Dell Technologies vs Supermicro
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KIRA’s take AI analyst
I put Dell Technologies and Supermicro 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 $39.1B for Supermicro, about 2.9 times as much.
- Supermicro grew revenue faster (77.8%, against 18.8%).
- Dell Technologies turned more of its sales into free cash flow (7.5% FCF margin, against −17.9%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Dell Technologies
DELL
4/7
Gross marginOperating marginFCF marginShare count change
Supermicro
SMCI
3/7
Revenue growth5-year growthNet margin
Side by side
Best in the row
| Latest fiscal year | DELL FY26 | SMCI FY26 |
|---|---|---|
| Size | ||
| Market cap | $304.5B | $22.8B |
| Revenue | $113.5B | $39.1B |
| Free cash flow | $8.6B | −$7.0B |
| Net income | $5.9B | $2.2B |
| Growth | ||
| Revenue growth | 18.8% | 77.8% |
| 5-year growth | 5.6% | 61.5% |
| Share count change | −5.0% | 11.0% |
| Profitability | ||
| Gross margin | 20.0% | 10.8% |
| Operating margin | 7.2% | 7.1% |
| Net margin | 5.2% | 5.7% |
| FCF margin | 7.5% | −17.9% |
| Return on capital | 36.0% | — |
| Return on equity | — | 21.5% |
| Balance sheet | ||
| Net debt | $20.0B | — |
| Net debt / EBITDA | 1.8x | — |
| Dividends and buybacks | $7.5B | $0.0M |
| Valuation & quality | ||
| P/E | 27.2x | — |
| Piotroski F-score | 7 | — |
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.