Dell Technologies vs HP
Add, change or remove companies; up to four.
KIRA’s take AI analyst
I put Dell Technologies and HP 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 $55.3B for HP, about 2.1 times as much.
- Dell Technologies grew revenue faster (18.8%, against 3.2%).
- Dell Technologies kept more of each dollar of sales as operating profit (7.2% operating margin, against 5.7%).
- Dell Technologies turned more of its sales into free cash flow (7.5% FCF margin, against 5.1%).
- HP earned a higher return on the capital invested in it (55.3%, against 36.0%).
- Investors pay more for each dollar of Dell Technologies’s earnings: a P/E of 27.2x against 13.1x for HP.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Dell Technologies
DELL
7/10
Revenue growth5-year growthOperating marginNet marginFCF marginPiotroski F-scoreShare count change
HP
HPQ
3/10
Gross marginReturn on capitalNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | DELL FY26 | HPQ FY25 |
|---|---|---|
| Size | ||
| Market cap | $304.5B | $31.6B |
| Revenue | $113.5B | $55.3B |
| Free cash flow | $8.6B | $2.8B |
| Net income | $5.9B | $2.5B |
| Growth | ||
| Revenue growth | 18.8% | 3.2% |
| 5-year growth | 5.6% | −0.5% |
| Share count change | −5.0% | −3.6% |
| Profitability | ||
| Gross margin | 20.0% | 20.6% |
| Operating margin | 7.2% | 5.7% |
| Net margin | 5.2% | 4.6% |
| FCF margin | 7.5% | 5.1% |
| Return on capital | 36.0% | 55.3% |
| Return on equity | — | — |
| Balance sheet | ||
| Net debt | $20.0B | $6.0B |
| Net debt / EBITDA | 1.8x | 1.5x |
| Dividends and buybacks | $7.5B | $1.9B |
| Valuation & quality | ||
| P/E | 27.2x | 13.1x |
| Piotroski F-score | 7 | 6 |
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.