Dell Technologies vs HP
Add, change or remove companies; up to four.
The short version
- Dell Technologies is the larger business, with $113.5B of revenue in fiscal 2026 against $55.3B for HP, about 2.1 times as much.
- Dell Technologies grew revenue faster (18.8%, against 3.2%).
- Dell Technologies kept more of each dollar of sales as operating profit (7.2% operating margin, against 5.7%).
- Dell Technologies turned more of its sales into free cash flow (7.5% FCF margin, against 5.1%).
- HP earned a higher return on the capital invested in it (55.3%, against 36.0%).
- Investors pay more for each dollar of Dell Technologies’s earnings: a P/E of 26.5x against 12.9x for HP.
| Latest fiscal year | DELL · FY26 | HPQ · FY25 |
|---|---|---|
| Size | ||
| Market cap | $297.6B | $31.2B |
| Revenue | $113.5B | $55.3B |
| Free cash flow | $8.6B | $2.8B |
| Net income | $5.9B | $2.5B |
| Growth | ||
| Revenue growth | 18.8% | 3.2% |
| 5-year growth | 5.6% | −0.5% |
| Share count change | −5.0% | −3.6% |
| Profitability | ||
| Gross margin | 20.0% | 20.6% |
| Operating margin | 7.2% | 5.7% |
| Net margin | 5.2% | 4.6% |
| FCF margin | 7.5% | 5.1% |
| Return on capital | 36.0% | 55.3% |
| Return on equity | — | — |
| Balance sheet | ||
| Net debt | $20.0B | $6.0B |
| Net debt / EBITDA | 1.8x | 1.5x |
| Dividends and buybacks | $7.5B | $1.9B |
| Valuation & quality | ||
| P/E | 26.5x | 12.9x |
| Piotroski F-score | 7 | 6 |
Revenue
FY17
DELL $62.2B
HPQ $52.1B
FY18
DELL $79.0B
HPQ $58.5B
FY19
DELL $90.6B
HPQ $58.8B
FY20
DELL $84.8B
HPQ $56.6B
FY21
DELL $86.7B
HPQ $63.5B
FY22
DELL $101.2B
HPQ $62.9B
FY23
DELL $102.3B
HPQ $53.7B
FY24
DELL $88.4B
HPQ $53.6B
FY25
DELL $95.6B
HPQ $55.3B
FY26
DELL $113.5B
HPQ —
DELL
HPQ
Operating margin
FY17
DELL −3.8%
HPQ 6.5%
FY18
DELL −3.1%
HPQ 6.6%
FY19
DELL −0.2%
HPQ 6.6%
FY20
DELL 2.8%
HPQ 6.1%
FY21
DELL 4.3%
HPQ 8.4%
FY22
DELL 4.6%
HPQ 7.3%
FY23
DELL 5.6%
HPQ 6.4%
FY24
DELL 6.1%
HPQ 7.1%
FY25
DELL 6.5%
HPQ 5.7%
FY26
DELL 7.2%
HPQ —
DELL
HPQ
Free cash flow
FY17
DELL $1.7B
HPQ $3.3B
FY18
DELL $5.6B
HPQ $4.0B
FY19
DELL $5.5B
HPQ $4.0B
FY20
DELL $6.7B
HPQ $3.7B
FY21
DELL $9.3B
HPQ $5.8B
FY22
DELL $7.5B
HPQ $3.7B
FY23
DELL $562M
HPQ $3.0B
FY24
DELL $5.9B
HPQ $3.2B
FY25
DELL $1.9B
HPQ $2.8B
FY26
DELL $8.6B
HPQ —
DELL
HPQ
Return on capital
FY17
DELL −5.6%
HPQ —
FY18
DELL −3.4%
HPQ —
FY19
DELL −0.3%
HPQ —
FY20
DELL 4.2%
HPQ —
FY21
DELL 8.5%
HPQ —
FY22
DELL 14.6%
HPQ —
FY23
DELL 25.6%
HPQ 66.1%
FY24
DELL 25.9%
HPQ 60.8%
FY25
DELL 31.4%
HPQ 55.3%
FY26
DELL 36.0%
HPQ —
DELL
HPQ
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.