Apple vs Dell Technologies
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The short version
- Apple is the larger business, with $416.2B of revenue in fiscal 2025 against $113.5B for Dell Technologies, about 3.7 times as much.
- Dell Technologies grew revenue faster (18.8%, against 6.4%).
- Apple kept more of each dollar of sales as operating profit (32.0% operating margin, against 7.2%).
- Apple turned more of its sales into free cash flow (23.7% FCF margin, against 7.5%).
- Apple earned a higher return on the capital invested in it (102.9%, against 36.0%).
- Investors pay more for each dollar of Apple’s earnings: a P/E of 39.9x against 26.5x for Dell Technologies.
| Latest fiscal year | AAPL · FY25 | DELL · FY26 |
|---|---|---|
| Size | ||
| Market cap | $5.12T | $297.6B |
| Revenue | $416.2B | $113.5B |
| Free cash flow | $98.8B | $8.6B |
| Net income | $112.0B | $5.9B |
| Growth | ||
| Revenue growth | 6.4% | 18.8% |
| 5-year growth | 8.7% | 5.6% |
| Share count change | −2.6% | −5.0% |
| Profitability | ||
| Gross margin | 46.9% | 20.0% |
| Operating margin | 32.0% | 7.2% |
| Net margin | 26.9% | 5.2% |
| FCF margin | 23.7% | 7.5% |
| Return on capital | 102.9% | 36.0% |
| Return on equity | 171.4% | — |
| Balance sheet | ||
| Net debt | $45.2B | $20.0B |
| Net debt / EBITDA | 0.3x | 1.8x |
| Dividends and buybacks | $106.1B | $7.5B |
| Valuation & quality | ||
| P/E | 39.9x | 26.5x |
| Piotroski F-score | 8 | 7 |
Revenue
FY17
AAPL $229.2B
DELL $62.2B
FY18
AAPL $265.6B
DELL $79.0B
FY19
AAPL $260.2B
DELL $90.6B
FY20
AAPL $274.5B
DELL $84.8B
FY21
AAPL $365.8B
DELL $86.7B
FY22
AAPL $394.3B
DELL $101.2B
FY23
AAPL $383.3B
DELL $102.3B
FY24
AAPL $391.0B
DELL $88.4B
FY25
AAPL $416.2B
DELL $95.6B
FY26
AAPL —
DELL $113.5B
AAPL
DELL
Operating margin
FY17
AAPL 26.8%
DELL −3.8%
FY18
AAPL 26.7%
DELL −3.1%
FY19
AAPL 24.6%
DELL −0.2%
FY20
AAPL 24.2%
DELL 2.8%
FY21
AAPL 29.8%
DELL 4.3%
FY22
AAPL 30.3%
DELL 4.6%
FY23
AAPL 29.8%
DELL 5.6%
FY24
AAPL 31.5%
DELL 6.1%
FY25
AAPL 32.0%
DELL 6.5%
FY26
AAPL —
DELL 7.2%
AAPL
DELL
Free cash flow
FY17
AAPL $51.8B
DELL $1.7B
FY18
AAPL $64.1B
DELL $5.6B
FY19
AAPL $58.9B
DELL $5.5B
FY20
AAPL $73.4B
DELL $6.7B
FY21
AAPL $93.0B
DELL $9.3B
FY22
AAPL $111.4B
DELL $7.5B
FY23
AAPL $99.6B
DELL $562M
FY24
AAPL $108.8B
DELL $5.9B
FY25
AAPL $98.8B
DELL $1.9B
FY26
AAPL —
DELL $8.6B
AAPL
DELL
Return on capital
FY17
AAPL 21.8%
DELL −5.6%
FY18
AAPL 30.1%
DELL −3.4%
FY19
AAPL 42.4%
DELL −0.3%
FY20
AAPL 61.2%
DELL 4.2%
FY21
AAPL 88.5%
DELL 8.5%
FY22
AAPL 80.3%
DELL 14.6%
FY23
AAPL 82.6%
DELL 25.6%
FY24
AAPL 88.2%
DELL 25.9%
FY25
AAPL 102.9%
DELL 31.4%
FY26
AAPL —
DELL 36.0%
AAPL
DELL
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.