Dell Technologies vs Hewlett Packard Enterprise
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KIRA’s take AI analyst
I put Dell Technologies and Hewlett Packard Enterprise side by side, using each one’s latest annual report. Here is what stands out:
- Dell Technologies is the larger business, with $113.5B of revenue in fiscal 2026 against $34.3B for Hewlett Packard Enterprise, about 3.3 times as much.
- Dell Technologies grew revenue faster (18.8%, against 13.8%).
- Dell Technologies kept more of each dollar of sales as operating profit (7.2% operating margin, against −1.3%).
- Dell Technologies turned more of its sales into free cash flow (7.5% FCF margin, against 1.8%).
- Dell Technologies earned a higher return on the capital invested in it (36.0%, against −0.9%).
- Investors pay more for each dollar of Hewlett Packard Enterprise’s earnings: a P/E of 30.4x against 27.2x for Dell Technologies.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Dell Technologies
DELL
9/9
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalPiotroski F-scoreNet debt / EBITDAShare count change
Hewlett Packard Enterprise
HPE
0/9
Side by side
Best in the row
| Latest fiscal year | DELL FY26 | HPE FY25 |
|---|---|---|
| Size | ||
| Market cap | $304.5B | $85.1B |
| Revenue | $113.5B | $34.3B |
| Free cash flow | $8.6B | $627M |
| Net income | $5.9B | $57.0M |
| Growth | ||
| Revenue growth | 18.8% | 13.8% |
| 5-year growth | 5.6% | 4.9% |
| Share count change | −5.0% | −1.0% |
| Profitability | ||
| Gross margin | 20.0% | — |
| Operating margin | 7.2% | −1.3% |
| Net margin | 5.2% | 0.2% |
| FCF margin | 7.5% | 1.8% |
| Return on capital | 36.0% | −0.9% |
| Return on equity | — | 0.2% |
| Balance sheet | ||
| Net debt | $20.0B | $20.6B |
| Net debt / EBITDA | 1.8x | 9.0x |
| Dividends and buybacks | $7.5B | $886M |
| Valuation & quality | ||
| P/E | 27.2x | 30.4x |
| Piotroski F-score | 7 | 4 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.