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US maker of PCs, servers, storage and AI infrastructure, sold directly and through channel partners.
US maker of PCs, servers, storage and AI infrastructure, sold directly and through channel partners.
Earns from PCs sold to consumers and businesses and from an infrastructure arm of servers and storage, where AI servers built around Nvidia chips now drive growth. Sells direct to big customers and through resellers. It bought EMC in 2016 and spun off VMware in 2021; founder Michael Dell remains the largest shareholder.
Moat: narrow (scale, distribution, brand). Direct-sales model plus broad enterprise relationships and financing give scale advantages, though hardware margins stay thin.
Headquarters: Round Rock, Texas, US · Founded: 1984 · Employees: 97,000
Size Dell Technologies (DELL) is a United States Information Technology company (Computer Processing Hardware) with a market value of $209B, the 53rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $328.53 on 6 Nov 2026.
Performance Over six months the shares gained 26.1%, against +12.7% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 48.9% over the last twelve months (peer median +28.4%); the operating margin is 9.9% (peer median 5.5%).
Valuation It trades at 11.6× forward earnings against a peer median of 14.3× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 42.3 points above its cost of capital (11.1% WACC).
Backlog Backlog (remaining performance obligations) was $132B at 31 Jul 2026, up 200% on a year earlier — 0.9 years of trailing revenue. Backlog detail →
Credit Dell Technologies has 29 bonds outstanding ($27.6B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 112 bp.
Short interest Short interest is 3.9% of the free float (15 Oct 2026).
Next results Next results expected around 1 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $151B | $114B | $95.5B | $88.5B | $102B |
| Revenue growth | — | +19% | +8% | -13% | — |
| Gross profit | $29.8B | $22.7B | $20.9B | $20.8B | $21.5B |
| EBITDA | $18.0B | $12.0B | $9.99B | $9.47B | $8.77B |
| Net income | $11.4B | $5.94B | $4.59B | $3.39B | $2.44B |
| Free cash flow | $8.56B | $8.55B | $1.87B | $5.92B | $562M |
| Capital expenditure | $3.59B | $2.63B | $2.65B | $2.76B | $3.00B |
| Total debt | $35.3B | $32.2B | $25.3B | $26.8B | $30.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dell Technologies DELL | $209B | +26% | +49% | 10% | 11.6× | 10.1% |
| HP Inc. HPQ | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% |
| Lenovo 0992.HK | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% |
| Hewlett Packard Enterprise HPE | $59.4B | +43% | +27% | 8% | 9.6× | 16.2% |
| Supermicro SMCI | $18.9B | -19% | +156% | 9% | 4.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DELL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -42.8% | -14.1% | 2nd lowest of 21 |
| 6-month return | +26.1% | +12.7% | 7th highest of 20 |
| Distance from 52-week high | -44.8% | -35.9% | 6th lowest of 21 |
| Revenue growth (TTM) | +48.9% | +28.4% | 5th highest of 20 |
| Operating margin | 9.9% | 5.5% | 6th highest of 20 |
| Forward P/E | 11.6× | 14.3× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 10.1% | 8.6% | 4th most demanding of 9 |
| Growth delivered (Del g) | +5.6% | +6.8% | 3rd lowest of 9 |
| Hurdle (Req g minus delivered) | +4.5 pp | -0.3 pp | 4th most demanding of 9 |
| ROIC minus cost of capital | +42.3 pp | +1.4 pp | highest of 20 |
| EV / EBITDA | 12.9× | 10.7× | 3rd most expensive of 8 |
| Net debt / EBITDA | 1.3× | 0.3× | 5th most indebted of 11 |
| Bond spread | 112 bp | 105 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dell Technologies DELL | United States | $209B | +26% | +49% | 10% | 11.6× | 10.1% | +5.6% |
| Sony 6758.T | Japan | $156B | +33% | +1% | 13% | 18.7× | 3.4% | +6.8% |
| Hewlett Packard Enterprise HPE | United States | $59.4B | +43% | +27% | 8% | 9.6× | 16.2% | +5.0% |
| Lenovo 0992.HK | Hong Kong | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% | +6.6% |
| Asustek Computer 2357.TW | Taiwan | $19.3B | +55% | +32% | 6% | 11.4× | n/a | n/a |
| Supermicro SMCI | United States | $18.9B | -19% | +156% | 9% | 4.8× | n/a | n/a |
| Dawning Information Industry 603019.SS | China | $16.8B | -17% | +32% | 13% | 38.4× | 31.2% | +8.0% |
| Wistron 3231.TW | Taiwan | $16.3B | +13% | +107% | 4% | 8.1× | n/a | n/a |
| Zebra Technologies ZBRA | United States | $15.2B | +42% | +17% | 17% | 14.9× | 14.8% | +4.1% |
| Advantech 2395.TW | Taiwan | $14.5B | +39% | +40% | 19% | 22.5× | 9.5% | +6.8% |
| Lingyi iTech (Guangdong) 002600.SZ | China | $14.2B | -17% | +9% | 6% | 30.9× | n/a | n/a |
| IonQ IONQ | United States | $14.0B | -34% | +371% | -392% | n/a | n/a | n/a |
| GoerTek 002241.SZ | China | $13.1B | 0% | -3% | 2% | 25.5× | n/a | n/a |
| IEIT SYSTEMS Co., Ltd.Class A 000977.SZ | China | $12.1B | -21% | +14% | 3% | 14.3× | 7.7% | +21.2% |
| Sharetronic Data Technology 300857.SZ | China | $11.4B | -40% | +127% | 21% | 39.5× | n/a | n/a |
| Quantinuum QNT | United States | $9.89B | n/a | +35% | -644% | n/a | n/a | n/a |
| Pegatron 4938.TW | Taiwan | $7.52B | +14% | -6% | 1% | 13.1× | n/a | n/a |
| SeeYA Technology 688781.SS | China | $7.11B | +17% | n/a | n/a | n/a | n/a | n/a |
| Inventec 2356.TW | Taiwan | $5.71B | +12% | +16% | 2% | 13.2× | n/a | n/a |
| China Greatwall Technology 000066.SZ | China | $5.40B | -42% | +28% | -1% | 81.7× | n/a | n/a |
| Guangzhou Shiyuan Electronic Technology 002841.SZ | China | $4.37B | +13% | +35% | 8% | 11.2× | -2.7% | +7.3% |
Dell Technologies has 29 bonds outstanding with $27.6B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.79%, a spread of 112 bp over government bonds.
Dell Technologies reported $132B of remaining performance obligations at 31 Jul 2026, up 200% from a year earlier and up 36% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 1.75.