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Dell Technologies

DELL NYSE Technology Hardware, Storage & Peripherals Financials FY2017–FY2026

Dell Technologies' revenue rose 18.8% to $113.5 billion in fiscal 2026. Its operating margin was 7.2%, up from 6.5% a year earlier. Free cash flow was $8.6 billion, up 357.6%. It paid out $7.5 billion in dividends and buybacks, 87% of free cash flow. The diluted share count fell 5.0%.

Last close · Oct 23, 2026

$456.44

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$113.5B
18.8% vs prior year
Operating margin Operating income as a share of revenue.
7.2%
0.6 pts
Net income Profit after all expenses, interest and tax.
$5.9B
29.3%
Free cash flow Cash from operations minus capital spending.
$8.6B
357.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
36.0%
4.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$297.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
26.5x
On $17.20 EPS (TTM)

What Dell Technologies does

Dell Technologies sells computers and the equipment that runs corporate data centers, to consumers, businesses, governments and not-for-profit groups in over 170 countries. It sells through its own sales force and through channel partners such as resellers and distributors, and it lets customers pay upfront, over time, or by subscription.

It has two reportable segments. The Infrastructure Solutions Group sells servers (including servers built for artificial intelligence work), networking and storage, plus related software and services. About 65% of that segment's revenue comes from customers in the Americas. The Client Solutions Group sells Dell-brand notebooks, desktops and workstations, plus displays, docking stations and other accessories, along with services such as support and extended warranties. About 60% of that segment's revenue comes from the Americas.

Dell says it faces price and product competition in every area, from companies that focus on one product line and from large cloud providers that buy equipment directly from manufacturers. It used to resell VMware software, but it ended that arrangement in March 2024 after Broadcom bought VMware, and it no longer sells those products.

Legal name
Dell Technologies Inc.
Fiscal year ends
January 30, 2026
Latest annual report
10-K · Mar 16, 2026
Accession · CIK
0001571996-26-000008
0001571996

Revenue and margins

Dell Technologies had $113.5B of revenue in fiscal 2026, up 18.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $8.6B in fiscal 2026, 7.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Dell Technologies returned $7.5B to shareholders in fiscal 2026, 87% of free cash flow. The diluted share count fell 5.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Dell Technologies yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$20.0B and divides by 684.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 26.5x · peers 21.1x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Dell Technologies can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $9.5B$8.6B$7.4B$3.6B$11.5B
Debt incl. finance leases $27.0B$29.6B$26.0B$24.6B$31.5B
Net debt / EBITDA 1.9x2.4x2.1x2.2x1.8x
Interest coverage 3.0x4.7x3.6x4.5x5.2x
Current ratio 0.8x0.8x0.7x0.8x0.9x
Quick ratio 0.7x0.7x0.7x0.6x0.8x
Total assets $92.7B$89.6B$82.1B$79.7B$101.3B
Total liabilities $94.3B$92.6B$84.3B$81.1B$103.8B
Shareholders' equity −$1.7B−$3.1B−$2.2B−$1.5B−$2.5B
Net debt (− = net cash) $17.5B$21.0B$18.6B$20.9B$20.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$147M

7 insiders

Of sales under plans

1%

$1.1M

DateInsiderTradeSharesPriceValueFiling
Oct 9, 2026 Silver Lake Partners IV L.P.Director, 10% owner Sold 50,454 $582.45 $29.4M Form 4
Oct 9, 2026 Silver Lake Partners V DE (AIV) L.P.Director, 10% owner Sold 25,494 $582.30 $14.8M Form 4
Oct 9, 2026 Silver Lake Technology Investors IV L.P.Director, 10% owner Sold 996 $582.30 $0.6M Form 4
Oct 9, 2026 Silver Lake Technology Investors V L.P.Director, 10% owner Sold 450 $582.31 $0.3M Form 4
Oct 9, 2026 Sl Spv-2 L.p.Director, 10% owner Sold 44,408 $582.30 $25.9M Form 4
Oct 6, 2026 Silver Lake Partners IV L.P.Director, 10% owner Sold 54,236 $575.24 $31.2M Form 4
Oct 6, 2026 Silver Lake Partners V DE (AIV) L.P.Director, 10% owner Sold 26,539 $575.43 $15.3M Form 4
Oct 6, 2026 Silver Lake Technology Investors IV L.P.Director, 10% owner Sold 1,035 $575.43 $0.6M Form 4
Oct 6, 2026 Silver Lake Technology Investors V L.P.Director, 10% owner Sold 467 $575.44 $0.3M Form 4
Oct 6, 2026 Sl Spv-2 L.p.Director, 10% owner Sold 46,323 $575.43 $26.7M Form 4
Sep 23, 2026 Egon DurbanDirector Sold 1,850 $548.40 $1.0M Form 4
Sep 22, 2026 Lynn Vojvodich RadakovichDirector Sold plan 2,022 $565.28 $1.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✕ ✓ ✓
F-score 7 / 96 / 97 / 9
Accruals ratio −6.2%0.1%−5.8%
Altman Z'' −0.75−0.390.26

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Dell Technologies DELL $297.6B 18.8% 7.2% 7.5% 36.0% 26.5x 7
HP HPQ $31.2B 3.2% 5.7% 5.1% 55.3% 12.9x 6 Compare →
Supermicro SMCI $23.0B 77.8% 7.1% −17.9% — 10.1x — Compare →
Hewlett Packard Enterprise HPE $82.1B 13.8% −1.3% 1.8% −0.9% 29.4x 4 Compare →
Apple AAPL $5.12T 6.4% 32.0% 23.7% 102.9% 39.9x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $62.2B $79.0B $90.6B $84.8B $86.7B $101.2B $102.3B $88.4B $95.6B $113.5B
Gross profit $13.6B $20.5B $25.1B $20.6B $20.1B $21.9B $22.7B $21.1B $21.3B $22.7B
Research and development $2.6B $4.4B $4.6B $2.5B $2.5B $2.6B $2.8B $2.8B $3.1B $3.1B
Operating income −$2.4B −$2.4B −$191M $2.4B $3.7B $4.7B $5.8B $5.4B $6.2B $8.1B
Interest expense $1.8B $2.4B $2.5B $2.3B $2.1B $1.5B $1.2B $1.5B $1.4B $1.6B
Pretax income −$4.5B −$4.8B −$2.4B −$51.0M $2.3B $5.9B $3.2B $4.1B $5.0B $7.3B
Income tax −$1.4B −$1.8B −$180M −$572M $101M $981M $803M $715M $472M $1.3B
Net income −$1.2B −$2.8B −$2.3B $4.6B $3.3B $5.6B $2.4B $3.4B $4.6B $5.9B
Diluted EPS — — — $6.03 $4.22 $6.26 $3.24 $4.60 $6.38 $8.68
Diluted shares — — — 0.75B 0.77B 0.79B 0.75B 0.74B 0.72B 0.68B
Cash flow
Cash from operations $2.4B $6.8B $7.0B $9.3B $11.4B $10.3B $3.6B $8.7B $4.5B $11.2B
Capital expenditure $699M $1.2B $1.5B $2.6B $2.1B $2.8B $3.0B $2.8B $2.7B $2.6B
Free cash flow $1.7B $5.6B $5.5B $6.7B $9.3B $7.5B $562M $5.9B $1.9B $8.6B
Depreciation and amortization $4.9B $8.6B $7.7B $6.1B $5.4B $4.6B $3.2B $3.3B $3.1B $3.0B
Stock-based compensation $398M $835M $918M $1.3B $1.6B $1.6B $931M $878M $785M $723M
Acquisitions $37.6B $658M $130M $3.0M $2.2B $16.0M $70.0M $126M $0.0M $84.0M
Share buybacks $611M $724M $14.1B $8.0M $241M $1.5B $2.9B $2.1B $2.6B $6.0B
Dividends paid $0.0M $0.0M $2.1B $0.0M $0.0M $0.0M $964M $1.1B $1.3B $1.5B
Dividends and buybacks $611M $724M $16.2B $8.0M $241M $1.5B $3.8B $3.2B $3.9B $7.5B
Balance sheet
Cash and short-term investments $11.4B $16.1B $9.7B $9.3B $9.5B $9.5B $8.6B $7.4B $3.6B $11.5B
Total debt $49.4B $51.9B $53.5B $52.1B $39.2B $27.0B $29.6B $26.0B $24.6B $31.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $30.8B $40.3B $36.1B $36.9B $43.6B $45.0B $42.4B $36.0B $36.2B $57.6B
Current liabilities $38.1B $45.8B $45.0B $52.5B $54.1B $56.2B $51.7B $48.4B $46.5B $63.3B
Inventory $2.5B $2.7B $3.6B $3.3B $3.4B $5.9B $4.8B $3.6B $6.7B $10.4B
Property and equipment, net $5.7B $5.4B $5.3B $6.1B $4.8B $5.4B $6.2B $6.4B $6.3B $6.7B
Total assets $118.2B $124.2B $111.8B $118.9B $123.4B $92.7B $89.6B $82.1B $79.7B $101.3B
Total liabilities $99.0B $106.3B $111.6B $115.1B $115.4B $94.3B $92.6B $84.3B $81.1B $103.8B
Shareholders' equity $13.2B $11.7B −$5.8B −$1.6B $2.5B −$1.7B −$3.1B −$2.2B −$1.5B −$2.5B
Margins
Gross margin 22.0% 26.0% 27.7% 24.3% 23.2% 21.6% 22.2% 23.8% 22.2% 20.0%
Operating margin −3.8% −3.1% −0.2% 2.8% 4.3% 4.6% 5.6% 6.1% 6.5% 7.2%
EBITDA margin 4.1% 7.9% 8.3% 10.0% 10.5% 9.1% 8.7% 9.9% 9.8% 9.9%
Net margin −1.9% −3.6% −2.6% 5.4% 3.8% 5.5% 2.4% 3.8% 4.8% 5.2%
FCF margin 2.7% 7.1% 6.1% 7.9% 10.8% 7.4% 0.6% 6.7% 2.0% 7.5%
Returns
Return on capital −5.6% −3.4% −0.3% 4.2% 8.5% 14.6% 25.6% 25.9% 31.4% 36.0%
Return on capital employed −4.8% −3.1% −0.3% 3.6% 5.4% 8.8% 15.5% 15.1% 18.6% 22.9%
Return on equity −15.9% −22.8% — — — — — — — —
Return on assets −1.4% −2.4% −2.0% 4.0% 2.7% 5.2% 2.7% 4.0% 5.7% 6.6%
Growth
Revenue growth 22.1% 27.2% 14.7% −6.4% 2.2% 16.8% 1.1% −13.6% 8.1% 18.8%
Net income growth — — — — −29.6% 71.2% −56.1% 38.7% 35.5% 29.3%
EPS growth — — — — −30.0% 48.3% −48.2% 42.0% 38.7% 36.1%
FCF growth −0.7% 237.6% −2.4% 22.2% 38.9% −19.5% −92.5% 953.4% −68.4% 357.6%
Share count change — — — — 2.1% 3.1% −4.8% −2.3% −2.2% −5.0%
Financial health
Net debt / EBITDA 14.9x 5.8x 5.8x 5.0x 3.3x 1.9x 2.4x 2.1x 2.2x 1.8x
Debt / equity 3.7x 4.4x — — — — — — — —
Interest coverage −1.4x −1.0x −0.1x 1.0x 1.8x 3.0x 4.7x 3.6x 4.5x 5.2x
Current ratio 0.8x 0.9x 0.8x 0.7x 0.8x 0.8x 0.8x 0.7x 0.8x 0.9x
Quick ratio 0.7x 0.8x 0.7x 0.6x 0.7x 0.7x 0.7x 0.7x 0.6x 0.8x
Capital allocation
Capex / revenue 1.1% 1.5% 1.7% 3.0% 2.4% 2.8% 2.9% 3.1% 2.8% 2.3%
Stock comp / revenue 0.6% 1.1% 1.0% 1.5% 1.9% 1.6% 0.9% 1.0% 0.8% 0.6%
Payouts / FCF 36.6% 12.9% 295.0% 0.1% 2.6% 19.9% 684.5% 53.2% 206.7% 87.4%
Quality scores
Piotroski F-score — — — — 5.0 6.0 7.0 7.0 6.0 7.0
Altman Z'' −0.5 −0.4 −1.2 −1.2 −0.7 −0.8 −0.5 −0.8 −0.4 0.3
Accruals ratio −4.3% −8.0% −7.9% −4.1% −6.7% −4.4% −1.2% −6.2% 0.1% −5.8%

Source: SEC EDGAR XBRL filings (CIK 0001571996). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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