Dell Technologies vs Hewlett Packard Enterprise
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The short version
- 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 29.4x against 26.5x for Dell Technologies.
| Latest fiscal year | DELL · FY26 | HPE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $297.6B | $82.1B |
| 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 | 26.5x | 29.4x |
| Piotroski F-score | 7 | 4 |
Revenue
FY17
DELL $62.2B
HPE $28.9B
FY18
DELL $79.0B
HPE $30.9B
FY19
DELL $90.6B
HPE $29.1B
FY20
DELL $84.8B
HPE $27.0B
FY21
DELL $86.7B
HPE $27.8B
FY22
DELL $101.2B
HPE $28.5B
FY23
DELL $102.3B
HPE $29.1B
FY24
DELL $88.4B
HPE $30.1B
FY25
DELL $95.6B
HPE $34.3B
FY26
DELL $113.5B
HPE —
DELL
HPE
Operating margin
FY17
DELL −3.8%
HPE 2.0%
FY18
DELL −3.1%
HPE 5.6%
FY19
DELL −0.2%
HPE 4.4%
FY20
DELL 2.8%
HPE −1.2%
FY21
DELL 4.3%
HPE 4.1%
FY22
DELL 4.6%
HPE 2.7%
FY23
DELL 5.6%
HPE 7.2%
FY24
DELL 6.1%
HPE 7.3%
FY25
DELL 6.5%
HPE −1.3%
FY26
DELL 7.2%
HPE —
DELL
HPE
Free cash flow
FY17
DELL $1.7B
HPE −$1.8B
FY18
DELL $5.6B
HPE $8.0M
FY19
DELL $5.5B
HPE $1.1B
FY20
DELL $6.7B
HPE −$143M
FY21
DELL $9.3B
HPE $3.4B
FY22
DELL $7.5B
HPE $1.5B
FY23
DELL $562M
HPE $1.6B
FY24
DELL $5.9B
HPE $2.0B
FY25
DELL $1.9B
HPE $627M
FY26
DELL $8.6B
HPE —
DELL
HPE
Return on capital
FY17
DELL −5.6%
HPE 1.9%
FY18
DELL −3.4%
HPE 6.3%
FY19
DELL −0.3%
HPE 3.0%
FY20
DELL 4.2%
HPE −0.9%
FY21
DELL 8.5%
HPE 3.5%
FY22
DELL 14.6%
HPE 2.4%
FY23
DELL 25.6%
HPE 5.8%
FY24
DELL 25.9%
HPE 5.8%
FY25
DELL 31.4%
HPE −0.9%
FY26
DELL 36.0%
HPE —
DELL
HPE
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.