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Dell Technologies (DELL) stock

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NYSE: DELL NYSE Technology Hardware, Storage & Peripherals Next results ~November 27, 2026

B Fundamentals grade

Dell Technologies is a US-listed company in the technology hardware, storage & peripherals industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$430

Cash-flow model

Base case. Range ~$320–$570 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 9% below our base value.

Price used: $392.78, November 2, 2026

Dell Technologies valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Dell Technologies files

Where Dell Technologies stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $151.2bn, up 49.0% on a year earlier, faster than 38.6% a quarter earlier. Free-cash-flow margin held at 5.7%. Operating margin widened to 9.4% from 6.7%. The diluted share count is down 5.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $279 a share, against a share price of $464. At that price, our model says the market is pricing in about 21.7% a year of cash-flow growth for five years, faster than the 8.4% a year revenue growth it has delivered.

Source: 10-Q filed September 8, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 27, 2026 (estimated)

Dell Technologies's trailing-twelve-month revenue grew 49.0% year on year, with a free-cash-flow margin of 5.7%. Where it stands out: change in share count of -5.7% ranks 1 of 27 technology hardware, storage & peripherals companies we cover. Where it lags: gross margin of 19.8% ranks 19 of 22 technology hardware, storage & peripherals companies we cover.

Our discounted-cash-flow model values the business at ~$430 per share in the base case (~$320–$570 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 49.0% (+10.5pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 49.0% over the last 12 months, against a median of 11.3% for technology hardware, storage & peripherals companies we cover.
  • Growth speeding up. The growth rate is 10.5 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 5.7% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 45.2% over 90 days.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 78% and a beta of 2.5 against the S&P 500.
  • Insiders selling. 20 insiders sold $3,579M of stock over the past 365 days and none bought (1% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 75% of net income over the last 12 months.
  • Below peers: gross margin. Gross margin of 19.8% ranks 19 of 22 technology hardware, storage & peripherals companies we cover (median 41.2%).

Latest results: FY2027 Q2

Filed September 8, 2026
Earnings per share
$7.04 against an average estimate of $4.92: beat by 43.1%
Revenue
$46.97bn, up 57.7% on a year earlier
Share reaction
+7.9% in the first session after the results on September 1, 2026, against -0.2% for the S&P 500
Guidance given
revenue $49bn (Q3FY27); GAAP diluted EPS $6.1 (Q3FY27)
Next report
November 27, 2026; average EPS estimate $6.56

Dell Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-7.4%
  • 1 week-15.9%
  • 1 month-30.1%
  • This year+215.3%
  • 1 year+145.0%
  • 5 years+684.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$151B
Operating margin
9.4%
Net margin
7.5%
EPS (TTM, diluted)
$17.14

Growth

Revenue growth
+49.0%
Change in growth rate
+10.5 pts
Share count change
−5.7%

Cash

Free cash flow (TTM)
$8.6B
FCF margin
5.7%
Stock pay % of revenue
0.5%

Earnings

Last results
September 1, 2026
Next results (est.)
November 24, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Leadership
  3. Insider trade
  4. Agreement
  5. Announcement
  6. Results
  7. Guidance
  8. Governance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Dell Technologies valuation models and calculator

What the price is pricing in

The share price implies about 16.1% a year of cash-flow growth for five years.That is faster than the 8.4% a year revenue growth Dell Technologies has delivered.

  • Priced in16.1%
  • Last 12 months49.0%
  • 3 years a year17.3%
  • 5 years a year8.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($416.00, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$430
Price used
$416.00close November 3, 2026
Implied change
▲ +3%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Dell Technologies's free cash flow after stock-based pay with after-tax interest added back ($7.9B, FY2027 Q2 TTM), growing 33.5% and 14.9% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$320–~$570 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Dell Technologies's free cash flow after stock-based pay ( $7.9B, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Dell Technologies as an operating company, with every model that fits that kind of business. Cost of equity 12.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.65 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$430 ~$320–$570 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$270 ~$170–$360 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$290 ~$240–$460 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$350 ~$270–$430 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Dell Technologies with Technology Hardware, Storage & Peripherals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −16%
  • Last year's free-cash-flow margin change, if it persists ▲ +16%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $142$206$290$402$547$734
8.5% $100$146$207$287$391$524
10% $75$111$158$219$297$398

Valuation multiples over time Market data may be delayed

At fiscal year end 2020202120222023202420252026Now
Share price$22.42$33.51$51.02$39.58$82.98$101.09$113.74$392.78
Market value$16.8bn$25.7bn$40.4bn$29.8bn$61.1bn$72.8bn$77.8bn$260.8bn
+ Net debt (− = net cash)−$9.3bn−$9.5bn−$9.5bn−$8.6bn−$7.4bn−$3.6bn−$11.5bn$23.2bn
Enterprise value$7.5bn$16.2bn$30.9bn$21.2bn$53.7bn$69.2bn$66.3bn$284.0bn
Multiples
Price / sales 0.2x0.3x0.4x0.3x0.7x0.8x0.7x1.7x
Price / earnings 3.6x7.9x7.3x12.2x18.0x15.9x13.1x22.9x
Price / free cash flow 2.5x2.8x5.4x53.0x10.3x38.9x9.1x30.5x
EV / EBITDA 0.9x1.8x3.4x2.4x6.2x7.4x5.9x16.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

45 /100

Weak moat

How hard Dell Technologies's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 9 / 20

    Cash operating profit has been a median 7.8% of total assets over 9 years.

  • Pricing power 8 / 20

    Gross margin has been a median 23.2%, moving by 3.1 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.6%; its worst year was -5.8%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 5.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 14.9% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (50 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 27, 2026, after the close. Analysts expect revenue of $49.2bn and EPS of $6.56 (range $6.41 to $7.37) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $25.90 +152% $193.5bn +70%
Next $28.20 +16% $230.7bn +19%

Next year's EPS estimate has moved +45.2% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +40.7% on 90 days ago. In the last 30 days, 23 analysts raised Dell Technologies's forecast and 0 cut it.

Consensus EPS forecast Dell Technologies, last 90 days
$15.00 $20.00 $25.00 $30.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $18.41 Current fiscal year, 60 days ago: $18.82 Current fiscal year, 30 days ago: $25.90 Current fiscal year, 7 days ago: $25.90 Current fiscal year, Now: $25.90 $25.90 Next fiscal year, 90 days ago: $19.43 Next fiscal year, 60 days ago: $20.16 Next fiscal year, 30 days ago: $24.66 Next fiscal year, 7 days ago: $26.81 Next fiscal year, Now: $28.20 $28.20

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $18.41$19.43
60 days ago $18.82$20.16
30 days ago $25.90$24.66
7 days ago $25.90$26.81
Now $25.90$28.20

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $4.92 $7.04 +43.1%
Apr 2026 $2.96 $4.86 +64.0%
Jan 2026 $3.51 $3.89 +10.7%
Oct 2025 $2.48 $2.59 +4.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 1, 2026
  • Revenue FY27 about $192bn Raised
    “Revenue $ 167.0 $ 192.0 69 %” source
  • Revenue Q3FY27 about $49bn
    “Revenue $ 49.0 81 %” source
  • GAAP diluted EPS FY27 about $24.37 GAAP Raised
    “GAAP diluted EPS $ 17.31 $ 24.37 181 %” source
  • Non-GAAP diluted EPS FY27 about $25.50 Non-GAAP Raised
    “Non-GAAP diluted EPS $ 17.90 $ 25.50 148 %” source
  • GAAP diluted EPS Q3FY27 about $6.10 GAAP
    “GAAP diluted EPS $ 6.10 168 %” source
  • Non-GAAP diluted EPS Q3FY27 about $6.50 Non-GAAP
    “Non-GAAP diluted EPS $ 6.50 151 %” source
Show 1 more item
  • AI-Optimized Servers revenue FY27 about $74bn Raised
    “AI-Optimized Servers revenue $ 60.0 $ 74.0 200 %” source

How earlier guidance turned out

  • Second-quarter FY27 GAAP diluted EPS, Second-quarter FY27 guided about $4.48 Above range: $6.34
  • Second-quarter FY27 revenue, Second-quarter FY27 guided $44bn to $45bn Above range: $46.971bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Dell Technologies's revenue by +33.5% next year and +14.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+40.4%, weight 57%) , management guidance (+39.3%, weight 18%) and the company's own record (+13.0%, weight 25%) . How the weights are set.

Analyst recommendations

29 analysts, Oct 2026
Buy1966%
Hold1034%
Sell00%

Monthly trend

  1. Oct 20265141029
  2. Sep 2026614929
  3. Aug 2026514928
  4. Jul 2026514827

Counts of recommendations published by analysts covering Dell Technologies, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.2%
of tradable shares
Days to cover
1.59
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
77%
of shares
Held by insiders
7.7%
of shares
Employees
97,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +145.0%

$160.32 on October 31, 2025 to $392.78

ThenNowEffect
Revenue (last 12 months) $101.5bn $151.2bn +49.0%
Net margin 4.8% 7.5% +57.8%
P/E multiple 23.3x 22.9x −1.8%
Share count 704m 664m +6.1%

Biggest factor: net margin.

Last 3 years +490.4%

$66.53 on November 3, 2023 to $392.78

ThenNowEffect
Revenue (last 12 months) $93.6bn $151.2bn +61.5%
Net margin 2.1% 7.5% +254.9%
P/E multiple 24.7x 22.9x −7.3%
Share count 738m 664m +11.1%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DELL+51%−27%+96%+53%+11%+215%
Industry peers (median)+24%−39%+28%+12%+3%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DELL75%33%75%75%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DELL−11%−44%−16%−51%−42%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since August 17, 2016: 60% from May 29, 2024 to April 4, 2025. Getting back needed a 147% gain, reached on March 24, 2026, 354 days after the low.

Price behaviour

52-week range
$110.39 – $587.59
From 52-week high
−33.2%
vs 50-day average
−23.3%
vs 200-day average
+18.4%
Volatility (1 year)
78%
Beta vs S&P 500
2.53

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 5 down
typical move ±13.1%
After a week
4 up, 6 down
typical move ±15.3%
After a month
7 up, 3 down
typical move ±17.0%
Results releasedNext dayS&P 500 next day5 days21 days
September 1, 2026 +7.9% −0.2% +17.4% +18.8%
May 28, 2026 +37.9% +0.8% +38.2% +35.8%
February 26, 2026 +19.9% −1.0% +18.7% +39.1%
November 25, 2025 +4.7% +1.6% +5.0% +1.6%
August 28, 2025 −7.8% −0.2% −5.8% +1.1%
May 29, 2025 −2.2% +0.3% −1.7% +7.8%
February 27, 2025 −11.1% −0.1% −19.6% −20.2%
November 26, 2024 −13.7% +0.2% −12.5% −18.6%
August 29, 2024 +3.6% +1.0% −8.6% +6.3%
May 30, 2024 −22.1% +0.2% −25.2% −20.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Dell Technologies’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.09× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

DELL Dell Technologies Grade B $399.62

Own 100 shares, sell the $520 call expiring December 4, 2026 (32 days) for $5.85 a share — $585 per contract.

Previous session · Bid $5.85, ask $7.85, quoted Mon 2 Nov, 17:21 New York time with DELL at $399.62. Option prices move with the shares: check the live chain at your broker before trading.

  • If DELL ends below $520: you keep your shares and the $585 — 1.5% extra on the position, 16.7% a year at that pace.
  • If it ends above $520: your shares are sold at $520, a total return of 31.6% including the premium — at or above our value of ~$430.
$12.6k $0 −$7.9k Break-even $393.77 Price $399.62 Our value $430
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$585
Annualised
16.7%
Break-even
$393.77
Max gain
$12,622.6
Chance of selling
~17%

Results are expected around November 24, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Dell Technologies in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Dell Technologies
$80B $100B $120B $140B $160B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $91.1B Revenue (TTM), FY24 Q4: $88.4B Revenue (TTM), FY25 Q1: $89.7B Revenue (TTM), FY25 Q2: $91.8B Revenue (TTM), FY25 Q3: $94B Revenue (TTM), FY25 Q4: $95.6B Revenue (TTM), FY26 Q1: $96.7B Revenue (TTM), FY26 Q2: $101.5B Revenue (TTM), FY26 Q3: $104.1B Revenue (TTM), FY26 Q4: $113.5B Revenue (TTM), FY27 Q1: $134B Revenue (TTM), FY27 Q2: $151.2B $151.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $91.1B
FY24 Q4 $88.4B
FY25 Q1 $89.7B
FY25 Q2 $91.8B
FY25 Q3 $94B
FY25 Q4 $95.6B
FY26 Q1 $96.7B
FY26 Q2 $101.5B
FY26 Q3 $104.1B
FY26 Q4 $113.5B
FY27 Q1 $134B
FY27 Q2 $151.2B
Revenue growth, TTM YoY Dell Technologies
-20% 0% 20% 40% 60% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: -13.4% Revenue growth, TTM YoY, FY24 Q4: -13.6% Revenue growth, TTM YoY, FY25 Q1: -7.6% Revenue growth, TTM YoY, FY25 Q2: -1.9% Revenue growth, TTM YoY, FY25 Q3: 3.1% Revenue growth, TTM YoY, FY25 Q4: 8.1% Revenue growth, TTM YoY, FY26 Q1: 7.7% Revenue growth, TTM YoY, FY26 Q2: 10.5% Revenue growth, TTM YoY, FY26 Q3: 10.8% Revenue growth, TTM YoY, FY26 Q4: 18.8% Revenue growth, TTM YoY, FY27 Q1: 38.6% Revenue growth, TTM YoY, FY27 Q2: 49.0% 49.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 -13.4%
FY24 Q4 -13.6%
FY25 Q1 -7.6%
FY25 Q2 -1.9%
FY25 Q3 3.1%
FY25 Q4 8.1%
FY26 Q1 7.7%
FY26 Q2 10.5%
FY26 Q3 10.8%
FY26 Q4 18.8%
FY27 Q1 38.6%
FY27 Q2 49.0%
Operating margin (TTM) Dell Technologies
5% 6% 7% 8% 9% 10% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 5.5% Operating margin (TTM), FY24 Q4: 6.1% Operating margin (TTM), FY25 Q1: 5.8% Operating margin (TTM), FY25 Q2: 5.9% Operating margin (TTM), FY25 Q3: 6.0% Operating margin (TTM), FY25 Q4: 6.5% Operating margin (TTM), FY26 Q1: 6.7% Operating margin (TTM), FY26 Q2: 6.7% Operating margin (TTM), FY26 Q3: 6.9% Operating margin (TTM), FY26 Q4: 7.2% Operating margin (TTM), FY27 Q1: 7.9% Operating margin (TTM), FY27 Q2: 9.4% 9.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 5.5%
FY24 Q4 6.1%
FY25 Q1 5.8%
FY25 Q2 5.9%
FY25 Q3 6.0%
FY25 Q4 6.5%
FY26 Q1 6.7%
FY26 Q2 6.7%
FY26 Q3 6.9%
FY26 Q4 7.2%
FY27 Q1 7.9%
FY27 Q2 9.4%
FCF margin (TTM) Dell Technologies
0% 2% 4% 6% 8% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 7.8% FCF margin (TTM), FY24 Q4: 6.7% FCF margin (TTM), FY25 Q1: 5.9% FCF margin (TTM), FY25 Q2: 3.7% FCF margin (TTM), FY25 Q3: 3.0% FCF margin (TTM), FY25 Q4: 2.0% FCF margin (TTM), FY26 Q1: 3.8% FCF margin (TTM), FY26 Q2: 4.8% FCF margin (TTM), FY26 Q3: 4.3% FCF margin (TTM), FY26 Q4: 7.5% FCF margin (TTM), FY27 Q1: 7.0% FCF margin (TTM), FY27 Q2: 5.7% 5.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 7.8%
FY24 Q4 6.7%
FY25 Q1 5.9%
FY25 Q2 3.7%
FY25 Q3 3.0%
FY25 Q4 2.0%
FY26 Q1 3.8%
FY26 Q2 4.8%
FY26 Q3 4.3%
FY26 Q4 7.5%
FY27 Q1 7.0%
FY27 Q2 5.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Dell Technologies took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $114B
  2. Cost of revenue $90.8B · 80.0%
  3. Gross profit $22.7B · 20.0%
  4. Research and development $3.1B · 2.8%
  5. Selling, general and admin $11.4B · 10.1%
  6. Operating income $8.1B · 7.2%
  7. Income tax $1.3B · 1.2%
  8. Interest and other $886M · 0.8%
  9. Net income $5.9B · 5.2%

Shares of revenue. Source: Dell Technologies's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Jan 2015 2016 Jan 2016 2017 Feb 2017 2018 Feb 2018 2019 Feb 2019 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2023 Feb 2023 2024 Feb 2024 2025 Jan 2025 2026 Jan 2026 LTM Jul 2026
Income
Revenue 54.1 50.9 62.2 79.0 90.6 84.8 86.7 101.2 102.3 88.4 95.6 113.5 151.2
Gross profit 8.9 8.4 13.6 20.5 25.1 20.6 20.1 21.9 22.7 21.1 21.3 22.7 29.9
EBITDA 2.7 2.4 2.5 6.2 7.6 8.5 9.1 9.2 8.9 8.7 9.4 11.2 17.3
Operating income −0.3 −0.5 −2.4 −2.4 −0.2 2.4 3.7 4.7 5.8 5.4 6.2 8.1 14.3
Net income −1.2 −1.1 −1.2 −2.8 −2.3 4.6 3.3 5.6 2.4 3.4 4.6 5.9 11.4
Diluted EPS — — — — — $6.03 $4.22 — $3.24 $4.60 $6.38 $8.68 $17.14
Growth (year on year)
Revenue — −6.0% +22.1% +27.1% +14.7% −6.4% +2.2% +16.8% +1.1% −13.6% +8.1% +18.8% +49.0%
EBITDA — −11.4% +8.1% +144.0% +21.5% +12.6% +6.7% +1.5% −3.1% −2.4% +7.4% +19.4% +75.4%
Operating income — — — — — — +55.7% +26.4% +23.9% −6.2% +15.3% +30.7% +109.0%
Net income — — — — — — −29.6% +71.2% −56.1% +38.7% +35.5% +29.3% +135.2%
Diluted EPS — — — — — — −30.0% — — +42.0% +38.7% +36.1% +149.5%
Margins
Gross margin 16.4% 16.5% 22.0% 26.0% 27.6% 24.3% 23.2% 21.6% 22.2% 23.8% 22.2% 20.0% 19.8%
EBITDA margin 4.9% 4.6% 4.1% 7.9% 8.3% 10.0% 10.5% 9.1% 8.7% 9.9% 9.8% 9.8% 11.4%
Operating margin −0.6% −1.0% −3.8% −3.1% −0.2% 2.8% 4.3% 4.6% 5.6% 6.1% 6.5% 7.2% 9.4%
Net margin −2.3% −2.2% −1.9% −3.6% −2.5% 5.4% 3.7% 5.5% 2.4% 3.8% 4.8% 5.2% 7.5%
Free-cash-flow margin 3.8% 3.3% 2.7% 7.1% 6.1% 7.9% 10.8% 7.4% 0.5% 6.7% 2.0% 7.5% 5.7%
Cash flow
Cash from operations 2.6 2.2 2.4 6.8 7.0 9.3 11.4 10.3 3.6 8.7 4.5 11.2 12.2
Capital spending 0.5 0.5 0.7 1.2 1.5 2.6 2.1 2.8 3.0 2.8 2.7 2.6 3.6
Free cash flow 2.1 1.7 1.7 5.6 5.5 6.7 9.3 7.5 0.6 5.9 1.9 8.6 8.6
Stock-based pay 0.1 0.1 0.4 0.8 0.9 1.3 1.6 1.6 0.9 0.9 0.8 0.7 0.7
Free cash flow after stock pay 2.0 1.6 1.3 4.8 4.6 5.5 7.7 5.9 −0.4 5.0 1.1 7.8 7.8
Balance sheet
Cash 5.4 6.3 9.5 13.9 9.7 9.3 9.5 9.5 8.6 7.4 3.6 11.5 11.6
Total debt — — — — — — — — — — — — 34.7
Net debt (negative = net cash) −5.4 −6.3 −9.5 −13.9 −9.7 −9.3 −9.5 −9.5 −8.6 −7.4 −3.6 −11.5 23.2
Diluted shares — — — — — 751m 767m 791m 753m 736m 720m 684m 664m
Returned to shareholders
Dividends — — 0.0 0.0 2.1 0.0 0.0 0.0 1.0 1.1 1.3 1.5 1.6
Buybacks — — 0.6 0.7 14.1 0.0 0.2 1.5 2.9 2.1 2.6 6.0 8.5
Total returned — — 0.6 0.7 16.2 0.0 0.2 1.5 3.8 3.2 3.9 7.5 10.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · July 31, 2026
What it owns · $127.4bn
Short-term assets $80.5bnLonger-term assets $46.8bn
What it owes, and who funded it · $128.8bn
Short-term liabilities $83.7bnLonger-term liabilities $45.1bnShareholders' equity $-1.4bn
  • Short-term assets cover short-term liabilities $80.5bn of assets due within a year against $83.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $80.5bn short-term assets against $45.1bn of longer-dated liabilities.
  • More cash than debt $11.6bn of cash against $34.5bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $12.2bn of operating cash flow against $34.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $14.3bn against $1.6bn of interest.

From Dell Technologies's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$8.5B
Dividends (TTM)
$1.6B
Returned to shareholders
118%
of free cash flow
Buybacks, last 3 fiscal years
$10.7B
Diluted share count
−5.7%
year over year
Total shareholder yield
4.0%
dividends 0.6% + buybacks 3.4% of market value
Dividend payout ratio
14%
of net income paid out
R&D spending
2.4%
of revenue
Sales & admin spending
8.0%
of revenue
Days sales outstanding
55 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in technology hardware, storage & peripherals
Last 12 months unless stated DELL HPQ AAPL HPE SMCI SNDK Median
Revenue, last 12 months $151.2bn $59.2bn $466.8bn $41.9bn $39.1bn $29.0bn $3.9bn
Revenue growth, last 12 months 49.0% 8.1% 14.2% 26.6% 77.8% 272.4% 11.3%
Revenue growth, 3-year average 17.3% 2.7% 6.7% 12.2% 76.3% — 2.7%
Revenue growth, latest quarter 57.7% 12.5% 16.4% 33.7% 93.2% 377.9% 22.0%
Gross margin 19.8% 19.9% 48.7% 31.4% 10.8% 80.0% 34.7%
Operating margin 9.4% 5.4% 33.2% 6.2% 7.1% 72.5% 4.1%
Operating margin, 3-year average 7.4% 6.2% 32.1% 4.6% 7.0% 19.2% 4.2%
Net margin 7.5% 4.1% 27.6% 6.7% 5.7% 67.0% 2.0%
Cash from operations / revenue 8.0% 7.9% 31.4% 16.0% −17.4% 60.6% 6.3%
Free-cash-flow margin 5.7% 6.6% 29.3% 9.9% −17.8% 59.9% 3.0%
Free-cash-flow margin, 3-year average 4.7% 6.1% 26.6% 6.7% −9.4% — 4.7%
Stock pay / revenue 0.5% 0.8% 2.9% 1.9% 1.1% 0.9% 1.9%
Change in share count −5.7% −2.9% −2.1% −2.6% 11.0% 7.0% 1.4%

Median of all 27 companies we cover in technology hardware, storage & peripherals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

27 technology hardware, storage & peripherals companies
Measure Company Peer median Rank
Revenue growth Growth 49.0% 11.3% 5 of 27
Change in growth rate Growth +10.5pp +5.0pp 5 of 27
Gross margin Profitability 19.8% 41.2% 19 of 22
Operating margin Profitability 9.4% 5.3% 8 of 26
Net margin Profitability 7.5% 2.0% 7 of 27
Free-cash-flow margin Cash generation 5.7% 3.6% 12 of 26
Stock pay as % of revenue Cash generation 0.5% 1.9% 5 of 27
Long-term debt as % of assets Balance sheet 20.4% 18.6% 10 of 16
Change in share count Balance sheet -5.7% 1.4% 1 of 27
Days sales outstanding Balance sheet 55 days 54 days 14 of 23

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 30, 2026
Products and services
Line of business Revenue Share YoY
Products $90.4B 79.6% ▲ 26.6%
Services $23.1B 20.4% ▼ 4.2%
Geography
Region Revenue Share YoY
United States $63.1B 55.6% ▲ 23.8%
Outside the US $50.4B 44.4% ▲ 13.1%

From Dell Technologies's 10-K filed March 16, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$101B
Institutions reporting
2,107
Shares held vs prior quarter
▼ 5.0%
Positions opened / closed
586 / 108

Top buyers and sellers, Q2 2026: 1,162 institutions bought and 849 sold ; the biggest buyer was Jpmorgan Chase & Co (+7.4M shares) and the biggest seller Invesco Ltd (−5.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $10.4B 24.1M 10.3% ▼ 2.6%
Vanguard Capital Management LLC $8.2B 19.0M 8.1% ▼ 2.2%
State Street Corp $5.9B 13.8M 5.9% ▼ 4.0%
Bank Of America Corp $4.7B 10.8M 4.6% ▼ 24.7%
Jpmorgan Chase & Co $4.3B 10.4M 4.3% ▲ 238.7%
Vanguard Portfolio Management LLC $3.3B 7.7M 3.3% ▼ 4.3%
Geode Capital Management, LLC $3.3B 7.7M 3.3% ▼ 0.9%
Morgan Stanley $3.1B 7.1M 3.0% ▲ 6.4%
FMR LLC $2.4B 5.7M 2.4% ▲ 33.3%
Goldman Sachs Group Inc $2.4B 5.5M 2.4% ▼ 16.8%
Norges Bank $1.9B 4.3M 1.8% —
Boston Partners $1.4B 3.2M 1.4% ▼ 16.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Dell Technologies's complete shareholder register. Values are as reported by the filers ; 16 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $3.6B 2709 trades by 20 insiders · 1% under pre-set plans
Net ▼ $3.6B net selling
Insider Date Trade Shares Price Value
Radakovich Lynn Vojvodich Director October 22, 2026 Sell pre-set plan 2,022 $460.00 $930,120
Silver Lake Technology Investors Iv, L.P. Director October 9, 2026 Sell 67 $589.28 $39,482
Silver Lake Technology Investors Iv, L.P. Director October 9, 2026 Sell 48 $588.66 $28,256
Silver Lake Technology Investors Iv, L.P. Director October 9, 2026 Sell 66 $587.26 $38,759
Silver Lake Technology Investors Iv, L.P. Director October 9, 2026 Sell 147 $586.53 $86,220
Silver Lake Technology Investors Iv, L.P. Director October 9, 2026 Sell 112 $585.54 $65,580
Silver Lake Technology Investors Iv, L.P. Director October 9, 2026 Sell 41 $584.46 $23,963
Silver Lake Technology Investors Iv, L.P. Director October 9, 2026 Sell 51 $583.44 $29,755
Silver Lake Technology Investors Iv, L.P. Director October 9, 2026 Sell 35 $582.49 $20,387
Silver Lake Technology Investors Iv, L.P. Director October 9, 2026 Sell 54 $581.59 $31,406
Silver Lake Technology Investors Iv, L.P. Director October 9, 2026 Sell 27 $580.37 $15,670
Silver Lake Technology Investors Iv, L.P. Director October 9, 2026 Sell 33 $579.58 $19,126

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 28 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Dell Technologies shares.

  • John J. McGuire III(R-VA 5):Sale (partial), $1,001 - $15,000, traded June 4, 2026, filed June 10, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 24, 2026 estimated from the company's past filing pattern, not announced

  • September 1, 2026
  • May 28, 2026
  • February 26, 2026
  • November 25, 2025
  • August 28, 2025
  • May 29, 2025

Recent SEC filings

Data status

When each part of this page on Dell Technologies was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Dell Technologies in brief

What does Dell Technologies do?
Dell Technologies is a US-listed company in the technology hardware, storage & peripherals industry. Its financial year ends in January.
What is Dell Technologies's stock ticker?
Dell Technologies trades under the ticker DELL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Dell Technologies's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Dell Technologies reported revenue of $151B, 49.0% higher than a year earlier, according to its SEC filings.
What is Dell Technologies's free cash flow?
Dell Technologies's free-cash-flow margin is 5.7% of revenue over the trailing twelve months, ranking 12 of the 26 technology hardware, storage & peripherals companies we cover.
What is Dell Technologies's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Dell Technologies's free cash flow after stock-based pay gives ~$430 per share in the base case, and ~$320–$570 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Dell Technologies's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Dell Technologies buying back stock, and does it pay a dividend?
Dell Technologies spent $8.5B on share repurchases over the trailing twelve months, and its diluted share count fell 5.7% over the year.
What is Dell Technologies's market cap?
On November 2, 2026, Dell Technologies's market capitalisation was about $261B, with a price-to-earnings ratio of 22.9 and net debt of $23.2B. Market figures come from third-party market data and may be delayed.
Does Dell Technologies pay a dividend?
Yes: Dell Technologies paid $1.6B in dividends over the trailing twelve months, a dividend yield of 0.62% and a payout ratio of 13.8%.
Who are Dell Technologies's competitors?
In our Technology Hardware, Storage & Peripherals peer group, the companies closest to Dell Technologies are HP Inc., Apple Inc., Hewlett Packard Enterprise, Supermicro and Sandisk. The side-by-side comparison below sets their revenue, margins and growth against Dell Technologies's.
Are insiders buying or selling Dell Technologies stock?
Over the last 12 months, Dell Technologies's directors and officers reported 0 open-market purchases and 2709 sales on Form 4. The insider trading page charts every trade.
When is Dell Technologies's next earnings date?
Around November 27, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Dell Technologies announces its own schedule.