Dell Technologies (DELL)
Information Technology · $350B market cap · SEC CIK 0001571996
$548.92
▼-4.59% on the day
close of Sep 22, 2026
56
Mixed
fundamentals score out of 100
fundamentals score out of 100
Next reports on Nov 23, 2026, with analysts expecting $6.65 in earnings per share.
The case for DELL
- Revenue up 49.0% on the year.
- Earnings per share up 145.3%.
- Earns 11% a year on everything it owns (return on assets).
- A PEG of 0.21: a P/E of 30.7× is low for EPS growing 145%.
- Pays a modest 2.0% dividend.
- Within 8% of its 52-week high: the trend is up.
The case against
- Pricey at 30.7× earnings, against a long-run market average nearer 20×.
- Owes more than it owns: shareholder equity is -$2.5B, usually the result of buybacks funded with debt. ROE and price-to-book mean little here.
- Current liabilities exceed current assets (ratio 0.96).
- Profitability is weak (38/100): return on assets 10.6%, net margin 7.5%, gross margin 20%, 144% of profit turned to cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 57 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 67 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 38 |
| Momentumhow the price has behaved lately | 92 |
| Stabilityhow violently it moves, what it owes and what it pays you | 20 |
- Shareholder equity is negative, so return on equity, price-to-book and debt-to-equity are left out.
- Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.
Key numbers
| Price / earnings | 30.7× |
|---|---|
| Price / book | n/m (negative equity) |
| Price / sales | 2.3× |
| Revenue growth (YoY) | +49.0% |
| EPS growth (YoY) | +145.3% |
| Gross margin | 20% |
| Operating margin | 9% |
| Net margin | 8% |
| Return on assets | 10.6% (ROE not meaningful: negative equity) |
| Debt / equity | n/m (negative equity) |
| Current ratio | 0.96 |
| Dividend yield | 1.99% |
| Beta | 1.43 |
| 52-week range | $110.22 – $595.51 |
| Position in that range | 90% of the way up |
| 3-month return | +40.5% |
| 1-year return | +336.0% |
Five years of financials, as filed
Pulled from Dell Technologies's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $114B | $95.6B | $88.4B | $102B | $101B |
| Gross profit | $22.7B | $21.3B | $21.1B | $22.7B | $21.9B |
| Operating income | $8.1B | $6.2B | $5.4B | $5.8B | $4.7B |
| Net income | $5.9B | $4.6B | $3.4B | $2.4B | $5.7B |
| Operating cash flow | $11.2B | $4.5B | $8.7B | $3.6B | $10.3B |
| Capital expenditure | $2.6B | $2.7B | $2.8B | $3.0B | $2.8B |
| Total assets | $101B | $79.7B | $82.1B | $89.6B | $92.7B |
| Total liabilities | $104B | $81.1B | $84.3B | $92.6B | $94.3B |
| Shareholder equity | -$2.5B | -$1.5B | -$2.2B | -$3.1B | -$1.7B |
| Cash | $11.5B | $3.6B | $7.4B | $8.6B | $9.5B |
| Long-term debt | $23.5B | $19.4B | $19.0B | $23.0B | $21.1B |
| Free cash flow | $8.6B | $1.9B | $5.9B | $562M | $7.5B |
| Gross margin | 20.0% | 22.2% | 23.8% | 22.2% | 21.6% |
| Operating margin | 7.2% | 6.5% | 6.1% | 5.6% | 4.6% |
| Net margin | 5.2% | 4.8% | 3.8% | 2.4% | 5.6% |
| Diluted shares | 684M | 720M | 736M | 753M | 791M |
Share count is down 13.5% over 4 years. Buybacks have been shrinking the pie.
Risk factors DELL lists in its 10-K
- Large enterprises and public institutions
- Small and medium-sized business and consumers
- Achievement Through Learning, Development, and Competitive Compensation and Rewards
- Information about our Executive Officers
- Risks Relating to Our Business and Our Industry
- Adverse global economic conditions may harm our business and result in reduced net revenue and profitability
- Competitive pressures may adversely affect our industry unit share position, revenue, and profitability
- The operating results of our business units may be adversely affected if we fail to successfully execute our strategy and related initiatives
- Our relationships with our product and component vendors could harm our business by adversely affecting product availability, delivery, reliability, and cost
- Our use of single-source or limited-source suppliers may adversely affect the availability or timely delivery of some critical products or components
- The nature of the demand for AI solutions may have adverse effects on our operating performance
- Risks associated with management of our AI solutions and use of AI in our internal functions and operations could result in reputational harm, legal liability, and other adverse effects on our business
- Failure to deliver high-quality products, software, and services, or to manage solutions and product and services transitions in an effective manner, could reduce demand and negatively affect the profitability of our operations
- Failure to successfully implement our cost efficiency plans may negatively affect our future results