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Dell Technologies (DELL)

Market Price (6/16/2026): $405.17 | Market Cap: $263.0 BilInvestor Relations Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Dell Technologies (DELL)

Market Price (6/16/2026): $405.17
Market Cap: $263.0 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 206%, 12M Rtn12 month market price return is 265%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 162%

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 206%, 12M Rtn12 month market price return is 265%
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 162%
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.

Valuation & Metrics

FYE: 1/30	Forward FYE		Now	Historical (CYE & TTM)
	2028	2027	6/16/26	2025	2024	2023
Share Price			$405.17	$125.88	$115.24	$76.50
Mkt Cap ($ Bil)			263.0	83.1	80.9	54.2
+ Debt ($ Bil)			31.2	31.5	24.6	26.0
- Cash ($ Bil)			11.6	11.5	3.6	7.4
TEV ($ Bil)			282.5	114.6	105.5	80.2
Valuation Ratios
P/S	1.4	1.6	2.0	0.7	0.8	0.6
P/EBIT	20.9	23.9	22.4	9.4	12.5	9.6
P/E	17.8	21.0	31.3	14.0	17.6	16.0
P/FCF	—	—	27.8	9.7	43.3	9.1
Sector Ratios (* = sector average)
P/S *			3.4	3.4	3.5	3.0
P/EBIT *			6.1	4.1	2.0	-0.0
P/E *			0.7	-0.0	-0.3	-0.3
P/FCF *			10.1	11.4	14.8	12.8

FYE: 1/30	Forward FYE		Now
	2028	2027	6/16/26
Share Price			$405.17
Mkt Cap ($ Bil)			263.0
+ Debt ($ Bil)			31.2
- Cash ($ Bil)			11.6
TEV ($ Bil)			282.5
Valuation Ratios
P/S	1.4	1.6	2.0
P/EBIT	20.9	23.9	22.4
P/E	17.8	21.0	31.3
P/FCF	—	—	27.8
Sector Ratios (* = sector average)
P/S *			3.4
P/EBIT *			6.1
P/E *			0.7
P/FCF *			10.1

FYE: 1/30	DELL [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$134.0 Bil	—
FY 2027 Sales	$168.9 Bil	—
FY 2028 Sales	$192.5 Bil	—
FY 2027 Sales Growth	26.1%	—
FY 2028 Sales Growth	14.0%	7.6%
EARNINGS
LTM Net Income (GAAP) [3]	$8.4 Bil	—
FY 2027 Net Income (Non-GAAP)	$12.5 Bil	—
FY 2028 Net Income (Non-GAAP)	$14.7 Bil	—
FY 2028 Net Income Growth	17.9%	14.3%
FY 2027 EPS (Non-GAAP)	$17.95	—
FY 2028 EPS (Non-GAAP)	$21.57	—
FY 2028 EPS Growth	20.2%	—
VALUATION
FY 2027 P/S	1.6	3.3
FY 2028 P/S	1.4	—
FY 2027 P/E	21.0	20.7
FY 2028 P/E	17.8	—

[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 6/30/27 (~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%	8.8%
Rev Chg LTM	38.6%	7.4%
Rev Chg 3Y Avg	12.9%	5.8%
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%	21.3%
Net Inc Mgn	6.3%	13.0%
VALUATION	HIGH
P/S	2.0	3.3
P/CFO	21.1	15.3
P/FCF	27.8	19.4
P/E	31.3	24.2
STABILITY	VERY GOOD
Debt/Equity	0.12	0.21
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
5/28/2026	Earnings Release	Rev: $43 Bil (A) vs. $35 Bil (E) EPS: 4.86 (A) vs. $2.96 (E)
Upcoming
9/03/2026	Earnings Release	Rev: $44 Bil (E) EPS: $4.83 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 6/15/2026

Dell Technologies (DELL) stock has gained about 175% since 2/28/2026 because of the following key factors:

1. Surging Demand for AI-Optimized Servers.

Dell Technologies experienced explosive demand for its AI-optimized servers, with revenue in this segment rocketing 757% year-over-year to $16.1 billion in fiscal Q1 2027, which ended May 1, 2026. The company secured $24.4 billion in AI orders during fiscal Q1 2027, accumulating a record $51.3 billion AI backlog. This robust demand led Dell to significantly raise its full-year fiscal 2027 AI server revenue target to approximately $60 billion, an increase from its earlier $50 billion projection.

2. Exceptional Fiscal Q1 2027 Financial Performance and Upgraded Guidance.

Dell reported record-breaking financial results for its fiscal Q1 2027 (ended May 1, 2026), significantly surpassing market expectations. The company achieved record revenue of $43.8 billion, an 88% increase year-over-year. Diluted earnings per share (EPS) surged 282% year-over-year to a record $5.24, while non-GAAP diluted EPS reached $4.86, up 214%, compared to a consensus estimate of $2.96. The Infrastructure Solutions Group (ISG) revenue, which includes servers and networking, grew by an impressive 181% to a record $29.0 billion. Following these strong results, management raised its full-year fiscal 2027 revenue guidance to $165 billion to $169 billion, representing nearly 50% year-over-year growth at the midpoint, and increased its adjusted EPS outlook to $17.90, a 74% rise.

3. Favorable Shift in Market Perception and Analyst Confidence.

The market's perception of Dell shifted considerably, with investors increasingly viewing the company as a key AI infrastructure platform rather than primarily a cyclical PC manufacturer. This re-evaluation was reinforced by numerous analyst upgrades and raised price targets. For example, Morgan Stanley upgraded Dell from "Underweight" to "Equal Weight" on June 1, 2026, and Goldman Sachs raised its price target to $500 on the same day. Additionally, Zacks upgraded Dell Technologies to a Zacks Rank #1 (Strong Buy) on June 3, 2026, driven by an upward trend in earnings estimates. This collective analyst confidence and reframing of Dell's role in the booming AI market contributed significantly to the stock's upward trajectory.

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Stock Movement Drivers

Fundamental Drivers

The 176.2% change in DELL stock from 2/28/2026 to 6/15/2026 was primarily driven by a 65.5% change in the company's P/E Multiple.

(LTM values as of)	2282026	6152026	Change
Stock Price ($)	148.08	409.07	176.2%
Change Contribution By:
Total Revenues ($ Mil)	104,090	134,002	28.7%
Net Income Margin (%)	5.0%	6.3%	25.4%
P/E Multiple	19.1	31.6	65.5%
Shares Outstanding (Mil)	671	649	3.4%
Cumulative Contribution			176.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/15/2026

	Return	Correlation
DELL	176.2%
Market (SPY)	10.3%	32.5%
Sector (XLK)	38.4%	48.0%

Fundamental Drivers

The 208.1% change in DELL stock from 11/30/2025 to 6/15/2026 was primarily driven by a 69.6% change in the company's P/E Multiple.

(LTM values as of)	11302025	6152026	Change
Stock Price ($)	132.77	409.07	208.1%
Change Contribution By:
Total Revenues ($ Mil)	101,451	134,002	32.1%
Net Income Margin (%)	4.8%	6.3%	31.6%
P/E Multiple	18.6	31.6	69.6%
Shares Outstanding (Mil)	678	649	4.5%
Cumulative Contribution			208.1%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/15/2026

	Return	Correlation
DELL	208.1%
Market (SPY)	11.1%	34.7%
Sector (XLK)	34.4%	43.9%

Fundamental Drivers

The 272.1% change in DELL stock from 5/31/2025 to 6/15/2026 was primarily driven by a 87.8% change in the company's P/E Multiple.

(LTM values as of)	5312025	6152026	Change
Stock Price ($)	109.94	409.07	272.1%
Change Contribution By:
Total Revenues ($ Mil)	95,567	134,002	40.2%
Net Income Margin (%)	4.8%	6.3%	30.6%
P/E Multiple	16.8	31.6	87.8%
Shares Outstanding (Mil)	702	649	8.2%
Cumulative Contribution			272.1%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/15/2026

	Return	Correlation
DELL	272.1%
Market (SPY)	29.5%	37.8%
Sector (XLK)	67.1%	46.9%

Fundamental Drivers

The 860.0% change in DELL stock from 5/31/2023 to 6/15/2026 was primarily driven by a 162.9% change in the company's Net Income Margin (%).

(LTM values as of)	5312023	6152026	Change
Stock Price ($)	42.61	409.07	860.0%
Change Contribution By:
Total Revenues ($ Mil)	102,301	134,002	31.0%
Net Income Margin (%)	2.4%	6.3%	162.9%
P/E Multiple	12.5	31.6	152.7%
Shares Outstanding (Mil)	716	649	10.3%
Cumulative Contribution			860.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/15/2026

	Return	Correlation
DELL	860.0%
Market (SPY)	87.7%	46.9%
Sector (XLK)	138.4%	53.7%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
DELL Return	52%	-27%	96%	53%	11%	216%	1074%
Peers Return	38%	-12%	21%	26%	14%	36%	187%
S&P 500 Return	27%	-19%	24%	23%	16%	9%	98%
Monthly Win Rates [3]
DELL Win Rate	75%	33%	75%	75%	50%	67%
Peers Win Rate	65%	42%	68%	57%	52%	60%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
DELL Max Drawdown	-11%	-44%	-16%	-51%	-42%	-21%
Peers Max Drawdown	-18%	-30%	-18%	-18%	-31%	-19%
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 6/15/2026 (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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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% | 2.0x)

SMCI (72.8% | 0.5x)

Super Micro Computer

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 12.9% | 24.5x)

SMCI (72.8% | 12.3x)

Super Micro Computer

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

QUBT (1025.7%)

Quantum Computing

IONQ (334.6%)

IonQ

UMAC (146.9%)

Unusual Machines

SNDK (82.8%)

SanDisk

SMCI (56.2%)

Super Micro Computer

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

IONQ (164.2%)

IonQ

SMCI (72.8%)

Super Micro Computer

SNDK (35.6%)

SanDisk

WDC (25.5%)

Western Digital

STX (13.2%)

Seagate Technology

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

SNDK (41.6%)

SanDisk

AAPL (32.6%)

Apple

WDC (31.2%)

Western Digital

STX (29.5%)

Seagate Technology

NTAP (24.5%)

NetApp

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

SNDK (35.2%)

SanDisk

AAPL (31.1%)

Apple

WDC (27.9%)

Western Digital

STX (26.1%)

Seagate Technology

HPE (16.4%)

Hewlett Packard Enterprise

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

SNDK (33.8%)

SanDisk

AAPL (28.6%)

Apple

WDC (24.7%)

Western Digital

STX (21.9%)

Seagate Technology

HPE (10.3%)

Hewlett Packard Enterprise

Higher Total Yield (Value for DELL: 3.7%)

DDD (14.4%)

3D Systems

HPQ (13.7%)

CRCT (9.9%)

Cricut

SMCI (6.7%)

Super Micro Computer

NTAP (5.2%)

NetApp

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 12.9% | 2.0x)

SMCI (72.8% | 0.5x)

Super Micro Computer

VSAT (24.4% | 1.9x)

Viasat

OTEX (13.2% | 1.0x)

Open Text

FIVN (13.0% | 1.4x)

Five9

LSPD (18.9% | 1.1x)

Lightspeed Commerce

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 12.9% | 24.5x)

MSFT (15.3% | 19.9x)

Microsoft

INTU (14.2% | 13.5x)

Intuit

ADSK (13.8% | 20.7x)

Autodesk

ROP (13.4% | 15.2x)

Roper Technologies

FSLR (24.7% | 17.1x)

First Solar

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: 3.7%)

IBM (6.8%)

International Business Machines

QCOM (5.8%)

Qualcomm

MSFT (5.1%)

Microsoft

ORCL (4.0%)

Oracle

CSCO (3.9%)

Cisco Systems

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 12.9% | 2.0x)

ENB (13.7% | 1.8x)

Enbridge

PGR (19.9% | 1.3x)

Progressive

MCK (13.4% | 0.2x)

McKesson

CI (15.2% | 0.3x)

Cigna

MFC (21.4% | 1.3x)

Manulife Financial

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 12.9% | 24.5x)

META (22.4% | 17.0x)

Meta Platforms

MA (14.2% | 21.7x)

Mastercard

BLK (14.0% | 19.3x)

BlackRock

SCCO (13.7% | 20.0x)

Southern Copper

UBER (16.6% | 23.9x)

Uber Technologies

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

BRK-B (15.3%)

Berkshire Hathaway

MA (14.2%)

Mastercard

GOOGL (14.1%)

Alphabet

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

LLY (47.3%)

Eli Lilly

META (41.2%)

Meta Platforms

GOOGL (32.7%)

Alphabet

AMZN (11.5%)

Amazon.com

XOM (9.0%)

Exxon Mobil

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

META (57.7%)

Meta Platforms

GOOGL (41.3%)

Alphabet

AMZN (20.0%)

Amazon.com

TSLA (16.9%)

Tesla

BRK-B (10.9%)

Berkshire Hathaway

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

V (49.2%)

Visa

META (22.4%)

Meta Platforms

GOOGL (15.2%)

Alphabet

LLY (14.4%)

Eli Lilly

TSLA (7.2%)

Tesla

Higher Total Yield (Value for DELL: 3.7%)

XOM (7.2%)

Exxon Mobil

JPM (6.8%)

JPMorgan Chase

BRK-B (6.8%)

Berkshire Hathaway

META (5.0%)

Meta Platforms

GOOGL (3.8%)

Alphabet

Best Bets in Information Technology

What You Pay

P/EBIT (Value for DELL: 22.6x)

APP (36.7x)

AppLovin

VRSN (21.5x)

VeriSign

NVDA (27.2x)

NVIDIA

QLYS (17.7x)

Qualys

ADEA (18.3x)

Adeia

IDCC (16.3x)

InterDigital

YOU (24.4x)

Clear Secure

GEN (7.1x)

Gen Digital

ADBE (8.9x)

Adobe

FICO (24.3x)

Fair Isaac

P/E (Value for DELL: 31.6x)

APP (44.3x)

AppLovin

VRSN (29.7x)

VeriSign

NVDA (32.3x)

NVIDIA

QLYS (20.3x)

Qualys

ADEA (29.0x)

Adeia

IDCC (20.3x)

InterDigital

YOU (41.9x)

Clear Secure

GEN (15.1x)

Gen Digital

ADBE (11.5x)

Adobe

FICO (36.8x)

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 (6.8%)

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 (6.6%)

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 (57.7%)

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 Stock and the Best Kind of Problem	06/13/2026
2	How Steep Is the Plunge for Dell Stock?	06/11/2026
3	How Wide Is the Field of Play for Dell Stock?	06/10/2026
4	Dell Technologies Stock Surges 92%, With A 8-Day Winning Spree	06/02/2026
5	How to Get Paid to Buy DELL at a Steep Discount	06/02/2026
6	Dell Technologies Stock Surges 79%, With A 7-Day Winning Spree	05/30/2026
7	6-Day Rally Sends Dell Technologies Stock Up 35%	05/29/2026
8	Dell Technologies Stock 5-Day Winning Spree: Stock Climbs 30%	05/28/2026
9	Dell Technologies Earnings Notes	05/27/2026
10	Dell Technologies Stock Leaps 17% In One Day, Time To Buy The Stock?	05/23/2026
11	ARTICLES
12	Dell Stock And The Best Kind Of Problem	06/15/2026
13	Pay Less, Gain More: DELL, SMCI Top Hewlett Packard Enterprise Stock	06/13/2026
14	The Everything Boom That Has Dell Scrambling for Parts	06/10/2026
15	Pay Less, Gain More: DELL Tops Apple Stock	06/10/2026
16	Between Dell Technologies and Hewlett Packard Enterprise, Which Stock Looks Set to Break Out?	06/10/2026

	Title
0	DASHBOARDS
1	Dell Stock and the Best Kind of Problem
2	How Steep Is the Plunge for Dell Stock?
3	How Wide Is the Field of Play for Dell Stock?
4	Dell Technologies Stock Surges 92%, With A 8-Day Winning Spree
5	How to Get Paid to Buy DELL at a Steep Discount
6	Dell Technologies Stock Surges 79%, With A 7-Day Winning Spree
7	6-Day Rally Sends Dell Technologies Stock Up 35%
8	Dell Technologies Stock 5-Day Winning Spree: Stock Climbs 30%
9	Dell Technologies Earnings Notes
10	Dell Technologies Stock Leaps 17% In One Day, Time To Buy The Stock?
11	ARTICLES
12	Dell Stock And The Best Kind Of Problem
13	Pay Less, Gain More: DELL, SMCI Top Hewlett Packard Enterprise Stock
14	The Everything Boom That Has Dell Scrambling for Parts
15	Pay Less, Gain More: DELL Tops Apple Stock
16	Between Dell Technologies and Hewlett Packard Enterprise, Which Stock Looks Set to Break Out?

Trade Ideas

Select ideas related to DELL.

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NTLA	Intellia Therapeutics	1.8	23.2%	66.0%
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AXTI	AXT	5.9	14.0%	577.3%
GPGI	GPGI	3.9	13.8%	-24.4%
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AAOI	Applied Optoelectronics	14.6	13.3%	449.5%

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BAND	Bandwidth	1.7	-19.1%	241.9%
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WTI	W&T Offshore	0.5	-16.5%	109.1%
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MH	McGraw Hill	2.0	-12.5%	-37.6%
KOS	Kosmos Energy	1.3	-11.5%	179.9%
METCB	Ramaco Resources	0.6	-10.9%	-13.4%
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VELO	Velo3D	0.5	42.3%	68.0%
NUVL	Nuvalent	9.7	39.4%	22.6%
PAYO	Payoneer Global	2.4	36.8%	25.1%
VECO	Veeco Instruments	5.0	36.0%	190.6%
UCTT	Ultra Clean	5.1	35.3%	348.3%
PGEN	Precigen	1.7	34.5%	14.8%
MBX	MBX Biosciences	1.8	34.4%	23.6%
ICHR	Ichor	3.1	34.0%	385.5%
FRMI	Fermi	4.7	31.2%	-6.5%
RXT	Rackspace Technology	1.4	31.2%	509.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SMCI	Super Micro Computer	18.5	-29.9%	5.4%
SWMR	Swarmer	0.7	-27.0%	35.4%
PCT	PureCycle Technologies	1.6	-26.8%	2.4%
BAND	Bandwidth	1.7	-23.3%	241.9%
NRGV	Energy Vault	0.7	-20.5%	-10.8%
RDW	Redwire	2.9	-20.1%	95.1%
SAIL	SailPoint	7.9	-19.7%	-29.8%
DAN	Dana	3.2	-19.6%	24.9%
BLDP	Ballard Power Systems	1.3	-19.4%	63.8%
SOC	Sable Offshore	1.5	-19.2%	17.5%

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Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NVRI	Enviri	1.7	278.6%	317.1%
APPS	Digital Turbine	1.1	133.5%	96.6%
HYLN	Hyliion	1.3	100.8%	302.7%
REPL	Replimune	0.8	81.7%	-7.8%
ALAB	Astera Labs	66.4	70.2%	134.0%
AMC	AMC Entertainment	1.2	70.1%	46.2%
MRVL	Marvell Technology	265.9	69.2%	263.9%
VSH	Vishay Intertechnology	8.7	67.7%	342.3%
GENI	Genius Sports	1.9	65.1%	-37.7%
DELL	Dell Technologies	270.0	65.0%	226.4%

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ADCT	ADC Therapeutics	0.2	-68.8%	-70.3%
VRRM	Verra Mobility	0.8	-62.4%	-77.8%
FULC	Fulcrum Therapeutics	0.3	-50.6%	-69.0%
BTGO	BitGo	0.6	-43.3%	-69.8%
CD	Chaince Digital	0.3	-37.4%	-4.6%
PLAB	Photronics	1.9	-37.1%	2.3%
CELC	Celcuity	4.8	-34.5%	-11.5%
JBIO	Jade Biosciences	0.9	-33.3%	4.3%
NRGV	Energy Vault	0.7	-33.1%	-10.8%
FIGR	Figure Technology Solutions	6.3	-32.9%	-29.0%

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	409.07	24.60	48.88	268.71	120.17	296.42	194.44
Mkt Cap	265.5	22.7	65.3	252.2	474.9	4,349.5	258.8
Rev LTM	134,002	57,417	38,794	68,912	60,746	451,442	64,829
Op Inc LTM	10,848	3,774	2,248	12,946	14,408	147,366	11,897
FCF LTM	9,442	3,779	3,989	12,258	11,788	129,174	10,615
FCF 3Y Avg	6,128	3,181	2,353	12,269	12,334	109,860	9,198
CFO LTM	12,470	4,594	6,358	13,992	13,025	140,222	12,748
CFO 3Y Avg	8,895	3,902	4,739	13,988	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%	9.7%	9.2%	12.8%	11.2%
Rev Chg 3Y Avg	12.9%	0.9%	10.0%	4.5%	3.5%	5.6%	5.0%
Rev Chg Q	87.5%	9.0%	40.0%	9.5%	12.0%	16.6%	14.3%
QoQ Delta Rev Chg LTM	18.0%	2.1%	8.5%	2.0%	2.9%	3.6%	3.2%
Op Inc Chg LTM	63.1%	-1.9%	1.7%	26.0%	19.0%	15.7%	17.3%
Op Inc Chg 3Y Avg	29.1%	-4.6%	-4.8%	15.6%	0.8%	9.6%	5.2%
Op Mgn LTM	8.1%	6.6%	5.8%	18.8%	23.7%	32.6%	13.4%
Op Mgn 3Y Avg	7.2%	7.3%	6.9%	16.8%	24.0%	31.8%	12.0%
QoQ Delta Op Mgn LTM	0.8%	0.2%	1.0%	0.3%	0.5%	0.3%	0.4%
CFO/Rev LTM	9.3%	8.0%	16.4%	20.3%	21.4%	31.1%	18.3%
CFO/Rev 3Y Avg	8.2%	7.1%	14.4%	21.7%	23.2%	29.1%	18.1%
FCF/Rev LTM	7.0%	6.6%	10.3%	17.8%	19.4%	28.6%	14.0%
FCF/Rev 3Y Avg	5.6%	5.8%	7.0%	19.0%	21.6%	26.6%	13.0%

Valuation

	DELL	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Dell Tec.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	265.5	22.7	65.3	252.2	474.9	4,349.5	258.8
P/S	2.0	0.4	1.7	3.7	7.8	9.6	2.8
P/Op Inc	24.5	6.0	29.0	19.5	33.0	29.5	26.8
P/EBIT	22.6	7.2	29.0	20.2	30.6	29.5	25.8
P/E	31.6	8.9	41.9	23.5	39.7	35.5	33.5
P/CFO	21.3	4.9	10.3	18.0	36.5	31.0	19.7
Total Yield	3.7%	13.7%	3.5%	6.8%	3.9%	3.2%	3.8%
Dividend Yield	0.6%	2.4%	1.1%	2.5%	1.4%	0.4%	1.2%
FCF Yield 3Y Avg	7.1%	14.0%	8.6%	5.9%	5.1%	3.4%	6.5%
D/E	0.1	0.5	0.3	0.3	0.1	0.0	0.2
Net D/E	0.1	0.3	0.2	0.2	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	69.0%	19.7%	47.7%	22.5%	1.7%	-1.3%	21.1%
3M Rtn	161.3%	33.3%	125.1%	8.6%	53.1%	17.4%	43.2%
6M Rtn	214.8%	3.3%	105.8%	-11.8%	55.2%	8.3%	31.8%
12M Rtn	277.9%	8.5%	183.9%	-0.6%	91.8%	51.5%	71.7%
3Y Rtn	766.1%	-10.3%	199.7%	115.3%	150.8%	62.5%	133.0%
1M Excs Rtn	64.3%	19.2%	42.5%	22.3%	3.3%	-1.3%	20.8%
3M Excs Rtn	148.6%	20.5%	112.4%	-4.2%	40.4%	4.6%	30.5%
6M Excs Rtn	187.0%	-9.9%	92.2%	-21.9%	43.8%	-2.7%	20.6%
12M Excs Rtn	240.1%	-20.4%	151.4%	-26.9%	63.9%	24.4%	44.2%
3Y Excs Rtn	722.3%	-82.5%	159.8%	44.3%	86.9%	-9.5%	65.6%

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

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ 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	$409.07
Market Cap ($ Bil)	270.0
First Trading Date	12/26/2018
Distance from 52W High	-12.2%
	50 Days	200 Days
DMA Price	$268.40	$168.95
DMA Trend	up	up
Distance from DMA	52.4%	142.1%
	3M	1YR
Volatility	96.9%	66.0%
Downside Capture	179.75	156.20
Upside Capture	436.45	267.27
Correlation (SPY)	33.3%	37.7%

DELL Betas & Captures as of 5/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	5.11	2.10	1.62	1.94	1.89	1.79
Up Beta	-1.76	-1.16	-1.16	0.15	0.84	1.39
Down Beta	0.59	0.40	1.18	2.87	2.51	2.11
Up Capture	1526%	865%	743%	633%	590%	2209%
Bmk +ve Days	13	28	36	67	141	432
Stock +ve Days	14	26	38	70	133	395
Down Capture	392%	247%	90%	101%	128%	110%
Bmk -ve Days	7	13	27	57	109	318
Stock -ve Days	6	15	25	54	117	355

[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	267.0%	65.9%	2.21	-
Sector ETF (XLK)	59.3%	22.8%	1.96	46.7%
Equity (SPY)	26.6%	12.4%	1.62	37.6%
Gold (GLD)	27.1%	27.5%	0.86	12.3%
Commodities (DBC)	28.6%	19.1%	1.19	-2.5%
Real Estate (VNQ)	12.2%	13.5%	0.60	1.5%
Bitcoin (BTCUSD)	-40.1%	42.2%	-1.10	22.2%

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	53.7%	50.8%	1.02	-
Sector ETF (XLK)	23.3%	25.2%	0.81	54.0%
Equity (SPY)	13.9%	17.1%	0.63	49.4%
Gold (GLD)	17.5%	18.2%	0.78	10.4%
Commodities (DBC)	7.9%	19.4%	0.30	13.2%
Real Estate (VNQ)	2.5%	18.8%	0.03	22.6%
Bitcoin (BTCUSD)	13.7%	54.4%	0.44	19.3%

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	34.8%	48.0%	1.01	-
Sector ETF (XLK)	25.5%	24.6%	0.93	56.1%
Equity (SPY)	15.4%	18.0%	0.73	53.1%
Gold (GLD)	12.8%	16.1%	0.66	9.3%
Commodities (DBC)	6.4%	18.0%	0.28	20.7%
Real Estate (VNQ)	5.7%	20.7%	0.24	31.3%
Bitcoin (BTCUSD)	59.8%	66.8%	1.00	17.7%

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

Short Interest

Short Interest: As Of Date	5292026
Short Interest: Shares Quantity	19.0 Mil
Short Interest: % Change Since 5152026	-11.4%
Average Daily Volume	13.4 Mil
Days-to-Cover Short Interest	1.4 days
Basic Shares Quantity	649.0 Mil
Short % of Basic Shares	2.9%

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 6/8/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/28/2026	32.8%	33.1%
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	15
# Negative	12	11	8
Median Positive	6.4%	6.0%	7.8%
Median Negative	-4.9%	-7.9%	-9.6%
Max Positive	32.8%	33.1%	41.5%
Max Negative	-17.9%	-21.4%	-27.6%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/28/2026	32.8%	33.1%
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	15
# Negative	12	11	8
Median Positive	6.4%	6.0%	7.8%
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

Expand for More

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 5/29/2026

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%		Raised	Guidance: 31.50 Bil for Q4 2026
Q1 2027 GAAP Diluted EPS		2.55		-16.4%		Lowered	Guidance: 3.05 for Q4 2026
Q1 2027 Non-GAAP Diluted EPS		2.9		-17.1%		Lowered	Guidance: 3.5 for Q4 2026
2027 Revenue	138.00 Bil	140.00 Bil	142.00 Bil	25.3%		Raised	Guidance: 111.70 Bil for 2026
2027 AI-Optimized Servers Revenue		50.00 Bil		100.0%		Raised	Guidance: 25.00 Bil for 2026
2027 GAAP Diluted EPS		11.5		37.5%		Raised	Guidance: 8.38 for 2026
2027 Non-GAAP Diluted EPS		12.9		30.0%		Raised	Guidance: 9.92 for 2026

Insider Activity

Updated 6/16/2026

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	6162026	403.12	764			Form
2	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
3	Sl, Spv-2, LP	Held through SL SPV-2, L.P.	Sell	6162026	403.12	34,257	13,809,641	37,009,935	Form
4	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
5	Silver, Lake Technology Investors V, LP	Held through Silver Lake Technology Investors V, L.P.	Sell	6162026	403.11	345			Form

Collapse to Preview

#	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	6162026	403.12	764			Form
2	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
3	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6162026	403.12	34,257	13,809,641	37,009,935	Form
4	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
5	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6162026	403.11	345			Form
6	Dorman, David W		grantor retained annuity trust	Sell	6162026	405.89	41,292			Form
7	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6152026	380.23	547			Form
8	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
9	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6152026	380.26	1,211			Form
10	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
11	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6152026	380.25	54,093	20,568,810	28,648,341	Form
12	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6122026	394.99	412			Form
13	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6122026	394.98	911			Form
14	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
15	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
16	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6122026	394.99	40,686	16,070,450	19,500,124	Form
17	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6122026	380.47	62,084	23,620,948	34,262,626	Form
18	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
19	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
20	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
21	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
22	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6112026	404.69	39			Form
23	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
24	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6112026	404.67	83			Form
25	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
26	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6112026	404.68	5,025	2,033,506	1,187,730	Form
27	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6112026	390.31	25,436	9,928,036	3,106,902	Form
28	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
29	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
30	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
31	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
32	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6102026	398.11	980			Form
33	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6102026	398.12	2,169			Form
34	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6102026	398.13	131,040	52,170,340	5,023,943	Form
35	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
36	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
37	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6092026	403.00	633			Form
38	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
39	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6092026	403.00	84,583	34,087,364	3,284,087	Form
40	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6092026	403.01	1,399			Form
41	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
42	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6082026	424.55	651			Form
43	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
44	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6082026	424.55	1,448			Form
45	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
46	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6082026	424.55	83,742	35,552,728	9,571,496	Form
47	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6082026	414.43	72,728	30,140,755	44,048,653	Form
48	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
49	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
50	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
51	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
52	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
53	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6052026	422.97	609			Form
54	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6052026	422.98	1,351			Form
55	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
56	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6052026	422.98	78,236	33,092,256	4,768,675	Form
57	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6042026	458.18	141			Form
58	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
59	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6042026	458.16	311			Form
60	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
61	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6042026	458.12	17,932	8,215,042	12,017,454	Form
62	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6042026	438.91	164,047	72,002,137	19,383,654	Form
63	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
64	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
65	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
66	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
67	Sharp, Richard Troy	Chief Accounting Officer	Direct	Sell	6042026	438.43	1,300	569,959	2,950,634	Form
68	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6032026	457.99	1,370			Form
69	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
70	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6032026	457.99	3,039			Form
71	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
72	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6032026	457.99	175,901	80,560,814	16,789,438	Form
73	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6032026	445.96	78,339	34,936,447	94,794,306	Form
74	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
75	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
76	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
77	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
78	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	4172026	176.50	135,097	23,844,620	24,561,210	Form
79	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
80	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
81	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	4172026	176.50	2,996			Form
82	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	4172026	176.50	1,351			Form
83	Slta, V (gp), Llc		See footnote	Sell	4172026	193.58	7,000	1,355,060	9,050,446	Form
84	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	4172026	176.50	135,097	23,844,620	24,561,210	Form
85	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
86	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
87	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	4172026	176.50	2,996			Form
88	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	4172026	176.50	1,351			Form
89	Slta, Iv (gp), Llc		See footnote	Sell	4172026	193.58	7,000	1,355,060	9,050,446	Form
90	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	4172026	177.24	166,006	29,422,691	13,458,622	Form
91	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
92	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
93	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	4172026	177.24	3,654			Form
94	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	4172026	177.24	1,649			Form
95	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	4172026	177.24	166,006	29,422,691	13,458,622	Form
96	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
97	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
98	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	4172026	177.24	3,654			Form
99	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	4172026	177.24	1,649			Form
100	Clarke, Jeffrey W	COO & Vice Chairman	Direct	Sell	4172026	182.48	116,000	21,167,680	307,919,307	Form
101	Kennedy, David Alan	Chief Financial Officer	Direct	Sell	4132026	182.53	19,500	3,559,335	33,420,695	Form
102	Scannell, William F	Chief Customer Officer	Direct	Sell	3252026	165.00	143,067	23,606,055	3,593,535	Form
103	Sharp, Richard Troy	Chief Accounting Officer	Direct	Sell	3232026	149.26	1,538	229,565	1,198,574	Form
104	Tunnell, Jane	Chief Marketing Officer	Direct	Sell	3202026	152.51	28,529	4,350,958	8,139,916	Form
105	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	154.39	9,241	1,426,675	8,691,585	Form
106	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
107	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
108	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	154.39	204			Form
109	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	154.39	93			Form
110	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	152.28	26,665	4,060,453	9,980,049	Form
111	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
112	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
113	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	152.28	589	89,691	31,065	Form
114	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	152.28	266	40,506	14,009	Form
115	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	154.39	9,241	1,426,675	8,691,585	Form
116	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
117	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
118	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	154.39	204			Form
119	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	154.39	93			Form
120	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	152.28	26,665	4,060,453	9,980,049	Form
121	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
122	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
123	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	152.28	589	89,691	31,065	Form
124	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	152.28	266	40,506	14,009	Form
125	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	154.40	85,262	13,164,623	6,117,098	Form
126	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
127	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
128	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	154.40	1,886			Form
129	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	154.40	851			Form
130	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	154.40	85,262	13,164,623	6,117,098	Form
131	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
132	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
133	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	154.40	1,886			Form
134	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	154.40	851			Form
135	Kullman, Ellen Jamison		Direct	Sell	3102026	145.13	150,346	21,820,313	9,529,787	Form
136	Slta, V (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	3062026	146.75	2,366			Form
137	Slta, V (gp), Llc		See footnote	Sell	3062026	146.75	2,051			Form
138	Slta, Iv (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	3062026	146.75	2,366			Form
139	Slta, Iv (gp), Llc		See footnote	Sell	3062026	146.75	2,051			Form
140	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3062026	146.83	183,048	26,876,681	24,674,105	Form
141	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
142	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
143	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3062026	146.83	4,046			Form
144	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3062026	146.83	1,824			Form
145	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3062026	146.83	183,048	26,876,681	24,674,105	Form
146	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
147	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
148	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3062026	146.83	4,046			Form
149	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3062026	146.83	1,824			Form
150	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3042026	151.13	79,809	12,061,423	12,578,736	Form
151	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
152	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
153	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3042026	151.13	1,765			Form
154	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3042026	151.13	796			Form
155	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3042026	151.13	79,809	12,061,423	12,578,736	Form
156	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
157	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
158	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3042026	151.13	1,765			Form
159	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3042026	151.13	796			Form
160	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3042026	149.43	99,591	14,881,655	24,362,843	Form
161	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
162	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
163	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3042026	149.43	2,202	329,040	263,740	Form
164	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3042026	149.43	993	148,381	118,944	Form
165	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3042026	149.43	99,591	14,881,655	24,362,843	Form
166	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
167	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
168	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3042026	149.43	2,202	329,040	263,740	Form
169	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3042026	149.43	993	148,381	118,944	Form
170	Durban, Egon		Direct	Sell	12112025	138.12	71,000	9,806,520	161,935,755	Form
171	Kullman, Ellen Jamison		Direct	Sell	10172025	153.56	79,806	12,255,009	10,083,057	Form
172	Silver, Lake Group, Llc		Held through Silver Lake Group, L.L.C.	Sell	10162025	151.63	3,538			Form
173	Silver, Lake Group, Llc		See footnote	Sell	10162025	151.63	3,079			Form
174	Dell, Michael S	Chief Executive Officer	Direct	Sell	10102025	159.91	6,253,968	1,000,053,261	2,583,820,961	Form
175	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10102025	161.48	179,836	29,040,625	13,433,526	Form
176	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
177	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
178	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10102025	161.48	3,973			Form
179	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10102025	161.48	1,791			Form
180	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10102025	161.48	179,836	29,040,625	13,433,526	Form
181	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
182	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
183	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10102025	161.48	3,973			Form
184	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10102025	161.48	1,791			Form
185	Green, William D		Direct	Sell	10102025	160.00	42,736	6,837,760	7,619,040	Form
186	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	154.21	6,926	1,068,058	25,795,478	Form
187	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
188	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
189	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	154.21	153			Form
190	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	154.21	69			Form
191	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	154.21	6,926	1,068,058	25,795,478	Form
192	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
193	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
194	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	154.21	153			Form
195	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	154.21	69			Form
196	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	151.51	117,921	17,866,472	26,393,580	Form
197	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
198	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
199	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	151.51	2,601	394,084	23,181	Form
200	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	151.51	1,174	177,877	10,454	Form
201	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	151.51	117,921	17,866,472	26,393,580	Form
202	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
203	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
204	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	151.51	2,601	394,084	23,181	Form
205	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	151.51	1,174	177,877	10,454	Form
206	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	148.46	55,005	8,165,936	43,367,869	Form
207	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
208	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
209	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	148.46	1,213	180,080	408,855	Form
210	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	148.46	548	81,355	184,534	Form
211	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	148.46	55,005	8,165,936	43,367,869	Form
212	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
213	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
214	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	148.46	1,213	180,080	408,855	Form
215	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	148.46	548	81,355	184,534	Form
216	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	149.09	291	43,385	12,582,301	Form
217	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	149.09	336	50,094	9,397,739	Form
218	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
219	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	149.09	6			Form
220	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	149.09	3			Form
221	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	149.09	291	43,385	12,582,301	Form
222	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	149.09	336	50,094	9,397,739	Form
223	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
224	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	149.09	6			Form
225	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	149.09	3			Form
226	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	146.12	183,162	26,764,152	12,374,413	Form
227	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
228	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
229	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	146.12	4,040	590,337	877	Form
230	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	146.12	1,821	266,089	438	Form
231	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	146.12	183,162	26,764,152	12,374,413	Form
232	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
233	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
234	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	146.12	4,040	590,337	877	Form
235	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	146.12	1,821	266,089	438	Form
236	Slta, V (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	10032025	146.07	1,188			Form
237	Slta, V (gp), Llc		See footnote	Sell	10032025	146.07	1,032			Form
238	Slta, Iv (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	10032025	146.07	1,188			Form
239	Slta, Iv (gp), Llc		See footnote	Sell	10032025	146.07	1,032			Form
240	Green, William D		Direct	Sell	10032025	150.50	65,000	9,782,500	7,166,660	Form
241	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10032025	147.09	78,415	11,534,124	12,330,179	Form
242	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
243	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
244	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10032025	147.09	1,725			Form
245	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10032025	147.09	777			Form
246	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10032025	147.09	78,415	11,534,124	12,330,179	Form
247	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
248	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
249	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10032025	147.09	1,725			Form
250	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10032025	147.09	777			Form
251	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10032025	146.03	105,329	15,381,413	23,692,537	Form
252	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
253	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
254	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10032025	146.03	2,317	338,356	251,905	Form
255	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10032025	146.03	1,044	152,457	113,467	Form
256	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10032025	146.03	105,329	15,381,413	23,692,537	Form
257	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
258	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
259	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10032025	146.03	2,317	338,356	251,905	Form
260	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10032025	146.03	1,044	152,457	113,467	Form
261	Green, William D		Direct	Sell	10032025	145.00	65,000	9,425,000	6,904,755	Form
262	Slta, V (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	9292025	130.62	6,701			Form
263	Slta, V (gp), Llc		See footnote	Sell	9292025	130.62	5,780			Form
264	Slta, Iv (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	9292025	130.62	6,701			Form
265	Slta, Iv (gp), Llc		See footnote	Sell	9292025	130.62	5,780			Form
266	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9242025	135.98	296,277	40,287,152	18,451,126	Form
267	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
268	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
269	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9242025	135.98	6,525			Form
270	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9242025	135.98	2,942			Form
271	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9242025	135.98	296,277	40,287,152	18,451,126	Form
272	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
273	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
274	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9242025	135.98	6,525			Form
275	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9242025	135.98	2,942			Form
276	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9232025	132.84	114,263	15,178,685	31,576,176	Form
277	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
278	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
279	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9232025	132.84	2,516			Form
280	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9232025	132.84	1,134			Form
281	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9232025	132.84	114,263	15,178,685	31,576,176	Form
282	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
283	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
284	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9232025	132.84	2,516			Form
285	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9232025	132.84	1,134			Form
286	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9192025	132.32	202,906	26,848,008	24,537,348	Form
287	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
288	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
289	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9192025	132.32	4,464			Form
290	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9192025	132.32	2,014			Form
291	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9192025	132.32	202,906	26,848,008	24,537,348	Form
292	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
293	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
294	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9192025	132.32	4,464			Form
295	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9192025	132.32	2,014			Form
296	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9192025	130.41	202,914	26,462,399	12,085,922	Form
297	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
298	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
299	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9192025	130.41	4,466			Form
300	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9192025	130.41	2,013			Form
301	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9192025	130.41	202,914	26,462,399	12,085,922	Form
302	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
303	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
304	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9192025	130.41	4,466			Form
305	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9192025	130.41	2,013			Form
306	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9172025	127.00	215,487	27,366,395	12,477,670	Form
307	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
308	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
309	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9172025	127.00	4,739			Form
310	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9172025	127.00	2,137			Form
311	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9172025	127.00	215,487	27,366,395	12,477,670	Form
312	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
313	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
314	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9172025	127.00	4,739			Form
315	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9172025	127.00	2,137			Form
316	Radakovich, Lynn Vojvodich		Direct	Sell	9172025	126.39	725	91,633	2,992,915	Form
317	Radakovich, Lynn Vojvodich		Direct	Sell	8192025	140.71	725	102,015	3,332,013	Form
318	Green, William D		Direct	Sell	8132025	140.00	50,000	7,000,000	6,306,300	Form
319	Green, William D		Direct	Sell	7312025	135.00	30,000	4,050,000	6,081,075	Form
320	Green, William D		Direct	Sell	7222025	130.00	20,000	2,600,000	5,855,850	Form
321	Slta, V (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	7172025	123.50	3,262			Form
322	Slta, V (gp), Llc		See footnote	Sell	7172025	123.50	2,824			Form
323	Slta, Iv (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	7172025	123.50	3,262			Form
324	Slta, Iv (gp), Llc		See footnote	Sell	7172025	123.50	2,824			Form
325	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	7172025	125.29	1,407	176,283	3,537,438	Form
326	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	7172025	125.29	1,616	202,469	2,682,208	Form
327	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
328	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	7172025	125.29	31			Form
329	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	7172025	125.29	14			Form
330	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	7172025	125.29	1,407	176,283	3,537,438	Form
331	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	7172025	125.29	1,616	202,469	2,682,208	Form
332	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
333	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	7172025	125.29	31			Form
334	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	7172025	125.29	14			Form
335	Vojvodich, Radakovich Lynn		Direct	Sell	7172025	127.50	725	92,438	3,019,200	Form
336	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	7172025	126.01	62,574	7,884,780	3,478,809	Form
337	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
338	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
339	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	7172025	126.01	1,362			Form
340	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	7172025	126.01	614			Form
341	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	7172025	126.01	62,574	7,884,780	3,478,809	Form
342	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
343	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
344	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	7172025	126.01	1,362			Form
345	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	7172025	126.01	614			Form
346	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	7142025	127.56	216,862	27,662,592	12,219,339	Form
347	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
348	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
349	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	7142025	127.56	4,722			Form
350	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	7142025	127.56	2,130			Form
351	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	7142025	127.56	216,862	27,662,592	12,219,339	Form
352	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
353	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
354	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	7142025	127.56	4,722			Form
355	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	7142025	127.56	2,130			Form
356	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	6302025	126.20	227,169	28,668,038	12,542,842	Form
357	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
358	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
359	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	6302025	126.20	4,932			Form
360	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	6302025	126.20	2,224			Form
361	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	6302025	126.20	227,169	28,668,038	12,542,842	Form
362	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
363	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
364	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	6302025	126.20	4,932			Form
365	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	6302025	126.20	2,224			Form
366	Rios, Brunilda	Chief Accounting Officer	Direct	Sell	6302025	126.29	6,000	757,740	2,392,943	Form
367	Dell, Michael S	Chief Executive Officer	Direct	Sell	6272025	122.27	10,000,000	1,222,700,000	3,168,289,707	Form
368	Silver, Lake Group, Llc		See footnote	Sell	6262025	120.33	10,681			Form
369	Vojvodich, Radakovich Lynn		Direct	Sell	6262025	120.00	2,900	348,000	2,841,600	Form
370	Scannell, William F	Pres., Glob. Sales & Cust. Ops	Direct	Sell	6202025	118.42	91,230	10,803,457	6,682,322	Form
371	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	6162025	112.83	190,601	21,505,511	22,980,650	Form
372	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	6162025	112.83	217,853	24,580,354	17,613,214	Form
373	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6162025	112.83	112,729	12,719,213	10,990,432	Form
374	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	6162025	112.83	4,138			Form
375	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	6162025	112.83	1,866			Form
376	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	6162025	112.83	190,601	21,505,511	22,980,650	Form
377	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	6162025	112.83	217,853	24,580,354	17,613,214	Form
378	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6162025	112.83	112,729	12,719,213	10,990,432	Form
379	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	6162025	112.83	4,138			Form
380	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	6162025	112.83	1,866			Form
381	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	6112025	114.12	3,148	359,250	13,732,060	Form
382	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	6112025	114.12	3,612	412,201	10,583,146	Form
383	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6112025	114.12	1,863	212,606	6,608,917	Form
384	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	6112025	114.12	68			Form
385	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	6112025	114.12	31			Form
386	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	6112025	114.12	3,148	359,250	13,732,060	Form
387	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	6112025	114.12	3,612	412,201	10,583,146	Form
388	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6112025	114.12	1,863	212,606	6,608,917	Form
389	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	6112025	114.12	68			Form
390	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	6112025	114.12	31			Form
391	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	6112025	113.99	112,329	12,804,469	13,559,201	Form
392	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	6112025	113.99	128,461	14,643,368	10,453,067	Form
393	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6112025	113.99	66,441	7,573,661	6,526,997	Form
394	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	6112025	113.99	2,440			Form
395	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	6112025	113.99	1,100			Form
396	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	6112025	113.99	112,329	12,804,469	13,559,201	Form
397	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	6112025	113.99	128,461	14,643,368	10,453,067	Form
398	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6112025	113.99	66,441	7,573,661	6,526,997	Form
399	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	6112025	113.99	2,440			Form
400	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	6112025	113.99	1,100			Form
401	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	6112025	114.99	165,014			Form
402	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	6112025	114.99	186,653			Form
403	Slta, V (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6112025	114.99	96,508			Form
404	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	6112025	114.99	3,546			Form
405	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	6112025	114.99	1,600			Form
406	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	6112025	114.99	165,014			Form
407	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	6112025	114.99	186,653			Form
408	Slta, Iv (gp), Llc		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	6112025	114.99	96,508			Form
409	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	6112025	114.99	3,546			Form
410	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	6112025	114.99	1,600			Form
411	Rothberg, Richard J	General Counsel & Secretary	Direct	Sell	6052025	108.82	70,165	7,635,355	8,697,765	Form
412	Tunnell, Jane	Chief Marketing Officer	Direct	Sell	6052025	111.95	28,877	3,232,780	8,773,857	Form
413	Rios, Brunilda	Chief Accounting Officer	Direct	Sell	6042025	107.66	13,000	1,399,546	2,685,836	Form

DELL Trade Sentinel

Stock Conviction

ACCUMULATE (Score 7-8)

CONVICTION RATIONALE

Dell earns a high conviction 'ACCUMULATE' rating. The company is successfully executing a major pivot into the AI infrastructure supercycle, which provides a powerful secular tailwind. The competitive moat in its target enterprise segment is widening, and the valuation, while elevated from historical levels, remains reasonable given the immense and highly visible growth ahead. The primary risks are operational and cyclical, not structural, and appear manageable.

STOCK ARCHETYPE

Type F: 'Transition / Profit Pivot' (Primary) / Type C: 'Secular Cyclical' (Secondary)

Dell is undergoing a fundamental business model transition, re-rating from a slow-growth, cyclical PC/legacy hardware provider to a high-growth AI systems integrator. This pivot from a mature business to a new growth engine is the hallmark of a Type F. It is secondarily a Type C as its new growth is tied to the secular AI hardware supercycle.

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

INVESTMENT THESIS

AI-Optimized Server Backlog Conversion & ISG Margin Expansion

The investment thesis centers on Dell's ability to convert its massive $43 billion AI-optimized server backlog into high-margin revenue, fundamentally re-rating the company's growth profile and profitability. The market is underwriting Dell as the primary systems integrator for on-premise enterprise AI, shifting its valuation away from legacy hardware multiples.

Mechanism: Dell captures value by leveraging its world-class supply chain and deep enterprise relationships to deliver complex, integrated AI server solutions (e.g., PowerEdge XE9680) at scale. This allows them to attach high-margin storage, networking, and support services to large AI infrastructure deals, driving structurally higher profitability in the Infrastructure Solutions Group (ISG).

Supporting Evidence:

AI-Optimized Server Backlog of $43 billion as of January 30, 2026, providing high revenue visibility.
Management guidance for approximately $50 billion in AI server revenue for FY2027, representing nearly 100% YoY growth.
Infrastructure Solutions Group (ISG) operating margin expanded to 14.8% in Q4 FY2026, demonstrating pricing power in the AI server segment.
ISG revenue grew 73% YoY in Q4 FY2026, indicating the AI growth engine is significantly out-accelerating the legacy business.

PRIMARY RISK

AI Server Revenue Recognition Slippage due to Component Shortages

The primary risk is that severe supply constraints on critical components for AI servers, specifically High-Bandwidth Memory (HBM) and the latest GPUs, will delay Dell's ability to convert its $43 billion backlog into recognized revenue. A significant slippage in the backlog conversion rate would break the near-term growth narrative and lead to a guidance cut, causing a sharp de-rating of the stock.

Mechanism: If Dell cannot procure enough constrained components (e.g., HBM3e), it cannot build and ship the PowerEdge servers customers have ordered. This pushes revenue out of the guided period, causing a miss versus expectations, and questioning the company's supply chain advantage, which is a core part of the bull thesis.

Supporting Evidence:

Industry reports from March 2026 confirm shortages of High-Bandwidth Memory (HBM3e) are actively delaying server deployments.
NVIDIA's CFO has confirmed supply constraints for its latest GPUs and associated memory, which are critical for Dell's AI servers.
Historically, hardware stocks have dropped 15-25% on news of supply constraints that delay recognition of strong demand.

Key KPI Watchlist

KPI	Threshold	Rationale
AI-Optimized Server Backlog	>$40 Billion (Sequential Growth)	The backlog is the primary leading indicator of future revenue and market share gains. Any sequential decline would be a major red flag for the growth thesis.
ISG Operating Margin %	Sustain >13.5%	This KPI is critical for testing the 'Anti-Alpha' thesis. Sustaining strong margins proves Dell has pricing power and that AI server growth is profitable, not just empty revenue.
Backlog Conversion Rate (AI Server Revenue / Prior Quarter Backlog)	Monitor for stable or accelerating trend	This measures the velocity of revenue recognition. A decelerating trend would be the first sign that supply constraints are causing the bear case to materialize.

Core Investment Debate

The AI Backlog: Growth Catalyst or Supply Chain Bottleneck?

BULL VIEW

Dell's supply chain expertise will navigate component shortages, converting the backlog into high-margin revenue and triggering a major stock re-rating based on its new AI growth profile.

CORE TENSION

Whether Dell can convert its massive $43B AI server backlog into revenue before supply constraints on components like HBM and GPUs cause material delays and a guidance cut.

PREVAILING SENTIMENT

NEUTRAL

Bulls are winning based on the latest reported quarter: ISG revenue grew 73% YoY and ISG operating margin was strong at 14.8%, proving the AI growth engine is firing.

BEAR VIEW

Severe HBM and GPU shortages will delay backlog conversion, forcing a guidance cut, breaking the growth narrative, and compressing the stock's 'AI premium' multiple.

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch
May 28, 2026	Q1 FY2027 Earnings Call Watch: Backlog Conversion Rate and ISG Operating Margin. Watch for Q1 AI Server revenue relative to the $43B backlog and for ISG margins to remain above 14% vs the 14.8% Q4 baseline.
Late August 2026	Q2 FY2027 Earnings Call Watch: Sequential growth of the AI-Optimized Server Backlog. The key will be whether the backlog grows from its Q1-end level, signaling sustained, dominant demand.
Early July 2026	Gartner/IDC Q2 PC Shipment Data Release Watch: Global PC shipment YoY growth/decline. Specifically, watch for commentary on the commercial 'AI PC' refresh cycle and enterprise demand.
Anytime (Legislative Calendar Dependent)	Vote on 'AI Overwatch Act' Watch: Headline: Whether the 'AI Overwatch Act' passes into law, granting Congress veto power over semiconductor export licenses.

Key Events in Last 6 Months

Date	Event	Stock Impact
Oct 7, 2025	Investor Day / Securities Analyst Meeting Details: Dell held a securities analyst meeting to review company strategy and its long-term financial framework, reinforcing the AI-driven growth narrative to investors.	Surged +9.1% $149.67 -> $163.23
Nov 25, 2025	Q3 FY2026 Earnings Details: Delivered record Q3 revenue of $27.0B (+11% YoY) and raised full-year FY26 revenue guidance to $111.7B, citing accelerating AI momentum and raising AI server shipment guidance to $25B.	Surged +5.8% $125.37 -> $132.67
Jan 12, 2026	Strategic: PC Portfolio Rebranding Details: Dell rebranded its complex PC lineup to a simpler 'good, better, best' model (Dell, Dell Pro, Dell Pro Max) to clarify its offerings ahead of an expected AI PC refresh cycle.	Muted (-0.7%) $119.94 -> $119.13
Jan 22, 2026	Geopolitical: 'AI Overwatch Act' Progress Details: The 'AI Overwatch Act' passed a key House committee, introducing potential for future supply chain uncertainty for hardware manufacturers selling globally. The market reaction was minimal.	Slight -1.5% pullback $117.17 -> $115.43
Feb 26, 2026	Q4 FY2026 Earnings & FY2027 Guidance Details: Reported record Q4 results with ISG revenue up 73% YoY. Announced a $43B AI server backlog and guided FY2027 AI server revenue to ~$50B, causing a major stock re-rating.	Surged +21.9% $121.45 -> $148.08

Risk Management

Position Sizing

4% - 6%

NORMAL

Stock is in an Explosive volatility regime (4.5x S&P) with near-term fear spiking. While the AI growth thesis is strong, the Neutral sentiment and extreme volatility warrant capping the position size to manage drawdown risk.

Diversification Alternatives

ANET

SECTOR

Arista is a pure-play on AI networking, a critical 'picks and shovels' part of the buildout. It avoids Dell's legacy PC drag and the intense Dell vs. HPE/SMCI server competition.

Core Thesis: The shift from InfiniBand to Ethernet for large AI clusters is a durable tailwind. Arista's software-driven EOS provides a key competitive advantage for managing massive, complex AI networks.

VRT

SECTOR

Vertiv is a direct play on the AI-driven surge in data center power and cooling needs, especially liquid cooling. This is a critical problem Dell must solve, but Vertiv monetizes directly.

Core Thesis: Increasing power density of AI chips makes advanced liquid cooling a necessity, not an option. Vertiv's pure-play focus on data center infrastructure gives it an edge over diversified industrials.

How Is The Market Pricing DELL?

Dell is re-rating from a cyclical PC and legacy hardware provider to the primary systems integrator for enterprise AI, driven by a multi-billion dollar backlog for its PowerEdge AI-optimized servers.

Filter all news through the lens of AI server backlog conversion and Infrastructure Solutions Group (ISG) margin performance.

What will confirm the thesis

ISG revenue growth >+50% YoY; sustained AI server backlog above $40 billion; evidence of high-margin storage and services attaching to AI server deals; share gains in the commercial PC market driven by the AI PC refresh cycle.

What will damage the thesis

AI server backlog declining sequentially; ISG operating margins compressing below 12% due to high component costs (e.g., HBM, liquid cooling); significant delays in backlog conversion to revenue; market share loss in enterprise storage to competitors like Pure Storage or NetApp.

Noise: Real but irrelevant to thesis

Quarterly consumer PC market share fluctuations the profit engine is enterprise; minor shifts in legacy server demand the focus is AI-optimized systems; short-term component cost commentary without impact on guided margins.

Repricing Catalyst

The primary catalyst is the conversion of its $43 billion AI-optimized server backlog (as of Jan 30, 2026) into recognized revenue. Management has guided for approximately $50 billion in AI server revenue for FY2027, which represents a ~100% YoY growth rate. The market is rewarding Dell for its ability to capture a dominant share of the on-premise enterprise AI infrastructure buildout with its PowerEdge XE9680 servers housing NVIDIA's latest GPUs.

What DELL Makes & Who Pays

TTM figures based on Q4 FY2026 Earnings Press Release, Feb 26, 2026

AI & Traditional Servers, Networking & Storage (ISG)

$60.8B TTM (53.6% of Total) · 21.7% Margin

What It Is

PowerEdge AI-optimized servers (e.g., XE9680), traditional servers, PowerMax and PowerStore storage arrays, PowerSwitch networking hardware, and related support services.

Who Pays & How

Enterprises and cloud service providers pay for integrated, pre-validated systems to run AI training/inference and mission-critical workloads. Customers choose Dell for its global supply chain, service, and ability to deploy complex solutions at scale.

Per-unit hardware sale, often with multi-year software and support contracts attached.

Competition

Hewlett Packard Enterprise (HPE) ProLiant Servers and Supermicro GPU Servers

Supermicro is known for rapid adoption of new technologies and customization. HPE has deep relationships in enterprise accounts.

Dell's moat is its world-class global supply chain, which allows it to procure constrained components and deliver complex systems at a scale competitors struggle to match. This is evidenced by its $43B AI backlog vs. HPE's ~$5B.

Commercial & Consumer PCs (CSG)

$51.0B TTM (44.9% of Total) · 21.6% Margin

What It Is

Latitude commercial laptops, Precision workstations, OptiPlex desktops, XPS consumer laptops, and Alienware gaming PCs.

Who Pays & How

Enterprises pay for standardized, secure, and manageable fleets of PCs for their employees. Consumers pay for performance and brand in premium and gaming segments. Dell's direct sales model and supply chain efficiency historically provided a cost and customization advantage.

Per-unit hardware sale.

Competition

Lenovo ThinkPad and HP Inc. EliteBook

Lenovo has a dominant share in the global PC market. HP has a strong brand presence and retail footprint.

Dell's advantage lies in its deep relationships with large enterprise customers and its highly efficient, build-to-order supply chain.

DELL Evolution: Price Return by Era

1984 2012 · The PC Revolution

Direct Model Disruption

Michael Dell pioneered the direct-to-consumer, build-to-order model for PCs, creating massive supply chain efficiencies that allowed it to undercut competitors and gain significant market share. This era was defined by PC market dominance and operational excellence.

2013 2018 · The Private Equity Pivot

Going Private & The EMC Megadeal +175% (2016 IPO to 2018)

Facing a stagnating PC market, Michael Dell took the company private in 2013 to restructure away from public market pressures. This culminated in the historic $67 billion acquisition of EMC in 2016, which included a majority stake in VMware, transforming Dell into an enterprise powerhouse in storage, servers, and virtualization.

2019 2024 · Deleveraging & Core Focus

Post-Merger Integration and Debt Paydown +95% (2019 to 2023)

After returning to the public markets in 2018, this era was focused on integrating the massive EMC acquisition and paying down the significant debt load incurred. The period involved streamlining operations and focusing on the core PC (CSG) and infrastructure (ISG) businesses, setting the stage for future growth.

2025 Present · The AI Infrastructure Wave

AI Systems Integrator +157% (Last 12 Months)

Beginning in fiscal 2025 and accelerating dramatically in fiscal 2026, Dell emerged as a primary beneficiary of the generative AI boom. The company leveraged its supply chain expertise to build a massive, multi-billion dollar backlog for its PowerEdge AI-optimized servers, causing a significant re-rating of its stock as it shifted to a high-growth AI infrastructure story.

Market Appears To Be Aligned With Core Thesis

Price structure is strongly bullish. The regime, trend, and proximity to highs all point towards intact institutional trend. Relative to SPY: Decisively outperforming and improving. Potential evidence of active institutional rotation. Volume and momentum are strongly confirming. The institutional accumulation is evident and momentum is accelerating. Earnings history is mildly cautionary. The reaction or drift are negative, and the market is beginning to push back on the thesis.

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

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

③ Catalyst

-1

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

Combined Score

7 / 12

1 Price Structure & Trend Trending Up · Golden Cross ▾

2 Momentum Accelerating ▾

3 Relative Strength vs. SPY Strong Outperformance ▾

4 Institutional Footprint & Volume Strong Accumulation ▾

5 Volatility Expanded ▾

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	+4
③ Catalyst	-1

ℹ Bull Pillars: 2 · Bear Pillars: 1 · Combined Score: 7 → Market Appears To Be Aligned With Core Thesis

Dell Technologies — Investor Video Playlist

Products & Services

Dell Computer Vision AI Solutions for Business

Dell Technologies · 2026-06-11

Investor / Analyst

Q1FY27 Earnings: Dell Technologies

Dell Technologies · 2026-05-28

Leadership

Michael Dell on Hybrid AI 🚀 | Choice Without Compromise at Dell Tech World

Dell Technologies · 2026-05-19

Investor / Analyst

Dell Tech World 2026 Day 2 Keynote | Build to Lead

Dell Technologies · 2026-05-19

Leadership

Reimagining the Modern Data Center for the AI Era | Jeff Clarke at Dell Tech World 2026

Dell Technologies · 2026-05-19

Products & Services

Introducing PowerStore Elite

Dell Technologies · 2026-05-19

Investor / Analyst

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

Dell Technologies · 2026-05-18

Leadership

AI Insights Poll Results: What 2025 Tech Leaders Revealed

Dell Technologies · 2026-03-25

Industry Resources

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Core Cache Last Updated: 6/15/2026

Dell Technologies (DELL)

Market Price (6/16/2026): $405.17 | Market Cap: $263.0 BilInvestor Relations ↗Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Dell Technologies (DELL)

Market Price (6/16/2026): $405.17Market Cap: $263.0 BilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals

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

Valuation & Metrics

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Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

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Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

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In The Past

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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% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 12.9% | 24.5x)

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: 3.7%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 12.9% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 12.9% | 24.5x)

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: 3.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 12.9% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 12.9% | 24.5x)

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: 3.7%)

Best Bets in Information Technology

P/EBIT (Value for DELL: 22.6x)

P/E (Value for DELL: 31.6x)

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 (6/16/2026): $405.17 | Market Cap: $263.0 BilInvestor Relations Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Market Price (6/16/2026): $405.17
Market Cap: $263.0 Bil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals