14,416 (10.2%)
Shareholders’ equity 19,009 17,485 (942) 3,155 7,553 (1,580) (3,025) (2,132) (1,387) (2,470) (1,427) n/m
Returns, %
Returns, % ROA (1.43) (2.35) (1.96) 4.00 2.68 5.15 2.68 3.95 5.67 6.56 10.51 +8.0 pt
ROIC (2.95) (3.33) (0.31) 3.87 7.45 28.90 31.69 35.55 27.18 53.53 68.58 +56.5 pt
ROE (11.40) (15.61) (27.93) 417.17 60.70 186.27 (106.06) (131.39) (260.98) (307.80) (542.71) (296.4) pt
People
People Employees 138,000 145,000 157,000 165,000 158,000 133,000 133,000 120,000 108,000 97,000 — (3.8%)
Revenue/emp, $m 0.45 0.55 0.58 0.51 0.55 0.76 0.77 0.74 0.88 1.17 — +11.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jan 2026 · latest quarter Jul 2026 · fundamentals updated 26 Oct 2026

Business profile

Updated

Dell Technologies sells technology equipment, software-related offerings, services and financing to organizations and individuals. Its portfolio runs from PCs and peripherals used by employees and consumers to the infrastructure that stores, processes, connects and protects data in corporate and cloud data centers. It operates through two segments: Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG). [item1]

ISG provides servers, networking and storage systems, plus consulting, configuration, deployment and support. Its AI-optimized servers are designed for compute-heavy tasks including AI model training, fine-tuning and inference. Traditional servers support general-purpose and mission-critical workloads, while its storage systems cover primary storage, unstructured data and data protection. [item1]

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
Infrastructure Solutions Group 60,826 53.57%
Client Solutions Group 50,984 44.90%
Other, not broken out 1,728 1.52%
Gross margin 20.00%
Operating margin 7.18%
Pre-tax margin 6.40%

Revenue by segment since 2015

Dell Technologies Inc. vs peers in Computer Hardware (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DELL Dell Technologies Inc. $201.5B 18.5× 17.5× +57.75% (above 0%: growing) +277.06% (above 0%: growing) −47.22% (below 0%: shrinking) 20.93% 11.46%
ANET Arista Networks, Inc. $200.7B 42.8× 44.3× +58.45% (above 0%: growing) +81.81% (above 0%: growing) −11.14% (below 0%: shrinking) 63.59% 44.90% Compare
SNDK Sandisk Corporation $114.8B 6.2× 5.2× +377.95% (above 0%: growing) +7,106.49% (above 0%: growing) +1,340.41% (above 0%: growing) 85.01% 79.59% Compare
STX Seagate Technology Holdings PLC $107.1B 24.0× 16.3× +61.01% (above 0%: growing) +199.22% (above 0%: growing) +246.37% (above 0%: growing) 57.34% 48.76% Compare
WDC Western Digital Corporation $100.2B 9.5× 15.1× +55.46% (above 0%: growing) +45.51% (above 0%: growing) +129.88% (above 0%: growing) 57.84% 46.70% Compare
P Everpure, Inc. $31.1B 125× 130× +37.73% (above 0%: growing) +57.14% (above 0%: growing) −258.26% (below 0%: shrinking) 68.42% 5.33% Compare
HPQ HP Inc. $26.6B 11.2× 11.2× +12.53% (above 0%: growing) −11.11% (below 0%: shrinking) +7.05% (above 0%: growing) 18.79% 5.69% Compare
SMCI Super Micro Computer, Inc. $17.8B 4.8× 7.2× +297.50% (above 0%: growing) +765.11% (above 0%: growing) +49.92% (above 0%: growing) 12.74% 10.35% Compare
LOGI Logitech International S.A. $13.5B 17.6× — +2.76% (above 0%: growing) +8.58% (above 0%: growing) −29.88% (below 0%: shrinking) 44.88% 16.45% Compare
Median of peers $65.7B 14.4× 15.1× +56.96% +69.48% +28.49% 57.59% 30.68%

All 46 Computer Hardware stocks →

From the latest earnings call

Updated

  • David Kennedy said Dell expects second-half growth rates to maintain the first-half trajectory, with demand extending across its portfolio.
  • Jeff Clarke said traditional-server demand exceeded supply, while data-center modernization, security requirements and AI workloads were contributing to demand.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Bernstein Nov 5, 2026 Reiterated Buy 650.00
Barclays Nov 3, 2026 Downgrade — —
RBC Oct 1, 2026 Initiated Outperform 640.00
Morgan Stanley Sep 29, 2026 Target raised Hold 499.00 → 511.00
TD Cowen Sep 29, 2026 Target raised Hold 500.00 → 550.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 36.10%
Held by the ten largest 18.49%
Holder Shares Stake Change
Vanguard 29.82m 4.60% −796.18k
BlackRock 24.09m 3.72% −655.28k
State Street 13.76m 2.12% −576.06k
Bank of America 10.84m 1.67% −3.55m
JPMorgan Chase 10.44m 1.61% +7.36m
Geode Capital Management 7.65m 1.18% −71.10k
Morgan Stanley 7.07m 1.09% +426.58k
Fidelity (FMR) 5.65m 0.87% +1.41m
Goldman Sachs 5.50m 0.85% −1.11m
UBS 4.99m 0.77% −1.02m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 15 May 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 3.38m 3.38m 339.99
2025 3.09m 3.09m 302.09
2024 3.03m 3.03m 247.98
2023 2.81m 2.81m 118.27
2022 3.47m 3.47m 152.52

Ownership

Directors and executive officers, together 41.50%
Michael S. Dell 40.90%
SLP Stockholders 7.40%
SLD Trust 4.80%
Vanguard Capital Management 3.50%
BlackRock, Inc. 3.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Dell Technologies Inc. (DELL) Latest News

6 Nov

Impact 3 · · TIKR

5 Nov

Impact 3 · · TIKR
Impact 3 · · Barchart
Impact 3 · · Barchart
Impact 3 · · Trefis

3 Nov

Impact 3 · · Insider Monkey
Impact 3 · · TIKR

2 Nov

Impact 3 · · TIKR

31 Oct

Impact 3 · · StockStory

30 Oct

Impact 3 · · Trefis

29 Oct

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · 24/7 Wall St.
Impact 3 · · 24/7 Wall St.

28 Oct

Impact 4 · · Zacks
Impact 4 · · The Motley Fool
Impact 4 · · TIKR
Impact 4 · · Barchart
Impact 3 · · Barchart
Impact 3 · · Trefis

27 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Business Wire
Impact 4 · · TIKR
Impact 3 · · StockStory
Impact 3 · · GlobeNewswire

26 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Benzinga
Impact 3 · · InvestorsHub
Impact 3 · · Zacks

DELL metrics, ten years each

stockrow.com/DELL · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com