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Dell Technologies key statistics and ratios

In fiscal 2026, Dell Technologies had an operating margin of 7.2% and a current ratio of 0.91. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2015Jan 20152016Jan 20162017Feb 20172018Feb 20182019Feb 20192020Jan 20202021Jan 20212022Jan 20222023Feb 20232024Feb 20242025Jan 20252026Jan 2026LTMJul 2026
Gross margin16.4%16.5%22.0%26.0%27.6%24.3%23.2%21.6%22.2%23.8%22.2%20.0%19.8%
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 margin3.8%3.3%2.7%7.1%6.1%7.9%10.8%7.4%0.5%6.7%2.0%7.5%5.7%
Return on equity−42.0%−50.5%−15.9%−22.8%−77.6%————————
Return on assets—−2.4%−1.4%−2.4%−2.0%4.0%2.7%5.1%2.7%3.9%5.7%6.6%10.0%
Asset turnover—1.130.760.650.770.740.720.941.121.031.181.251.32
Current ratio—0.930.810.880.800.700.800.800.820.740.780.910.96
Debt to equity—929.8%373.0%442.6%——>999%——————
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/m1.0x1.8x3.0x4.7x3.6x4.5x5.2x8.9x
Effective tax rate——————4.3%16.6%24.9%17.5%9.4%18.3%17.7%
R&D as % of revenue1.7%2.1%4.2%5.5%5.1%2.9%2.8%2.5%2.7%3.2%3.2%2.8%2.4%
SG&A as % of revenue15.3%15.4%21.6%23.5%22.8%18.7%16.2%14.5%13.8%14.5%12.5%10.1%8.0%
Capital spending as % of revenue0.9%0.9%1.1%1.5%1.7%3.0%2.4%2.8%2.9%3.1%2.8%2.3%2.4%
Free cash flow ÷ net income—————145.5%286.9%135.0%23.0%174.7%40.7%144.1%75.2%
Dividends ÷ net income—————0.0%0.0%0.0%39.5%31.6%27.8%24.6%13.8%
Dividends and buybacks ÷ free cash flow——36.6%12.9%295.0%0.1%2.6%19.9%684.5%53.2%206.7%87.4%117.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: DELL vs HPQAAPL vs DELLDELL vs HPE

More: Technology Hardware, Storage & Peripherals stocks compared, Technology sector, rankings of US companies

Figures from Dell Technologies's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Dell Technologies.