Dell Technologies Inc. (DELL)
Information Technology · Technology Hardware, Storage & Peripherals · US stock · S&P 500 component
$452.95
▼ -32.93 (6.78%)
Fair valueFair
$446 −1.6% to fair value
$223fair band $379–$540$669
Day's range
$446.91 – $473.01
52-week range
$110.22 – $595.51
Red flags⚠ Negative equity⚠ Negative equity⚠ Negative equity⚠ Negative equity⚠ Negative equity
About Dell Technologies Inc.
Dell Technologies sells computers, servers, storage systems and networking equipment, along with related software and services, to consumers, businesses and governments. Its client solutions group covers desktops, laptops and monitors, while its infrastructure group supplies data centre hardware, including systems designed for artificial intelligence workloads. It earns money from hardware sales, support contracts and financing, and sells directly and through partners.
Over the latest twelve months the company reported revenue of $151.2 billion, with growth of 3.5% a year across three years. It reports an operating margin of 9.4%, with return on invested capital of 53%. Leverage, measured as net debt to EBITDA, is 1.4 times. A dividend is paid, with a yield of 0.5%. Overall, it receives an X-Ray Score of 53 out of 100. The figures are a snapshot of reported results rather than a forecast.
Price chart
52-wk range $110.22 – $595.51Volume 6,597,846Daily, split-adjusted
Vitals
Market cap$295.3B
52-week range$110.22 – $595.51
Volume (last day)6,597,846
P/E (TTM)26.6
EBIT / EV yield4.5%
Free-cash-flow yield2.9%
Dividend yield0.5%
Revenue (TTM)$151.2B
Net income (TTM)$11.4B
Operating margin9.4%
Return on capital52.7%
Debt incl. leases$35.3B
Cash & securities$11.6B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$446middle half of models $367 – $524
Fair
−1.6% to fair value
Average of the 12 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $453
Undervalued < $379Fair $379 – $540Overvalued > $540
P/E multiple
$428
P/S multiple
$693
EV/EBITDA multiple
$415
EV/EBIT multiple
$399
EV/revenue multiple
$623
10-year DCF, EBITDA exit
$479
5-year DCF, EBITDA exit
$503
10-year DCF, revenue exit
$517
5-year DCF, revenue exit
$543
10-year DCF, growth exit
$273
5-year DCF, growth exit
$250
Dividend discount, stable · not used
$85
Dividend discount, multi-stage · not used
$101
Earnings power value
$225
Growth the price implies
18.7%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
59/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield4.5%
Free-cash-flow yield2.9%
Fair value vs price1.0×
Growth
Strong
73/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)3.5%
EPS growth (3y)38.9%
Growth consistency100%
Profitability
Fair
52/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital52.7%
Operating margin9.4%
Gross profitability23.5%
Financial health
Weak
29/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA1.4×
Interest cover8.9×
Dividends
Fair
52/100
Dividend is typical for its sector.
See the numbers →
Dividend yield0.5%
Dividends vs free cash flow18%
Dividend growth14.8%
Quarterly results: last 6 quarters
+5.1%
May '25
+19.0%
Aug '25
+10.8%
Oct '25
+39.5%
Jan '26
+87.5%
May '26
+57.7%
Jul '26
Revenue against the same quarter a year earlier. Latest quarter revenue $47.0B, diluted EPS $6.34.
Compare with peers
SNDK Sandisk Corp73 SMCI Super Micro Computer,...58 STX Seagate Technology Hol...56 NTAP NetApp, Inc.54Other Technology Hardware, Storage & Peripherals companies by X-Ray Score.
SWOT analysis: Dell Technologies Inc.
Strengthsinside the company
- Return on invested capital is 52.7%, against a median of 57.7% for industry peers.
- Earnings per share have compounded at 38.9% a year over three years.
Weaknessesinside the company
- Operating margin of 9.4% is thin against 25.0% for industry peers.
- Altman Z-score of 0.8 is in the zone linked with financial distress in past studies.
Opportunitiesvaluation and setting
- Revenue growth picked up to 18.8% last year from 3.5% a year over three years.
- Our Market Compass rates the backdrop for Information Technology as favourable.
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Our checks raised: Negative equity; Negative equity.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare DELL with peers and sector
Medians of 9 Technology Hardware, Storage & Peripherals peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): AAPL 53, SNDK 73, STX 56, WDC 52, HPE 45, NTAP 54.
| Metric | DELL | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 53 | 53 | 50 |
| Valuation | 59 | 38 | 50 |
| Growth | 73 | 59 | 54 |
| Profitability | 52 | 58 | 49 |
| Financial health | 29 | 61 | 50 |
| Dividends | 52 | 43 | 50 |
Sector leaders: highest X-Ray Score in Information Technology
DELL ranks #32 of 75 in Information Technology and #5 of 10 in Technology Hardware, Storage & Peripherals by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for DELL
Each factor is rated by where DELL stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 7 Good · 5 Average · 9 Bad of 21
Growth: 2 · 0 · 1
Profitability: 1 · 0 · 3
Financial strength: 0 · 2 · 2
Valuation: 2 · 2 · 0
Cash flow: 1 · 0 · 3
Efficiency: 1 · 1 · 0
| Factor | DELL | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +3.5% | Bad beats 30% | +9.7% | – | – |
| Revenue growth, last year | +18.8% | Good beats 67% | +13.7% | +8.1% | ▲ Better |
| EPS growth, 3 years a year | +38.9% | Good beats 90% | +5.9% | – | – |
| Profitability | |||||
| Gross margin | 19.8% | Bad beats 5% | 57.8% | 22.2% | ▼ Worse |
| Operating margin | 9.4% | Bad beats 19% | 20.3% | 6.1% | ▲ Better |
| Net margin | 7.5% | Bad beats 21% | 17.8% | 4.8% | ▲ Better |
| Return on invested capital | 52.7% | Good beats 81% | 19.4% | – | – |
| Financial strength | |||||
| Net debt / EBITDA | 1.4x | Average beats 36% | 0.8x | 2.1x | ▲ Better |
| Interest cover | 8.9x | Bad beats 25% | 23.0x | 4.5x | ▲ Better |
| Current ratio | 0.96 | Bad beats 22% | 1.57 | 0.80 | ▲ Better |
| Piotroski F-score | 6 / 9 | Average beats 43% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 26.0x | Average beats 66% | 33.6x | 13.2x | ▼ Worse |
| Price / sales | 2.0x | Good beats 90% | 6.9x | 0.7x | ▼ Worse |
| EV / EBITDA | 18.4x | Good beats 71% | 24.7x | 8.8x | ▼ Worse |
| Free cash flow yield | 2.9% | Average beats 47% | 3.4% | 9.3% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 5.7% | Bad beats 11% | 22.3% | 6.7% | ▼ Worse |
| Cash from operations / net income | 1.07 | Bad beats 24% | 1.39 | 1.81 | ▼ Worse |
| Free cash flow growth, 3 years a year | +147.8% | Good beats 98% | +15.4% | – | – |
| Accruals (lower is better) | −0.6% | Bad beats 19% | −4.4% | – | – |
| Efficiency | |||||
| Inventory turnover | 5.7x | Good beats 79% | 3.9x | 13.4x | ▼ Worse |
| Days sales outstanding | 55 days | Average beats 63% | 63 days | 45 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 4 Average · ● 7 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldAverage
Risk models
Altman Z''Bad
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Good
Revenue growth (3y)Bad
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDAAverage
Interest coverBad
Valuation
Fair value vs priceAverage
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginBad
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 49/100.
Financials
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $101.2B | $102.3B | $88.4B | $95.6B | $113.5B |
| Operating income | $4.7B | $5.8B | $5.4B | $6.2B | $8.1B |
| Net income | $5.7B | $2.4B | $3.4B | $4.6B | $5.9B |
| Operating cash flow | $10.3B | $3.6B | $8.7B | $4.5B | $11.2B |
| Operating margin | 4.6% | 5.6% | 6.1% | 6.5% | 7.2% |
| Free cash flow | $7.5B | $562M | $5.9B | $1.9B | $8.6B |
| Diluted EPS | – | $3.24 | $4.60 | $6.38 | $8.68 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
6 bullish · 1 neutral · 9 bearish
Weekly
Bullish
7 bullish · 1 neutral · 4 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 502.1 | Bearish |
| EMA 10 | 491.5 | Bearish |
| SMA 20 | 529.4 | Bearish |
| EMA 20 | 511.6 | Bearish |
| SMA 50 | 513.6 | Bearish |
| EMA 50 | 503.6 | Bearish |
| SMA 100 | 466.3 | Bearish |
| EMA 100 | 452.5 | Bullish |
| SMA 200 | 320.3 | Bullish |
| EMA 200 | 365.0 | Bullish |
Oscillators (daily)
| RSI (14) | 37.08 | Neutral |
| MACD (12, 26) | -16.94 | Bearish |
| Momentum (12) | -21.09 | Bearish |
| Stochastic %K (14) | 8.65 | Bullish |
| Williams %R (14) | -91.35 | Bullish |
| CCI (20) | -119.7 | Bullish |
Pivot points (classic, last session)
S3 416.1 | S2 431.5 | S1 442.2 | Pivot 457.6 | R1 468.3 | R2 483.7 | R3 494.4 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.42 USD
Yield on today's price
0.53%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.6300 | |
| 0.6300 | |
| 0.6300 | |
| 0.5250 | |
| 0.5250 | |
| 0.5250 | |
| 0.5250 | |
| 0.4450 | |
| 0.4450 | |
| 0.4450 | |
| 0.4450 | |
| 0.3700 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold DELL
| ETF | Share of the fund |
|---|---|
| WTV WisdomTree U.S. Quality Shareholder Yi... | 3.04% |
| FDVV Fidelity High Dividend | 2.66% |
| ULTY YieldMax Ultra Option Income Strategy | 2.19% |
| SKYY First Trust Cloud Computing | 2.01% |
| FTHI First Trust BuyWrite Income | 1.99% |
| PWB Invesco Dynamic Large Cap Growth | 1.95% |
| TRFK Pacer Data and Digital Revolution | 1.66% |
| RWL Invesco S&P 500 Revenue | 1.59% |
The eight funds with the largest weight in DELL among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
DELL SEC filings
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Current report
8-KSEC EDGAR
Shareholder vote results; Other events
8-KSEC EDGAR
Current report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.