Dell Technologies (DELL)

Market Price (7/24/2026): $439.77 | Market Cap: $285.4 BilInvestor Relations Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Dell Technologies (DELL)

Market Price (7/24/2026): $439.77
Market Cap: $285.4 Bil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%

Stock buyback support
Stock Buyback 3Y Total is 14 Bil

Attractive cash flow generation
CFO LTM is 12 Bil, FCF LTM is 9.4 Bil

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Cloud Computing, and 5G & Advanced Connectivity. Themes include Data Centers & Infrastructure, Show more.

Stock price has recently run up significantly
6M Rtn6 month market price return is 277%, 12M Rtn12 month market price return is 250%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 123%

Key risks
DELL key risks include [1] margin pressure and cash flow strain from its booming but high-cost AI server business and [2] concurrent weakness in its personal computer segment.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39%
1	Stock buyback support Stock Buyback 3Y Total is 14 Bil
2	Attractive cash flow generation CFO LTM is 12 Bil, FCF LTM is 9.4 Bil
3	Megatrend and thematic drivers Megatrends include Artificial Intelligence, Cloud Computing, and 5G & Advanced Connectivity. Themes include Data Centers & Infrastructure, Show more.
4	Stock price has recently run up significantly 6M Rtn6 month market price return is 277%, 12M Rtn12 month market price return is 250%
5	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 123%
6	Key risks DELL key risks include [1] margin pressure and cash flow strain from its booming but high-cost AI server business and [2] concurrent weakness in its personal computer segment.

DELL in ETFs

Weight = DELL's share of each fund

SPY0.17%

VOO0.19%

IVV0.17%

VTI0.17%

ITOT0.15%

IWB0.17%

RSP0.20%

VTV0.47%

+27 more covered ETFs

Valuation & Metrics

FYE: 1/30	Forward FYE		Now	Historical (CYE & TTM)
	2028	2027	7/24/26	2025	2024	2023
Share Price			$439.77	$125.88	$115.24	$76.50
Mkt Cap ($ Bil)			285.4	84.5	81.0	55.2
+ Debt ($ Bil)			31.2	31.2	25.0	27.5
- Cash ($ Bil)			11.6	9.6	5.2	8.3
TEV ($ Bil)			305.0	115.7	106.0	82.7
Valuation Ratios
P/S	1.5	1.7	2.1	0.8	0.9	0.6
P/EBIT	22.4	25.5	24.3	10.6	13.6	10.8
P/E	19.0	22.0	33.9	16.2	18.4	20.7
P/FCF	—	—	30.2	19.0	28.7	7.8
Sector Ratios (* = sector average)
P/S *			3.3	3.3	3.4	3.0
P/EBIT *			4.1	2.7	0.3	-0.1
P/E *			-0.0	-0.2	-0.1	-0.3
P/FCF *			9.9	12.2	12.5	13.2

FYE: 1/30	Forward FYE		Now
	2028	2027	7/24/26
Share Price			$439.77
Mkt Cap ($ Bil)			285.4
+ Debt ($ Bil)			31.2
- Cash ($ Bil)			11.6
TEV ($ Bil)			305.0
Valuation Ratios
P/S	1.5	1.7	2.1
P/EBIT	22.4	25.5	24.3
P/E	19.0	22.0	33.9
P/FCF	—	—	30.2
Sector Ratios (* = sector average)
P/S *			3.3
P/EBIT *			4.1
P/E *			-0.0
P/FCF *			9.9

FYE: 1/30	DELL [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$134.0 Bil	—
FY 2027 Sales	$171.6 Bil	—
FY 2028 Sales	$195.6 Bil	—
FY 2027 Sales Growth	28.1%	—
FY 2028 Sales Growth	14.0%	8.1%
EARNINGS
LTM Net Income (GAAP) [3]	$8.4 Bil	—
FY 2027 Net Income (Non-GAAP)	$13.0 Bil	—
FY 2028 Net Income (Non-GAAP)	$15.0 Bil	—
FY 2028 Net Income Growth	15.8%	15.8%
FY 2027 EPS (Non-GAAP)	$18.45	—
FY 2028 EPS (Non-GAAP)	$22.28	—
FY 2028 EPS Growth	20.8%	—
VALUATION
FY 2027 P/S	1.7	3.2
FY 2028 P/S	1.5	—
FY 2027 P/E	22.0	19.9
FY 2028 P/E	19.0	—

[1] DELL forward figures are analyst consensus for the next two fiscal years (fiscal year end 1/30). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	DELL	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	134.0
Rev Chg Q	87.5%	9.0%
Rev Chg LTM	38.6%	7.7%
Rev Chg 3Y Avg	12.9%	5.9%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	10.8
CFO LTM ($ Bil)	12.5
Net Inc LTM ($ Bil)	8.4
Op Mgn LTM	8.1%	18.4%
CFO/Rev LTM	9.3%	21.5%
Net Inc Mgn	6.3%	13.0%
VALUATION	HIGH
P/S	2.1	3.3
P/CFO	22.9	15.1
P/FCF	30.2	19.8
P/E	33.9	24.0
STABILITY	VERY GOOD
Debt/Equity	0.11	0.20
Cash/Assets	0.10	0.07

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Metric	Value	Date	Source
AI-Optimized Server Backlog	11.7 billion USD	8282025	Link
AI-Optimized Server Shipments (Quarterly)	8.2 billion USD	8282025	Link
AI-Optimized Server Orders Booked (Quarterly)	5.6 billion USD	8282025	Link
Number of Enterprise AI Customers	over 3,000	5192025	Link
Global Server Market Share (by revenue)	19.3%	3182025	Link
Percentage of packaging made with recycled or renewable materials	96.4%	7192024	Link
Percentage of global workforce who identify as women	35%	7192024	Link
Percentage of U.S. workforce identifying as Black/African American or Hispanic/Latino	16.1%	7192024	Link

Price Chart

Recent
7/21/2026	Dividend	Amount: $0.63 Payment On: 7/31/2026
Upcoming
9/03/2026	Earnings Release	Rev: $44 Bil (E) EPS: $4.89 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 7/22/2026

Dell Technologies (DELL) stock has gained about 170% since 3/31/2026 because of the following key factors:

1. Exceptional Fiscal Q1 2027 Financial Performance and Upgraded Outlook.

Dell Technologies reported exceptionally strong financial results for fiscal Q1 2027 (ended April 30, 2026) on May 28, 2026. The company announced record revenue of $43.8 billion, representing an 88% year-over-year increase. Diluted earnings per share (EPS) reached a record $5.24, up 282% year over year, significantly surpassing analysts' consensus estimates of $2.93 EPS by 65.87%. Following these robust results, Dell raised its full-year fiscal 2027 revenue outlook to $167 billion at the midpoint, reflecting a projected nearly 50% year-over-year growth.

2. Explosive Growth in AI-Optimized Servers and Record Backlog.

A primary driver of Dell's substantial stock gain was the explosive demand for its AI-optimized servers. In fiscal Q1 2027, revenue from AI-optimized servers surged by 757% year over year to $16.1 billion. The company reported booking $24.4 billion in AI orders during the quarter and concluded the period with a record AI backlog of $51.3 billion. This indicates significant and sustained demand, with memory identified as a primary supply constraint. Dell also raised its fiscal year 2027 AI-optimized server revenue forecast to approximately $60 billion, anticipating a 144% growth compared to fiscal year 2026.

3. Widespread Analyst Upgrades and Increased Price Targets.

Investor confidence in Dell Technologies was further bolstered by numerous analyst upgrades and increased price targets following the strong fiscal Q1 2027 results and robust AI server demand. JPMorgan raised its price target for DELL from $500 to $550, while maintaining an "overweight" rating. Evercore ISI also increased its target from $450 to $500 with an "Outperform" rating, citing growing confidence in Dell's strategic positioning within the AI infrastructure cycle. Morgan Stanley adjusted its target to $477, acknowledging stronger-than-expected enterprise server demand driven by AI and compute shortages.

4. Favorable Broader AI Infrastructure Market Dynamics.

Dell benefited significantly from a broader market trend of strong and sustained demand for AI infrastructure. The market reacted positively to indications of continued aggressive spending on AI servers by hyperscalers, cloud providers, and enterprises. Reinforcing this sentiment, strong preliminary gross margins and record AI server orders reported by a competitor, Super Micro Computer, positively impacted Dell's stock by highlighting favorable industry conditions such as component scarcity enabling better pricing across the sector. Dell's strategic partnership with NVIDIA, exemplified by initiatives like "The Dell AI Factory with NVIDIA," further enhanced its competitive advantage by offering integrated AI infrastructure solutions.

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Stock Movement Drivers

Fundamental Drivers

The 168.9% change in DELL stock from 3/31/2026 to 7/23/2026 was primarily driven by a 86.7% change in the company's P/E Multiple.

(LTM values as of)	3312026	7232026	Change
Stock Price ($)	163.35	439.34	168.9%
Change Contribution By:
Total Revenues ($ Mil)	113,538	134,002	18.0%
Net Income Margin (%)	5.2%	6.3%	20.0%
P/E Multiple	18.2	33.9	86.7%
Shares Outstanding (Mil)	660	649	1.7%
Cumulative Contribution			168.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/23/2026

	Return	Correlation
DELL	168.9%
Market (SPY)	13.5%	30.5%
Sector (XLK)	34.3%	48.2%

Fundamental Drivers

The 252.2% change in DELL stock from 12/31/2025 to 7/23/2026 was primarily driven by a 111.1% change in the company's P/E Multiple.

(LTM values as of)	12312025	7232026	Change
Stock Price ($)	124.74	439.34	252.2%
Change Contribution By:
Total Revenues ($ Mil)	104,090	134,002	28.7%
Net Income Margin (%)	5.0%	6.3%	25.4%
P/E Multiple	16.1	33.9	111.1%
Shares Outstanding (Mil)	671	649	3.4%
Cumulative Contribution			252.2%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/23/2026

	Return	Correlation
DELL	252.2%
Market (SPY)	8.5%	31.6%
Sector (XLK)	24.1%	42.6%

Fundamental Drivers

The 264.4% change in DELL stock from 6/30/2025 to 7/23/2026 was primarily driven by a 85.3% change in the company's P/E Multiple.

(LTM values as of)	6302025	7232026	Change
Stock Price ($)	120.56	439.34	264.4%
Change Contribution By:
Total Revenues ($ Mil)	96,701	134,002	38.6%
Net Income Margin (%)	4.7%	6.3%	33.1%
P/E Multiple	18.3	33.9	85.3%
Shares Outstanding (Mil)	692	649	6.6%
Cumulative Contribution			264.4%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/23/2026

	Return	Correlation
DELL	264.4%
Market (SPY)	20.5%	35.4%
Sector (XLK)	41.5%	45.9%

Fundamental Drivers

The 757.9% change in DELL stock from 6/30/2023 to 7/23/2026 was primarily driven by a 212.0% change in the company's Net Income Margin (%).

(LTM values as of)	6302023	7232026	Change
Stock Price ($)	51.21	439.34	757.9%
Change Contribution By:
Total Revenues ($ Mil)	97,107	134,002	38.0%
Net Income Margin (%)	2.0%	6.3%	212.0%
P/E Multiple	19.0	33.9	78.6%
Shares Outstanding (Mil)	724	649	11.6%
Cumulative Contribution			757.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/23/2026

	Return	Correlation
DELL	757.9%
Market (SPY)	72.4%	45.7%
Sector (XLK)	109.1%	53.3%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
DELL Return	52%	-27%	96%	53%	11%	254%	1217%
Peers Return	38%	-12%	21%	26%	14%	31%	178%
S&P 500 Return	27%	-19%	24%	23%	16%	10%	100%
Monthly Win Rates [3]
DELL Win Rate	75%	33%	75%	75%	50%	86%
Peers Win Rate	65%	42%	68%	57%	52%	57%
S&P 500 Win Rate	75%	42%	67%	75%	67%	43%
Max Drawdowns [4]
DELL Max Drawdown	-11%	-44%	-16%	-51%	-42%	-21%
Peers Max Drawdown	-18%	-30%	-18%	-18%	-31%	-23%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See DELL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/23/2026 (YTD)

Event	DELL	S&P 500
2025 US Tariff Shock
% Loss	-40.8%	-18.8%
% Gain to Breakeven	68.9%	23.1%
Time to Breakeven	81 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-39.5%	-7.8%
% Gain to Breakeven	65.3%	8.5%
Time to Breakeven	420 days	18 days
2023 SVB Regional Banking Crisis
% Loss	-15.7%	-6.7%
% Gain to Breakeven	18.7%	7.1%
Time to Breakeven	35 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-39.9%	-24.5%
% Gain to Breakeven	66.3%	32.4%
Time to Breakeven	271 days	427 days
2020 COVID-19 Crash
% Loss	-45.9%	-33.7%
% Gain to Breakeven	84.8%	50.9%
Time to Breakeven	103 days	140 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Dell Technologies's stock fell -40.8% during the 2025 US Tariff Shock. Such a loss loss requires a 68.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

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Event	DELL	S&P 500
2025 US Tariff Shock
% Loss	-40.8%	-18.8%
% Gain to Breakeven	68.9%	23.1%
Time to Breakeven	81 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-39.5%	-7.8%
% Gain to Breakeven	65.3%	8.5%
Time to Breakeven	420 days	18 days
2022 Inflation Shock & Fed Tightening
% Loss	-39.9%	-24.5%
% Gain to Breakeven	66.3%	32.4%
Time to Breakeven	271 days	427 days
2020 COVID-19 Crash
% Loss	-45.9%	-33.7%
% Gain to Breakeven	84.8%	50.9%
Time to Breakeven	103 days	140 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Dell Technologies's stock fell -40.8% during the 2025 US Tariff Shock. Such a loss loss requires a 68.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Dell Technologies (DELL)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Dell Technologies Inc. is a global leader in information technology (IT), providing a comprehensive range of solutions, products, and services. The company designs, manufactures, and supports essential IT infrastructure for businesses worldwide, focusing on helping them modernize their operations, manage data, and empower their workforces. Its offerings span across hardware, software, and services, serving a diverse customer base globally.

A significant part of Dell's business involves robust hardware solutions. Through its Infrastructure Solutions Group (ISG), Dell provides traditional and next-generation storage solutions, servers (including rack, blade, and hyperscale), and networking products designed to transform and optimize business infrastructure. Its Client Solutions Group (CSG) focuses on end-user computing, offering desktops, workstations, notebooks, displays, and associated peripherals and software. Both segments include critical support, deployment, and extended warranty services.

Beyond hardware, Dell Technologies also delivers advanced software and cloud-focused services. Its VMware segment supports customers in navigating hybrid and multi-cloud environments, modern applications, networking, security, and digital workspaces, enabling efficient management of IT resources across complex settings. The company further provides information security and infrastructure-as-a-service (IaaS) solutions, facilitating the migration, running, and management of mission-critical applications in cloud-based environments.

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The HP of computers and data center equipment.

A bit like IBM, but focused on providing the physical and virtual infrastructure for IT solutions.

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Servers: A range of rack, blade, tower, and hyperscale servers for various computing and data processing needs.
Storage Solutions: Traditional and next-generation storage products designed for data management and retention.
Networking Products: Hardware and services that enable customers to build and modernize their IT infrastructure networks.
Personal Computers: Desktops, workstations, and notebooks for individual and professional use.
Displays & Peripherals: Monitors, projectors, and various attached or third-party accessories for computing devices.
Cloud & Virtualization Software (VMware): Solutions supporting hybrid/multi-cloud, modern applications, networking, security, and digital workspaces.
Information Security Solutions: Products and services dedicated to protecting IT environments and data from cyber threats.
IT Support & Deployment Services: Comprehensive services including configuration, deployment, support, and extended warranties for hardware and software.

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Intel Corporation (INTC)
Advanced Micro Devices, Inc. (AMD)
Microsoft Corporation (MSFT)
NVIDIA Corporation (NVDA)
Micron Technology, Inc. (MU)
Western Digital Corporation (WDC)
Seagate Technology Holdings plc (STX)

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Michael Dell, Chairman & Chief Executive Officer

Michael Dell founded Dell Technologies in 1984 from his college dorm room. He served as CEO until 2004, returning to the role in 2007. In 2013, he took Dell Inc. private in a significant management buyout, then engineered the largest technology deal in history by combining Dell, EMC, and VMware in 2016, subsequently relisting Dell Technologies on the public markets in 2018. This demonstrates a pattern of managing companies, including taking one private with private equity backing. In 1998, he formed MSD Capital (now DFO Management), a private investment firm that manages capital for the Dell family, holding stakes in various investments. Dell's cloud software arm, VMware, was spun off in 2021 and later acquired by Broadcom in 2023, with a portion of the proceeds going to Dell.

David Kennedy, Interim Chief Financial Officer

David Kennedy was appointed interim Chief Financial Officer of Dell Technologies effective September 9, 2025. He is a long-time Dell executive, having joined the company in 1998. Prior to his current role, Kennedy served as Senior Vice President of Dell Global Business Operations, Finance. His experience at Dell also includes serving as senior vice president and Chief Operating Officer of Dell Global Sales, and senior vice president and Chief Financial Officer of the company's Client Solutions Group (CSG).

Jeff Clarke, Vice Chairman & Co-Chief Operating Officer

Jeff Clarke has been with Dell for over three decades and serves as Vice Chairman and Co-Chief Operating Officer. He is responsible for overseeing global operations, product development, and infrastructure solutions. Clarke has been instrumental in transforming Dell from a PC-centric company into a leader in enterprise technology, focusing on servers, storage, and cloud infrastructure. He also leads product engineering, global manufacturing, procurement, and supply chain activities.

Chuck Whitten, Co-Chief Operating Officer

Chuck Whitten shares operational leadership responsibilities as Co-Chief Operating Officer, focusing on go-to-market strategy, customer engagement, and cross-functional alignment across Dell's business units. He joined Dell in 2021, bringing an analytical mindset and deep understanding of digital transformation from his previous role as a consultant with Bain & Company. Whitten is focused on making the organization more customer-centric and data-driven, refining sales execution, and strengthening Dell's competitive position.

John Roese, Global Chief Technology Officer & Chief AI Officer

John Roese leads Dell Technologies' global technology strategy, with a focus on positioning the company as a leader in AI, edge computing, 5G, and multicloud ecosystems. He joined Dell in 2012 and has held technology leadership roles at various companies, including Huawei, Nortel, and Broadcom. Roese oversees long-term research and development direction, partnerships with hyperscalers, and the integration of AI capabilities throughout Dell's portfolio.

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Here are the key risks to Dell Technologies:

Intense Competition and Pricing Pressure: Dell Technologies operates in highly competitive markets across its Client Solutions Group (CSG), Infrastructure Solutions Group (ISG), and software/services offerings. The company faces significant competition from traditional hardware vendors, other IT solution providers, and increasingly from hyperscale cloud providers offering Infrastructure-as-a-Service. This intense rivalry leads to pricing pressure, which can erode profit margins, especially in commoditized segments like personal computers and even in high-growth areas such as AI servers where aggressive pricing is observed.
Economic Sensitivity and Fluctuations in IT Spending: Dell's business is significantly influenced by global macroeconomic conditions and cyclical enterprise and consumer IT spending. Economic downturns or uncertainty can lead to reduced demand for its desktops, workstations, and notebooks (CSG), as well as delays in corporate infrastructure investments (ISG), directly impacting revenue and growth.
Rapid Technological Change and Market Disruption: The fast pace of technological advancement and evolving customer demands represent a continuous risk for Dell Technologies. The ongoing shift towards cloud-based solutions and consumption models can reduce demand for traditional on-premises hardware and software. While Dell offers hybrid cloud and multi-cloud solutions and invests in artificial intelligence, adapting to these shifts requires continuous innovation and can lead to margin pressures, especially as certain high-growth products like AI servers initially carry lower profitability.

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The following are clear emerging threats for Dell Technologies:

Accelerated Shift to Public Cloud Computing: The continued and accelerating migration of enterprise IT workloads and infrastructure to hyper-scale public cloud providers such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP) directly threatens Dell's core Infrastructure Solutions Group (ISG) segment. These public cloud offerings provide on-demand, scalable compute, storage, and networking as a service, reducing the need for customers to purchase and maintain traditional on-premises servers, storage arrays, and networking equipment, which are central to Dell's hardware business. This shift represents a fundamental change in how IT resources are consumed and managed, moving away from capital expenditure on Dell's hardware to operational expenditure with cloud providers.
Proliferation of Cloud-Native Client Devices: The increasing adoption of lightweight, cloud-centric operating systems and devices, such as Google Chrome OS-powered Chromebooks and various thin client solutions, poses a threat to Dell's Client Solutions Group (CSG). These devices, often characterized by lower costs, simplified management, and reliance on cloud-based applications, are gaining traction in educational, business productivity, and general computing environments. This trend challenges the demand for traditional, higher-spec, Windows-based desktops, workstations, and notebooks that form a significant part of Dell's CSG revenue.

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Dell Technologies (symbol: DELL) operates in several large addressable markets for its diverse range of IT solutions, products, and services. The market sizes for their main offerings, primarily based on 2024 data, are as follows:

Infrastructure Solutions Group (ISG)

Servers: The global data center server market was valued at approximately USD 216.66 billion in 2024. Additionally, the global server market size was valued at USD 106.68 billion in 2024. Another source estimates the global server market size at USD 103.65 billion in 2024.
Enterprise Storage Solutions: The global Enterprise Storage Systems market size was USD 220.14 billion in 2024. Another estimate places the global enterprise storage system market at approximately USD 78.41 billion in 2024.

Client Solutions Group (CSG)

Personal Computers (Desktops, Workstations, and Notebooks): Worldwide PC shipments totaled 245.4 million units in 2024. Other reports indicate global PC shipments reaching 262.7 million units in 2024 or 255.97 million units in 2024.
- Desktops: The global desktop computer market value stood at USD 29.6 billion in 2024.
- Workstations: The global workstation desktop PC market size was valued at USD 1.92 billion in 2024. However, the broader global workstations market was valued at approximately USD 32 billion in 2023.
- Notebooks: The global laptop market size reached USD 151.1 billion in 2024. Other estimates for the global notebook market size in 2024 include USD 109.9 billion, USD 72.5 billion, and USD 71.24 billion.

Cloud and Security Solutions (Historically including VMware segment, and broader offerings)

Hybrid Cloud: The global hybrid cloud computing market size was valued at US$141.61 billion in 2024. Other sources estimate the global hybrid cloud market at US$130.87 billion in 2024, US$94.94 billion in 2024, US$82.61 billion in 2024, and US$79.4 billion in 2024.
Multi-Cloud Computing/Management: The global multi-cloud computing market size was valued at USD 13.18 billion in 2024. The global multi-cloud management market size is estimated at USD 10.58 billion in 2024.
Information Security / Cybersecurity: The global Cybersecurity Market size is projected to reach US$228.33 billion in 2024. Other figures for 2024 include an estimated market size of USD 208.8 billion and global information security end-user spending of $183.9 billion.
Infrastructure-as-a-Service (IaaS): The global Infrastructure-as-a-Service (IaaS) cloud computing market size was valued at US$206.85 billion in 2024. Other estimates for the worldwide IaaS market in 2024 include $171.8 billion, US$156.93 billion, and US$98 billion.

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Dell Technologies (DELL) is anticipated to experience future revenue growth over the next 2-3 years driven by several key factors:

Surging Demand for AI Servers and Infrastructure: Dell is strategically positioned as a premier infrastructure partner in the generative AI era, with a significant increase in demand for AI-optimized servers. The company's AI server business is projected to double, targeting approximately $50 billion in fiscal year 2027, with substantial order backlogs reported. This growth is further supported by an expanding enterprise AI customer base.
Continued Growth in Traditional Servers and Networking: Within its Infrastructure Solutions Group (ISG), Dell expects sustained growth in its traditional server and networking segments. The traditional server market remains robust, with high single-digit growth projected, demonstrating consistent performance over multiple quarters.
Expansion of IP Storage Solutions: The company's storage business, particularly its Intellectual Property (IP) storage portfolio, is identified as a significant driver of multi-quarter growth and margin expansion. Dell has previously reported record storage revenue, indicating strong performance in this area.
Stabilization and Growth in Commercial Client Solutions: After a period of flux, the Client Solutions Group (CSG), which includes PCs, is expected to see stabilization and low single-digit revenue growth. This is particularly driven by momentum in commercial PCs, and the expansion of the total addressable market (TAM) through new products in commercial, education, and consumer segments.

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Capital Allocation Decisions for Dell Technologies (DELL)

Share Repurchases

On February 27, 2025, Dell's board approved a $10 billion increase in its share repurchase authorization. This built upon an existing authorization that was increased by $5 billion on October 5, 2023.
Dell repurchased $7.5 billion worth of shares in fiscal year 2026, including 54 million shares, which was more than double the amount repurchased in fiscal year 2025.
Annual share repurchases were $2.588 billion in fiscal year 2025, $2.08 billion in fiscal year 2024, and $3.272 billion in fiscal year 2023.

Share Issuance

Between June and July 2025, Dell issued 3,421,793 shares of its Class C common stock, resulting from the conversion of an equal number of Class B common stock shares by Silver Lake entities.

Capital Expenditures

Dell's capital expenditures were $2.652 billion in fiscal year 2025, $2.756 billion in fiscal year 2024, and $3.003 billion in fiscal year 2023.
The company's capital expenditures are primarily focused on developing software, fostering innovation, and building solutions to support customers' digital transformation.
A significant focus for capital allocation is on artificial intelligence (AI) and infrastructure development, including enhancing AI solutions, micro data centers, and advanced hardware for AI workloads.

Interactive Breakdown

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Better Bets vs. Dell Technologies (DELL)

INDUSTRY: Technology Hardware, Storage & Peripherals

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 12.9% | 2.1x)

NTAP (5.2%)

NetApp

HPE (3.6%)

Hewlett Packard Enterprise

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 12.9% | 2.1x)

SMCI (72.8% | 0.6x)

Super Micro Computer

OTEX (13.2% | 1.0x)

Open Text

OSIS (14.7% | 2.0x)

OSI Systems

FIVN (13.0% | 1.4x)

Five9

APPN (16.0% | 2.1x)

Appian

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 12.9% | 26.3x)

MSFT (15.3% | 19.0x)

Microsoft

INTU (14.2% | 13.5x)

Intuit

ADSK (13.8% | 21.4x)

Autodesk

ROP (13.4% | 16.3x)

Roper Technologies

FICO (16.7% | 24.8x)

Fair Isaac

Higher Rev Chg LTM (Value for DELL: 38.6%)

MU (85.5%)

Micron Technology

SNDK (82.8%)

SanDisk

NVDA (70.7%)

NVIDIA

PLTR (67.7%)

Palantir Technologies

APH (54.4%)

Amphenol

Higher Rev Chg 3Y Avg (Value for DELL: 12.9%)

NVDA (121.7%)

NVIDIA

MU (45.3%)

Micron Technology

AVGO (29.3%)

Broadcom

AMD (18.5%)

Advanced Micro Devices

MSFT (15.3%)

Microsoft

Higher Op Mgn LTM (Value for DELL: 8.1%)

NVDA (64.0%)

NVIDIA

MU (48.4%)

Micron Technology

MSFT (46.8%)

Microsoft

AVGO (44.1%)

Broadcom

AAPL (32.6%)

Apple

Higher CFO/Rev LTM (Value for DELL: 9.3%)

MSFT (53.5%)

Microsoft

MU (52.7%)

Micron Technology

NVDA (49.6%)

NVIDIA

AVGO (44.6%)

Broadcom

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for DELL: 7.0%)

NVDA (47.0%)

NVIDIA

AVGO (43.4%)

Broadcom

AAPL (28.6%)

Apple

MSFT (22.9%)

Microsoft

MU (17.7%)

Micron Technology

Higher Total Yield (Value for DELL: 3.5%)

IBM (8.8%)

International Business Machines

ORCL (6.6%)

Oracle

MSFT (5.3%)

Microsoft

CSCO (4.1%)

Cisco Systems

TXN (4.0%)

Texas Instruments

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 12.9% | 2.1x)

COF (20.3% | 2.1x)

Capital One Financial

ENB (13.7% | 1.8x)

Enbridge

PGR (19.9% | 1.4x)

Progressive

MCK (13.4% | 0.3x)

McKesson

CI (15.2% | 0.3x)

Cigna

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 12.9% | 26.3x)

GOOGL (15.5% | 26.1x)

Alphabet

META (22.4% | 17.3x)

Meta Platforms

MA (14.2% | 23.4x)

Mastercard

NFLX (14.6% | 20.1x)

Netflix

BLK (14.0% | 19.2x)

BlackRock

Higher Rev Chg LTM (Value for DELL: 38.6%)

AEM (51.7%)

Agnico Eagle Mines

COF (47.6%)

Capital One Financial

LLY (47.4%)

Eli Lilly

HOOD (41.5%)

Robinhood Markets

MELI (39.1%)

MercadoLibre

Higher Rev Chg 3Y Avg (Value for DELL: 12.9%)

LLY (37.9%)

Eli Lilly

META (22.4%)

Meta Platforms

GOOGL (15.5%)

Alphabet

BRK-B (15.3%)

Berkshire Hathaway

MA (14.2%)

Mastercard

Higher Op Mgn LTM (Value for DELL: 8.1%)

LLY (47.3%)

Eli Lilly

META (41.2%)

Meta Platforms

GOOGL (33.1%)

Alphabet

AMZN (11.5%)

Amazon.com

XOM (9.0%)

ExxonMobil

Higher CFO/Rev LTM (Value for DELL: 9.3%)

META (57.7%)

Meta Platforms

GOOGL (41.6%)

Alphabet

LLY (28.3%)

Eli Lilly

AMZN (20.0%)

Amazon.com

BRK-B (10.9%)

Berkshire Hathaway

Higher FCF/Rev LTM (Value for DELL: 7.0%)

V (49.2%)

Visa

META (22.4%)

Meta Platforms

JNJ (18.1%)

Johnson & Johnson

LLY (14.4%)

Eli Lilly

GOOGL (11.9%)

Alphabet

Higher Total Yield (Value for DELL: 3.5%)

JPM (8.0%)

JPMorgan Chase

BRK-B (6.8%)

Berkshire Hathaway

GOOGL (6.6%)

Alphabet

META (4.9%)

Meta Platforms

AMZN (3.6%)

Amazon.com

Best Bets in Information Technology

What You Pay

P/EBIT (Value for DELL: 24.3x)

APP (28.1x)

AppLovin

VRSN (20.1x)

VeriSign

NVDA (26.7x)

NVIDIA

QLYS (20.6x)

Qualys

ADEA (15.2x)

Adeia

IDCC (14.4x)

InterDigital

YOU (24.4x)

Clear Secure

GEN (7.3x)

Gen Digital

ADBE (9.1x)

Adobe

FICO (24.9x)

Fair Isaac

P/E (Value for DELL: 33.9x)

APP (34.0x)

AppLovin

VRSN (27.9x)

VeriSign

NVDA (31.8x)

NVIDIA

QLYS (23.6x)

Qualys

ADEA (24.1x)

Adeia

IDCC (18.0x)

InterDigital

YOU (42.1x)

Clear Secure

GEN (15.5x)

Gen Digital

ADBE (11.8x)

Adobe

FICO (37.5x)

Fair Isaac

What You Get

Rev Chg 3Y Avg (Value for DELL: 12.9%)

APP (37.0%)

AppLovin

VRSN (5.3%)

VeriSign

NVDA (121.7%)

NVIDIA

QLYS (10.6%)

Qualys

ADEA (4.4%)

Adeia

IDCC (14.8%)

InterDigital

YOU (25.6%)

Clear Secure

GEN (15.1%)

Gen Digital

ADBE (11.0%)

Adobe

FICO (16.7%)

Fair Isaac

Rev Chg LTM (Value for DELL: 38.6%)

APP (66.4%)

AppLovin

VRSN (6.9%)

VeriSign

NVDA (70.7%)

NVIDIA

QLYS (10.2%)

Qualys

ADEA (21.1%)

Adeia

IDCC (1.6%)

InterDigital

YOU (17.4%)

Clear Secure

GEN (27.1%)

Gen Digital

ADBE (11.5%)

Adobe

FICO (22.6%)

Fair Isaac

Rev Chg Q (Value for DELL: 87.5%)

APP (59.0%)

AppLovin

VRSN (6.0%)

VeriSign

NVDA (85.2%)

NVIDIA

QLYS (9.8%)

Qualys

ADEA (19.5%)

Adeia

IDCC (-2.4%)

InterDigital

YOU (19.7%)

Clear Secure

GEN (27.0%)

Gen Digital

ADBE (12.7%)

Adobe

FICO (38.7%)

Fair Isaac

FCF/Rev 3Y Avg (Value for DELL: 5.6%)

APP (64.1%)

AppLovin

VRSN (58.5%)

VeriSign

NVDA (48.3%)

NVIDIA

QLYS (42.9%)

Qualys

ADEA (40.3%)

Adeia

IDCC (39.5%)

InterDigital

YOU (39.2%)

Clear Secure

GEN (38.3%)

Gen Digital

ADBE (37.9%)

Adobe

FICO (34.8%)

Fair Isaac

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Dell's Big Day Was All About Another Company	07/23/2026
2	Want DELL Stock 50% Cheaper? Get Paid 16% While You Wait	07/21/2026
3	Dell Stock and the Best Kind of Problem	06/13/2026
4	How Steep Is the Plunge for Dell Stock?	06/11/2026
5	How Wide Is the Field of Play for Dell Stock?	06/10/2026
6	Dell Technologies Stock Surges 92%, With A 8-Day Winning Spree	06/02/2026
7	How to Get Paid to Buy DELL at a Steep Discount	06/02/2026
8	Dell Technologies Stock Surges 79%, With A 7-Day Winning Spree	05/30/2026
9	6-Day Rally Sends Dell Technologies Stock Up 35%	05/29/2026
10	Dell Technologies Stock 5-Day Winning Spree: Stock Climbs 30%	05/28/2026
11	ARTICLES
12	Dell’s Big Day Was All About Another Company	07/23/2026
13	S&P 500 Movers \| Winners: SMCI, WAB, DELL \| Losers: GEV, NOW, PTC	07/23/2026
14	S&P 500 Movers \| Winners: PYPL, BLK, CBRE \| Losers: PNR, ERIE, DELL	07/16/2026
15	Dell Stock Lit The Afterburners. Is There Enough Fuel For The Trip?	07/15/2026
16	Dell Stock’s Secret: It Gets Paid Before It Pays Its Bills	07/07/2026

	Title
0	DASHBOARDS
1	Dell's Big Day Was All About Another Company
2	Want DELL Stock 50% Cheaper? Get Paid 16% While You Wait
3	Dell Stock and the Best Kind of Problem
4	How Steep Is the Plunge for Dell Stock?
5	How Wide Is the Field of Play for Dell Stock?
6	Dell Technologies Stock Surges 92%, With A 8-Day Winning Spree
7	How to Get Paid to Buy DELL at a Steep Discount
8	Dell Technologies Stock Surges 79%, With A 7-Day Winning Spree
9	6-Day Rally Sends Dell Technologies Stock Up 35%
10	Dell Technologies Stock 5-Day Winning Spree: Stock Climbs 30%
11	ARTICLES
12	Dell’s Big Day Was All About Another Company
13	S&P 500 Movers \| Winners: SMCI, WAB, DELL \| Losers: GEV, NOW, PTC
14	S&P 500 Movers \| Winners: PYPL, BLK, CBRE \| Losers: PNR, ERIE, DELL
15	Dell Stock Lit The Afterburners. Is There Enough Fuel For The Trip?
16	Dell Stock’s Secret: It Gets Paid Before It Pays Its Bills

Trade Ideas

Select ideas related to DELL.

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Recent Active Movers

Top Gainers

Ticker	Company	Category	1D Rtn	YTD Rtn
USO	United States Oil Fund LP	Commodity	5.9%	101.7%
ITA	iShares U.S. Aerospace & Defense ETF	Equity	3.1%	11.0%
MISL	First Trust Indxx Aerospace & Defense...	Equity	2.3%	1.5%
EWY	iShares MSCI South Korea ETF	Equity	2.0%	78.8%
XLI	State Street Industrial Select Sector...	Equity	1.7%	17.6%
DBC	Invesco DB Commodity Index Tracking Fund	Commodity	1.5%	35.6%
PDBC	Invesco Optimum Yield Diversified Com...	Commodity	1.4%	36.3%
XLV	State Street Health Care Select Secto...	Equity	1.3%	4.7%
VHT	Vanguard Health Care ETF	Equity	1.2%	6.1%
IBB	iShares Biotechnology ETF	Equity	1.1%	12.1%

Top Losers

Ticker	Company	Category	1D Rtn	YTD Rtn
MAGS	Roundhill Magnificent Seven ETF	Equity	-4.6%	-4.1%
XLY	State Street Consumer Discretionary S...	Equity	-4.6%	-8.7%
GDE	WisdomTree Efficient Gold Plus Equity...	Equity	-3.6%	-14.0%
XLC	State Street Communication Services S...	Equity	-3.5%	-10.2%
SLV	iShares Silver Trust	Commodity	-3.4%	-19.2%
ARKW	ARK Next Generation Internet ETF	Equity	-3.3%	-6.3%
PALL	ETFS Physical Palladium Shares	Commodity	-3.1%	-21.7%
ARKK	ARK Innovation ETF	Equity	-2.9%	-4.0%
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	-2.8%	-37.1%
PPLT	ETFS Physical Platinum Shares	Commodity	-2.8%	-22.4%

Top Gainers

Ticker	Company	Category	1W Rtn	YTD Rtn
USO	United States Oil Fund LP	Commodity	16.9%	101.7%
DBC	Invesco DB Commodity Index Tracking Fund	Commodity	6.5%	35.6%
PDBC	Invesco Optimum Yield Diversified Com...	Commodity	6.5%	36.3%
EWY	iShares MSCI South Korea ETF	Equity	6.4%	78.8%
XOP	State Street SPDR S&P Oil & Gas Explo...	Equity	5.5%	39.7%
URA	Global X Uranium ETF	Equity	5.2%	-3.7%
RING	iShares MSCI Global Gold Miners ETF	Equity	5.0%	-12.4%
BCI	abrdn Bloomberg All Commodity Strateg...	Commodity	4.7%	26.1%
FXN	First Trust Energy AlphaDEX Fund	Equity	4.2%	34.0%
XLE	State Street Energy Select Sector SPD...	Equity	4.1%	33.7%

Top Losers

Ticker	Company	Category	1W Rtn	YTD Rtn
XLY	State Street Consumer Discretionary S...	Equity	-7.3%	-8.7%
MAGS	Roundhill Magnificent Seven ETF	Equity	-7.2%	-4.1%
IGV	iShares Expanded Tech-Software Sector...	Equity	-7.0%	-17.6%
XLC	State Street Communication Services S...	Equity	-6.5%	-10.2%
AKRE	Akre Focus ETF	Equity	-6.1%	-18.5%
XOVR	EntrepreneurShares Series Trust ERSha...	Equity	-4.8%	-6.6%
KWEB	KraneShares CSI China Internet ETF	Equity	-4.4%	-22.8%
ARKW	ARK Next Generation Internet ETF	Equity	-4.0%	-6.3%
ARKK	ARK Innovation ETF	Equity	-3.7%	-4.0%
KRE	State Street SPDR S&P Regional Bankin...	Equity	-3.6%	16.6%

Top Gainers

Ticker	Company	Category	1M Rtn	YTD Rtn
USO	United States Oil Fund LP	Commodity	25.4%	101.7%
XOP	State Street SPDR S&P Oil & Gas Explo...	Equity	13.3%	39.7%
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	12.7%	-37.1%
DBC	Invesco DB Commodity Index Tracking Fund	Commodity	11.8%	35.6%
PDBC	Invesco Optimum Yield Diversified Com...	Commodity	11.6%	36.3%
HGER	Harbor Commodity All-Weather Strategy...	Commodity	11.2%	31.8%
BCI	abrdn Bloomberg All Commodity Strateg...	Commodity	9.4%	26.1%
XLE	State Street Energy Select Sector SPD...	Equity	9.0%	33.7%
FTGC	First Trust Global Tactical Commodity...	Commodity	8.8%	29.3%
COMT	iShares GSCI Commodity Dynamic Roll S...	Commodity	7.6%	33.3%

Top Losers

Ticker	Company	Category	1M Rtn	YTD Rtn
NASA	Tema Space Innovators ETF	Equity	-19.2%	-7.7%
LIT	Global X Lithium & Battery Tech ETF	Equity	-12.0%	6.4%
ICLN	iShares Global Clean Energy ETF	Equity	-11.1%	11.8%
URA	Global X Uranium ETF	Equity	-9.8%	-3.7%
EWY	iShares MSCI South Korea ETF	Equity	-9.5%	78.8%
SOXX	iShares Semiconductor ETF	Equity	-8.6%	83.2%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-8.4%	74.4%
UNG	United States Natural Gas Fund LP	Commodity	-7.7%	-13.5%
ARKQ	ARK Autonomous Technology & Robotics ETF	Equity	-7.5%	1.9%
SMH	VanEck Semiconductor ETF	Equity	-6.7%	61.1%

Peer Comparisons

Peers to compare with:

Financials

	DELL	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Dell Tec.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	439.34	24.51	47.64	206.65	112.76	321.66	159.71
Mkt Cap	285.1	22.6	63.6	194.5	445.6	4,719.8	239.8
Rev LTM	134,002	57,417	38,794	69,097	60,746	451,442	64,922
Op Inc LTM	10,848	3,774	2,248	12,705	14,408	147,366	11,776
FCF LTM	9,442	3,779	3,989	13,144	11,788	129,174	10,615
FCF 3Y Avg	6,128	3,181	2,353	12,295	12,334	109,860	9,211
CFO LTM	12,470	4,594	6,358	14,888	13,025	140,222	12,748
CFO 3Y Avg	8,895	3,902	4,739	13,974	13,277	120,114	11,086

Growth & Margins

	DELL	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Dell Tec.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	38.6%	5.7%	22.6%	7.9%	9.2%	12.8%	11.0%
Rev Chg 3Y Avg	12.9%	0.9%	10.0%	4.5%	3.5%	5.6%	5.1%
Rev Chg Q	87.5%	9.0%	40.0%	1.1%	12.0%	16.6%	14.3%
QoQ Delta Rev Chg LTM	18.0%	2.1%	8.5%	0.3%	2.9%	3.6%	3.2%
Op Inc Chg LTM	63.1%	-1.9%	1.7%	16.3%	19.0%	15.7%	16.0%
Op Inc Chg 3Y Avg	29.1%	-4.6%	-4.8%	13.3%	0.8%	9.6%	5.2%
Op Mgn LTM	8.1%	6.6%	5.8%	18.4%	23.7%	32.6%	13.2%
Op Mgn 3Y Avg	7.2%	7.3%	6.9%	17.0%	24.0%	31.8%	12.1%
QoQ Delta Op Mgn LTM	0.8%	0.2%	1.0%	-0.4%	0.5%	0.3%	0.4%
CFO/Rev LTM	9.3%	8.0%	16.4%	21.5%	21.4%	31.1%	18.9%
CFO/Rev 3Y Avg	8.2%	7.1%	14.4%	21.4%	23.2%	29.1%	17.9%
FCF/Rev LTM	7.0%	6.6%	10.3%	19.0%	19.4%	28.6%	14.7%
FCF/Rev 3Y Avg	5.6%	5.8%	7.0%	18.9%	21.6%	26.6%	12.9%

Valuation

	DELL	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Dell Tec.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	285.1	22.6	63.6	194.5	445.6	4,719.8	239.8
P/S	2.1	0.4	1.6	2.8	7.3	10.5	2.5
P/Op Inc	26.3	6.0	28.3	15.3	30.9	32.0	27.3
P/EBIT	24.3	7.2	28.3	15.7	28.7	32.0	26.3
P/E	33.9	8.9	40.9	18.1	37.3	38.5	35.6
P/CFO	22.9	4.9	10.0	13.1	34.2	33.7	18.0
Total Yield	3.5%	16.1%	3.6%	8.8%	4.1%	2.9%	3.9%
Dividend Yield	0.5%	4.8%	1.1%	3.2%	1.5%	0.3%	1.3%
FCF Yield 3Y Avg	4.4%	13.0%	5.9%	5.6%	4.5%	3.1%	5.1%
D/E	0.1	0.5	0.3	0.3	0.1	0.0	0.2
Net D/E	0.1	0.3	0.3	0.3	0.0	0.0	0.2

Returns

	DELL	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Dell Tec.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	2.9%	3.5%	-2.6%	-22.0%	-6.6%	9.3%	0.1%
3M Rtn	107.4%	23.2%	71.1%	-9.9%	27.8%	17.7%	25.5%
6M Rtn	276.7%	27.1%	125.1%	-29.0%	53.1%	29.8%	41.4%
12M Rtn	249.7%	-0.4%	134.2%	-24.8%	67.7%	50.8%	59.3%
3Y Rtn	758.0%	-14.5%	196.7%	63.1%	129.8%	69.2%	99.5%
1M Excs Rtn	-	-	-	-	-	-	-
3M Excs Rtn	-	-	-	-	-	-	-
6M Excs Rtn	-	-	-	-	-	-	-
12M Excs Rtn	-	-	-	-	-	-	-
3Y Excs Rtn	-	-	-	-	-	-	-

Comparison Analyses

	Title
0	Dell Technologies vs. RTX: With Return Forecast Of 15%, RTX Is A Better Bet
1	Dell Technologies vs. Abbott Laboratories: Neither Seems Like A Good Bet
2	Dell Technologies vs. GE Aerospace: With Return Forecast Of -3.1%, Dell Technologies Is A Better Bet
3	Dell Technologies vs. Procter & Gamble: Neither Seems Like A Good Bet
4	Dell Technologies vs. Johnson & Johnson: With Return Forecast Of 11%, Johnson & Johnson Is A Better Bet
5	Dell Technologies vs. Tesla: With Return Forecast Of 24%, Tesla Is A Better Bet
6	Dell Technologies vs. Danaher: Neither Seems Like A Good Bet
7	Dell Technologies vs. Texas Instruments: Neither Seems Like A Good Bet
8	Dell Technologies vs. Stryker: With Return Forecast Of 23%, Stryker Is A Better Bet
9	Dell Technologies vs. Illinois Tool Works: Neither Seems Like A Good Bet

FDIC Bank Data

$ Mil \| FY: 1/30	LTM	2026	2025	2024	2023	2022	2021
Period End	5/1/2026	1/30/2026	1/31/2025	2/2/2024	2/3/2023	1/28/2022	1/29/2021
Filing Date	6/9/2026	3/16/2026	3/25/2025	3/25/2024	3/30/2023	3/24/2022	3/26/2021
Key Financials
Total Revenue	134,002	113,538	95,567	88,425	102,301	101,197	86,670
Gross Profit	25,552	22,707	21,250	21,069	22,686	21,891	20,140
EBITDA	14,786	11,852	9,585	8,891	7,662	12,016	9,788
Operating Income	10,848	8,446	6,656	5,933	5,771	4,659	3,685
Net Income	8,409	5,936	4,592	3,388	2,442	5,563	3,250
EPS	12.80	8.79	6.51	4.71	3.33	7.02	4.37
Growth Rates
Total Revenue Growth	38.6%	18.8%	8.1%	-13.6%	1.1%	16.8%	2.2%
EBITDA Growth	47.6%	23.7%	7.8%	16.0%	-36.2%	22.8%	15.3%
Operating Income Growth	63.1%	26.9%	12.2%	2.8%	23.9%	26.4%	55.7%
Net Income Growth	84.4%	29.3%	35.5%	38.7%	-56.1%	71.2%	-29.6%
Margins
Gross Margin	19.1%	20.0%	22.2%	23.8%	22.2%	21.6%	23.2%
EBITDA Margin	11.0%	10.4%	10.0%	10.1%	7.5%	11.9%	11.3%
Operating Income Margin	8.1%	7.4%	7.0%	6.7%	5.6%	4.6%	4.3%
Net Income Margin	6.3%	5.2%	4.8%	3.8%	2.4%	5.5%	3.7%
Cash & Debt
Total Cash	11,578	11,528	3,633	7,366	8,607	9,477	9,508
Total Debt	31,161	31,503	24,567	25,994	29,588	26,954	39,222
Net Debt / (Cash)	19,583	19,975	20,934	18,628	20,981	17,477	29,714
Cash Flows & CapEx
Net Cash from Operations	12,470	11,185	4,521	8,676	3,565	10,307	11,407
Total CapEx	-3,028	-2,633	-2,652	-2,756	-3,003	-2,796	-2,082
Free Cash from Operations	9,442	8,552	1,869	5,920	562	7,511	9,325
Returns to Shareholders
Dividends	1,527	1,459	1,275	1,072	964	-0	-0
Share Repurchases	6,237	6,404	3,165	2,452	3,281	1,838	1,604

$ Mil \| FY: 1/30	2027Q1	2026Q4	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2
Period End	5/1/2026	1/30/2026	10/31/2025	8/1/2025	5/2/2025	1/31/2025	11/1/2024	8/2/2024	5/3/2024	2/2/2024	11/3/2023	8/4/2023
Filing Date	6/9/2026	3/16/2026	12/9/2025	9/8/2025	6/10/2025	3/25/2025	12/10/2024	9/10/2024	6/11/2024	3/25/2024	12/8/2023	9/12/2023
Key Financials Quarterly
Total Revenue	43,842	33,379	27,005	29,776	23,378	23,931	24,366	25,026	22,244	22,318	22,251	22,934
Ebitda	5,109	3,983	3,093	2,601	2,182	3,090	2,538	2,210	1,751	2,659	2,374	1,968
Operating Income	3,762	3,145	2,168	1,773	1,232	2,237	1,792	1,392	965	2,213	1,486	1,165
Net Income	3,438	2,259	1,548	1,164	965	1,533	1,175	887	997	1,337	1,006	462
EPS	5.30	3.47	2.31	1.72	1.39	2.20	1.67	1.25	1.41	1.64	1.39	0.64
Key Financials TTM
Total Revenue TTM	134,002	113,538	104,090	101,451	96,701	95,567	93,954	91,839	89,747	88,425	91,146	93,616
Ebitda TTM	14,786	11,859	10,966	10,411	10,020	9,589	9,158	8,994	8,752	8,920	8,411	7,624
Operating Income TTM	10,848	8,318	7,410	7,034	6,653	6,386	6,362	6,056	5,829	5,933	4,909	5,185
Net Income TTM	8,409	5,936	5,210	4,837	4,560	4,592	4,396	4,227	3,802	3,388	2,665	1,904
Growth Rates Quarterly
Total Revenue Growth	87.5%	39.5%	10.8%	19.0%	5.1%	7.2%	9.5%	9.1%	6.3%	-10.9%	-10.0%	-13.2%
EBITDA Growth	134.1%	28.9%	21.9%	17.7%	24.6%	16.2%	6.9%	12.3%	-8.8%	23.7%	49.6%	15.2%
Operating Income Growth	205.4%	40.6%	21.0%	27.4%	27.7%	1.1%	20.6%	19.5%	-9.7%	86.1%	-15.7%	-8.3%
Net Income Growth	256.3%	47.4%	31.7%	31.2%	-3.2%	14.7%	16.8%	92.0%	71.0%	117.8%	310.6%	-9.6%
Margins Quarterly
EBITDA Margin	11.7%	11.9%	11.5%	8.7%	9.3%	12.9%	10.4%	8.8%	7.9%	11.9%	10.7%	8.6%
Operating Income Margin	8.6%	9.4%	8.0%	6.0%	5.3%	9.3%	7.4%	5.6%	4.3%	9.9%	6.7%	5.1%
Net Income Margin	7.8%	6.8%	5.7%	3.9%	4.1%	6.4%	4.8%	3.5%	4.5%	6.0%	4.5%	2.0%
Cash & Debt
Total Cash	11,578	11,528	9,569	8,145	7,700	3,633	5,225	4,550	5,830	7,366	8,298	8,364
Total Debt	31,161	31,503	31,243	28,689	28,781	24,567	25,022	24,522	25,480	25,994	27,451	27,993
Net Debt / (Cash)	19,583	19,975	21,674	20,544	21,081	20,934	19,797	19,972	19,650	18,628	19,153	19,629
Cash Flows Quarterly
FCF from Operations	4,081	4,674	1,172	2,543	2,796	585	1,553	1,340	1,043	1,533	2,152	3,214
Cash Flows TTM
FCF from Operations TTM	12,470	11,185	7,096	7,477	6,274	4,521	5,469	6,068	7,942	8,676	9,857	8,101
Returns to Shareholders Quarterly
Dividends	464	346	351	366	396	311	312	316	336	261	266	269
Share Repurchases	2,165	1,858	1,269	945	2,332	751	454	739	1,221	896	744	266
Return on Invested Capital (ROIC) Quarterly
ROIC	66.9%	50.8%	31.9%	27.9%	20.8%	33.2%	29.3%	23.7%	19.6%	42.6%	26.4%	15.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	46.0%	34.0%	27.7%	27.8%	25.9%	27.7%	30.8%	29.7%	28.3%	26.3%	19.2%	17.8%

Segment Financials

Revenue by Segment

$ Mil	2026	2025	2024	2023	2022
Infrastructure Solutions Group	60,826	43,593	33,885	38,356	34,366
Client Solutions Group	50,984	48,393	48,916	58,213	61,464
Corporate and other	1,728	3,581	5,624	5,732
Impact of purchase accounting					-32
Other businesses					5,388
Unallocated transactions					11
Total	113,538	95,567	88,425	102,301	101,197

Operating Income by Segment

$ Mil	2026	2025	2024	2023	2022
Infrastructure Solutions Group	7,111	5,579	4,286	5,045	3,736
Client Solutions Group	2,833	2,972	3,712	3,824	4,365
Corporate and other	47	-22	-120	-232
Amortization of intangibles	-497	-667	-833	-1,014	-1,641
Other corporate expenses	-622	-840	-756	-921	-337
Stock-based compensation expense	-723	-785	-878	-931	-808
Impact of purchase accounting					-67
Other businesses					-319
Transaction-related expenses					-273
Unallocated transactions					3
Total	8,149	6,237	5,411	5,771	4,659

Price Behavior

Price Behavior

Market Price	$439.34
Market Cap ($ Bil)	285.1
First Trading Date	12/26/2018
Distance from 52W High	-5.6%
	50 Days	200 Days
DMA Price	$378.60	$205.91
DMA Trend	up	up
Distance from DMA	16.0%	113.4%
	3M	1YR
Volatility	101.6%	69.2%
Downside Capture	191.05	152.61
Upside Capture	495.28	273.93
Correlation (SPY)	35.9%	36.0%

DELL Betas & Captures as of 6/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.83	2.84	1.75	1.90	1.92	1.79
Up Beta	3.24	1.05	-0.23	0.55	1.08	1.44
Down Beta	1.56	1.03	1.13	2.39	2.31	2.09
Up Capture	184%	918%	645%	644%	606%	2094%
Bmk +ve Days	11	24	40	67	140	429
Stock +ve Days	12	26	38	71	134	391
Down Capture	126%	181%	162%	93%	129%	110%
Bmk -ve Days	10	17	23	58	112	321
Stock -ve Days	9	15	25	54	118	359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with DELL
DELL	259.7%	69.0%	2.12	-
Sector ETF (XLK)	38.6%	24.7%	1.27	46.1%
Equity (SPY)	18.5%	12.7%	1.06	35.8%
Gold (GLD)	17.6%	28.1%	0.57	13.0%
Commodities (DBC)	35.2%	19.1%	1.45	-1.2%
Real Estate (VNQ)	11.6%	13.9%	0.55	-3.8%
Bitcoin (BTCUSD)	-45.1%	42.9%	-1.28	23.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with DELL
DELL	59.3%	51.7%	1.08	-
Sector ETF (XLK)	19.5%	25.6%	0.68	53.8%
Equity (SPY)	12.6%	17.1%	0.57	48.6%
Gold (GLD)	16.8%	18.4%	0.74	10.1%
Commodities (DBC)	9.8%	19.5%	0.39	13.1%
Real Estate (VNQ)	2.6%	18.9%	0.03	20.8%
Bitcoin (BTCUSD)	15.8%	53.4%	0.47	19.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with DELL
DELL	35.8%	48.4%	1.02	-
Sector ETF (XLK)	24.4%	24.8%	0.89	55.6%
Equity (SPY)	14.9%	17.9%	0.71	52.3%
Gold (GLD)	11.2%	16.1%	0.57	9.2%
Commodities (DBC)	7.4%	17.9%	0.33	20.4%
Real Estate (VNQ)	4.9%	20.7%	0.20	30.0%
Bitcoin (BTCUSD)	58.7%	66.2%	0.99	17.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	6302026
Short Interest: Shares Quantity	13.0 Mil
Short Interest: % Change Since 6152026	-17.9%
Average Daily Volume	8.8 Mil
Days-to-Cover Short Interest	1.5 days
Basic Shares Quantity	649.0 Mil
Short % of Basic Shares	2.0%

Returns Analyses

	Title
0	How Steep Is the Plunge for Dell Stock?
1	With Dell Technologies Stock Surging, Have You Considered The Downside?
2	Dell Technologies Stock Return Comparison
3	Dell Technologies (DELL) Stock Movement Probability: AI Predicts DELL Stock Price To Move Up 0.5% In A Week
4	Dell (DELL) Stock Return: AI Predicts DELL Average and Excess Return After a Fall or Rise

Earnings Returns History

Updated 7/1/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/28/2026	32.8%	33.1%	30.8%
2/26/2026	21.9%	20.6%	41.5%
11/25/2025	5.8%	10.4%	1.6%
8/28/2025	-8.9%	-6.9%	-0.1%
5/29/2025	-2.1%	-1.6%	7.9%
2/27/2025	-4.7%	-13.7%	-14.4%
11/26/2024	-12.2%	-11.0%	-17.2%
8/29/2024	4.3%	-7.9%	7.0%
...
SUMMARY STATS
# Positive	12	13	16
# Negative	12	11	8
Median Positive	6.4%	6.0%	7.9%
Median Negative	-4.9%	-7.9%	-9.6%
Max Positive	32.8%	33.1%	41.5%
Max Negative	-17.9%	-21.4%	-27.6%

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/28/2026	32.8%	33.1%	30.8%
2/26/2026	21.9%	20.6%	41.5%
11/25/2025	5.8%	10.4%	1.6%
8/28/2025	-8.9%	-6.9%	-0.1%
5/29/2025	-2.1%	-1.6%	7.9%
2/27/2025	-4.7%	-13.7%	-14.4%
11/26/2024	-12.2%	-11.0%	-17.2%
8/29/2024	4.3%	-7.9%	7.0%
5/30/2024	-17.9%	-21.2%	-15.9%
2/29/2024	31.6%	27.3%	26.4%
11/30/2023	-5.2%	-9.6%	-1.4%
8/31/2023	21.2%	25.4%	20.4%
6/1/2023	4.0%	5.3%	20.1%
3/2/2023	-0.9%	-5.9%	0.1%
11/21/2022	6.8%	6.0%	-4.7%
8/25/2022	-13.5%	-21.4%	-27.6%
5/26/2022	12.9%	16.1%	11.4%
2/24/2022	-7.8%	-5.8%	-1.9%
11/23/2021	4.8%	1.9%	2.2%
8/26/2021	-4.5%	-4.4%	3.3%
5/27/2021	-1.1%	3.8%	0.1%
2/25/2021	1.7%	3.9%	11.7%
11/24/2020	-1.4%	0.3%	3.8%
8/27/2020	6.1%	5.0%	7.8%
SUMMARY STATS
# Positive	12	13	16
# Negative	12	11	8
Median Positive	6.4%	6.0%	7.9%
Median Negative	-4.9%	-7.9%	-9.6%
Max Positive	32.8%	33.1%	41.5%
Max Negative	-17.9%	-21.4%	-27.6%

SEC Filings

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Report Date	Filing Date	Filing
04/30/2026	06/09/2026	10-Q
01/31/2026	03/16/2026	10-K
10/31/2025	12/09/2025	10-Q
07/31/2025	09/08/2025	10-Q
04/30/2025	06/10/2025	10-Q
01/31/2025	03/25/2025	10-K
10/31/2024	12/10/2024	10-Q
07/31/2024	09/10/2024	10-Q
04/30/2024	06/11/2024	10-Q
01/31/2024	03/25/2024	10-K
10/31/2023	12/08/2023	10-Q
07/31/2023	09/12/2023	10-Q
04/30/2023	06/12/2023	10-Q
01/31/2023	03/30/2023	10-K
10/31/2022	12/05/2022	10-Q
07/31/2022	09/01/2022	10-Q

Collapse to Preview

Report Date	Filing Date	Filing
04/30/2026	06/09/2026	10-Q
01/31/2026	03/16/2026	10-K
10/31/2025	12/09/2025	10-Q
07/31/2025	09/08/2025	10-Q
04/30/2025	06/10/2025	10-Q
01/31/2025	03/25/2025	10-K
10/31/2024	12/10/2024	10-Q
07/31/2024	09/10/2024	10-Q
04/30/2024	06/11/2024	10-Q
01/31/2024	03/25/2024	10-K
10/31/2023	12/08/2023	10-Q
07/31/2023	09/12/2023	10-Q
04/30/2023	06/12/2023	10-Q
01/31/2023	03/30/2023	10-K
10/31/2022	12/05/2022	10-Q
07/31/2022	09/01/2022	10-Q
04/30/2022	06/06/2022	10-Q
01/31/2022	03/24/2022	10-K
10/31/2021	12/03/2021	10-Q
07/31/2021	09/03/2021	10-Q
04/30/2021	06/07/2021	10-Q
01/31/2021	03/26/2021	10-K
10/31/2020	12/07/2020	10-Q
07/31/2020	09/04/2020	10-Q
04/30/2020	06/08/2020	10-Q
01/31/2020	03/27/2020	10-K
10/31/2019	12/09/2019	10-Q
07/31/2019	09/10/2019	10-Q

Recent Forward Guidance

Updated 7/8/2026

Latest: Q1 2027 Earnings Reported 5/28/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q2 2027 Revenue	44.00 Bil	44.50 Bil	45.00 Bil	26.4%		Higher New	Guidance: 35.20 Bil for Q1 2027
Q2 2027 GAAP Diluted EPS		4.48		75.7%		Higher New	Guidance: 2.55 for Q1 2027
Q2 2027 Non-GAAP Diluted EPS		4.8		65.5%		Higher New	Guidance: 2.9 for Q1 2027
2027 Revenue	165.00 Bil	167.00 Bil	169.00 Bil	19.3%		Raised	Guidance: 140.00 Bil for 2027
2027 AI-Optimized Servers Revenue		60.00 Bil		20.0%		Raised	Guidance: 50.00 Bil for 2027
2027 GAAP Diluted EPS		17.3		50.3%		Raised	Guidance: 11.5 for 2027
2027 Non-GAAP Diluted EPS		17.9		38.8%		Raised	Guidance: 12.9 for 2027

Prior: Q4 2026 Earnings Reported 2/26/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2027 Revenue	34.70 Bil	35.20 Bil	35.70 Bil	11.7%		Higher New	Guidance: 31.50 Bil for Q4 2026
Q1 2027 GAAP Diluted EPS		2.55		-16.4%		Lower New	Guidance: 3.05 for Q4 2026
Q1 2027 Non-GAAP Diluted EPS		2.9		-17.1%		Lower New	Guidance: 3.5 for Q4 2026
2027 Revenue	138.00 Bil	140.00 Bil	142.00 Bil	25.3%		Higher New	Guidance: 111.70 Bil for 2026
2027 AI-Optimized Servers Revenue		50.00 Bil		100.0%		Higher New	Guidance: 25.00 Bil for 2026
2027 GAAP Diluted EPS		11.5		37.5%		Higher New	Guidance: 8.38 for 2026
2027 Non-GAAP Diluted EPS		12.9		30.0%		Higher New	Guidance: 9.92 for 2026

Q3 2026 Earnings Reported 11/25/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2026 Revenue	31.00 Bil	31.50 Bil	32.00 Bil
Q4 2026 GAAP Diluted EPS		3.05
Q4 2026 Non-GAAP Diluted EPS		3.5
2026 Revenue	111.20 Bil	111.70 Bil	112.20 Bil	4.4%		Raised	Guidance: 107.00 Bil for 2026
2026 AI Server Shipments		25.00 Bil		25.0%		Raised	Guidance: 20.00 Bil for 2026
2026 GAAP Diluted EPS		8.38		5.0%		Raised	Guidance: 7.98 for 2026
2026 Non-GAAP Diluted EPS		9.92		3.9%		Raised	Guidance: 9.55 for 2026

Insider Activity

Updated 7/14/2026

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Silver, Lake Technology Investors Iv, LP	Held through Silver Lake Technology Investors IV, L.P.	Sell	7132026	453.54	1,332			Form
2	Silver, Lake Partners V DE (aiv), LP	Held through Silver Lake Partners V DE (AIV), L.P.	Sell	7132026	453.54	34,869	15,814,436	19,938,008	Form
3	Sl, Spv-2, LP	Held through SL SPV-2, L.P.	Sell	7132026	453.54	59,492	26,981,925	40,465,631	Form
4	Silver, Lake Technology Investors V, LP	Held through Silver Lake Technology Investors V, L.P.	Sell	7132026	453.54	601			Form
5	Silver, Lake Partners Iv, LP	Held through Silver Lake Partners IV, L.P.	Sell	7132026	453.54	68,706	31,160,825	30,836,092	Form

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	7132026	453.54	1,332			Form
2	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	7132026	453.54	34,869	15,814,436	19,938,008	Form
3	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	7132026	453.54	59,492	26,981,925	40,465,631	Form
4	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	7132026	453.54	601			Form
5	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	7132026	453.54	68,706	31,160,825	30,836,092	Form
6	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	7102026	427.15	63,095	26,951,337	25,864,655	Form
7	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	7102026	427.13	635			Form
8	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	7102026	427.16	1,411			Form
9	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	7102026	427.15	72,854	31,119,940	19,731,137	Form
10	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	7102026	427.15	37,003	15,806,016	12,746,305	Form
11	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	7082026	410.51	636			Form
12	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	7082026	410.52	63,204	25,946,693	12,384,246	Form
13	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	7082026	410.52	1,409			Form
14	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	7082026	410.52	36,982	15,181,952	6,117,199	Form
15	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	7082026	410.52	72,766	29,872,116	9,476,513	Form
16	Silver, Lake Group, Llc		Held through Silver Lake Group, L.L.C.	Sell	6302026	396.37	10,763			Form
17	Silver, Lake Group, Llc		See footnote	Sell	6302026	396.37	5,916			Form
18	Radakovich, Lynn Vojvodich		Direct	Sell	6242026	421.00	12,022	5,061,262	10,637,407	Form
19	Rothberg, Richard J	General Counsel & Secretary	Direct	Sell	6172026	410.00	20,000	8,200,000	58,390,150	Form
20	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6162026	403.12	764			Form
21	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6162026	403.12	39,537	15,938,112	28,184,462	Form
22	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6162026	403.12	34,257	13,809,641	37,009,935	Form
23	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6162026	403.12	20,095	8,100,672	20,309,528	Form
24	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6162026	403.11	345			Form
25	Dorman, David W		grantor retained annuity trust	Sell	6162026	405.89	41,292			Form
26	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6152026	380.23	547			Form
27	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6152026	380.25	31,749	12,072,533	16,080,741	Form
28	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6152026	380.26	1,211			Form
29	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6152026	380.25	62,403	23,728,674	21,818,684	Form
30	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6152026	380.25	54,093	20,568,810	28,648,341	Form
31	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6122026	394.99	412			Form
32	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6122026	394.98	911			Form
33	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6122026	380.47	1,390	528,856	346,230	Form
34	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6122026	380.46	627	238,550	155,990	Form
35	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6122026	394.99	40,686	16,070,450	19,500,124	Form
36	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6122026	380.47	62,084	23,620,948	34,262,626	Form
37	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6122026	394.99	23,876	9,430,713	11,671,080	Form
38	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6122026	380.47	36,436	13,862,725	20,326,492	Form
39	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6122026	394.99	46,946	18,543,064	14,848,354	Form
40	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6122026	380.47	71,640	27,256,708	32,163,980	Form
41	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6112026	404.69	39			Form
42	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6112026	390.41	191	74,568	14,445	Form
43	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6112026	404.67	83			Form
44	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6112026	390.38	423	165,131	32,402	Form
45	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6112026	404.68	5,025	2,033,506	1,187,730	Form
46	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6112026	390.31	25,436	9,928,036	3,106,902	Form
47	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6112026	404.68	2,183	883,411	28,978,545	Form
48	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6112026	390.31	11,055	4,314,929	28,802,104	Form
49	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6112026	404.68	5,327	2,155,720	806,523	Form
50	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6112026	390.31	26,964	10,524,446	2,856,713	Form
51	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6102026	398.11	980			Form
52	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6102026	398.12	2,169			Form
53	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6102026	398.13	131,040	52,170,340	5,023,943	Form
54	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6102026	398.13	56,926	22,663,666	26,390,514	Form
55	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6102026	398.13	138,885	55,293,632	3,417,906	Form
56	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6092026	403.00	633			Form
57	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6092026	403.01	89,648	36,128,593	2,234,260	Form
58	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6092026	403.00	84,583	34,087,364	3,284,087	Form
59	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6092026	403.01	1,399			Form
60	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6092026	403.00	36,736	14,804,787	17,483,963	Form
61	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6082026	424.55	651			Form
62	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6082026	414.42	567	234,978	270,204	Form
63	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6082026	424.55	1,448			Form
64	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6082026	414.44	1,254	519,709	599,696	Form
65	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6082026	424.55	83,742	35,552,728	9,571,496	Form
66	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6082026	414.43	72,728	30,140,755	44,048,653	Form
67	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6082026	424.55	37,934	16,104,908	52,135,681	Form
68	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6082026	414.43	32,945	13,653,427	66,613,971	Form
69	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6082026	424.55	90,304	38,338,634	6,385,244	Form
70	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6082026	414.43	78,425	32,501,773	43,657,020	Form
71	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6052026	422.98	84,365	35,684,700	3,181,232	Form
72	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6052026	422.97	609			Form
73	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6052026	422.98	1,351			Form
74	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6052026	422.98	35,437	14,989,134	39,847,655	Form
75	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6052026	422.98	78,236	33,092,256	4,768,675	Form
76	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6042026	458.18	141			Form
77	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6042026	438.93	1,280	561,824	61,450	Form
78	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6042026	458.16	311			Form
79	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6042026	438.91	2,834	1,243,864	136,061	Form
80	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6042026	458.12	17,932	8,215,042	12,017,454	Form
81	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6042026	438.91	164,047	72,002,137	19,383,654	Form
82	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6042026	458.12	8,118	3,719,030	36,606,658	Form
83	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6042026	438.91	74,265	32,595,766	38,634,750	Form
84	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6042026	458.12	19,320	8,850,912	8,092,262	Form
85	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6042026	438.91	176,754	77,579,391	16,232,709	Form
86	Sharp, Richard Troy	Chief Accounting Officer	Direct	Sell	6042026	438.43	1,300	569,959	2,950,634	Form
87	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6032026	457.99	1,370			Form
88	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6032026	445.94	611	272,469	611,384	Form
89	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6032026	457.99	3,039			Form
90	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6032026	445.96	1,356	604,718	1,355,709	Form
91	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6032026	457.99	175,901	80,560,814	16,789,438	Form
92	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6032026	445.96	78,339	34,936,447	94,794,306	Form
93	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6032026	457.99	79,602	36,456,891	21,338,653	Form
94	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6032026	445.96	35,453	15,810,795	56,277,653	Form
95	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6032026	457.99	189,805	86,928,702	11,123,192	Form
96	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	6032026	445.96	84,532	37,698,301	95,477,508	Form
97	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	4172026	176.50	135,097	23,844,620	24,561,210	Form
98	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	4172026	176.50	155,479	27,442,044	18,848,435	Form
99	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	4172026	176.50	80,077	14,133,590	11,805,202	Form
100	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	4172026	176.50	2,996			Form
101	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	4172026	176.50	1,351			Form
102	Slta, V (gp), Llc		See footnote	Sell	4172026	193.58	7,000	1,355,060	9,050,446	Form
103	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	4172026	176.50	135,097	23,844,620	24,561,210	Form
104	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	4172026	176.50	155,479	27,442,044	18,848,435	Form
105	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	4172026	176.50	80,077	14,133,590	11,805,202	Form
106	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	4172026	176.50	2,996			Form
107	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	4172026	176.50	1,351			Form
108	Slta, Iv (gp), Llc		See footnote	Sell	4172026	193.58	7,000	1,355,060	9,050,446	Form
109	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	4172026	177.24	166,006	29,422,691	13,458,622	Form
110	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	4172026	177.24	189,679	33,618,463	10,401,432	Form
111	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	4172026	177.24	97,678	17,312,325	6,515,650	Form
112	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	4172026	177.24	3,654			Form
113	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	4172026	177.24	1,649			Form
114	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	4172026	177.24	166,006	29,422,691	13,458,622	Form
115	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	4172026	177.24	189,679	33,618,463	10,401,432	Form
116	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	4172026	177.24	97,678	17,312,325	6,515,650	Form
117	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	4172026	177.24	3,654			Form
118	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	4172026	177.24	1,649			Form
119	Clarke, Jeffrey W	COO & Vice Chairman	Direct	Sell	4172026	182.48	116,000	21,167,680	307,919,307	Form
120	Kennedy, David Alan	Chief Financial Officer	Direct	Sell	4132026	182.53	19,500	3,559,335	33,420,695	Form
121	Scannell, William F	Chief Customer Officer	Direct	Sell	3252026	165.00	143,067	23,606,055	3,593,535	Form
122	Sharp, Richard Troy	Chief Accounting Officer	Direct	Sell	3232026	149.26	1,538	229,565	1,198,574	Form
123	Tunnell, Jane	Chief Marketing Officer	Direct	Sell	3202026	152.51	28,529	4,350,958	8,139,916	Form
124	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	154.39	9,241	1,426,675	8,691,585	Form
125	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	3192026	154.39	10,704	1,652,540	6,456,239	Form
126	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	3192026	154.39	5,493	848,039	4,107,113	Form
127	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	154.39	204			Form
128	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	154.39	93			Form
129	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	152.28	26,665	4,060,453	9,980,049	Form
130	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	3192026	152.28	30,888	4,703,515	7,998,017	Form
131	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	3192026	152.28	15,850	2,413,582	4,887,466	Form
132	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	152.28	589	89,691	31,065	Form
133	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	152.28	266	40,506	14,009	Form
134	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	154.39	9,241	1,426,675	8,691,585	Form
135	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	3192026	154.39	10,704	1,652,540	6,456,239	Form
136	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	3192026	154.39	5,493	848,039	4,107,113	Form
137	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	154.39	204			Form
138	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	154.39	93			Form
139	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	152.28	26,665	4,060,453	9,980,049	Form
140	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	3192026	152.28	30,888	4,703,515	7,998,017	Form
141	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	3192026	152.28	15,850	2,413,582	4,887,466	Form
142	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	152.28	589	89,691	31,065	Form
143	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	152.28	266	40,506	14,009	Form
144	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	154.40	85,262	13,164,623	6,117,098	Form
145	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	3192026	154.40	98,766	15,249,668	4,543,742	Form
146	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	3192026	154.40	50,666	7,822,932	2,891,332	Form
147	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	154.40	1,886			Form
148	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	154.40	851			Form
149	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	154.40	85,262	13,164,623	6,117,098	Form
150	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	3192026	154.40	98,766	15,249,668	4,543,742	Form
151	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	3192026	154.40	50,666	7,822,932	2,891,332	Form
152	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	154.40	1,886			Form
153	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	154.40	851			Form
154	Kullman, Ellen Jamison		Direct	Sell	3102026	145.13	150,346	21,820,313	9,529,787	Form
155	Slta, V (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	3062026	146.75	2,366			Form
156	Slta, V (gp), Llc		See footnote	Sell	3062026	146.75	2,051			Form
157	Slta, Iv (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	3062026	146.75	2,366			Form
158	Slta, Iv (gp), Llc		See footnote	Sell	3062026	146.75	2,051			Form
159	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3062026	146.83	183,048	26,876,681	24,674,105	Form
160	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	3062026	146.83	212,193	31,156,000	18,238,020	Form
161	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	3062026	146.83	108,889	15,988,019	11,632,055	Form
162	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3062026	146.83	4,046			Form
163	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3062026	146.83	1,824			Form
164	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3062026	146.83	183,048	26,876,681	24,674,105	Form
165	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	3062026	146.83	212,193	31,156,000	18,238,020	Form
166	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	3062026	146.83	108,889	15,988,019	11,632,055	Form
167	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3062026	146.83	4,046			Form
168	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3062026	146.83	1,824			Form
169	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3042026	151.13	79,809	12,061,423	12,578,736	Form
170	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	3042026	151.13	92,610	13,996,020	9,283,830	Form
171	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	3042026	151.13	47,454	7,171,657	5,934,367	Form
172	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3042026	151.13	1,765			Form
173	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3042026	151.13	796			Form
174	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3042026	151.13	79,809	12,061,423	12,578,736	Form
175	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	3042026	151.13	92,610	13,996,020	9,283,830	Form
176	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	3042026	151.13	47,454	7,171,657	5,934,367	Form
177	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3042026	151.13	1,765			Form
178	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3042026	151.13	796			Form
179	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3042026	149.43	99,591	14,881,655	24,362,843	Form
180	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	3042026	149.43	115,565	17,268,611	23,017,842	Form
181	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	3042026	149.43	59,216	8,848,512	12,958,522	Form
182	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3042026	149.43	2,202	329,040	263,740	Form
183	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3042026	149.43	993	148,381	118,944	Form
184	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3042026	149.43	99,591	14,881,655	24,362,843	Form
185	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	3042026	149.43	115,565	17,268,611	23,017,842	Form
186	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	3042026	149.43	59,216	8,848,512	12,958,522	Form
187	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3042026	149.43	2,202	329,040	263,740	Form
188	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3042026	149.43	993	148,381	118,944	Form
189	Durban, Egon		Direct	Sell	12112025	138.12	71,000	9,806,520	161,935,755	Form
190	Kullman, Ellen Jamison		Direct	Sell	10172025	153.56	79,806	12,255,009	10,083,057	Form
191	Silver, Lake Group, Llc		Held through Silver Lake Group, L.L.C.	Sell	10162025	151.63	3,538			Form
192	Silver, Lake Group, Llc		See footnote	Sell	10162025	151.63	3,079			Form
193	Dell, Michael S	Chief Executive Officer	Direct	Sell	10102025	159.91	6,253,968	1,000,053,261	2,583,820,961	Form
194	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10102025	161.48	179,836	29,040,625	13,433,526	Form
195	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10102025	161.48	208,013	33,590,754	10,010,872	Form
196	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10102025	161.48	106,386	17,179,628	6,421,892	Form
197	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10102025	161.48	3,973			Form
198	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10102025	161.48	1,791			Form
199	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10102025	161.48	179,836	29,040,625	13,433,526	Form
200	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10102025	161.48	208,013	33,590,754	10,010,872	Form
201	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10102025	161.48	106,386	17,179,628	6,421,892	Form
202	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10102025	161.48	3,973			Form
203	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10102025	161.48	1,791			Form
204	Green, William D		Direct	Sell	10102025	160.00	42,736	6,837,760	7,619,040	Form
205	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	154.21	6,926	1,068,058	25,795,478	Form
206	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	154.21	8,005	1,234,451	19,260,212	Form
207	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10082025	154.21	4,103	632,724	12,264,476	Form
208	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	154.21	153			Form
209	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	154.21	69			Form
210	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	154.21	6,926	1,068,058	25,795,478	Form
211	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	154.21	8,005	1,234,451	19,260,212	Form
212	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10082025	154.21	4,103	632,724	12,264,476	Form
213	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	154.21	153			Form
214	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	154.21	69			Form
215	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	151.51	117,921	17,866,472	26,393,580	Form
216	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	151.51	136,276	20,647,480	20,136,126	Form
217	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10082025	151.51	69,855	10,583,887	12,671,574	Form
218	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	151.51	2,601	394,084	23,181	Form
219	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	151.51	1,174	177,877	10,454	Form
220	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	151.51	117,921	17,866,472	26,393,580	Form
221	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	151.51	136,276	20,647,480	20,136,126	Form
222	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10082025	151.51	69,855	10,583,887	12,671,574	Form
223	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	151.51	2,601	394,084	23,181	Form
224	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	151.51	1,174	177,877	10,454	Form
225	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	148.46	55,005	8,165,936	43,367,869	Form
226	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	148.46	63,567	9,437,035	39,961,353	Form
227	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10082025	148.46	32,585	4,837,506	22,786,827	Form
228	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	148.46	1,213	180,080	408,855	Form
229	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	148.46	548	81,355	184,534	Form
230	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	148.46	55,005	8,165,936	43,367,869	Form
231	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	148.46	63,567	9,437,035	39,961,353	Form
232	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10082025	148.46	32,585	4,837,506	22,786,827	Form
233	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	148.46	1,213	180,080	408,855	Form
234	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	148.46	548	81,355	184,534	Form
235	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	149.09	291	43,385	12,582,301	Form
236	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	149.09	336	50,094	9,397,739	Form
237	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10082025	149.09	173	25,793	5,975,825	Form
238	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	149.09	6			Form
239	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	149.09	3			Form
240	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	149.09	291	43,385	12,582,301	Form
241	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	149.09	336	50,094	9,397,739	Form
242	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10082025	149.09	173	25,793	5,975,825	Form
243	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	149.09	6			Form
244	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	149.09	3			Form
245	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	146.12	183,162	26,764,152	12,374,413	Form
246	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	146.12	211,587	30,917,691	9,259,804	Form
247	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10082025	146.12	108,581	15,866,165	5,882,175	Form
248	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	146.12	4,040	590,337	877	Form
249	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	146.12	1,821	266,089	438	Form
250	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	146.12	183,162	26,764,152	12,374,413	Form
251	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	146.12	211,587	30,917,691	9,259,804	Form
252	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10082025	146.12	108,581	15,866,165	5,882,175	Form
253	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	146.12	4,040	590,337	877	Form
254	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	146.12	1,821	266,089	438	Form
255	Slta, V (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	10032025	146.07	1,188			Form
256	Slta, V (gp), Llc		See footnote	Sell	10032025	146.07	1,032			Form
257	Slta, Iv (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	10032025	146.07	1,188			Form
258	Slta, Iv (gp), Llc		See footnote	Sell	10032025	146.07	1,032			Form
259	Green, William D		Direct	Sell	10032025	150.50	65,000	9,782,500	7,166,660	Form
260	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10032025	147.09	78,415	11,534,124	12,330,179	Form
261	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10032025	147.09	90,372	13,292,888	9,253,628	Form
262	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10032025	147.09	46,360	6,819,129	5,891,133	Form
263	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10032025	147.09	1,725			Form
264	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10032025	147.09	777			Form
265	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10032025	147.09	78,415	11,534,124	12,330,179	Form
266	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10032025	147.09	90,372	13,292,888	9,253,628	Form
267	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10032025	147.09	46,360	6,819,129	5,891,133	Form
268	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10032025	147.09	1,725			Form
269	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10032025	147.09	777			Form
270	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10032025	146.03	105,329	15,381,413	23,692,537	Form
271	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10032025	146.03	121,390	17,726,834	22,384,381	Form
272	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10032025	146.03	62,271	9,093,564	12,618,632	Form
273	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10032025	146.03	2,317	338,356	251,905	Form
274	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10032025	146.03	1,044	152,457	113,467	Form
275	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10032025	146.03	105,329	15,381,413	23,692,537	Form
276	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10032025	146.03	121,390	17,726,834	22,384,381	Form
277	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	10032025	146.03	62,271	9,093,564	12,618,632	Form
278	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10032025	146.03	2,317	338,356	251,905	Form
279	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10032025	146.03	1,044	152,457	113,467	Form
280	Green, William D		Direct	Sell	10032025	145.00	65,000	9,425,000	6,904,755	Form
281	Slta, V (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	9292025	130.62	6,701			Form
282	Slta, V (gp), Llc		See footnote	Sell	9292025	130.62	5,780			Form
283	Slta, Iv (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	9292025	130.62	6,701			Form
284	Slta, Iv (gp), Llc		See footnote	Sell	9292025	130.62	5,780			Form
285	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9242025	135.98	296,277	40,287,152	18,451,126	Form
286	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	9242025	135.98	343,037	46,645,483	13,652,190	Form
287	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9242025	135.98	176,218	23,961,771	8,677,164	Form
288	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9242025	135.98	6,525			Form
289	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9242025	135.98	2,942			Form
290	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9242025	135.98	296,277	40,287,152	18,451,126	Form
291	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	9242025	135.98	343,037	46,645,483	13,652,190	Form
292	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9242025	135.98	176,218	23,961,771	8,677,164	Form
293	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9242025	135.98	6,525			Form
294	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9242025	135.98	2,942			Form
295	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9232025	132.84	114,263	15,178,685	31,576,176	Form
296	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	9232025	132.84	132,258	17,569,139	23,377,962	Form
297	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9232025	132.84	68,000	9,033,113	14,813,109	Form
298	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9232025	132.84	2,516			Form
299	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9232025	132.84	1,134			Form
300	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9232025	132.84	114,263	15,178,685	31,576,176	Form
301	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	9232025	132.84	132,258	17,569,139	23,377,962	Form
302	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9232025	132.84	68,000	9,033,113	14,813,109	Form
303	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9232025	132.84	2,516			Form
304	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9232025	132.84	1,134			Form
305	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9192025	132.32	202,906	26,848,008	24,537,348	Form
306	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	9192025	132.32	234,855	31,075,419	18,167,321	Form
307	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9192025	132.32	120,761	15,978,789	11,508,973	Form
308	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9192025	132.32	4,464			Form
309	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9192025	132.32	2,014			Form
310	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9192025	132.32	202,906	26,848,008	24,537,348	Form
311	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	9192025	132.32	234,855	31,075,419	18,167,321	Form
312	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9192025	132.32	120,761	15,978,789	11,508,973	Form
313	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9192025	132.32	4,464			Form
314	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9192025	132.32	2,014			Form
315	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9192025	130.41	202,914	26,462,399	12,085,922	Form
316	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	9192025	130.41	234,802	30,620,974	8,950,690	Form
317	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9192025	130.41	120,805	15,754,409	5,665,745	Form
318	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9192025	130.41	4,466			Form
319	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9192025	130.41	2,013			Form
320	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9192025	130.41	202,914	26,462,399	12,085,922	Form
321	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	9192025	130.41	234,802	30,620,974	8,950,690	Form
322	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9192025	130.41	120,805	15,754,409	5,665,745	Form
323	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9192025	130.41	4,466			Form
324	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9192025	130.41	2,013			Form
325	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9172025	127.00	215,487	27,366,395	12,477,670	Form
326	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	9172025	127.00	249,260	31,655,495	9,246,590	Form
327	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9172025	127.00	128,377	16,303,608	5,836,569	Form
328	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9172025	127.00	4,739			Form
329	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9172025	127.00	2,137			Form
330	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9172025	127.00	215,487	27,366,395	12,477,670	Form
331	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	9172025	127.00	249,260	31,655,495	9,246,590	Form
332	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9172025	127.00	128,377	16,303,608	5,836,569	Form
333	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9172025	127.00	4,739			Form
334	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9172025	127.00	2,137			Form
335	Radakovich, Lynn Vojvodich		Direct	Sell	9172025	126.39	725	91,633	2,992,915	Form
336	Radakovich, Lynn Vojvodich		Direct	Sell	8192025	140.71	725	102,015	3,332,013	Form
337	Green, William D		Direct	Sell	8132025	140.00	50,000	7,000,000	6,306,300	Form
338	Green, William D		Direct	Sell	7312025	135.00	30,000	4,050,000	6,081,075	Form
339	Green, William D		Direct	Sell	7222025	130.00	20,000	2,600,000	5,855,850	Form
340	Slta, V (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	7172025	123.50	3,262			Form
341	Slta, V (gp), Llc		See footnote	Sell	7172025	123.50	2,824			Form
342	Slta, Iv (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	7172025	123.50	3,262			Form
343	Slta, Iv (gp), Llc		See footnote	Sell	7172025	123.50	2,824			Form
344	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	7172025	125.29	1,407	176,283	3,537,438	Form
345	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	7172025	125.29	1,616	202,469	2,682,208	Form
346	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	7172025	125.29	832	104,241	1,691,039	Form
347	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	7172025	125.29	31			Form
348	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	7172025	125.29	14			Form
349	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	7172025	125.29	1,407	176,283	3,537,438	Form
350	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	7172025	125.29	1,616	202,469	2,682,208	Form
351	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	7172025	125.29	832	104,241	1,691,039	Form
352	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	7172025	125.29	31			Form
353	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	7172025	125.29	14			Form
354	Vojvodich, Radakovich Lynn		Direct	Sell	7172025	127.50	725	92,438	3,019,200	Form
355	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	7172025	126.01	62,574	7,884,780	3,478,809	Form
356	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	7172025	126.01	71,639	9,027,036	2,638,215	Form
357	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	7172025	126.01	36,911	4,651,055	1,663,296	Form
358	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	7172025	126.01	1,362			Form
359	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	7172025	126.01	614			Form
360	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	7172025	126.01	62,574	7,884,780	3,478,809	Form
361	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	7172025	126.01	71,639	9,027,036	2,638,215	Form
362	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	7172025	126.01	36,911	4,651,055	1,663,296	Form
363	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	7172025	126.01	1,362			Form
364	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	7172025	126.01	614			Form
365	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	7142025	127.56	216,862	27,662,592	12,219,339	Form
366	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	7142025	127.56	248,389	31,683,818	9,256,830	Form
367	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	7142025	127.56	127,897	16,314,188	5,846,841	Form
368	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	7142025	127.56	4,722			Form
369	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	7142025	127.56	2,130			Form
370	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	7142025	127.56	216,862	27,662,592	12,219,339	Form
371	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	7142025	127.56	248,389	31,683,818	9,256,830	Form
372	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	7142025	127.56	127,897	16,314,188	5,846,841	Form
373	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	7142025	127.56	4,722			Form
374	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	7142025	127.56	2,130			Form
375	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	6302025	126.20	227,169	28,668,038	12,542,842	Form
376	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	6302025	126.20	257,022	32,435,396	9,869,612	Form
377	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6302025	126.20	133,653	16,866,603	6,033,098	Form
378	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	6302025	126.20	4,932			Form
379	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	6302025	126.20	2,224			Form
380	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	6302025	126.20	227,169	28,668,038	12,542,842	Form
381	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	6302025	126.20	257,022	32,435,396	9,869,612	Form
382	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6302025	126.20	133,653	16,866,603	6,033,098	Form
383	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	6302025	126.20	4,932			Form
384	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	6302025	126.20	2,224			Form
385	Rios, Brunilda	Chief Accounting Officer	Direct	Sell	6302025	126.29	6,000	757,740	2,392,943	Form

Investor Activity (13F)

Updated Jul 24, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Lodge Hill Capital, LLC	$19.7 Mil	3.8%	22	New	13F
Bruni J V & Co /Co	$31.4 Mil	3.3%	31	New	13F
Concord Investment Counsel Inc.	$7.4 Mil	2.5%	41	New	13F
12th Street Asset Management Company, LLC	$12.3 Mil	2.0%	32	Hold	13F
Oaktop Capital Management Ii, L.P.	$21.4 Mil	1.6%	14	Hold	13F
Hancock Prospecting Pty Ltd	$12.6 Mil	0.4%	36	Hold	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Bruni J V & Co /Co	$31.4 Mil	3.3%	31	New	13F
Lodge Hill Capital, LLC	$19.7 Mil	3.8%	22	New	13F
Concord Investment Counsel Inc.	$7.4 Mil	2.5%	41	New	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Crake Asset Management LLP	$105.2 Mil	4.1%	17	Exited	13F
M & L Capital Management Ltd	$11.1 Mil	2.3%	25	Exited	13F
Campbell Capital Management Inc	$10.1 Mil	3.4%	46	Exited	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Bruni J V & Co /Co	$31.4 Mil	3.3%	31	New	13F
Oaktop Capital Management Ii, L.P.	$21.4 Mil	1.6%	14	Hold	13F
Lodge Hill Capital, LLC	$19.7 Mil	3.8%	22	New	13F
Hancock Prospecting Pty Ltd	$12.6 Mil	0.4%	36	Hold	13F
12th Street Asset Management Company, LLC	$12.3 Mil	2.0%	32	Hold	13F
Concord Investment Counsel Inc.	$7.4 Mil	2.5%	41	New	13F

DELL Trade Sentinel

Stock Conviction

High Conviction

CONVICTION RATIONALE

Conviction is high due to exceptional near-term visibility from a record $51.3 billion AI backlog. The company is converting hypergrowth into profit, with trailing-twelve-month revenue up 38.6% while operating expenses grew just 0.1%. Management is executing flawlessly, having raised full-year revenue guidance by $27 billion after its last report.

STOCK ARCHETYPE

Systems Manufacturer (Hardware)

Revenue = (Units Sold) x (Average Selling Price). Both volume and ASP are currently strong drivers, particularly in the ISG segment. Operating Leverage. Operating expenses are growing significantly slower than revenue, leading to operating margin expansion even as the gross margin rate is pressured by product mix.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

Can Dell monetize its central role in the AI infrastructure buildout?

Evidence suggests a powerful 'yes' as Dell captures a dominant share of AI server demand.

Mechanism: A record $51.3 billion AI backlog converts to high-visibility revenue, while operating expenses grow just 0.1% against 38.6% revenue growth, driving significant profit expansion.

Supporting Evidence:

AI backlog reached a record $51.3 billion at the end of Q1 FY27.
Booked $24.4 billion in AI orders in Q1 FY27 alone.
Quarterly revenue growth accelerated for three straight quarters, reaching 87.5% YoY.
Raised full-year FY27 revenue guidance to a midpoint of $167 billion.

PRIMARY RISK

Concentrated Demand Pull-Forward

Hypergrowth is driven by a 'small number of larger customers,' creating risk of an 'air pocket' if this demand is a one-time buildout rather than a sustained cycle.

Mechanism: A sequential decline in AI orders or backlog would confirm the growth narrative is breaking.

Supporting Evidence:

AI sales to date are from a 'small number of larger customers'.
Management acknowledges customer 'buy ahead' behavior to secure supply.
Inventory grew 103% YoY, outpacing revenue growth of 87.5%.
Options market implies extreme uncertainty, pricing volatility at the 99.6th percentile.

Key KPI Watchlist

KPI	Status	Rationale
AI Server Orders & Backlog	Booked $24.4 billion in AI orders and exited Q1 FY27 with a record $51.3 billion AI backlog. - Accelerating	The backlog has shown explosive sequential growth over the past three quarters, nearly tripling in two quarters. This indicates that demand for AI servers is massively outpacing the company's ability to supply and ship products. Management confirms that "Demand continues to exceed supply" and the pipeline is multiples of the backlog.
Overall Revenue Growth	Latest-quarter revenue grew 87.5% year-over-year in Q1 FY27. - Accelerating	The company is experiencing hyper-acceleration in revenue growth, with the year-over-year growth rate more than doubling in the latest quarter compared to the prior one. This is driven by both the AI server boom and a major resurgence in traditional servers and PCs.
Inventory-vs-Revenue Growth Divergence	15.5 percentage points (Q1 FY2027)	This indicates that inventory grew 15.5 percentage points faster than revenue year-over-year. While a potential risk, in the current context it likely reflects the strategic build-up of components to fulfill the massive AI server backlog amid supply constraints.

Core Investment Debate

AI Supercycle vs. Cyclical Pull-Forward

BULL VIEW

The $51.3 billion backlog and a pipeline multiples larger signal a durable, multi-year AI investment cycle where Dell is a primary beneficiary, justifying its current growth trajectory.

CORE TENSION

Can the durable AI demand signaled by a $51.3B backlog offset the risk of a cyclical air pocket from concentrated customer 'buy ahead' behavior?

PREVAILING SENTIMENT

BULLISH

Current evidence favors the bull view. The AI pipeline continues to grow sequentially, and the customer base is expanding, suggesting demand is deepening, not just being pulled forward.

BEAR VIEW

The explosive 87.5% revenue growth is a one-time pull-forward from a few large customers, creating a high risk of a sharp deceleration once initial AI capacity is built.

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch
8/25/2026	Component Cost Squeeze On Margins Watch: Peer earnings calls (HPQ, HPE) for commentary on memory/component costs and ability to pass on price increases.
9/1/2026	Peer HPE Earnings Watch: Peer Hewlett Packard Enterprise (HPE) is scheduled to report earnings, offering insights into the server and infrastructure market.
10/21/2026	Peer IBM Earnings Watch: Peer International Business Machines (IBM) is scheduled to report earnings.
11/9/2026	AI Order Pull-Forward Creates Air Pocket Watch: Sequential growth in AI orders and backlog in the next earnings report. Any deceleration could break the hyper-growth narrative.
11/9/2026	Company Earnings Report Watch: Dell Technologies is scheduled to report its next quarterly earnings.
No set date	Extreme Volatility And High Expectations Watch: Outsized negative reaction to any perceived negative news, similar to the recent selloff mentioned in news reports.

Key Events in Last 6 Months

Date	Event	Stock Impact
2026-07-15	AI Hardware Stocks Sell Off Details: On July 15, 2026, a broad selloff hit AI-linked hardware stocks, with Dell falling as much as 12% amid investor concerns over valuations.	-14.5% $456.79 -> $390.73
2026-05-28	Q1 FY27 Earnings Beat and Raise Details: On May 28, 2026, Dell reported record Q1 revenue of $43.8 billion (up 87.5%) and raised full-year guidance, triggering a 38.0% two-day stock reaction.	+37.9% $304.82 -> $420.22
2026-05-11	UBS Downgrades Stock Details: On May 11, 2026, UBS downgraded Dell to Neutral from Buy, citing little room for upside after a significant stock run, causing shares to fall 3.8%.	-8.3% $260.03 -> $238.55
2026-03-16	AI Factory with NVIDIA Unveiled Details: Dell announced the AI Factory with NVIDIA, reporting 4,000+ AI Factory customers and a path to enterprise AI deployment.	+0.9% $150.90 -> $152.29
2026-02-26	Q4 FY26 Earnings Beat Details: The company reported Q4 FY26 earnings on February 26, 2026, leading to a two-day stock reaction of 20.0% versus -1.0% for the S&P 500.	+19.9% $122.90 -> $147.38
2026-01-28	ERISA Lawsuit Filed Details: A putative class action was filed on January 28, 2026, alleging a breach of fiduciary duties under ERISA related to the Dell Plan.	+3.3% $114.12 -> $117.93

Risk Management

Position Sizing

1% - 2%

MINIMAL POSITION

Sizing is volatility-based: DELL trades at roughly 84% annualized options-implied volatility versus about 15% for the S&P 500 (5.7x the market), around the 100th percentile of its own trailing year. A 1% - 2% position keeps a single-name swing of that size within a diversified portfolio's risk budget.

Diversification Alternatives

HPE - Hewlett Packard Enterprise

Pure-Play Infrastructure

HPE offers more focused exposure to enterprise infrastructure without Dell's large PC business. Its capital expenditure is a higher percentage of revenue (6.1%), suggesting a different investment model.

Core Thesis: A bet on enterprise and sovereign AI demand where HPE is also seeing a record backlog, albeit smaller than Dell's.

HPQ - HP

PC Cycle Play

HP provides a more direct way to invest in the PC refresh cycle, which is a secondary driver for Dell. This avoids the high volatility associated with Dell's AI server business.

Core Thesis: A play on the commercial PC refresh cycle, where roughly one-third of the installed base is over four years old.

How Is The Market Pricing DELL?

Dell is no longer just a PC company; it is a primary arms dealer for the AI infrastructure buildout, monetizing the massive capital investment cycle in generative AI.

Dell is experiencing hypergrowth driven by its Infrastructure Solutions Group, which sells the servers required for AI model training and inference. This has created a massive backlog, providing strong near-term visibility. While this mix shift pressures gross margin rates, the sheer scale of revenue growth is creating significant operating leverage and profit expansion, with operating expenses growing just 0.1% as TTM revenue grew 38.6%.

What will confirm the thesis

Continued multi-billion dollar quarterly AI orders, backlog growth, and stable or expanding operating margins despite gross margin pressure.

What will damage the thesis

A sudden drop-off in AI orders, significant backlog cancellations, or an inability to pass on rising component costs, leading to severe operating margin compression.

Noise: Real but irrelevant to thesis

Minor fluctuations in the consumer PC business or quarterly changes in working capital.

Repricing Catalyst

The market is repricing Dell based on its central role in the AI infrastructure buildout, evidenced by its massive and growing AI backlog and accelerating revenue growth.

What DELL Makes & Who Pays

TTM figures based on fiscal year 2026 filings (the latest reported segment data)

Infrastructure Solutions Group (ISG)

$60.8B TTM (54% of Total) · 12% Margin

What It Is

ISG sells a portfolio of storage, server, and networking solutions, including AI-optimized technologies, to customers for their digital transformation needs. This includes enabling AI, machine learning, data analytics, and multicloud environments.

Who Pays & How

Enterprises, public institutions, and cloud service providers pay for advanced infrastructure to simplify, streamline, and automate their IT operations. They choose Dell for its comprehensive portfolio of integrated solutions and its ability to design, deploy, and support large-scale AI factories.

Primarily unit sales of hardware (servers, storage arrays) and software licenses, along with attached services. The company also offers a range of consumption models like as-a-Service, leases, and loans.

Competition

The sources name Hewlett Packard Enterprise (HPE), International Business Machines (IBM), and Cisco Systems (CSCO) as peers. Competition also comes from existing on-premises competitors and Infrastructure-as-a-Service providers.

Competitors may offer solutions that are less costly, perform better, or have additional features.

Dell's stated competitive advantages include its end-to-end solutions portfolio, go-to-market capabilities, world-class supply chain, and global services, which enable it to provide competitive, scalable, and integrated solutions.

Client Solutions Group (CSG)

$51.0B TTM (45% of Total) · 6% Margin

What It Is

CSG sells branded personal computers (PCs), including notebooks, desktops, and workstations, as well as branded peripherals like displays and docking stations, to commercial clients (from large enterprises to small businesses) and consumers.

Who Pays & How

Businesses and consumers pay for end-user computing devices and peripherals for productivity, creativity, and gaming. They choose Dell for its brand, direct sales channel, and ability to deliver tailored solutions.

Primarily transactional unit sales of hardware and peripherals, along with attached services like support and extended warranties.

Competition

The sources name HP (HPQ) and Apple (AAPL) as key peers in this segment.

Dell's direct sales channel is cited as a significant competitive advantage, allowing for direct communication with customers to refine products and marketing programs.

DELL Evolution: Price Return by Era

Fiscal 2022-2025 · PC-Centric Era (Pre-FY2026)

+141%

In the years leading up to Fiscal 2027, the Client Solutions Group (CSG) was Dell's largest segment by revenue. For example, CSG revenue was 48,393 compared to ISG's 43,593.

Fiscal 2026-Present · AI Infrastructure Hypergrowth (FY2026-Present)

+249%

Beginning in Fiscal 2027, demand for AI-optimized servers caused the Infrastructure Solutions Group (ISG) to accelerate dramatically. ISG revenue grew to 60,826, surpassing CSG's 50,984 and becoming the company's primary growth and profit engine.

Market Appears To Be Cautiously Supportive

Price structure is strongly bullish. The regime, trend, and proximity to highs all point towards intact institutional trend. Relative to SPY: Strong 63D outperformance but 'relative strength' momentum is fading, indicating that money rotation may be maturing. Volume and momentum show mild distribution. The selling pressure is present but not overwhelming. Earnings history is mildly supportive. The reaction or drift are positive but not both at full conviction.

① Structure

Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.

② Volume / Momentum

-1

Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.

③ Catalyst

Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.

Combined Score

4 / 12

1 Price Structure & Trend Trending Up · Golden Cross ▾

2 Momentum Decelerating ▾

3 Relative Strength vs. SPY Mild Outperformance ▾

4 Institutional Footprint & Volume Neutral / Mixed ▾

5 Volatility Normal ▾

6 Key Price Levels Range · Vol Falling ▾

7 Earnings Reaction History Diminishing Reward ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	+4
② Vol / Mom	-1
③ Catalyst	+1

ℹ Bull Pillars: 2 · Bear Pillars: 1 · Combined Score: 4 → Market Appears To Be Cautiously Supportive

Dell Technologies — Investor Video Playlist

Leadership

Not all AI workloads are created equal.

Dell Technologies · 2026-07-22

Leadership

The Missing Layer in Your AI Strategy: Agent Identity and Security

Dell Technologies · 2026-07-16

Products & Services

AI Factories at Scale: Dell & NVIDIA Fabrics Transforming Enterprise AI Vision

Dell Technologies · 2026-07-07

Investor / Analyst

Q1FY27 Earnings: Dell Technologies

Dell Technologies · 2026-05-28

Products & Services

Dell Tech World 2026 Day 2 Keynote | Build to Lead

Dell Technologies · 2026-05-19

Products & Services

Introducing PowerStore Elite

Dell Technologies · 2026-05-19

Leadership

Dell Tech World 2026 Day 1 Keynote | Unleash the Future of AI

Dell Technologies · 2026-05-18

Industry Resources

Information Technology Resources

TechCrunch

Wired

CIO

MIT Technology Review

Gartner Insights

Ars Technica

Technology Hardware, Storage & Peripherals Resources

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Core Cache Last Updated: 7/23/2026

Dell Technologies (DELL)

Market Price (7/24/2026): $439.77 | Market Cap: $285.4 BilInvestor Relations ↗Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Dell Technologies (DELL)

Market Price (7/24/2026): $439.77Market Cap: $285.4 BilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

DELL in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

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In The Past

Preserve Wealth

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About Dell Technologies (DELL)

Infrastructure Solutions Group (ISG)

Client Solutions Group (CSG)

Cloud and Security Solutions (Historically including VMware segment, and broader offerings)

Capital Allocation Decisions for Dell Technologies (DELL)

Share Repurchases

Share Issuance

Capital Expenditures

Interactive Breakdown

Better Bets vs. Dell Technologies (DELL)

INDUSTRY: Technology Hardware, Storage & Peripherals

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 12.9% | 2.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 12.9% | 26.3x)

Higher Rev Chg LTM (Value for DELL: 38.6%)

Higher Rev Chg 3Y Avg (Value for DELL: 12.9%)

Higher Op Mgn LTM (Value for DELL: 8.1%)

Higher CFO/Rev LTM (Value for DELL: 9.3%)

Higher FCF/Rev LTM (Value for DELL: 7.0%)

Higher Total Yield (Value for DELL: 3.5%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 12.9% | 2.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 12.9% | 26.3x)

Higher Rev Chg LTM (Value for DELL: 38.6%)

Higher Rev Chg 3Y Avg (Value for DELL: 12.9%)

Higher Op Mgn LTM (Value for DELL: 8.1%)

Higher CFO/Rev LTM (Value for DELL: 9.3%)

Higher FCF/Rev LTM (Value for DELL: 7.0%)

Higher Total Yield (Value for DELL: 3.5%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 12.9% | 2.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 12.9% | 26.3x)

Higher Rev Chg LTM (Value for DELL: 38.6%)

Higher Rev Chg 3Y Avg (Value for DELL: 12.9%)

Higher Op Mgn LTM (Value for DELL: 8.1%)

Higher CFO/Rev LTM (Value for DELL: 9.3%)

Higher FCF/Rev LTM (Value for DELL: 7.0%)

Higher Total Yield (Value for DELL: 3.5%)

Best Bets in Information Technology

P/EBIT (Value for DELL: 24.3x)

P/E (Value for DELL: 33.9x)

Rev Chg 3Y Avg (Value for DELL: 12.9%)

Rev Chg LTM (Value for DELL: 38.6%)

Rev Chg Q (Value for DELL: 87.5%)

FCF/Rev 3Y Avg (Value for DELL: 5.6%)

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Market Price (7/24/2026): $439.77 | Market Cap: $285.4 BilInvestor Relations Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Market Price (7/24/2026): $439.77
Market Cap: $285.4 Bil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals