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Not Investment Advice

DELL

NYSE · USD
Dell Technologies Inc.
Technology · Computer Hardware
CEO Michael Saul Dell Employees 97,000 R&D / revenue 2.8%
Last price
$451.54−4.62%last session
Market cap
$287.1B
P/E (TTM)
25.8x
From 52w high
−24.2%
From 52w low
+309.7%
1-year return
+202.3%
RSI 14 · vs SMA200
33.2 · +44.0%
IS score
61.1/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

DELL   SPY   XLK (sector ETF) · weekly closes
50100150200250300350400Jan 26Apr 26Jul 26Oct 26DELL 302XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
31
Profitability
88
Growth
47
Value
94
Momentum
65
Risk (safety)
63
Quality
48
Balance sheet
70
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Congress buying
Warnings
None of the computed warning flags fires for DELL (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Network EffectsPiotroski 9 / 9Altman Z 2.9Beta 1.412 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
2,358 open-market sales, $2.5B
Form 144 notices (12m): 212, $5.5B proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
4
Last disclosed purchase 2026-06-18
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+496
622 new holders, 110 closed
2,131 filers hold 37.0% · 583 added, 749 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+332
1,477 funds adding shares
1,145 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
47.8%
20-day avg 59.6%, 50-day avg 58.4%
Latest 11.8 pp under its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$113.5B
Revenue growth YoY+18.8%
Gross margin20.0%
Operating income$8.4B
Operating margin7.4%
Net income$5.9B
Net margin5.2%
EPS (diluted)$8.68
Cash flow
Operating cash flow$11.2B
Capital expenditure$2.6B
Free cash flow$8.6B
FCF conversion (FCF / OCF)76.5%
Stock-based compensation$723.0M
FCF less SBC$7.8B
Buybacks$6.0B
Dividends$1.5B
Balance sheet & returns
Cash & short-term investments$11.5B
Total debt$31.5B
Net debt$20.0B
Shareholders' equity−$2.5B
Goodwill & intangibles$24.1B
Debt / equity-24.15
ROE (TTM)-574.6%
ROIC (TTM)22.8%
Operating margin by fiscal year
3.8%FY20225.6%FY20235.9%FY20246.4%FY20257.3%FY2026
Revenue $101.2B (FY2022) to $113.5B (FY2026), a 2.9% CAGR.

Valuation

P/E (TTM)25.8x
EV / EBITDA16.8x
Price / sales1.90x
Price / FCF33.5x
FCF yield2.98%
Buyback yield2.09%
SBC / revenue0.4%
Price / bookn/m
Forward P/E FY202717.4x
Forward multiples divide today's price by Street EPS estimates. Street mean target $559.85 across 26 analysts last quarter is theirs, not ours.

DELL vs industry median

86 companies in Computer Hardware
Gross margin 19.8% 38.4% Operating margin 9.6% -0.1% Net margin 7.5% -3.2% ROIC 22.8% 1.1%
DELL (TTM)Industry median Asset turnover 1.19 vs industry 0.78 · financial leverage -89.27

Earnings delivery

Next report 2026-11-24 · consensus EPS $6.56
92%
beat rate, 11 of 12 quarters
+8.3%
median EPS surprise
6
longest beat streak
+28+27+1+11+5+6-9+1+5+10+64+43
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-30 to 2026-09-01. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
DELL Dell Technologies Inc. $287.1B25.8x-574.6%7.5%+18.8% +202.3%
ANET Arista Networks, Inc. $223.2B55.1x31.5%40.0%+32.6% +21.2%
SNDK Sandisk Corporation $187.8B16.7x91.6%77.0%+965.1% +800.6%
STX Seagate Technology Holdings $145.3B43.9x371.5%35.7%+34.1% +182.7%
WDC Western Digital Corporation $124.3B12.2x133.0%—−2.7% +163.9%
HPE Hewlett Packard Enterprise C $73.2B27.4x10.8%12.6%+26.6% —
P Everpure, Inc. $41.3B163.2x17.7%6.3%+45.1% —
NTAP NetApp, Inc. $40.0B28.4x114.8%18.5%+12.2% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-09-15Material Agreement; Financial Obligation; Exhibits
2026-09-10Other Events; Exhibits
2026-09-01Earnings Release; Exhibits
2026-07-06Bylaws Amendment; Exhibits
2026-07-01Shareholder Vote; Other Events; Exhibits
2026-06-17Unregistered Equity Sales

Context

Shares outstanding635,812,749
Free float91.3%
Institutional ownership37.0%
Beta1.41
Dividend yield0.51%
Last dividend$0.63 on 2026-10-20
50 / 200-day average$512.98 / $312.38
Mega-cap Technology median P/E33.1x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where DELL sits among 21 scored companies in Computer Hardware (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureDELLIndustry medianIndustry percentileSector median
P/E (TTM) 25.2x 25.2x
50th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 0.28 0.74
14th		 1.36
Price / sales 1.9x 5.4x
30th		 3.9x
Price / book —
Price / tangible book —
Price / free cash flow 33.5x 20.9x
64th		 20.3x
Price / operating cash flow 23.6x 18.6x
64th		 17.9x
Enterprise value $310.0B $13.3B
100th		 $5.5B
EV / sales 2.1x 5.3x
30th		 4.1x
EV / EBITDA 16.8x 14.0x
69th		 18.9x
EV / EBIT 20.2x 17.4x
62nd		 26.7x
EV / free cash flow 36.2x 22.3x
64th		 21.9x
Earnings yield 4.0% 2.2%
70th		 2.0%
FCF yield 3.0% 2.3%
65th		 3.3%
Operating cash flow yield 4.2% 2.4%
65th		 4.4%
Graham number (per share) —

Profitability (TTM)

MeasureDELLIndustry medianIndustry percentileSector median
Gross margin 19.8% 37.8%
25th		 55.7%
EBITDA margin 12.2% 9.0%
58th		 13.7%
Operating margin 9.6% 5.6%
65th		 8.2%
EBIT margin 10.2% 6.4%
63rd		 8.6%
Net margin 7.5% 5.7%
65th		 5.7%
NOPAT margin 7.9% 4.9%
60th		 7.0%
FCF margin 5.7% 5.7%
50th		 15.0%
Operating cash flow margin 8.0% 7.9%
55th		 18.4%
R&D / revenue 2.4% 9.8%
5th		 12.9%
SG&A / revenue 7.8% 30.5%
25th		 25.6%
Stock comp / revenue 0.4% 1.9%
10th		 4.4%
Effective tax rate 17.7% 19.9%
40th		 21.0%

Returns on capital

MeasureDELLIndustry medianIndustry percentileSector median
ROE (on average equity) —
ROA 10.5% 5.5%
65th		 4.1%
ROIC 55.4% 14.1%
70th		 9.0%
ROCE 35.2% 13.1%
85th		 8.6%
Return on tangible assets 14.2% 7.5%
60th		 5.9%
Cash ROIC (OCF / invested capital) 56.6% 30.8%
63rd		 20.7%
Gross profitability (GP / assets) 23.5% 25.6%
40th		 30.0%
ROIC, 3-yr average 30.7% 30.7%
50th		 7.4%
ROIC, 5-yr average —
ROE, 5-yr average —
Incremental ROIC 125.6% 11.4%
75th		 15.3%

Growth

MeasureDELLIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 49.2% 26.6%
70th		 14.3%
Revenue growth (QoQ) 7.1% 12.1%
30th		 6.6%
Revenue CAGR, 3 yr 17.3% 5.1%
63rd		 9.6%
Revenue CAGR, 5 yr 9.4% 3.6%
65th		 11.5%
Gross profit CAGR, 3 yr 11.0% 11.0%
50th		 10.9%
Operating income CAGR, 3 yr 40.7% 27.4%
75th		 11.3%
Net income growth (TTM YoY) 137.3% 112.7%
80th		 21.6%
Net income CAGR, 3 yr 81.5% 34.0%
100th		 9.9%
EPS growth (TTM YoY) 155.5% 90.5%
80th		 22.3%
EPS CAGR, 3 yr 89.1% 32.6%
100th		 11.2%
EPS CAGR, 5 yr 29.4% 19.8%
70th		 12.0%
FCF growth (TTM YoY) 76.1% 36.5%
70th		 24.6%
FCF CAGR, 3 yr 17.5% 15.5%
62nd		 19.3%
Operating cash flow CAGR, 3 yr 14.5% 13.1%
75th		 17.9%
Book value CAGR, 3 yr —
Dividend CAGR, 3 yr 8.6% 4.5%
71st		 3.1%
Sustainable growth rate —

Margin history & stability

MeasureDELLIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 21.1% 36.2%
11th		 53.2%
Operating margin, 3-yr average 7.3% 6.2%
67th		 6.6%
Net margin, 3-yr average 5.5% 4.8%
56th		 5.2%
FCF margin, 3-yr average 4.7% 4.6%
56th		 12.7%
Revenue stability (0-1) 0.44 0.46
47th		 0.87
Earnings stability (0-1) 0.40 0.38
53rd		 0.45
Margin stability (0-1) 0.88 0.85
53rd		 0.95

Liquidity (latest quarter)

MeasureDELLIndustry medianIndustry percentileSector median
Cash & short-term investments $11.6B $1.6B
95th		 $494.1M
Net cash (− = net debt) −$22.9B $386.0M
0th		 $49.8M
Working capital −$3.2B $969.7M
5th		 $391.0M
Current ratio 0.96 2.31
10th		 1.92
Quick ratio 0.71 1.95
5th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.14 1.05
5th		 0.95
Defensive interval (days) 1,114 days 730 days
65th		 521 days

Leverage & solvency (latest quarter)

MeasureDELLIndustry medianIndustry percentileSector median
Total debt $34.5B $109.2M
100th		 $349.3M
Debt / equity —
Net debt / equity —
Debt / assets 27.1% 4.3%
90th		 16.9%
Debt / capital —
Debt / EBITDA 1.87 0.72
77th		 1.78
Net debt / EBITDA 1.24 −0.41
85th		 −0.18
Interest coverage (EBIT / interest) 10.6x 14.0x
43rd		 5.8x
Cash interest coverage 8.4x 12.9x
36th		 12.8x
Debt payback (years of OCF) 2.8 yrs 0.8 yrs
91st		 1.6 yrs
Liabilities / assets 101.1% 45.3%
95th		 48.7%
IS credit model rating BBB — —
Implied credit spread (bps) 275 150
75th		 175

Efficiency

MeasureDELLIndustry medianIndustry percentileSector median
Asset turnover 1.40 0.92
90th		 0.62
Fixed asset turnover 20.39 7.42
80th		 9.25
Inventory turnover 8.5 4.0
78th		 3.8
Receivables turnover 8.0 7.1
70th		 6.2
Days sales outstanding 46 days 52 days
30th		 59 days
Days inventory outstanding 43 days 92 days
22nd		 94 days
Days payables outstanding 116 days 80 days
75th		 46 days
Cash conversion cycle (days) −27 days 53 days
15th		 50 days
Capex / revenue 2.4% 3.2%
35th		 2.3%
Capex / depreciation 1.18 1.11
55th		 0.56
Operating expense ratio 9.3% 33.0%
10th		 44.3%

Cash flow & earnings quality

MeasureDELLIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.07 1.34
25th		 1.61
FCF / net income 0.75 1.16
25th		 1.33
FCF / operating cash flow 70.4% 85.9%
18th		 88.0%
Capex / operating cash flow 29.6% 14.1%
82nd		 12.0%
Accruals ratio -0.7% -5.4%
85th		 -6.3%
Sloan accruals ratio 2.9% 2.9%
50th		 -1.8%
Earnings quality score (0-1) 1.00 0.75
67th		 0.75

Dividends & buybacks

MeasureDELLIndustry medianIndustry percentileSector median
Dividend yield 0.5% 0.0%
75th		 0.0%
Dividend per share (TTM) $2.31 $0.00
95th		 $0.00
Payout ratio (dividends / net income) 13.8% 13.8%
50th		 0.0%
Dividends / FCF 18.3% 18.7%
45th		 0.0%
Dividend growth (YoY) 21.7% 10.2%
71st		 4.1%
Buyback yield 2.8% 0.3%
90th		 1.2%
Shareholder yield (dividends + buybacks) 3.4% 0.4%
85th		 1.7%
Share count change (YoY) -7.1% 4.3%
0th		 0.1%
Buybacks, last 5 years $28.7B $139.8M
100th		 $215.3M

Scores & forensic checks

MeasureDELLIndustry medianIndustry percentileSector median
IS score 61 55
60th		 56
IS profitability 31 31
50th		 40
IS growth 88 65
90th		 65
IS value 47 45
55th		 39
IS momentum 94 80
80th		 78
IS risk (safety) 65 100
25th		 100
IS quality 63 63
50th		 67
IS balance sheet 48 81
20th		 72
IS earnings quality 70 61
75th		 61
IS cash flow 56 54
55th		 66
Piotroski F-score (0-9) 9 6
90th		 6
Altman Z-score 2.9 5.0
30th		 4.0
Beneish M-score −1.94 −2.37
68th		 −2.58
Ohlson O-score −7.83 −7.92
55th		 −8.00
IS credit score 57 74
25th		 69

Per share

MeasureDELLIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $17.45 $0.73
90th		 $0.84
Book value per share −$2.19 $7.08
0th		 $9.77
Tangible book per share −$39.10 $1.76
0th		 $3.22
Revenue per share $231.90 $13.29
100th		 $13.00
FCF per share $13.13 $0.70
90th		 $1.78
Operating cash flow per share $18.64 $0.97
95th		 $2.40
Cash per share $17.74 $4.25
90th		 $4.50

Size (TTM)

MeasureDELLIndustry medianIndustry percentileSector median
Market cap $287.1B $15.0B
100th		 $4.7B
Revenue $151.2B $4.3B
100th		 $1.2B
EBITDA $18.4B $986.1M
100th		 $185.8M
Net income $11.4B $253.3M
95th		 $84.9M
Free cash flow $8.6B $128.2M
95th		 $170.6M
Total assets $127.4B $5.2B
100th		 $2.4B
Shareholders' equity −$1.4B $1.5B
0th		 $1.1B
Employees 97,000 5,115
100th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-09Silver Lake Partners V De (Aiv), L.P.
Director, 10 percent owner:
Open-market sale 1,134$572.87$649,63547,047
2026-10-09Silver Lake Partners V De (Aiv), L.P.
Director, 10 percent owner:
Open-market sale 515$574.71$295,97646,532
2026-10-09Silver Lake Partners V De (Aiv), L.P.
Director, 10 percent owner:
Open-market sale 2,942$575.42$1.7M43,590
2026-10-09Silver Lake Partners V De (Aiv), L.P.
Director, 10 percent owner:
Open-market sale 1,247$576.34$718,69642,343
2026-10-09Silver Lake Partners V De (Aiv), L.P.
Director, 10 percent owner:
Open-market sale 1,429$577.25$824,89040,914
2026-10-09Silver Lake Partners V De (Aiv), L.P.
Director, 10 percent owner:
Open-market sale 786$578.28$454,52840,128
2026-10-09Silver Lake Partners V De (Aiv), L.P.
Director, 10 percent owner:
Open-market sale 839$579.58$486,26839,289
2026-10-09Silver Lake Partners V De (Aiv), L.P.
Director, 10 percent owner:
Open-market sale 690$580.37$400,45538,599
2026-10-09Silver Lake Partners V De (Aiv), L.P.
Director, 10 percent owner:
Open-market sale 1,371$581.59$797,36037,227
2026-10-09Silver Lake Partners V De (Aiv), L.P.
Director, 10 percent owner:
Open-market sale 893$582.49$520,16436,335
2026-10-09Silver Lake Partners V De (Aiv), L.P.
Director, 10 percent owner:
Open-market sale 1,317$583.44$768,39035,017
2026-10-09Silver Lake Partners V De (Aiv), L.P.
Director, 10 percent owner:
Open-market sale 1,061$584.46$620,11233,956

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired63,417—
GiftDisposed516,233—
Open-market saleDisposed2,3585,353,581$2.5B
Option exerciseDisposed1206,577,903—
Tax withholdingDisposed26,712$2.8M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 212 notices · 14,181,169 shares · $5.5B
FiledFilerShares proposedEst. proceeds
2026-10-09Silver Lake Partners V De (Aiv), L.P.25,495$14.6M
2026-10-09Silver Lake Partners Iv, L.P.48,655$28.0M
2026-10-09Sl Spv-2, L.P.44,406$25.5M
2026-10-09Silver Lake Technology Investors V, L.P.449$257,973
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 13 trades (7 purchases) · Senate 5 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-06-18Michael McCaulHousePurchase$1,001 - $15,0002026-07-13
2026-06-18Michael T. McCaulHousePurchase$1,001 - $15,0002026-07-13
2026-06-04John McGuireHouseSale$1,001 - $15,0002026-06-11
2026-06-04John J. McGuireHouseSale (Partial)$1,001 - $15,0002026-06-11
2026-02-04Markwayne MullinSenateSale$15,001 - $50,0002026-03-02
2025-12-18Markwayne MullinSenateSale$15,001 - $50,0002026-01-13
2025-12-18Markwayne MullinSenateSale$15,001 - $50,0002026-01-13
2025-12-18Markwayne MullinSenateSale (Full)$15,001 - $50,0002026-01-12
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.24,094,119$10.4B3.79%
VANGUARD CAPITAL MANAGEMENT LLC19,013,637$8.2B2.99%
STATE STREET CORP13,764,359$5.9B2.16%
BANK OF AMERICA CORP /DE/10,842,148$4.7B1.71%
VANGUARD PORTFOLIO MANAGEMENT LLC7,668,070$3.3B1.21%
GEODE CAPITAL MANAGEMENT, LLC7,651,858$3.3B1.20%
JPMORGAN CHASE & CO6,839,795$2.8B1.08%
FMR LLC5,654,576$2.4B0.89%
MORGAN STANLEY5,601,778$2.4B0.88%
GOLDMAN SACHS GROUP INC5,498,457$2.4B0.86%
NORGES BANK4,312,543$1.9B0.68%
Invesco Ltd.3,055,413$1.3B0.48%
WELLINGTON MANAGEMENT GROUP LLP2,526,987$1.1B0.40%
Michael & Susan Dell Foundation2,459,804$1.1B0.39%
LSV ASSET MANAGEMENT2,390,476$1.0B0.38%

Institutional ownership by quarter

2023-092026-0637.0%
% of shares held by 13F filers
2023-092026-062,131
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,13137.0%622583749110
2026-03-311,63538.3%295565570140
2025-12-311,50439.7%234610456128
2025-09-301,43236.1%208552425104
2025-06-301,34836.5%241505437141
2025-03-311,26535.8%179541380188
2024-12-311,29537.4%230551358130
2024-09-301,21936.3%215577283191
2024-06-301,21032.0%29643832993
2024-03-311,02030.9%26231030366
2023-12-3183829.8%17027624379
2023-09-3076029.2%13321226169

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-09-11SCHEDULE 13D/ASLTA V (GP), L.L.C.2.8%9,233,567
2026-09-11SCHEDULE 13D/ASilver Lake Group, L.L.C.11.9%42,809,317
2026-06-05SCHEDULE 13D/ASLTA V (GP), L.L.C.3.1%10,100,274
2026-06-05SCHEDULE 13D/ASilver Lake Group, L.L.C.12.5%46,485,717
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.21%$5.0B
VTI0.21%$5.0B
VTSAX0.21%$5.0B
VSMPX0.21%$5.0B
VFINX0.25%$4.3B
VFIAX0.25%$4.3B

Share structure

Shares outstanding635,812,749
Float580,326,006
Free float91.3%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$101.2B$102.3B$88.4B$95.6B$113.5B
Cost of revenue$79.3B$79.6B$67.4B$74.3B$90.8B
Gross profit$21.9B$22.7B$21.1B$21.2B$22.7B
R&D$2.6B$2.8B$2.8B$3.1B$3.1B
SG&A$14.6B$13.8B$12.3B$12.0B$11.1B
Operating income$4.7B$5.8B$5.4B$6.2B$8.4B
EBITDA$12.0B$7.7B$8.9B$9.6B$11.9B
Pretax income$5.9B$3.2B$4.1B$5.0B$7.3B
Income tax$981.0M$803.0M$715.0M$472.0M$1.3B
Net income$5.6B$2.4B$3.4B$4.6B$5.9B
EPS, diluted$7.02$3.24$4.60$6.38$8.68
Diluted shares791.0M753.0M736.0M724.0M683.9M

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$9.5B$8.6B$7.4B$3.6B$11.5B
Receivables$18.1B$18.1B$14.0B$15.6B$26.0B
Inventory$5.9B$4.8B$3.6B$6.7B$10.4B
Total current assets$45.0B$42.4B$36.0B$36.2B$57.6B
PP&E, net$5.4B$6.2B$6.4B$6.3B$6.7B
Goodwill & intangibles$27.2B$26.1B$25.4B$24.1B$24.1B
Total assets$92.7B$89.6B$82.1B$79.7B$101.3B
Accounts payable$27.1B$18.6B$19.2B$20.8B$33.6B
Total current liabilities$56.2B$51.7B$48.4B$46.5B$63.3B
Long-term debt$21.1B$23.0B$19.0B$19.4B$23.5B
Total liabilities$94.3B$92.6B$84.3B$81.1B$103.8B
Shareholders' equity−$1.6B−$3.0B−$2.1B−$1.4B−$2.5B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$5.7B$2.4B$3.4B$4.6B$5.9B
Depreciation & amortization$4.6B$3.2B$3.3B$3.1B$3.0B
Stock-based compensation$1.6B$931.0M$878.0M$785.0M$723.0M
Change in working capital$1.9B−$3.2B$605.0M−$4.2B$843.0M
Operating cash flow$10.3B$3.6B$8.7B$4.5B$11.2B
Capital expenditure−$2.8B−$3.0B−$2.8B−$2.7B−$2.6B
Free cash flow$7.5B$562.0M$5.9B$1.9B$8.6B
Investing cash flow$1.3B−$3.0B−$2.8B−$2.2B−$2.1B
Net debt issued / repaid−$6.3B$2.7B−$3.5B−$1.3B$6.5B
Buybacks−$1.8B−$3.3B−$2.5B−$3.2B−$6.0B
Dividends paid$0−$964.0M−$1.1B−$1.3B−$1.5B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin15.2%22.2%23.6%22.0%20.0%
Operating margin3.8%5.6%5.9%6.4%7.3%
Net margin5.8%2.4%3.6%4.7%5.2%
FCF margin7.9%0.5%6.7%2.0%7.5%
ROE878.8%-101.6%-120.1%-243.1%-300.4%
ROIC18.8%24.3%26.1%28.6%38.8%
ROA5.1%2.7%3.7%5.6%6.6%
Debt / equity-16.00-9.48-11.67-16.58-12.75
Interest coverage4.7x3.5x3.5x4.5x5.6x
Current ratio0.800.820.740.780.91
Revenue growth+1.2%+7.2%−13.6%+7.9%+19.0%
EPS growth+74.1%−54.4%+32.5%+43.6%+40.1%
P/E at year end7.1x11.6x18.3x16.2x12.9x
EV / EBITDA at year end5.2x6.4x8.8x9.9x8.2x
FCF yield at year end18.90%1.99%10.08%2.57%11.15%
Dividend payout0.0%39.5%33.4%28.3%24.6%

Revenue by segment

FY2022FY2023FY2024FY2025FY2026
Other Segments$5.4B$5.7B$5.6B$92.0B$111.8B
Client Solutions$61.5B$58.2B$48.9B——
Infrastructure Solutions Group$34.4B$38.4B$33.9B——
Corporate, Non-Segment———$3.6B$1.7B

Revenue by region · FY2026

UNITED STATES$63.1B · 56%
Non-US$50.4B · 44%

Street estimates by fiscal year

Next report 2026-11-24 · consensus EPS $6.56 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$111.9B$111.5B – $112.7B$9.97$9.88 – $10.041645.3x
2026$111.9B$111.6B – $112.7B$9.93$9.84 – $10.001245.5x
2027$194.6B$190.9B – $218.9B$25.89$25.31 – $28.711417.4x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-09-01$4.91$7.04+43.4%$44.9B$47.0B+4.6%
2026-05-28$2.96$4.86+64.2%$35.7B$43.8B+22.7%
2026-02-26$3.53$3.89+10.2%$31.7B$33.4B+5.4%
2025-11-25$2.47$2.59+4.9%$27.2B$27.0B−0.6%
2025-08-28$2.29$2.32+1.3%$29.0B$29.8B+2.6%
2025-05-29$1.70$1.55−8.8%$23.2B$23.4B+0.9%
2025-02-27$2.52$2.68+6.3%$24.6B$23.9B−2.6%
2024-11-26$2.04$2.15+5.4%$24.7B$24.4B−1.2%
2024-08-29$1.70$1.89+11.2%$24.1B$25.0B+3.7%
2024-05-30$1.26$1.27+0.8%$21.7B$22.2B+2.7%
2024-02-29$1.73$2.20+27.2%$22.2B$22.3B+0.7%
2023-11-30$1.47$1.88+27.9%$23.0B$22.3B−3.3%
2023-08-31$1.13$1.74+54.0%$20.9B$22.9B+9.9%
2023-06-01$0.87$1.31+50.6%$20.3B$20.9B+3.2%
2023-03-02$1.64$1.80+9.8%$23.4B$25.0B+6.9%
2022-11-21$1.60$2.30+43.7%$24.4B$24.7B+1.4%
2022-08-25$1.63$1.68+3.1%$26.5B$26.4B−0.3%
2022-05-26$1.39$1.84+32.4%$25.0B$26.1B+4.4%
2022-02-24$1.95$1.72−11.8%$27.5B$22.2B−19.3%
2021-11-23$2.33$2.37+1.7%$27.5B$26.4B−4.0%
2021-08-26$2.05$2.24+9.3%$27.2B$24.2B−11.0%
2021-05-27$1.55$2.13+37.4%$16.6B$22.6B+36.3%
2021-02-25$2.19$2.70+23.3%$19.3B$26.1B+35.4%
2020-11-24$1.39$2.03+46.0%$21.7B$23.5B+8.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
3.106-153.706-222.506-293.207-063.507-132.507-203.007-273.108-033.108-102.608-172.208-247.008-31
Week ofNotionalSharesTrades
2026-08-31$7.0B14,617,139313,397
2026-08-24$2.2B4,913,948128,213
2026-08-17$2.6B5,823,443150,397
2026-08-10$3.1B6,587,693172,510
2026-08-03$3.1B6,824,064169,095
2026-07-27$3.0B7,529,640170,280

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1547.8%
DateShort shareShort volumeTotal volume
2026-10-1547.8%3,596,9947,525,420
2026-10-1457.3%3,141,3935,481,373
2026-10-1359.7%1,568,9342,628,202
2026-10-1262.1%1,461,9252,354,396
2026-10-0968.4%1,788,4132,614,884
2026-10-0869.5%1,907,8202,745,290
2026-10-0764.8%1,368,0712,112,719
2026-10-0666.2%1,818,1662,744,553
2026-10-0562.7%1,102,3061,757,353
2026-10-0255.0%1,474,8542,682,931
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-1.0Jan+3.4Feb-1.4Mar+5.6Apr+8.1May+1.7Jun+2.2Jul+1.6Aug+4.1Sep+2.4Oct+3.2Nov-1.3Dec
MonthAvg returnUp yearsYears
Jan−1.0%50%10
Feb+3.4%70%10
Mar−1.4%30%10
Apr+5.6%78%9
May+8.1%89%9
Jun+1.7%44%9
Jul+2.2%67%9
Aug+1.6%70%10
Sep+4.1%90%10
Oct+2.4%70%10
Nov+3.2%50%10
Dec−1.3%60%10
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1433.2
MFI34.5
ADX23.9
Stochastic %K / %D7.3 / 29.3
Williams %R-98.8
CCI-259
TSI / signal-2.1 / 11.8
Chaikin money flow-0.16
ATR$31.82
Bollinger width24.9%
Volume vs 20-day avg1.17x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$547.32 (−17.5%)
SMA 50$513.26 (−12.0%)
SMA 200$313.54 (+44.0%)
EMA 21$535.14 (−15.6%)
EMA 50$510.54 (−11.6%)
EMA 200$361.03 (+25.1%)
Bollinger upper$615.47 (−26.6%)
Bollinger lower$479.16 (−5.8%)
Parabolic SAR$587.57 (−23.2%)
Open the live chart, 110+ indicators

About Dell Technologies Inc.

Dell Technologies Inc. is a worldwide technology leader that designs, develops, manufactures, markets, sells, and provides support for a broad spectrum of information technology (IT) solutions, products, and services. The company's business activities are structured into three primary segments: the Infrastructure Solutions Group (ISG), the Client Solutions Group (CSG), and VMware. The ISG division focuses on delivering enterprise-grade offerings, including both traditional and next-generation storage solutions, alongside various server configurations such as rack, blade, tower, and hyperscale models. This segment also provides networking products and related services aimed at helping corporate clients modernize their IT infrastructure, enrich end-user experiences, and accelerate critical business applications and processes. Complementary software, peripherals, and extensive support services—encompassing deployment, configuration, and extended warranties—are also part of its portfolio. The CSG segment addresses end-user computing requirements by offering personal computers like desktops, workstations, and notebooks, as well as displays and projectors. It further includes proprietary and third-party software, peripheral devices, and a full suite of support, installation, setup, and extended warranty services. The VMware division specializes in assisting customers with managing intricate IT landscapes, particularly concerning hybrid and multi-cloud environments, modern applications, network infrastructure, security protocols, and digital workspaces. Its services enable efficient resource management across private, multi-cloud, and multi-device setups. Furthermore, Dell Technologies offers information security solutions and cloud software, including Infrastructure-as-a-Service (IaaS), which empower customers to migrate, operate, and manage mission-critical applications within cloud-based IT environments. Founded in 1984, the company was initially known as Denali Holding Inc. before officially changing its name to Dell Technologies Inc. in August 2016. Its global headquarters are situated in Round Rock, Texas.

https://www.dell.com

Key executives

NameTitlePayBorn
Jeffrey W. ClarkeChief Operating Officer & Vice Chairman$4.0M1963
Michael Saul DellChairman & Chief Executive Officer$3.4M1965
William F. ScannellPresident & Chief Customer Officer$2.3M1962
Geraldine TunnellChief Marketing Officer$2.3M1977
Richard J. RothbergGeneral Counsel & Secretary$2.0M1964
David KennedyChief Financial Officer$1.1M1978
Paul FrantzVice President of Investor Relations——
Pete TrizzinoPresident of Global Sales——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Jeffrey W. Clarke Chief Operating Officer and Vice Chairman2026$1.2M$17.9M$2.8M$154.3M
William F. Scannell President, Global Sales and Customer Operations2026$965,385$9.1M$1.2M$11.4M
Richard J. Rothberg General Counsel2026$806,157$8.2M$1.1M$10.2M
Yvonne McGill Former Chief Financial Officer2026$569,231$5.9M$0$8.5M
David Kennedy Chief Financial Officer2026$514,000$5.7M$522,667$6.7M
Michael S. Dell Chairman and Chief Executive Officer2026$950,000$0$2.4M$3.4M

Employees

157k2019165k2020158k2021133k2022133k2023120k2024108k202597k2026

Dividends

Ex-dateAmountPaid
2026-10-20$0.632026-10-30
2026-07-21$0.632026-07-31
2026-04-21$0.632026-05-01
2026-01-20$0.5252026-01-30
2025-10-21$0.5252025-10-31
2025-07-22$0.5252025-08-01
2025-04-22$0.5252025-05-02
2025-01-22$0.4452025-01-31

Moat model

Weak · Network Effects · 2026-07-31
Cost advantage67
Intangibles30
Switching costs23
Network effect80
Efficient scale80
Our component scores (0-100) and overall 50.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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