# Dell Technologies (DELL.US)

Canonical: https://gigainvestors.com/s/DELL

Analysis as of: 2026-10-16T07:27:58.664Z. Financial observations: FY2000–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $473.39 per share; close as of 2026-10-15.

Estimated value: low $151.14 per share, central $170.13 per share, high $195.40 per share. Buy at or below the central value $170.13 per share. Valuation as of 2026-10-16T07:27:58.664Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 1.27×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.04×

- FY2018: -0.03×

- FY2019: -0.00×

- FY2020: 0.03×

- FY2021: 0.04×

- FY2022: 0.05×

- FY2023: 0.06×

- FY2024: 0.06×

- FY2025: 0.07×

- FY2026: 0.07×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 15.9%

- ROIC, second-lowest year: -15.1%

- Typical minus recent gross margin: 2.7 pp

- Typical gross margin (annual median): 22.7%

- Recent gross margin (lower of latest and 3-year median): 20.0%

- Years with nonpositive capital: 4

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 19.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -15.1%

- FY2018: -24.1%

- FY2019: -1.9%

- FY2020: 13.6%

- FY2021: 21.2%

- FY2022: 15.4%

- FY2023: 16.4%

- FY2024: 18.8%

- FY2025: >100%

- FY2026: 23.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $25B

- Net income, five-year total: $22B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: -0.1 pp

- Working capital / revenue, final three-year average: 0.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.28×

- FY2023: 1.06×

- FY2024: 1.16×

- FY2025: 1.10×

- FY2026: 1.07×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -15.1% vs 23.8%

- Per-share earnings: -1.62 to 6.38 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.5%

- Ordinary dilution, 5-year annual growth: -2.3%

- Market cap gain: $62B

- Cumulative retained earnings: $8.9B

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -2.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: $8.00

- Per-share value, starting three-year median: -$1.62

- Per-share value, ending three-year median: $6.38

- Buybacks concentrated in cheaper years (correlation): -0.36

- Average buyback yield: 11.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $57B

- Cumulative net income, 10 years: $23B

- ROIC, first three-year median: -15.1%

- ROIC, last three-year median: 23.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$1.62

- FY2018: -$3.72

- FY2019: -$3.08

- FY2020: $6.15

- FY2021: $4.24

- FY2022: $7.03

- FY2023: $3.24

- FY2024: $4.60

- FY2025: $6.38

- FY2026: $8.68

### accounting: pass

- Sloan accruals: -5.2%

- Receivables to sales index (DSRI): 1.41×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.88×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.0%

- FY2018: -7.8%

- FY2019: -8.3%

- FY2020: -3.8%

- FY2021: -8.8%

- FY2022: -5.1%

- FY2023: -1.3%

- FY2024: -6.4%

- FY2025: 0.1%

- FY2026: -5.2%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 14.5% a year for ten years · sales +18.8%

Story as of 2026-10-16T09:58:37.760Z; price observation 2026-10-15.

Price needs cash profits to grow 14.5% a year for ten years

- 2025-05-30: Dell Technologies (NYSE:DELL) Projects 16% Q2 Revenue Growth Year Over Year ([finance.yahoo.com](https://finance.yahoo.com/news/dell-technologies-nyse-dell-projects-172142337.html))

- 2025-11-17: Morgan Stanley slashes ratings on Dell, HP and HPE amid memory spike ([finance.yahoo.com](https://finance.yahoo.com/news/morgan-stanley-slashes-ratings-dell-071417428.html))

- 2026-02-27: Dell shares jump on forecast it will double AI server revenue ([finance.yahoo.com](https://finance.yahoo.com/news/dell-shares-jump-forecast-double-124747409.html))

- 2026-04-22: Dell Signs $1.4 Billion AI Deal. Its Stock Notched a Record. ([finance.yahoo.com](https://finance.yahoo.com/m/da739161-5d85-3eb7-a97d-3d513f1534d3/dell-signs-%241.4-billion-ai.html))

- 2026-05-29: Dell Shares Soar 40% After Outlook Tops Estimates on AI Boom ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/dell-shares-soar-40-after-outlook-tops-estimates-on-ai-boom-000332694.html))

- 2026-09-02: Stock Market Today, Sept. 2: Dell Surges 16% on Soaring AI Backlog ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/stock-market-today-sept-2-210353722.html))

### Sales · FY2025–2026

sales +18.8%; source https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm; observed 2026-03-16.

- FY2017: $62B 

- FY2018: $79B 

- FY2019: $91B 

- FY2020: $85B 

- FY2021: $87B 

- FY2022: $101B 

- FY2023: $102B 

- FY2024: $88B 

- FY2025: $96B 

- FY2026: $114B 

### Gross margin · FY2026

gross margin 20%; source https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm; observed 2026-03-16.

- FY2017: 22.0% 

- FY2018: 26.0% 

- FY2019: 27.6% 

- FY2020: 24.3% 

- FY2021: 23.2% 

- FY2022: 21.6% 

- FY2023: 22.2% 

- FY2024: 23.8% 

- FY2025: 22.2% 

- FY2026: 20.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in computer hardware; annual sales are USD 113.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm (filed 2026-03-16); FY2026: revenue 113538000000; grossProfit 22707000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DELL.US: Dell Technologies Inc. designs, develops, manufactures, markets, sells, and supports various comprehensive and integrated solutions, products, and services in the Americas, Europe, the Middle East, Asia, and internationally. The company operates through Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG) segments. The ISG segment provides modern and traditional storage solutions, including all-flash, purpose-built, hyper-converged infrastructure, software-defined storage, and general-purpose and AI-optimized servers. This segment also offers networking products and services comprising wide area network infrastructure, data center and edge networking switches, and cables and optics that help its business customers to transform and modernize their infrastructure and complementing its server and storage solutions; and software, peripherals, and services, including consulting and support, and deployment. The CSG segment provides notebooks, desktops, and workstations and branded peripherals that include displays, docking stations, keyboards, mice, webcam and audio devices, and third-party software and peripherals; and configuration, and extended warranties services. The company is involved in originating, collecting, and servicing customer financing arrangements and offers payment and consumption solutions and services, such utility, subscription, as-a-service, leases, and loans, as well as fixed-term leases and loans. It serves enterprises, governmental agencies and other public institutions, educational institutions, healthcare organizations, small and medium-sized businesses, and consumers. The company has a strategic alliance with Rafay Systems for the development of AI infrastructure solutions. The company was formerly known as Denali Holding Inc. and changed its name to Dell Technologies Inc. in March 2013. Dell Technologies Inc. was founded in 1984 and is headquartered in Round Rock, Texas.

### Why customers stay

Margins ranged from 20% to 23.8% during 2024–26; it earns 15.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2024: grossProfit / revenue = 23.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2025: grossProfit / revenue = 22.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm (filed 2026-03-16); FY2026: grossProfit / revenue = 20%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); 10-year return on capital observations [[2017,-0.1509876049580168],[2018,-0.2408378548895899],[2019,-0.01946465428276574],[2020,0.13596712009893067],[2021,0.21220082846515406],[2022,0.15383872202666418],[2023,0.16375975728988545],[2024,0.18783914207304708],[2025,17.02959540221106],[2026,0.23775902498089801]]; median 0.1587992396582748. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 22% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm (filed 2026-03-16); Gross margin observations: [[2021,0.2323756778585439],[2022,0.21632064191626235],[2023,0.22175736307562977]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 6 of 10 years; bought back USD 6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2017: growth capex 0; upkeep 906000000; owner earnings 2865000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2018: growth capex 0; upkeep 1212000000; owner earnings 4573000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2019: growth capex 0; upkeep 1497000000; owner earnings 3939000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2020: growth capex 0; upkeep 2082000000; owner earnings 8677000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2021: growth capex 0; upkeep 2082000000; owner earnings 6558000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2022: growth capex 0; upkeep 3003000000; owner earnings 7111000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2023: growth capex 0; upkeep 3003000000; owner earnings 2595000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2024: growth capex 0; upkeep 2756000000; owner earnings 3935000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2025: growth capex 0; upkeep 2652000000; owner earnings 5063000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm (filed 2026-03-16); FY2026: growth capex 0; upkeep 2633000000; owner earnings 6332000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Dividend observations: [[2017,0],[2018,0],[2019,2134000000],[2020,0],[2021,0],[2022,964000000],[2023,964000000],[2024,1072000000],[2025,1275000000],[2026,1459000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm (filed 2026-03-16); FY2026: cash repurchases 6014000000 USD.

### Are managers owners

Insiders own 7.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DELL.US SharesStats.PercentInsiders = 7.693999999999999 percentage points; cache date 2026-10-16.

### What could break it

"We have outstanding indebtedness" (SEC filing, Mar 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm (filed 2026-03-16); We have outstanding indebtedness

### What the price says

The price assumes cash profits grow 14.5% yearly over ten years; actual growth was 17.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Ten-year compound average after fade. Initial solved rate 0.1968662142851736. Price 473.39; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.788595271210014 → FY2026 9.257309941520468. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-11: $15.03 per share

- 2016-12: $15.43 per share

- 2017-01: $17.68 per share

- 2017-02: $17.82 per share

- 2017-03: $17.98 per share

- 2017-04: $18.83 per share

- 2017-05: $19.47 per share

- 2017-06: $17.15 per share

- 2017-07: $18.04 per share

- 2017-08: $21.03 per share

- 2017-09: $21.67 per share

- 2017-10: $23.23 per share

- 2017-11: $21.96 per share

- 2017-12: $22.81 per share

- 2018-01: $20.12 per share

- 2018-02: $20.85 per share

- 2018-03: $20.55 per share

- 2018-04: $20.14 per share

- 2018-05: $22.64 per share

- 2018-06: $23.74 per share

- 2018-07: $25.97 per share

- 2018-08: $26.99 per share

- 2018-09: $27.26 per share

- 2018-10: $25.37 per share

- 2018-11: $29.60 per share

- 2018-12: $24.77 per share

- 2019-01: $24.63 per share

- 2019-02: $28.29 per share

- 2019-03: $29.75 per share

- 2019-04: $34.17 per share

- 2019-05: $30.18 per share

- 2019-06: $25.75 per share

- 2019-07: $29.27 per share

- 2019-08: $26.12 per share

- 2019-09: $26.28 per share

- 2019-10: $26.81 per share

- 2019-11: $24.58 per share

- 2019-12: $26.05 per share

- 2020-01: $24.72 per share

- 2020-02: $20.51 per share

- 2020-03: $20.05 per share

- 2020-04: $21.64 per share

- 2020-05: $25.16 per share

- 2020-06: $27.85 per share

- 2020-07: $30.32 per share

- 2020-08: $33.49 per share

- 2020-09: $34.31 per share

- 2020-10: $30.54 per share

- 2020-11: $34.99 per share

- 2020-12: $37.15 per share

- 2021-01: $36.94 per share

- 2021-02: $41.09 per share

- 2021-03: $44.68 per share

- 2021-04: $49.84 per share

- 2021-05: $49.99 per share

- 2021-06: $50.52 per share

- 2021-07: $48.97 per share

- 2021-08: $49.40 per share

- 2021-09: $52.73 per share

- 2021-10: $55.75 per share

- 2021-11: $56.47 per share

- 2021-12: $56.17 per share

- 2022-01: $56.81 per share

- 2022-02: $50.96 per share

- 2022-03: $50.19 per share

- 2022-04: $47.01 per share

- 2022-05: $49.94 per share

- 2022-06: $46.21 per share

- 2022-07: $45.06 per share

- 2022-08: $38.29 per share

- 2022-09: $34.17 per share

- 2022-10: $38.40 per share

- 2022-11: $44.79 per share

- 2022-12: $40.22 per share

- 2023-01: $40.62 per share

- 2023-02: $40.64 per share

- 2023-03: $40.21 per share

- 2023-04: $43.49 per share

- 2023-05: $44.81 per share

- 2023-06: $54.11 per share

- 2023-07: $52.92 per share

- 2023-08: $56.24 per share

- 2023-09: $68.90 per share

- 2023-10: $66.91 per share

- 2023-11: $75.87 per share

- 2023-12: $76.50 per share

- 2024-01: $82.88 per share

- 2024-02: $94.66 per share

- 2024-03: $114.11 per share

- 2024-04: $124.64 per share

- 2024-05: $139.56 per share

- 2024-06: $137.91 per share

- 2024-07: $113.68 per share

- 2024-08: $115.54 per share

- 2024-09: $118.54 per share

- 2024-10: $123.63 per share

- 2024-11: $127.59 per share

- 2024-12: $115.24 per share

- 2025-01: $103.60 per share

- 2025-02: $102.76 per share

- 2025-03: $91.15 per share

- 2025-04: $91.76 per share

- 2025-05: $111.27 per share

- 2025-06: $122.60 per share

- 2025-07: $132.69 per share

- 2025-08: $122.15 per share

- 2025-09: $141.77 per share

- 2025-10: $162.01 per share

- 2025-11: $133.35 per share

- 2025-12: $125.88 per share

- 2026-01: $114.44 per share

- 2026-02: $148.08 per share

- 2026-03: $164.13 per share

- 2026-04: $208.95 per share

- 2026-05: $420.91 per share

- 2026-06: $431.46 per share

- 2026-07: $405.37 per share

- 2026-08: $456.01 per share

- 2026-09: $537.95 per share

- 2026-10: $572.47 per share

## Annual estimated value (USD per share)

- FY2017: low $33.84 per share, central $37.13 per share, high $41.52 per share

- FY2018: low $47.48 per share, central $51.41 per share, high $56.64 per share

- FY2019: low $57.93 per share, central $65.85 per share, high $76.38 per share

- FY2020: low $73.54 per share, central $81.39 per share, high $91.83 per share

- FY2021: low $81.56 per share, central $91.41 per share, high $104.52 per share

- FY2022: low $107.68 per share, central $121.23 per share, high $139.27 per share

- FY2023: low $113.06 per share, central $127.45 per share, high $146.60 per share

- FY2024: low $99.88 per share, central $112.60 per share, high $129.54 per share

- FY2025: low $79.25 per share, central $89.85 per share, high $103.96 per share

- FY2026: low $109.65 per share, central $122.91 per share, high $140.55 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm); period 2026-01-30, filed 2026-03-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.