Dell Technologies Inc. (DELL)

NYSE: DELL · USD

$495

-7.48 (-1.5%)· Recorded snapshot

英文原文ZH

翻译期间显示英文原文

此报告尚未翻译。翻译队列赶上后请在几分钟内刷新。

StockMarketAgent Research · Analyzed 2026-09-30

Our latest published analysis: DELL rated Sell

Dell Technologies Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$285 / share

Potential value

$377 / share

Upside to FV

-47.2%

from $495

Moat

6.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$343.1B
Revenue (ttm)	151.2B
Net income (ttm)	11.4B
EPS (ttm)	$17.1
Shares out	635.8M
P/E (trailing)	28.9x
P/E (forward)	21.3x
Dividend	$2.52 (0.51%)
Volume	3,554,507
Beta	1.44

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 151.2B
Net income (ttm): 11.4B
EPS (ttm): $17.1
P/E (trailing): 28.9x
P/E (forward): 21.3x
Market cap: $343.1B

Item	P1	P2	P3	P4	P5	Trend
Period	2022-01-28	2023-02-03	2024-02-02	2025-01-31	2026-01-30	Trend
Revenue	$101.20B	$102.30B	$88.43B	$95.57B	$113.54B	+2.9%
Gross profit	$21.89B	$22.69B	$21.07B	$21.25B	$22.71B	+0.9%
Operating income	$4.66B	$5.77B	$5.41B	$6.24B	$8.15B	+15.0%
Net income	$5.56B	$2.44B	$3.39B	$4.59B	$5.94B	+1.6%
EPS (diluted)	$8.46	$3.24	$4.60	$6.38	$8.68	+0.6%
EBITDA	$12.02B	$8.93B	$8.89B	$9.59B	$11.85B	-0.3%
R&D	$2.58B	$2.78B	$2.80B	$3.06B	$3.14B	+5.1%
SG&A	$14.66B	$14.14B	$12.86B	$11.95B	$11.42B	-6.1%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAL	American Airlines Group Inc.	8.3B	—	0.1x	3.0%	+20.0%	-6.9%	持有
ALB	Albemarle Corporation	11.4B	198.9x	1.9x	4.1%	+12.8%	+1.9%	持有
ANET	Arista Networks Inc.	235.7B	59.1x	22.4x	284.8%	+32.0%	+19.7%	卖出
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	卖出
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	持有
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	强力买入

Base and Bull scenarios

Base50%

Price target

$284.87

-47.2% from spot

The modal base path incorporates rapid scaling in ISG toward guided $192B revenue in FY2027 and $224.00B in FY2028, with AI servers contributing $74B in FY2027. Reinvestment requirements (25% net reinvestment rate in FY2027) absorb working capital during peak server fulfillment. Long-term terminal valuation normalizes to a 14.0x terminal P/E multiple, in line with cyclical tech hardware peers, reflecting mature growth and CSG exposure ($50.98B revenue in FY2026).

Consolidated revenue reaches $192.45B in FY2027 and $225.70B in FY2028.
Operating margin normalizes at 9.71% in FY2027, 9.73% in FY2028, and fades to 8.64% by FY2031.
Terminal multiple normalizes to 14.0x forward P/E, aligned with mature hardware peers.
Reinvestment rate starts at 25% in FY2027 and steps down to 10% in FY2031.

Bull15%

Price target

$377.32

-30.1% from spot

In the upside scenario, enterprise AI data center adoption accelerates beyond expectations, with tier-2 CSP and sovereign cloud demand expanding ISG revenue past $100B. Supply bottlenecks ease faster than anticipated, allowing Dell to improve delivery velocity, expand gross margins, and realize corporate operating margins exceeding 8.0%. A synchronized enterprise PC upgrade cycle boosts CSG profitability, pushing diluted non-GAAP EPS above $28.00 and driving robust free cash flow conversion that supports aggressive share repurchases.

ISG revenue exceeds $100B driven by sovereign AI cloud and tier-2 CSP demand.
Consolidated operating margin exceeds 8.0% supported by opex intensity near 8%.
CSG commercial refresh drives sustained mid-teens revenue growth and ~6.5% operating margins.
Diluted non-GAAP EPS exceeds $28.00 supporting aggressive share buybacks.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($284.87). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.0%	1.5%	2.0%	2.5%	3.0%
9.1%	$292	$300	$308	$318	$330
9.6%	$282	$288	$296	$304	$314
10.1%	$272	$278	$285	$292	$300
10.6%	$264	$269	$274	$281	$288
11.1%	$256	$260	$265	$271	$277

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E21.3

P25 n/aP50 n/aP75 n/a

Trailing P/E31.7

P25 n/aP50 n/aP75 n/a

ROEn/a

P25 n/aP50 n/aP75 n/a

ROIC29.4

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All DELL indicators

Market & fundamental data

Available fields

278

Groups with data

Currency

USD

Showing 278 of 278 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001571996
Company name	Dell Technologies Inc.
Country	United States
Country code	US
CUSIP number	24703L202
Earnings date	2026-11-24
Earnings time	amc
Employees	97,000
Employees change	-11,000
Employees growth	-10.19%
Enterprise value	$338B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-07-31
First seen	2026-05-09
Fiscal year end	January
Founded	1984
In index	SP500
Industry	Computer Hardware
IPO date	1988-06-22
Is primary listing	Yes
Is SPAC	No
ISIN number	US24703L2025
Last 10-K release date	2026-03-16
Last earnings date	2026-09-01
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$314.4B
Market cap category	Mega-Cap
Next earnings date	2026-11-24
Options	Yes
Price	$494.50
Price currency	USD
Sector	Technology
SIC code	3571
Stock price date	2026-10-28
Symbol	DELL
Tags	artificial-intelligence
U.S. state	Texas
Website	https://www.dell.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	26.9x
Average P/E ratio (10Y)	15.58x
Average P/E ratio (3Y)	18.27x
Average P/E ratio (5Y)	15.86x
Earnings yield	3.47%
EV/Earnings	29.65x
EV/EBIT	22.53x
EV/EBITDA	19.03x
EV/FCF	39.41x
EV/Sales	2.23x
FCF / EV yield	2.54%
FCF yield	2.73%
Forward EV/Sales	1.58x
Forward P/E	17.57x
Forward P/S	1.47x
Industry forward P/E	13.99x
Industry P/E	27.36x
Lynch fair value	$422.91
Lynch upside	-14.29%
P/(FCF - SBC) ratio	40.05x
P/(OCF - SBC) ratio	27.46x
P/E ratio	28.85x
P/FCF ratio	36.65x
P/OCF ratio	25.82x
P/S ratio	2.07x
PEG ratio	0.46x
Price/EBITDA ratio	17.7x
Sector forward P/E	18.55x
Sector P/E	32.64x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	9.9%
EBITDA margin	11.72%
Effective tax rate	17.66%
FCF margin	5.66%
Gross margin	19.91%
Operating margin	9.9%
Pretax margin	9.14%
Profit margin	7.53%
Profit per employee	$117,299
Profitable quarters	30
Profitable years	7
Revenue per employee	$1.6M
ROA	8.64%
ROA (5Y)	4.57%
ROCE	34.28%
ROIC	29.36%
ROIC (5Y)	15.21%
SBC / revenue	0.48%
Tax / revenue	1.61%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	149.5%
EPS growth (Q)	272.94%
EPS growth (QoQ)	20.99%
EPS growth 10Y	37.23%
EPS growth 3Y	87.94%
EPS growth 5Y	28.85%
EPS growth quarters	5
EPS growth years	3
FCF growth	76.13%
FCF growth (Q)	-47.22%
FCF growth (QoQ)	-68.38%
FCF growth 3Y	17.55%
FCF growth 5Y	-4.18%
Gross profit growth	39.57%
Gross profit growth (Q)	79.34%
Gross profit growth 3Y	10.98%
Gross profit growth 5Y	12.28%
Net income growth	135.23%
Net income growth (Q)	255.07%
Net income growth (QoQ)	20.22%
Net income growth 3Y	81.47%
Net income growth 5Y	24.68%
Net income growth quarters	5
Net income growth years	3
OCF growth	62.53%
OCF growth (Q)	-12.51%
OCF growth (QoQ)	-45.48%
OCF growth 10Y	14.12%
OCF growth 3Y	14.47%
OCF growth 5Y	-1.09%
Operating income growth	101.68%
Operating income growth (Q)	185.58%
Operating income growth 3Y	35.19%
Operating income growth 5Y	31.21%
Revenue growth	49.04%
Revenue growth (Q)	57.75%
Revenue growth (QoQ)	7.14%
Revenue growth 10Y	11.55%
Revenue growth 3Y	17.33%
Revenue growth 5Y	11.23%
Revenue growth quarters	10
Revenue growth years	2

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-3.6B
Depreciation and amortization	$2.8B
EBIT	$15B
EBITDA	$17.7B
EPS	$17.14
FCF per share	$13.46
Financing cash flow	$-5.1B
Free cash flow	$8.6B
Free cash flow minus SBC	$7.8B
Gross profit	$30.1B
Income taxes	$2.4B
Investing cash flow	$-3.7B
Net borrowing	$5.7B
Net cash flow	$3.4B
Net income	$11.4B
Operating cash flow minus SBC	$11.4B
Operating income	$15B
Revenue	$151.2B
Stock-based compensation	$727M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	2.26
Book value per share	$-2.23
Debt / EBITDA	1.95
Debt / FCF	4.12
Goodwill	$19.4B
Interest coverage	9.6
Long-term assets	$46.8B
Long-term liabilities	$45.1B
Net cash (debt)	$-23.6B
Net cash / market cap	-7.53%
Net debt / EBITDA	1.33
Net debt / FCF	2.76
Piotroski F-Score	6
Property, plant and equipment	$5B
Shareholders' equity	$-1.4B
Tangible book value	$-25.2B
Tangible book value per share	$-39.41
Total assets	$127.4B
Total cash	$11.6B
Total debt	$35.3B
Total liabilities	$128.8B
WACC	11.32%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	1.4
Current assets	$80.5B
Current liabilities	$83.7B
Current ratio	0.96
Inventory turnover	8.5
Net working capital	$-12.2B
Quick ratio	0.57
Working capital	$-3.2B
Working capital turnover	-24.18

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	5.75%
Dividend growth	19.55%
Dividend growth (3Y)	18.81%
Dividend growth years	3
Dividend payment date	2026-10-30
Dividend payment years	5
Dividend payout frequency	Quarterly
Dividend per share	$2.52
Dividend yield	0.51%
Ex-dividend date	2026-10-20
FCF payout ratio	17.94%
Last dividend	$0.63
Payout ratio	14.09%
Shareholder yield	6.26%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
150-day SMA	$393.32
1D price change	-1.49%
1M price change	-12.14%
1M total return	-12.02%
1W price change	7.15%
1W total return	7.15%
1Y price change	204.91%
1Y return CAGR	208.37%
1Y total return	208.13%
20-day SMA	$516.41
200-day SMA	$327.97
3M price change	15.84%
3M total return	16%
3Y price change	649.76%
3Y return CAGR	98.57%
3Y total return	683.38%
50-day SMA	$513.36
50-day SMA vs 200-day SMA	50over200
52-week high	$595.51
52-week high date	2026-09-18
52-week low	$110.22
52-week low date	2026-01-21
5Y price change	356.26%
5Y return CAGR	58.32%
5Y total return	894.24%
6M price change	128.99%
6M total return	129.68%
After-hours change	0.1%
After-hours close	$494.50
After-hours price	$494.99
All-time high	$595.51
All-time high date	2026-09-18
All-time low	$25.51
All-time low date	2020-03-18
Average true range (ATR)	$30.37
Average volume	6.4M
Beta (1Y)	2.44
Beta (2Y)	2.01
Beta (5Y)	1.44
Change from 52-week high	-16.96%
Change from 52-week low	348.65%
Change from all-time high	-16.96%
Change from all-time low	1,838.61%
Change from open	-1.53%
Day's gap	0.04%
Dollar volume	$1.8B
High price	$506.03
Low price	$487.51
Monthly RSI	78.23
Open price	$502.16
Position in 52-week range	37.74%
Premarket change	0.41%
Premarket close	$501.96
Premarket price	$504.00
Premarket volume	97.4K
Previous close	$501.96
Price vs 150-day SMA	25.73%
Price vs 20-day SMA	-4.24%
Price vs 200-day SMA	50.79%
Price vs 50-day SMA	-3.67%
Relative volume	0.55
RSI	47.38
Sharpe ratio	1.79
Sharpe ratio (3Y)	1.34
Sharpe ratio (5Y)	1.02
Sortino ratio	3.44
Sortino ratio (3Y)	2.35
Sortino ratio (5Y)	1.81
Volume	3.6M
Weekly RSI	58.7
YTD price change	292.87%
YTD total return	297.01%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	292.2M
Float percentage	45.95%
Shares change (QoQ)	-0.61%
Shares change (YoY)	-5.75%
Shares held by insiders	47.08%
Shares held by institutions	37.94%
Shares outstanding	635.8M
Short % of float	4.21%
Short % of shares	1.94%
Short ratio	1.1 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	909

Deeper analysis on DELL

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this DELL report

What is the latest published DELL stock rating?

Dell Technologies Inc. is shown with Sell in the latest published report, analyzed 2026-09-30. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full DELL analysis?

The full latest published report, analyzed 2026-09-30, lives at /stocks/DELL/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for DELL?

The latest published report analyzed 2026-09-30 gives DELL a fair value of USD 285 and a potential value of USD 377. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the DELL page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-09-30). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellDELL · Fair value $285-47.2%

Read full analysis →

Dell Technologies Inc. (DELL)

Our latest published analysis: DELL rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · DELL

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All DELL indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on DELL

Frequently asked questions

评级历史

Category	Score	Reading
Valuation	1.5
Management	6.5
Balance Sheet	3.0
Profitability	5.0
Revenue Growth	9.0
Risk Assessment	4.5
Competitive Moat	6.5
Earnings Quality	9.0
Capital Efficiency	7.5