Dell Technologies (DELL)

Market Price (9/10/2026): $534.11 | Market Cap: $344.5 BilInvestor Relations Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Dell Technologies (DELL)

Market Price (9/10/2026): $534.11
Market Cap: $344.5 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 49%

Stock buyback support
Stock Buyback 3Y Total is 17 Bil

Attractive cash flow generation
CFO LTM is 12 Bil, FCF LTM is 8.6 Bil

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

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Stock price has recently run up significantly
6M Rtn6 month market price return is 265%, 12M Rtn12 month market price return is 347%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 187%

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 49%
1	Stock buyback support Stock Buyback 3Y Total is 17 Bil
2	Attractive cash flow generation CFO LTM is 12 Bil, FCF LTM is 8.6 Bil
3	Megatrend and thematic drivers Megatrends include Artificial Intelligence, Cloud Computing, and 5G & Advanced Connectivity. Themes include Data Centers & Infrastructure, Show more.
4	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5	Stock price has recently run up significantly 6M Rtn6 month market price return is 265%, 12M Rtn12 month market price return is 347%
6	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 187%
7	Key risks DELL key risks include [1] margin pressure and cash flow strain from its booming but high-cost AI server business and [2] concurrent weakness in its personal computer segment.

DELL in ETFs

Weight = DELL's share of each fund

SPY0.23%

VOO0.18%

IVV0.19%

VTI0.16%

ITOT0.20%

IWB0.22%

RSP0.27%

VTV0.44%

+27 more covered ETFs

Valuation & Metrics

FYE: 1/30	Forward FYE		Now	Historical (CYE & TTM)
	2028	2027	9/10/26	2025	2024	2023
Share Price			$534.11	$125.88	$115.24	$76.50
Mkt Cap ($ Bil)			344.5	83.1	80.9	54.2
+ Debt ($ Bil)			34.5	31.5	24.6	26.0
- Cash ($ Bil)			11.6	11.5	3.6	7.4
TEV ($ Bil)			367.4	114.6	105.5	80.2
Valuation Ratios
P/S	1.5	1.8	2.3	0.7	0.8	0.6
P/EBIT	15.1	16.1	22.4	9.3	12.5	9.6
P/E	19.0	20.4	30.3	14.0	17.6	16.0
P/FCF	—	—	40.2	9.7	43.3	9.1
Sector Ratios (* = sector average)
P/S *			3.8	3.6	3.6	3.2
P/EBIT *			3.2	3.6	1.6	-0.1
P/E *			-0.1	-0.1	-0.3	-0.2
P/FCF *			10.1	12.4	14.8	13.8

FYE: 1/30	Forward FYE		Now
	2028	2027	9/10/26
Share Price			$534.11
Mkt Cap ($ Bil)			344.5
+ Debt ($ Bil)			34.5
- Cash ($ Bil)			11.6
TEV ($ Bil)			367.4
Valuation Ratios
P/S	1.5	1.8	2.3
P/EBIT	15.1	16.1	22.4
P/E	19.0	20.4	30.3
P/FCF	—	—	40.2
Sector Ratios (* = sector average)
P/S *			3.8
P/EBIT *			3.2
P/E *			-0.1
P/FCF *			10.1

FYE: 1/30	DELL [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$151.2 Bil	—
FY 2027 Sales	$194.7 Bil	—
FY 2028 Sales	$235.6 Bil	—
FY 2027 Sales Growth	28.8%	—
FY 2028 Sales Growth	21.0%	13.2%
EARNINGS
LTM Net Income (GAAP) [3]	$11.4 Bil	—
FY 2027 Net Income (Non-GAAP)	$16.9 Bil	—
FY 2028 Net Income (Non-GAAP)	$18.2 Bil	—
FY 2028 Net Income Growth	7.5%	18.7%
FY 2027 EPS (Non-GAAP)	$25.88	—
FY 2028 EPS (Non-GAAP)	$30.91	—
FY 2028 EPS Growth	19.4%	—
VALUATION
FY 2027 P/S	1.8	1.6
FY 2028 P/S	1.5	—
FY 2027 P/E	20.4	7.5
FY 2028 P/E	19.0	—

[1] DELL forward figures are analyst consensus for the next two fiscal years (fiscal year end 1/30). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~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)	151.2
Rev Chg Q	57.7%	9.3%
Rev Chg LTM	49.0%	8.4%
Rev Chg 3Y Avg	19.2%	5.9%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	14.5
CFO LTM ($ Bil)	12.2
Net Inc LTM ($ Bil)	11.4
Op Mgn LTM	9.6%	18.6%
CFO/Rev LTM	8.0%	21.9%
Net Inc Mgn	7.5%	13.1%
VALUATION	HIGH
P/S	2.3	3.2
P/CFO	28.3	15.2
P/FCF	40.2	19.5
P/E	30.3	23.0
STABILITY	GOOD
Debt/Equity	0.10	0.20
Cash/Assets	0.09	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
9/01/2026	Earnings Release	Rev: $46 Bil (A) vs. $44 Bil (E) EPS: 7.04 (A) vs. $4.91 (E)
Upcoming
10/20/2026	Dividend	Amount: $0.63 Payment On: 10/30/2026
11/24/2026	Earnings Release	Rev: $49 Bil (E) EPS: $6.56 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 9/3/2026

Dell Technologies (DELL) stock has gained about 25% since 5/31/2026 because of the following key factors:

1. Dell Technologies delivered exceptional fiscal Q2 2027 financial results and substantially raised its full-year guidance. The company reported record revenue of $47.0 billion for its fiscal second quarter (which ended in July 2026), marking a 58% year-over-year increase and significantly surpassing analyst estimates. Non-GAAP diluted earnings per share (EPS) reached $7.04, a 203% year-over-year rise, beating consensus by 43.69%. Following this, Dell increased its full-year fiscal 2027 revenue outlook by $25 billion to $192.0 billion, representing a 69% year-over-year growth, and its non-GAAP EPS guidance to $25.50, up 148% year-over-year.

2. Surging demand for AI-optimized servers drove record orders and a significant backlog. A primary catalyst was Dell's AI-optimized server business, which generated a record $16.4 billion in revenue in fiscal Q2 2027, doubling year-over-year. The company booked a record $60.9 billion in new AI server orders during the quarter, pushing its AI-optimized server backlog to an unprecedented $95 billion, a near-doubling from the $51.3 billion reported at the end of fiscal Q1 2027. Dell also projected AI-optimized server revenue for fiscal 2027 to be $74 billion.

3. Broad-based strength across the Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG) reinforced growth. Beyond AI servers, Dell demonstrated robust performance across its other business segments. The Infrastructure Solutions Group (ISG) achieved $31.8 billion in revenue, growing 89% year-over-year, with traditional servers and networking revenue up 122%, and storage revenue increasing by 26%. The Client Solutions Group (CSG) also saw solid performance, with revenue of $15.0 billion, up 20% year-over-year, largely driven by commercial client sales.

4. Multiple analyst upgrades and increased price targets fueled positive investor sentiment. Following Dell's strong fiscal Q2 2027 results and optimistic outlook, numerous Wall Street analysts reiterated or upgraded their ratings and significantly raised their price targets. For example, JPMorgan increased its price target to $635, Bernstein to $650, Truist Securities to $505, TD Cowen to $500, and Goldman Sachs to $570, reflecting strong confidence in Dell's positioning in the AI infrastructure market and its future growth trajectory.

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Stock Movement Drivers

Fundamental Drivers

The 27.4% change in DELL stock from 5/31/2026 to 9/9/2026 was primarily driven by a 43.9% change in the company's Net Income Margin (%).

(LTM values as of)	5312026	9092026	Change
Stock Price ($)	420.22	535.25	27.4%
Change Contribution By:
Total Revenues ($ Mil)	113,538	151,197	33.2%
Net Income Margin (%)	5.2%	7.5%	43.9%
P/E Multiple	46.7	30.3	-35.1%
Shares Outstanding (Mil)	660	645	2.3%
Cumulative Contribution			27.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/9/2026

	Return	Correlation
DELL	27.4%
Market (SPY)	0.8%	47.3%
Sector (XLK)	-1.6%	57.9%

Fundamental Drivers

The 263.2% change in DELL stock from 2/28/2026 to 9/9/2026 was primarily driven by a 59.9% change in the company's P/E Multiple.

(LTM values as of)	2282026	9092026	Change
Stock Price ($)	147.38	535.25	263.2%
Change Contribution By:
Total Revenues ($ Mil)	104,090	151,197	45.3%
Net Income Margin (%)	5.0%	7.5%	50.3%
P/E Multiple	19.0	30.3	59.9%
Shares Outstanding (Mil)	671	645	4.0%
Cumulative Contribution			263.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/9/2026

	Return	Correlation
DELL	263.2%
Market (SPY)	11.4%	36.1%
Sector (XLK)	35.6%	51.9%

Fundamental Drivers

The 343.8% change in DELL stock from 8/31/2025 to 9/9/2026 was primarily driven by a 65.8% change in the company's P/E Multiple.

(LTM values as of)	8312025	9092026	Change
Stock Price ($)	120.61	535.25	343.8%
Change Contribution By:
Total Revenues ($ Mil)	96,701	151,197	56.4%
Net Income Margin (%)	4.7%	7.5%	59.6%
P/E Multiple	18.3	30.3	65.8%
Shares Outstanding (Mil)	692	645	7.3%
Cumulative Contribution			343.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/9/2026

	Return	Correlation
DELL	343.8%
Market (SPY)	19.2%	38.0%
Sector (XLK)	43.7%	48.9%

Fundamental Drivers

The 898.6% change in DELL stock from 8/31/2023 to 9/9/2026 was primarily driven by a 274.2% change in the company's Net Income Margin (%).

(LTM values as of)	8312023	9092026	Change
Stock Price ($)	53.60	535.25	898.6%
Change Contribution By:
Total Revenues ($ Mil)	97,107	151,197	55.7%
Net Income Margin (%)	2.0%	7.5%	274.2%
P/E Multiple	19.9	30.3	52.7%
Shares Outstanding (Mil)	724	645	12.2%
Cumulative Contribution			898.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/9/2026

	Return	Correlation
DELL	898.6%
Market (SPY)	75.3%	46.5%
Sector (XLK)	117.9%	55.0%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
DELL Return	52%	-27%	96%	53%	11%	328%	1492%
Peers Return	38%	-12%	21%	26%	14%	44%	205%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	104%
Monthly Win Rates [3]
DELL Win Rate	75%	33%	75%	75%	50%	78%
Peers Win Rate	65%	42%	68%	57%	52%	58%
S&P 500 Win Rate	75%	42%	67%	75%	67%	44%
Max Drawdowns [4]
DELL Max Drawdown	-11%	-44%	-16%	-51%	-42%	-21%
Peers Max Drawdown	-18%	-30%	-18%	-18%	-31%	-23%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See DELL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/9/2026 (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: 19.2% | 2.3x)

NTAP (5.1%)

NetApp

HPE (4.5%)

Hewlett Packard Enterprise

SNDK (4.4%)

SanDisk

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 19.2% | 2.3x)

SMCI (78.3% | 0.6x)

Super Micro Computer

VSAT (22.5% | 2.1x)

Viasat

VYX (47.0% | 0.5x)

NCR Voyix

PAR (24.0% | 1.5x)

PAR Technology

CLMB (30.3% | 0.7x)

Climb Global Solutions

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 19.2% | 23.7x)

MU (80.9% | 19.6x)

Micron Technology

SNDK (68.4% | 20.8x)

SanDisk

SMCI (78.3% | 8.6x)

Super Micro Computer

YOU (24.0% | 17.3x)

Clear Secure

GRND (31.9% | 17.4x)

Grindr

Higher Rev Chg LTM (Value for DELL: 49.0%)

SNDK (175.3%)

SanDisk

MU (167.0%)

Micron Technology

NVDA (83.4%)

NVIDIA

PLTR (78.9%)

Palantir Technologies

APH (54.2%)

Amphenol

Higher Rev Chg 3Y Avg (Value for DELL: 19.2%)

NVDA (116.5%)

NVIDIA

MU (80.9%)

Micron Technology

PLTR (46.3%)

Palantir Technologies

AVGO (29.3%)

Broadcom

AMD (24.4%)

Advanced Micro Devices

Higher Op Mgn LTM (Value for DELL: 9.6%)

MU (65.7%)

Micron Technology

NVDA (65.2%)

NVIDIA

MSFT (46.8%)

Microsoft

AVGO (44.1%)

Broadcom

AAPL (33.2%)

Apple

Higher CFO/Rev LTM (Value for DELL: 8.0%)

MU (57.0%)

Micron Technology

MSFT (55.1%)

Microsoft

AVGO (44.6%)

Broadcom

NVDA (44.3%)

NVIDIA

AAPL (31.4%)

Apple

Higher FCF/Rev LTM (Value for DELL: 5.7%)

AVGO (43.4%)

Broadcom

NVDA (41.9%)

NVIDIA

AAPL (29.3%)

Apple

MU (29.0%)

Micron Technology

MSFT (20.2%)

Microsoft

Higher Total Yield (Value for DELL: 3.7%)

ORCL (4.9%)

Oracle

CSCO (4.6%)

Cisco Systems

SNDK (4.4%)

SanDisk

MU (4.4%)

Micron Technology

MSFT (4.4%)

Microsoft

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 19.2% | 2.3x)

COF (21.2% | 2.1x)

Capital One Financial

ENB (23.1% | 1.3x)

Enbridge

CI (131.9% | 0.3x)

Cigna

OKE (28.9% | 1.5x)

ONEOK

CVNA (30.8% | 2.1x)

Carvana

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 19.2% | 23.7x)

META (23.8% | 19.1x)

Meta Platforms

NEM (32.1% | 9.6x)

Newmont

ENB (23.1% | 9.6x)

Enbridge

APP (44.4% | 19.4x)

AppLovin

AEM (34.4% | 12.0x)

Agnico Eagle Mines

Higher Rev Chg LTM (Value for DELL: 49.0%)

BE (91.0%)

Bloom Energy

APP (60.6%)

AppLovin

AEM (50.3%)

Agnico Eagle Mines

LLY (49.6%)

Eli Lilly

B (49.4%)

Barrick Mining

Higher Rev Chg 3Y Avg (Value for DELL: 19.2%)

LLY (39.4%)

Eli Lilly

NEM (32.1%)

Newmont

WELL (27.6%)

Welltower

GE (26.2%)

GE Aerospace

META (23.8%)

Meta Platforms

Higher Op Mgn LTM (Value for DELL: 9.6%)

LLY (49.7%)

Eli Lilly

META (38.1%)

Meta Platforms

GOOGL (33.1%)

Alphabet

WM (18.5%)

Waste Management

AMZN (12.1%)

Amazon.com

Higher CFO/Rev LTM (Value for DELL: 8.0%)

META (57.1%)

Meta Platforms

GOOGL (41.6%)

Alphabet

AMZN (20.8%)

Amazon.com

TSLA (18.0%)

Tesla

BRK-B (10.6%)

Berkshire Hathaway

Higher FCF/Rev LTM (Value for DELL: 5.7%)

V (47.2%)

Visa

META (18.0%)

Meta Platforms

LLY (17.0%)

Eli Lilly

WM (13.9%)

Waste Management

GOOGL (11.9%)

Alphabet

Higher Total Yield (Value for DELL: 3.7%)

JPM (8.6%)

JPMorgan Chase

BRK-B (7.9%)

Berkshire Hathaway

GOOGL (6.3%)

Alphabet

AMZN (5.0%)

Amazon.com

META (4.4%)

Meta Platforms

Best Bets in Information Technology

What You Pay

P/EBIT (Value for DELL: 22.5x)

VRSN (22.1x)

VeriSign

ANET (53.5x)

Arista Networks

NVDA (23.5x)

NVIDIA

IDCC (22.6x)

InterDigital

YOU (17.3x)

Clear Secure

ADEA (14.6x)

Adeia

GEN (8.6x)

Gen Digital

ZM (23.8x)

Zoom Communications

ADBE (10.9x)

Adobe

FICO (17.8x)

Fair Isaac

P/E (Value for DELL: 30.3x)

VRSN (30.7x)

VeriSign

ANET (60.1x)

Arista Networks

NVDA (28.0x)

NVIDIA

IDCC (29.0x)

InterDigital

YOU (29.3x)

Clear Secure

ADEA (24.1x)

Adeia

GEN (16.9x)

Gen Digital

ZM (8.7x)

Zoom Communications

ADBE (14.2x)

Adobe

FICO (27.3x)

Fair Isaac

What You Get

Rev Chg 3Y Avg (Value for DELL: 19.2%)

VRSN (5.3%)

VeriSign

ANET (26.2%)

Arista Networks

NVDA (116.5%)

NVIDIA

IDCC (15.6%)

InterDigital

YOU (24.0%)

Clear Secure

ADEA (7.0%)

Adeia

GEN (12.8%)

Gen Digital

ZM (3.8%)

Zoom Communications

ADBE (11.0%)

Adobe

FICO (17.7%)

Fair Isaac

Rev Chg LTM (Value for DELL: 49.0%)

VRSN (6.9%)

VeriSign

ANET (32.6%)

Arista Networks

NVDA (83.4%)

NVIDIA

IDCC (-11.7%)

InterDigital

YOU (19.8%)

Clear Secure

ADEA (24.3%)

Adeia

GEN (20.2%)

Gen Digital

ZM (5.0%)

Zoom Communications

ADBE (11.5%)

Adobe

FICO (24.1%)

Fair Isaac

Rev Chg Q (Value for DELL: 57.7%)

VRSN (6.0%)

VeriSign

ANET (37.7%)

Arista Networks

NVDA (105.9%)

NVIDIA

IDCC (-13.4%)

InterDigital

YOU (26.6%)

Clear Secure

ADEA (12.1%)

Adeia

GEN (6.3%)

Gen Digital

ZM (4.9%)

Zoom Communications

ADBE (12.7%)

Adobe

FICO (25.7%)

Fair Isaac

FCF/Rev 3Y Avg (Value for DELL: 4.7%)

VRSN (58.5%)

VeriSign

ANET (47.2%)

Arista Networks

NVDA (44.7%)

NVIDIA

IDCC (42.5%)

InterDigital

YOU (41.9%)

Clear Secure

ADEA (41.1%)

Adeia

GEN (39.0%)

Gen Digital

ZM (38.3%)

Zoom Communications

ADBE (37.9%)

Adobe

FICO (37.4%)

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

Peer Outperformance in Technology Hardware, Storage & Peripherals

DELL has outperformed 100% of its 20 Technology Hardware, Storage & Peripherals peers over 5Y. Technology Hardware, Storage & Peripherals ranks 7th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.

Share of Technology Hardware, Storage & Peripherals constituents that DELL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

88%

of 25 industry peers · 346.9% return

86%

of 22 industry peers · 696.6% return

100%

of 20 industry peers · 1128.1% return

No Technology Hardware, Storage & Peripherals peer with a comparable growth profile has beaten DELL by more than 20pp over 5Y.

Median price return by industry across the Information Technology sector, ranked by 5Y. Technology Hardware, Storage & Peripherals is DELL's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Electronic Manufacturing Services	9	62.0%	191.8%	304.2%	TTMI 816% · FLEX 745% · SANM 424%
Semiconductor Materials & Equipment	27	129.2%	82.9%	106.7%	AEHR 845% · AXTI 647% · LRCX 456%
Technology Distributors	9	31.8%	69.9%	87.2%	CLMB 337% · AVT 168% · SNX 133%
Communications Equipment	35	21.0%	92.3%	74.4%	AAOI 1353% · LITE 1052% · ANET 780%
Electronic Components	26	39.3%	59.6%	64.6%	CLS 3713% · BELFA 1314% · COHR 394%
Semiconductors	55	23.0%	26.0%	27.9%	POET 1864% · MU 1334% · NVDA 897%
Technology Hardware, Storage & Peripherals ←	21	30.2%	79.4%	23.5%	DELL 1128% · STX 1125% · WDC 1018%
Internet Services & Infrastructure	6	19.5%	33.5%	13.9%	DOCN 89% · VRSN 32% · GDDY 24%
Electronic Equipment & Instruments	27	-13.0%	6.7%	-10.7%	PI 210% · OSIS 108% · NSSC 97%
IT Consulting & Other Services	28	-27.5%	-14.5%	-31.2%	CHRN 478321% · APLD 1264% · TSSI 657%
Application Software	122	-28.4%	-15.9%	-46.0%	VIDA 205355% · INLX 4774% · PLTR 545%
Systems Software	67	-15.1%	-1.0%	-57.2%	QNC 469% · ZETA 340% · PANW 328%

Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Want DELL Stock 60% Cheaper? Get Paid 9.4% A Year While You Wait	08/22/2026
2	Dell Technologies Stock Plummets 12% With 5-Day Losing Streak	08/21/2026
3	Dell's Big Day Was All About Another Company	07/23/2026
4	Want DELL Stock 50% Cheaper? Get Paid 16% While You Wait	07/21/2026
5	Dell Stock and the Best Kind of Problem	06/13/2026
6	How Steep Is the Plunge for Dell Stock?	06/11/2026
7	How Wide Is the Field of Play for Dell Stock?	06/10/2026
8	Dell Technologies Stock Surges 92%, With A 8-Day Winning Spree	06/02/2026
9	How to Get Paid to Buy DELL at a Steep Discount	06/02/2026
10	Dell Technologies Stock Surges 79%, With A 7-Day Winning Spree	05/30/2026
11	ARTICLES
12	7 S&P 500 Stocks Hit 52-Week Highs On Wednesday	09/10/2026
13	Large Cap Stocks At 52-Week Highs: Wednesday’s Full List	09/10/2026
14	The Tables Have Turned: A Year Ago Dell Was The Cheaper Bet, Not Super Micro	09/09/2026
15	Where The Buying Ran Strongest: 5 S&P 500 Stocks At 52-Week Highs	09/09/2026
16	6 Large Cap Stocks Just Made New 52-Week Highs	09/09/2026

	Title
0	DASHBOARDS
1	Want DELL Stock 60% Cheaper? Get Paid 9.4% A Year While You Wait
2	Dell Technologies Stock Plummets 12% With 5-Day Losing Streak
3	Dell's Big Day Was All About Another Company
4	Want DELL Stock 50% Cheaper? Get Paid 16% While You Wait
5	Dell Stock and the Best Kind of Problem
6	How Steep Is the Plunge for Dell Stock?
7	How Wide Is the Field of Play for Dell Stock?
8	Dell Technologies Stock Surges 92%, With A 8-Day Winning Spree
9	How to Get Paid to Buy DELL at a Steep Discount
10	Dell Technologies Stock Surges 79%, With A 7-Day Winning Spree
11	ARTICLES
12	7 S&P 500 Stocks Hit 52-Week Highs On Wednesday
13	Large Cap Stocks At 52-Week Highs: Wednesday’s Full List
14	The Tables Have Turned: A Year Ago Dell Was The Cheaper Bet, Not Super Micro
15	Where The Buying Ran Strongest: 5 S&P 500 Stocks At 52-Week Highs
16	6 Large Cap Stocks Just Made New 52-Week Highs

Trade Ideas

Select ideas related to DELL.

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Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SIG	Signet Jewelers	4.1	24.0%	25.1%
ASO	Academy Sports and Outdoors	3.3	14.4%	3.0%
FTK	Flotek Industries	1.0	14.4%	61.8%
BAND	Bandwidth	1.6	11.9%	216.1%
SWMR	Swarmer	0.6	10.9%	14.0%
NET	Cloudflare	111.3	10.5%	59.4%
HELP	Helus Pharma	0.7	10.4%	77.0%
CSR	Centerspace	1.0	8.8%	-11.7%
PLSE	Pulse Biosciences	3.7	8.6%	285.8%
AMBA	Ambarella	3.0	8.4%	-2.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TTAN	ServiceTitan	5.4	-30.0%	-46.4%
TBBK	Bancorp	2.1	-22.3%	-25.9%
BRZE	Braze	2.6	-21.7%	-30.8%
TYRA	Tyra Biosciences	1.5	-17.7%	-16.3%
CASY	Casey's General Stores	23.2	-14.2%	14.1%
TAP-A	Molson Coors Beverage	7.9	-12.3%	-6.8%
PS	Pershing Square	14.6	-12.1%	51.3%
CNL	Collective Mining	1.4	-11.5%	2.8%
KRMN	Karman	4.7	-11.3%	-51.9%
CHWY	Chewy	8.6	-10.8%	-37.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
EOSE	Eos Energy Enterprises	1.4	36.5%	-63.8%
SEI	Solaris Energy Infrastructure	4.0	36.3%	47.8%
SECZ	Securitize	1.2	34.9%	-31.5%
NRGV	Energy Vault	0.8	31.2%	-6.9%
COHU	Cohu	2.7	28.4%	143.6%
SIG	Signet Jewelers	4.1	26.1%	25.1%
BE	Bloom Energy	77.4	26.0%	209.9%
DELL	Dell Technologies	347.4	25.9%	329.1%
AEHR	Aehr Test Systems	3.0	24.8%	373.3%
MXL	MaxLinear	6.4	24.2%	310.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ADBT	Advasa	0.2	-91.5%	-95.0%
RARE	Ultragenyx Pharmaceutical	1.5	-44.6%	-37.8%
TTAN	ServiceTitan	5.4	-40.2%	-46.4%
CXM	Sprinklr	1.3	-30.0%	-31.6%
GWRE	Guidewire Software	12.0	-29.3%	-29.2%
BRZE	Braze	2.6	-27.6%	-30.8%
PATH	UiPath	7.1	-25.2%	-17.2%
MEI	Methode Electronics	0.5	-23.6%	114.3%
DYN	Dyne Therapeutics	3.2	-23.5%	-1.9%
TBBK	Bancorp	2.1	-22.3%	-25.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MRNA	Moderna	54.0	126.7%	359.9%
CAPR	Capricor Therapeutics	0.5	124.4%	-70.1%
QMCO	Quantum	0.5	105.8%	275.8%
PURR	Hyperliquid Strategies	1.5	82.3%	237.9%
ARX	Accelerant	4.3	64.8%	21.3%
HTFL	HeartFlow	4.0	59.0%	60.1%
NIQ	NIQ Global Intelligence	5.3	55.1%	9.8%
FWDI	Forward Industries	0.6	54.5%	-0.9%
BTGO	BitGo	0.9	49.3%	-59.4%
AVAH	Aveanna Healthcare	3.1	48.2%	71.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ALMS	Alumis	1.3	-64.4%	0.4%
IESC	IES	12.9	-47.1%	-16.5%
RARE	Ultragenyx Pharmaceutical	1.5	-46.6%	-37.8%
AADX	Applied Aerospace & Defense	1.8	-44.5%	-37.2%
KRMN	Karman	4.7	-43.3%	-51.9%
CDNL	Cardinal Infrastructure	0.5	-42.4%	43.0%
DKS	Dick's Sporting Goods	11.8	-37.7%	-31.8%
BURL	Burlington Stores	15.0	-35.6%	-17.2%
LCID	Lucid	1.6	-35.4%	-59.6%
LIF	Life360	3.4	-34.9%	-34.4%

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	535.25	32.39	58.90	239.94	109.43	315.34	174.69
Mkt Cap	345.2	29.8	78.7	225.8	432.2	4,621.7	285.5
Rev LTM	151,197	59,162	41,871	69,097	63,325	466,823	66,211
Op Inc LTM	14,547	3,884	3,284	12,705	16,061	154,859	13,626
FCF LTM	8,560	3,881	4,156	13,144	12,767	136,683	10,664
FCF 3Y Avg	5,593	3,417	2,367	12,295	12,088	112,402	8,841
CFO LTM	12,152	4,668	6,694	14,888	14,177	146,724	13,164
CFO 3Y Avg	8,566	4,155	4,777	13,974	13,083	122,777	10,824

Growth & Margins

	DELL	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Dell Tec.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	49.0%	8.1%	26.6%	7.9%	11.8%	14.2%	13.0%
Rev Chg 3Y Avg	19.2%	2.8%	12.8%	4.5%	3.8%	6.9%	5.7%
Rev Chg Q	57.7%	12.5%	33.7%	1.1%	17.6%	16.4%	17.0%
QoQ Delta Rev Chg LTM	12.8%	3.0%	7.9%	0.3%	4.2%	3.4%	3.8%
Op Inc Chg LTM	103.1%	5.8%	61.4%	16.3%	28.4%	18.9%	23.7%
Op Inc Chg 3Y Avg	46.1%	-1.5%	12.7%	13.3%	2.7%	11.5%	12.1%
Op Mgn LTM	9.6%	6.6%	7.8%	18.4%	25.4%	33.2%	14.0%
Op Mgn 3Y Avg	7.8%	7.1%	7.3%	17.0%	23.8%	32.1%	12.4%
QoQ Delta Op Mgn LTM	1.4%	-0.0%	2.0%	-0.4%	1.6%	0.5%	1.0%
CFO/Rev LTM	8.0%	7.9%	16.0%	21.5%	22.4%	31.4%	18.8%
CFO/Rev 3Y Avg	7.3%	7.4%	13.8%	21.4%	22.6%	29.1%	17.6%
FCF/Rev LTM	5.7%	6.6%	9.9%	19.0%	20.2%	29.3%	14.5%
FCF/Rev 3Y Avg	4.7%	6.1%	6.7%	18.9%	20.9%	26.6%	12.8%

Valuation

	DELL	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Dell Tec.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	345.2	29.8	78.7	225.8	432.2	4,621.7	285.5
P/S	2.3	0.5	1.9	3.3	6.8	9.9	2.8
P/Op Inc	23.7	7.7	24.0	17.8	26.9	29.8	23.8
P/EBIT	22.5	9.1	24.0	18.3	24.7	29.8	23.2
P/E	30.3	12.1	28.2	21.1	32.6	35.8	29.3
P/CFO	28.4	6.4	11.8	15.2	30.5	31.5	21.8
Total Yield	3.7%	11.9%	4.5%	7.5%	4.6%	3.1%	4.5%
Dividend Yield	0.5%	3.7%	0.9%	2.8%	1.5%	0.3%	1.2%
FCF Yield 3Y Avg	4.1%	13.9%	5.8%	5.6%	4.3%	3.2%	5.0%
D/E	0.1	0.3	0.3	0.3	0.1	0.0	0.2
Net D/E	0.1	0.2	0.2	0.3	0.0	0.0	0.1

Returns

	DELL	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Dell Tec.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	16.9%	9.7%	7.7%	1.5%	-10.7%	2.3%	5.0%
3M Rtn	45.0%	32.5%	29.9%	-11.3%	-7.5%	8.2%	19.0%
6M Rtn	264.9%	79.3%	177.4%	-2.2%	41.4%	21.1%	60.4%
12M Rtn	346.9%	18.4%	151.8%	-5.0%	65.9%	35.1%	50.5%
3Y Rtn	696.6%	25.6%	267.0%	78.2%	109.0%	79.4%	94.2%
1M Excs Rtn	18.4%	11.3%	9.2%	3.0%	-9.2%	3.8%	6.5%
3M Excs Rtn	37.0%	29.4%	19.0%	-16.3%	-12.1%	5.2%	12.1%
6M Excs Rtn	261.4%	66.4%	169.2%	-15.3%	29.5%	8.5%	48.0%
12M Excs Rtn	323.1%	-0.4%	138.3%	-21.4%	49.4%	15.5%	32.5%
3Y Excs Rtn	654.5%	-47.3%	184.9%	8.8%	35.7%	-0.4%	22.2%

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

Financials

Annual
Quarterly

$ Mil \| FY: 1/30	LTM	2026	2025	2024	2023	2022	2021
Period End	7/31/2026	1/30/2026	1/31/2025	2/2/2024	2/3/2023	1/28/2022	1/29/2021
Filing Date	9/8/2026	3/16/2026	3/25/2025	3/25/2024	3/30/2023	3/24/2022	3/26/2021
Key Financials
Total Revenue	151,197	113,538	95,567	88,425	102,301	101,197	86,670
Gross Profit	29,935	22,707	21,250	21,069	22,686	21,891	20,140
EBITDA	18,411	11,852	9,585	8,891	7,662	12,016	9,788
Operating Income	14,547	8,446	6,656	5,933	5,771	4,659	3,685
Net Income	11,378	5,936	4,592	3,388	2,442	5,563	3,250
EPS	17.49	8.79	6.51	4.71	3.33	7.02	4.37
Growth Rates
Total Revenue Growth	49.0%	18.8%	8.1%	-13.6%	1.1%	16.8%	2.2%
EBITDA Growth	75.8%	23.7%	7.8%	16.0%	-36.2%	22.8%	15.3%
Operating Income Growth	103.1%	26.9%	12.2%	2.8%	23.9%	26.4%	55.7%
Net Income Growth	135.2%	29.3%	35.5%	38.7%	-56.1%	71.2%	-29.6%
Margins
Gross Margin	19.8%	20.0%	22.2%	23.8%	22.2%	21.6%	23.2%
EBITDA Margin	12.2%	10.4%	10.0%	10.1%	7.5%	11.9%	11.3%
Operating Income Margin	9.6%	7.4%	7.0%	6.7%	5.6%	4.6%	4.3%
Net Income Margin	7.5%	5.2%	4.8%	3.8%	2.4%	5.5%	3.7%
Cash & Debt
Total Cash	11,569	11,528	3,633	7,366	8,607	9,477	9,508
Total Debt	34,466	31,503	24,567	25,994	29,588	26,954	39,222
Net Debt / (Cash)	22,897	19,975	20,934	18,628	20,981	17,477	29,714
Cash Flows & CapEx
Net Cash from Operations	12,152	11,185	4,521	8,676	3,565	10,307	11,407
Total CapEx	-3,592	-2,633	-2,652	-2,756	-3,003	-2,796	-2,082
Free Cash from Operations	8,560	8,552	1,869	5,920	562	7,511	9,325
Returns to Shareholders
Dividends	1,566	1,459	1,275	1,072	964	-0	-0
Share Repurchases	9,106	6,404	3,165	2,452	3,281	1,838	1,604

$ Mil \| FY: 1/30	2027Q2	2027Q1	2026Q4	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3
Period End	7/31/2026	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
Filing Date	9/8/2026	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
Key Financials Quarterly
Total Revenue	46,971	43,842	33,379	27,005	29,776	23,378	23,931	24,366	25,026	22,244	22,318	22,251
Ebitda	6,226	5,109	3,983	3,093	2,663	2,182	3,090	2,538	2,210	1,751	2,659	2,374
Operating Income	5,472	3,762	3,145	2,168	1,901	1,232	2,237	1,792	1,392	965	2,213	1,486
Net Income	4,133	3,438	2,259	1,548	1,164	965	1,533	1,175	887	997	1,337	1,006
EPS	6.41	5.30	3.47	2.31	1.72	1.39	2.20	1.67	1.25	1.41	1.64	1.39
Key Financials TTM
Total Revenue TTM	151,197	134,002	113,538	104,090	101,451	96,701	95,567	93,954	91,839	89,747	88,425	91,146
Ebitda TTM	18,411	14,848	11,921	11,028	10,473	10,020	9,589	9,158	8,994	8,752	8,920	8,411
Operating Income TTM	14,547	10,976	8,446	7,538	7,162	6,653	6,386	6,362	6,056	5,829	5,933	4,909
Net Income TTM	11,378	8,409	5,936	5,210	4,837	4,560	4,592	4,396	4,227	3,802	3,388	2,665
Growth Rates Quarterly
Total Revenue Growth	57.7%	87.5%	39.5%	10.8%	19.0%	5.1%	7.2%	9.5%	9.1%	6.3%	-10.9%	-10.0%
EBITDA Growth	133.8%	134.1%	28.9%	21.9%	20.5%	24.6%	16.2%	6.9%	12.3%	-8.8%	23.7%	49.6%
Operating Income Growth	187.8%	205.4%	40.6%	21.0%	36.6%	27.7%	1.1%	20.6%	19.5%	-9.7%	86.1%	-15.7%
Net Income Growth	255.1%	256.3%	47.4%	31.7%	31.2%	-3.2%	14.7%	16.8%	92.0%	71.0%	117.8%	310.6%
Margins Quarterly
EBITDA Margin	13.3%	11.7%	11.9%	11.5%	8.9%	9.3%	12.9%	10.4%	8.8%	7.9%	11.9%	10.7%
Operating Income Margin	11.6%	8.6%	9.4%	8.0%	6.4%	5.3%	9.3%	7.4%	5.6%	4.3%	9.9%	6.7%
Net Income Margin	8.8%	7.8%	6.8%	5.7%	3.9%	4.1%	6.4%	4.8%	3.5%	4.5%	6.0%	4.5%
Cash & Debt
Total Cash	11,569	11,578	11,528	9,569	8,145	7,700	3,633	5,225	4,550	5,830	7,366	8,298
Total Debt	34,466	31,161	31,503	31,243	28,689	28,781	24,567	25,022	24,522	25,480	25,994	27,451
Net Debt / (Cash)	22,897	19,583	19,975	21,674	20,544	21,081	20,934	19,797	19,972	19,650	18,628	19,153
Cash Flows Quarterly
FCF from Operations	2,225	4,081	4,674	1,172	2,543	2,796	585	1,553	1,340	1,043	1,533	2,152
Cash Flows TTM
FCF from Operations TTM	12,152	12,470	11,185	7,096	7,477	6,274	4,521	5,469	6,068	7,942	8,676	9,857
Returns to Shareholders Quarterly
Dividends	405	464	346	351	366	396	311	312	316	336	261	266
Share Repurchases	3,814	2,165	1,858	1,269	945	2,332	751	454	739	1,221	896	744
Return on Invested Capital (ROIC) Quarterly
ROIC	77.0%	66.9%	50.8%	31.9%	29.9%	20.8%	33.2%	29.3%	23.7%	19.6%	42.6%	26.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	52.3%	46.5%	34.6%	28.1%	28.4%	25.9%	27.7%	30.8%	29.7%	28.3%	26.3%	19.2%

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	$535.25
Market Cap ($ Bil)	347.4
First Trading Date	12/26/2018
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$444.36	$256.97
DMA Trend	up	up
Distance from DMA	20.5%	108.3%
	3M	1YR
Volatility	77.3%	73.7%
Downside Capture	179.30	169.40
Upside Capture	312.47	313.70
Correlation (SPY)	45.1%	38.2%

DELL Betas & Captures as of 8/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	4.47	3.54	2.60	2.14	2.13	1.88
Up Beta	3.71	6.05	4.65	1.41	1.61	1.56
Down Beta	-0.09	1.29	1.13	1.14	2.04	2.05
Up Capture	589%	338%	295%	744%	811%	2865%
Bmk +ve Days	10	21	32	68	138	427
Stock +ve Days	10	20	32	70	132	393
Down Capture	517%	278%	201%	146%	139%	111%
Bmk -ve Days	11	21	32	59	113	324
Stock -ve Days	11	22	32	57	119	357

[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	343.3%	73.6%	2.31	-
Sector ETF (XLK)	42.7%	26.2%	1.32	48.9%
Equity (SPY)	18.6%	12.8%	1.06	37.9%
Gold (GLD)	20.6%	29.2%	0.64	16.3%
Commodities (DBC)	46.3%	20.4%	1.76	-5.0%
Real Estate (VNQ)	7.3%	13.6%	0.27	-3.8%
Bitcoin (BTCUSD)	-29.8%	43.8%	-0.68	19.8%

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	64.4%	53.3%	1.12	-
Sector ETF (XLK)	19.7%	25.9%	0.68	54.4%
Equity (SPY)	12.5%	17.2%	0.55	48.5%
Gold (GLD)	18.9%	18.8%	0.82	11.1%
Commodities (DBC)	11.1%	19.5%	0.44	11.4%
Real Estate (VNQ)	1.2%	18.9%	-0.04	20.0%
Bitcoin (BTCUSD)	10.8%	52.6%	0.39	19.6%

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	38.6%	49.1%	1.04	-
Sector ETF (XLK)	24.3%	25.0%	0.88	55.9%
Equity (SPY)	15.1%	17.9%	0.72	51.9%
Gold (GLD)	12.3%	16.3%	0.62	9.9%
Commodities (DBC)	8.1%	18.1%	0.37	18.9%
Real Estate (VNQ)	4.7%	20.7%	0.19	29.2%
Bitcoin (BTCUSD)	63.6%	66.2%	1.03	17.1%

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

Short Interest

Short Interest: As Of Date	8142026
Short Interest: Shares Quantity	14.0 Mil
Short Interest: % Change Since 7312026	6.4%
Average Daily Volume	5.9 Mil
Days-to-Cover Short Interest	2.4 days
Basic Shares Quantity	645.0 Mil
Short % of Basic Shares	2.2%

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 9/10/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
9/1/2026	15.8%	25.9%
5/28/2026	32.8%	33.1%	30.8%
2/26/2026	21.9%	20.6%	41.5%
11/25/2025	5.8%	10.4%	1.6%
8/28/2025	-8.9%	-6.9%	-0.1%
5/29/2025	-2.1%	-1.6%	7.9%
2/27/2025	-4.7%	-13.7%	-14.4%
11/26/2024	-12.2%	-11.0%	-17.2%
...
SUMMARY STATS
# Positive	12	13	15
# Negative	12	11	8
Median Positive	9.8%	10.4%	7.9%
Median Negative	-4.9%	-7.9%	-9.6%
Max Positive	32.8%	33.1%	41.5%
Max Negative	-17.9%	-21.4%	-27.6%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
9/1/2026	15.8%	25.9%
5/28/2026	32.8%	33.1%	30.8%
2/26/2026	21.9%	20.6%	41.5%
11/25/2025	5.8%	10.4%	1.6%
8/28/2025	-8.9%	-6.9%	-0.1%
5/29/2025	-2.1%	-1.6%	7.9%
2/27/2025	-4.7%	-13.7%	-14.4%
11/26/2024	-12.2%	-11.0%	-17.2%
8/29/2024	4.3%	-7.9%	7.0%
5/30/2024	-17.9%	-21.2%	-15.9%
2/29/2024	31.6%	27.3%	26.4%
11/30/2023	-5.2%	-9.6%	-1.4%
8/31/2023	21.2%	25.4%	20.4%
6/1/2023	4.0%	5.3%	20.1%
3/2/2023	-0.9%	-5.9%	0.1%
11/21/2022	6.8%	6.0%	-4.7%
8/25/2022	-13.5%	-21.4%	-27.6%
5/26/2022	12.9%	16.1%	11.4%
2/24/2022	-7.8%	-5.8%	-1.9%
11/23/2021	4.8%	1.9%	2.2%
8/26/2021	-4.5%	-4.4%	3.3%
5/27/2021	-1.1%	3.8%	0.1%
2/25/2021	1.7%	3.9%	11.7%
11/24/2020	-1.4%	0.3%	3.8%
SUMMARY STATS
# Positive	12	13	15
# Negative	12	11	8
Median Positive	9.8%	10.4%	7.9%
Median Negative	-4.9%	-7.9%	-9.6%
Max Positive	32.8%	33.1%	41.5%
Max Negative	-17.9%	-21.4%	-27.6%

SEC Filings

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Report Date	Filing Date	Filing
07/31/2026	09/08/2026	10-Q
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

Collapse to Preview

Report Date	Filing Date	Filing
07/31/2026	09/08/2026	10-Q
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

Recent Forward Guidance

Updated 9/2/2026

Latest: Q2 2027 Earnings Reported 9/1/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q3 2027 Revenue	Reported		49.00 Bil		10.1%		Higher New	Guidance: 44.50 Bil for Q2 2027
Q3 2027 GAAP diluted EPS	Reported		6.1		36.2%		Higher New	Guidance: 4.48 for Q2 2027
Q3 2027 Non-GAAP diluted EPS	Reported		6.5		35.4%		Higher New	Guidance: 4.8 for Q2 2027
2027 Revenue	Reported		192.00 Bil		15.0%		Raised	Guidance: 167.00 Bil for 2027
2027 AI-Optimized Servers revenue	Reported		74.00 Bil		23.3%		Raised	Guidance: 60.00 Bil for 2027
2027 GAAP diluted EPS	Reported		24.4		40.8%		Raised	Guidance: 17.3 for 2027
2027 Non-GAAP diluted EPS	Reported		25.5		42.5%		Raised	Guidance: 17.9 for 2027

Prior: Q1 2027 Earnings Reported 5/28/2026

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

Q4 2026 Earnings Reported 2/26/2026

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

Q3 2026 Earnings Reported 11/25/2025

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

Insider Activity

Updated 9/9/2026

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Silver, Lake Partners V DE (aiv), LP	Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9092026	521.34	28,696	14,960,339	26,204,053	Form
2	Silver, Lake Technology Investors Iv, LP	Held through Silver Lake Technology Investors IV, L.P.	Sell	9092026	521.35	1,120			Form
3	Silver, Lake Technology Investors V, LP	Held through Silver Lake Technology Investors V, L.P.	Sell	9092026	521.35	504			Form
4	Silver, Lake Partners Iv, LP	Held through Silver Lake Partners IV, L.P.	Sell	9092026	521.34	54,734	28,534,953	44,584,887	Form
5	Silver, Lake Partners Iv, LP	Direct	Sell	9092026	520.71	37,500	19,526,695	706,412,283	Form

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9092026	521.34	28,696	14,960,339	26,204,053	Form
2	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	9092026	521.35	1,120			Form
3	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	9092026	521.35	504			Form
4	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	9092026	521.34	54,734	28,534,953	44,584,887	Form
5	Silver, Lake Partners Iv, LP		Direct	Sell	9092026	520.71	37,500	19,526,695	706,412,283	Form
6	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	9092026	521.34	49,946	26,038,782	50,734,074	Form
7	Tunnell, Jane	Chief Marketing Officer	Direct	Sell	9092026	523.51	5,436	2,845,828	21,746,290	Form
8	Saavedra, Jennifer D	Chief Human Resources Officer	Direct	Sell	9092026	520.00	25,251	13,130,520	154,383,320	Form
9	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	9082026	517.34	839			Form
10	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	9082026	507.60	693	351,765	425,874	Form
11	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	9082026	517.33	1,859			Form
12	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	9082026	507.61	1,534	778,673	943,646	Form
13	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	9082026	517.34	83,006	42,941,924	37,861,176	Form
14	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	9082026	507.61	68,525	34,783,975	79,284,113	Form
15	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9082026	517.34	47,695	24,674,296	19,554,748	Form
16	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	9082026	507.61	39,377	19,988,155	43,397,601	Form
17	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	9082026	517.34	91,191	47,176,317	33,217,578	Form
18	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	9082026	507.61	75,285	38,215,413	78,883,089	Form
19	Radakovich, Lynn Vojvodich		Direct	Sell	8262026	438.21	2,022	886,061	11,072,252	Form
20	Radakovich, Lynn Vojvodich		Direct	Sell	7242026	413.77	2,022	836,643	10,454,727	Form
21	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	7132026	453.54	1,332			Form
22	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	7132026	453.54	34,869	15,814,436	19,938,008	Form
23	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	7132026	453.54	59,492	26,981,925	40,465,631	Form
24	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	7132026	453.54	601			Form
25	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	7132026	453.54	68,706	31,160,825	30,836,092	Form
26	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	7102026	427.15	63,095	26,951,337	25,864,655	Form
27	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	7102026	427.13	635			Form
28	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	7102026	427.16	1,411			Form
29	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	7102026	427.15	72,854	31,119,940	19,731,137	Form
30	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	7102026	427.15	37,003	15,806,016	12,746,305	Form
31	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	7082026	410.51	636			Form
32	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	7082026	410.52	63,204	25,946,693	12,384,246	Form
33	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	7082026	410.52	1,409			Form
34	Silver, Lake Partners V DE (aiv), LP		Held through Silver Lake Partners V DE (AIV), L.P.	Sell	7082026	410.52	36,982	15,181,952	6,117,199	Form
35	Silver, Lake Partners Iv, LP		Held through Silver Lake Partners IV, L.P.	Sell	7082026	410.52	72,766	29,872,116	9,476,513	Form
36	Silver, Lake Group, Llc		Held through Silver Lake Group, L.L.C.	Sell	6302026	396.37	10,763			Form
37	Silver, Lake Group, Llc		See footnote	Sell	6302026	396.37	5,916			Form
38	Radakovich, Lynn Vojvodich		Direct	Sell	6242026	421.00	12,022	5,061,262	10,637,407	Form
39	Rothberg, Richard J	General Counsel & Secretary	Direct	Sell	6172026	410.00	20,000	8,200,000	58,390,150	Form
40	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6162026	403.12	764			Form
41	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
42	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6162026	403.12	34,257	13,809,641	37,009,935	Form
43	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
44	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6162026	403.11	345			Form
45	Dorman, David W		grantor retained annuity trust	Sell	6162026	405.89	41,292			Form
46	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6152026	380.23	547			Form
47	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
48	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6152026	380.26	1,211			Form
49	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
50	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6152026	380.25	54,093	20,568,810	28,648,341	Form
51	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6122026	394.99	412			Form
52	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6122026	394.98	911			Form
53	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
54	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
55	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6122026	394.99	40,686	16,070,450	19,500,124	Form
56	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6122026	380.47	62,084	23,620,948	34,262,626	Form
57	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
58	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
59	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
60	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
61	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6112026	404.69	39			Form
62	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
63	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6112026	404.67	83			Form
64	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
65	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6112026	404.68	5,025	2,033,506	1,187,730	Form
66	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6112026	390.31	25,436	9,928,036	3,106,902	Form
67	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
68	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
69	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
70	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
71	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6102026	398.11	980			Form
72	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6102026	398.12	2,169			Form
73	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6102026	398.13	131,040	52,170,340	5,023,943	Form
74	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
75	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
76	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6092026	403.00	633			Form
77	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
78	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6092026	403.00	84,583	34,087,364	3,284,087	Form
79	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6092026	403.01	1,399			Form
80	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
81	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6082026	424.55	651			Form
82	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
83	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6082026	424.55	1,448			Form
84	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
85	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6082026	424.55	83,742	35,552,728	9,571,496	Form
86	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6082026	414.43	72,728	30,140,755	44,048,653	Form
87	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
88	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
89	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
90	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
91	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
92	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6052026	422.97	609			Form
93	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6052026	422.98	1,351			Form
94	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
95	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6052026	422.98	78,236	33,092,256	4,768,675	Form
96	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6042026	458.18	141			Form
97	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
98	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6042026	458.16	311			Form
99	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
100	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6042026	458.12	17,932	8,215,042	12,017,454	Form
101	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6042026	438.91	164,047	72,002,137	19,383,654	Form
102	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
103	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
104	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
105	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
106	Sharp, Richard Troy	Chief Accounting Officer	Direct	Sell	6042026	438.43	1,300	569,959	2,950,634	Form
107	Silver, Lake Technology Investors V, LP		Held through Silver Lake Technology Investors V, L.P.	Sell	6032026	457.99	1,370			Form
108	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
109	Silver, Lake Technology Investors Iv, LP		Held through Silver Lake Technology Investors IV, L.P.	Sell	6032026	457.99	3,039			Form
110	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
111	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6032026	457.99	175,901	80,560,814	16,789,438	Form
112	Sl, Spv-2, LP		Held through SL SPV-2, L.P.	Sell	6032026	445.96	78,339	34,936,447	94,794,306	Form
113	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
114	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
115	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
116	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
117	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	4172026	176.50	135,097	23,844,620	24,561,210	Form
118	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
119	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
120	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	4172026	176.50	2,996			Form
121	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	4172026	176.50	1,351			Form
122	Slta, V (gp), Llc		See footnote	Sell	4172026	193.58	7,000	1,355,060	9,050,446	Form
123	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	4172026	176.50	135,097	23,844,620	24,561,210	Form
124	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
125	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
126	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	4172026	176.50	2,996			Form
127	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	4172026	176.50	1,351			Form
128	Slta, Iv (gp), Llc		See footnote	Sell	4172026	193.58	7,000	1,355,060	9,050,446	Form
129	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	4172026	177.24	166,006	29,422,691	13,458,622	Form
130	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
131	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
132	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	4172026	177.24	3,654			Form
133	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	4172026	177.24	1,649			Form
134	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	4172026	177.24	166,006	29,422,691	13,458,622	Form
135	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
136	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
137	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	4172026	177.24	3,654			Form
138	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	4172026	177.24	1,649			Form
139	Clarke, Jeffrey W	COO & Vice Chairman	Direct	Sell	4172026	182.48	116,000	21,167,680	307,919,307	Form
140	Kennedy, David Alan	Chief Financial Officer	Direct	Sell	4132026	182.53	19,500	3,559,335	33,420,695	Form
141	Scannell, William F	Chief Customer Officer	Direct	Sell	3252026	165.00	143,067	23,606,055	3,593,535	Form
142	Sharp, Richard Troy	Chief Accounting Officer	Direct	Sell	3232026	149.26	1,538	229,565	1,198,574	Form
143	Tunnell, Jane	Chief Marketing Officer	Direct	Sell	3202026	152.51	28,529	4,350,958	8,139,916	Form
144	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	154.39	9,241	1,426,675	8,691,585	Form
145	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
146	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
147	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	154.39	204			Form
148	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	154.39	93			Form
149	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	152.28	26,665	4,060,453	9,980,049	Form
150	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
151	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
152	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	152.28	589	89,691	31,065	Form
153	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	152.28	266	40,506	14,009	Form
154	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	154.39	9,241	1,426,675	8,691,585	Form
155	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
156	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
157	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	154.39	204			Form
158	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	154.39	93			Form
159	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	152.28	26,665	4,060,453	9,980,049	Form
160	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
161	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
162	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	152.28	589	89,691	31,065	Form
163	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	152.28	266	40,506	14,009	Form
164	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	154.40	85,262	13,164,623	6,117,098	Form
165	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
166	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
167	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	154.40	1,886			Form
168	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	154.40	851			Form
169	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3192026	154.40	85,262	13,164,623	6,117,098	Form
170	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
171	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
172	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3192026	154.40	1,886			Form
173	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3192026	154.40	851			Form
174	Kullman, Ellen Jamison		Direct	Sell	3102026	145.13	150,346	21,820,313	9,529,787	Form
175	Slta, V (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	3062026	146.75	2,366			Form
176	Slta, V (gp), Llc		See footnote	Sell	3062026	146.75	2,051			Form
177	Slta, Iv (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	3062026	146.75	2,366			Form
178	Slta, Iv (gp), Llc		See footnote	Sell	3062026	146.75	2,051			Form
179	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3062026	146.83	183,048	26,876,681	24,674,105	Form
180	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
181	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
182	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3062026	146.83	4,046			Form
183	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3062026	146.83	1,824			Form
184	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3062026	146.83	183,048	26,876,681	24,674,105	Form
185	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
186	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
187	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3062026	146.83	4,046			Form
188	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3062026	146.83	1,824			Form
189	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3042026	151.13	79,809	12,061,423	12,578,736	Form
190	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
191	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
192	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3042026	151.13	1,765			Form
193	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3042026	151.13	796			Form
194	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3042026	151.13	79,809	12,061,423	12,578,736	Form
195	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
196	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
197	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3042026	151.13	1,765			Form
198	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3042026	151.13	796			Form
199	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	3042026	149.43	99,591	14,881,655	24,362,843	Form
200	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
201	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
202	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3042026	149.43	2,202	329,040	263,740	Form
203	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3042026	149.43	993	148,381	118,944	Form
204	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	3042026	149.43	99,591	14,881,655	24,362,843	Form
205	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
206	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
207	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	3042026	149.43	2,202	329,040	263,740	Form
208	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	3042026	149.43	993	148,381	118,944	Form
209	Durban, Egon		Direct	Sell	12112025	138.12	71,000	9,806,520	161,935,755	Form
210	Kullman, Ellen Jamison		Direct	Sell	10172025	153.56	79,806	12,255,009	10,083,057	Form
211	Silver, Lake Group, Llc		Held through Silver Lake Group, L.L.C.	Sell	10162025	151.63	3,538			Form
212	Silver, Lake Group, Llc		See footnote	Sell	10162025	151.63	3,079			Form
213	Dell, Michael S	Chief Executive Officer	Direct	Sell	10102025	159.91	6,253,968	1,000,053,261	2,583,820,961	Form
214	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10102025	161.48	179,836	29,040,625	13,433,526	Form
215	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
216	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
217	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10102025	161.48	3,973			Form
218	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10102025	161.48	1,791			Form
219	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10102025	161.48	179,836	29,040,625	13,433,526	Form
220	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
221	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
222	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10102025	161.48	3,973			Form
223	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10102025	161.48	1,791			Form
224	Green, William D		Direct	Sell	10102025	160.00	42,736	6,837,760	7,619,040	Form
225	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	154.21	6,926	1,068,058	25,795,478	Form
226	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
227	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
228	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	154.21	153			Form
229	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	154.21	69			Form
230	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	154.21	6,926	1,068,058	25,795,478	Form
231	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
232	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
233	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	154.21	153			Form
234	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	154.21	69			Form
235	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	151.51	117,921	17,866,472	26,393,580	Form
236	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
237	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
238	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	151.51	2,601	394,084	23,181	Form
239	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	151.51	1,174	177,877	10,454	Form
240	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	151.51	117,921	17,866,472	26,393,580	Form
241	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
242	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
243	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	151.51	2,601	394,084	23,181	Form
244	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	151.51	1,174	177,877	10,454	Form
245	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	148.46	55,005	8,165,936	43,367,869	Form
246	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
247	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
248	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	148.46	1,213	180,080	408,855	Form
249	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	148.46	548	81,355	184,534	Form
250	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	148.46	55,005	8,165,936	43,367,869	Form
251	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
252	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
253	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	148.46	1,213	180,080	408,855	Form
254	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	148.46	548	81,355	184,534	Form
255	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	149.09	291	43,385	12,582,301	Form
256	Slta, V (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	149.09	336	50,094	9,397,739	Form
257	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
258	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	149.09	6			Form
259	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	149.09	3			Form
260	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	149.09	291	43,385	12,582,301	Form
261	Slta, Iv (gp), Llc		Held through Silver Lake Partners IV, L.P.	Sell	10082025	149.09	336	50,094	9,397,739	Form
262	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
263	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	149.09	6			Form
264	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	149.09	3			Form
265	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	146.12	183,162	26,764,152	12,374,413	Form
266	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
267	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
268	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	146.12	4,040	590,337	877	Form
269	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	146.12	1,821	266,089	438	Form
270	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10082025	146.12	183,162	26,764,152	12,374,413	Form
271	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
272	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
273	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10082025	146.12	4,040	590,337	877	Form
274	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10082025	146.12	1,821	266,089	438	Form
275	Slta, V (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	10032025	146.07	1,188			Form
276	Slta, V (gp), Llc		See footnote	Sell	10032025	146.07	1,032			Form
277	Slta, Iv (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	10032025	146.07	1,188			Form
278	Slta, Iv (gp), Llc		See footnote	Sell	10032025	146.07	1,032			Form
279	Green, William D		Direct	Sell	10032025	150.50	65,000	9,782,500	7,166,660	Form
280	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10032025	147.09	78,415	11,534,124	12,330,179	Form
281	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
282	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
283	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10032025	147.09	1,725			Form
284	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10032025	147.09	777			Form
285	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10032025	147.09	78,415	11,534,124	12,330,179	Form
286	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
287	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
288	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10032025	147.09	1,725			Form
289	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10032025	147.09	777			Form
290	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	10032025	146.03	105,329	15,381,413	23,692,537	Form
291	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
292	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
293	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10032025	146.03	2,317	338,356	251,905	Form
294	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10032025	146.03	1,044	152,457	113,467	Form
295	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	10032025	146.03	105,329	15,381,413	23,692,537	Form
296	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
297	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
298	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	10032025	146.03	2,317	338,356	251,905	Form
299	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	10032025	146.03	1,044	152,457	113,467	Form
300	Green, William D		Direct	Sell	10032025	145.00	65,000	9,425,000	6,904,755	Form
301	Slta, V (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	9292025	130.62	6,701			Form
302	Slta, V (gp), Llc		See footnote	Sell	9292025	130.62	5,780			Form
303	Slta, Iv (gp), Llc		Held through Silver Lake Group, L.L.C.	Sell	9292025	130.62	6,701			Form
304	Slta, Iv (gp), Llc		See footnote	Sell	9292025	130.62	5,780			Form
305	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9242025	135.98	296,277	40,287,152	18,451,126	Form
306	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
307	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
308	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9242025	135.98	6,525			Form
309	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9242025	135.98	2,942			Form
310	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9242025	135.98	296,277	40,287,152	18,451,126	Form
311	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
312	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
313	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9242025	135.98	6,525			Form
314	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9242025	135.98	2,942			Form
315	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9232025	132.84	114,263	15,178,685	31,576,176	Form
316	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
317	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
318	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9232025	132.84	2,516			Form
319	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9232025	132.84	1,134			Form
320	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9232025	132.84	114,263	15,178,685	31,576,176	Form
321	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
322	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
323	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9232025	132.84	2,516			Form
324	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9232025	132.84	1,134			Form
325	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9192025	132.32	202,906	26,848,008	24,537,348	Form
326	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
327	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
328	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9192025	132.32	4,464			Form
329	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9192025	132.32	2,014			Form
330	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9192025	132.32	202,906	26,848,008	24,537,348	Form
331	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
332	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
333	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9192025	132.32	4,464			Form
334	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9192025	132.32	2,014			Form
335	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9192025	130.41	202,914	26,462,399	12,085,922	Form
336	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
337	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
338	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9192025	130.41	4,466			Form
339	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9192025	130.41	2,013			Form
340	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9192025	130.41	202,914	26,462,399	12,085,922	Form
341	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
342	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
343	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9192025	130.41	4,466			Form
344	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9192025	130.41	2,013			Form
345	Slta, Iv (gp), Llc		Held through SL SPV-2, L.P.	Sell	9172025	127.00	215,487	27,366,395	12,477,670	Form
346	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
347	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
348	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9172025	127.00	4,739			Form
349	Slta, Iv (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9172025	127.00	2,137			Form
350	Slta, V (gp), Llc		Held through SL SPV-2, L.P.	Sell	9172025	127.00	215,487	27,366,395	12,477,670	Form
351	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
352	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
353	Slta, V (gp), Llc		Held through Silver Lake Technology Investors IV, L.P.	Sell	9172025	127.00	4,739			Form
354	Slta, V (gp), Llc		Held through Silver Lake Technology Investors V, L.P.	Sell	9172025	127.00	2,137			Form
355	Radakovich, Lynn Vojvodich		Direct	Sell	9172025	126.39	725	91,633	2,992,915	Form

Investor Activity (13F)

Updated Sep 10, 2026

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

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

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

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

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

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

DELL Trade Sentinel

Stock Conviction

High Conviction

CONVICTION RATIONALE

Dell is capturing a dominant share of the AI infrastructure build-out, evidenced by a record $95 billion AI backlog. This demand is creating massive operating leverage, with full-year operating expenses guided to a 42-year low. With management consistently raising guidance and a pipeline that remains multiples of its backlog, the growth story appears durable.

STOCK ARCHETYPE

Capital Equipment Manufacturer

(Number of Units Sold) x (Average Selling Price per Unit) Operating leverage from scaling revenue faster than operating expenses, and favorable mix shift towards higher-margin Dell IP storage products.

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

INVESTMENT THESIS

Can Dell's AI infrastructure dominance create durable, high-leverage earnings growth?

Evidence suggests yes. Dell is converting a historic AI demand wave into accelerating revenue, share gains, and record operating efficiency.

Mechanism: Explosive AI server demand, with $60.9 billion in Q2 orders, fuels revenue growth guided to 70% for the year. This scale drives operating expenses to a historic low of ~8% of revenue, allowing non-GAAP EPS to grow much faster at a guided 150%.

Supporting Evidence:

Booked a record $60.9 billion in AI orders in Q2 FY2027.
Exited Q2 with a record $95 billion AI backlog.
Raised full-year revenue guidance by $25 billion to $192 billion.
FY2027 operating expense rate guided to a 42-year low of ~8%.
Gained over 10 points of traditional server share in two quarters.

PRIMARY RISK

Execution Risk in a Supercycle

The company's ability to convert its massive backlog is constrained by component supply. A massive 195.2% YoY inventory build to secure parts creates significant financial risk if this concentrated AI demand wave crests unexpectedly, leaving Dell with costly, obsolete components.

Mechanism: A sequential decline in quarterly AI server orders would signal demand is peaking.

Supporting Evidence:

Inventory grew 195.2% year-over-year in the latest quarter.
Demand is exceeding available supply for key solutions.
AI solutions purchased primarily by a small number of larger customers.
Global supply constraints and substantial inflation in memory component costs.

Key KPI Watchlist

KPI	Status	Rationale
AI-Optimized Server Orders	$60.9 billion in AI orders booked in Q2 FY2027 - Accelerating	AI server order flow has been volatile but showed a massive acceleration in the most recent quarter, more than doubling sequentially. Management noted on the September 2026 earnings call that demand is broadening across customer types including Neoclouds, sovereigns, and enterprises, and that the pipeline continues to grow.
Traditional Infrastructure Revenue Growth	In Q2 FY2027, Traditional Servers & Networking revenue grew 122% year-over-year and Storage revenue grew 26% year-over-year. - Accelerating	Management attributes the strong, accelerating growth in its core infrastructure business to a data center modernization cycle, heightened security requirements, and incremental demand from AI-related workloads running on traditional servers. Demand for traditional servers was noted to be outpacing supply.
AI Backlog	$95 billion (End of Q2 FY2027)	Represents the value of unfulfilled AI server orders, providing significant visibility into future revenue streams for the ISG segment.

Core Investment Debate

Operating Leverage vs. AI Mix Pressure

BULL VIEW

Bulls believe massive revenue scale, with FY27 guidance raised to $192 billion, creates enough operating leverage to more than offset any gross margin pressure from the shift to lower-margin AI servers, driving 150% guided EPS growth.

CORE TENSION

Can historic operating leverage (opex at ~8% of revenue) overcome expected gross margin pressure from the AI server mix, which the market reacted to positively?

PREVAILING SENTIMENT

BULLISH

The latest evidence favors the bulls. Latest-quarter gross margin actually improved 2.6 percentage points YoY, and the company raised its full-year EPS guidance by 42.5%.

BEAR VIEW

Bears worry the shift to AI servers, which face intense pricing pressure, will structurally lower gross margins. They see the 195.2% inventory build as a sign the company is over-extending to chase growth that could prove unprofitable.

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch
Sept. 9, 2026	CEO at Goldman Sachs Conference Watch: CEO Michael Dell will present at the Goldman Sachs Communacopia + Technology Conference.
Sept. 10, 2026	CFO at Citi TMT Conference Watch: CFO David Kennedy will present at the Citi 2026 Global TMT Conference.
10/21/2026 - 12/2/2026	Peer Market Read-Through Watch: Peers' commentary on server demand, PC refresh cycle, and overall enterprise IT budget health.
10/28/2026	Apple Earnings Report Watch: Peer Apple (AAPL) is scheduled to report earnings.
11/10/2026	Cisco Earnings Report Watch: Peer Cisco Systems (CSCO) is scheduled to report earnings.
11/23/2026	AI Growth Deceleration Watch: Q3 AI server orders and backlog figures versus Q2's record levels and Q3 revenue guidance.
11/23/2026	Component Cost Headwinds Watch: Q3 gross margin rate versus guidance and management commentary on passing through higher memory and component costs.
11/23/2026	Q3 Earnings Report Watch: The company is scheduled to report Q3 Fiscal 2027 earnings.
next month	New Server Generation Ships Watch: New 18th generation PowerEdge servers will begin shipping.

Key Events in Last 6 Months

Date	Event	Stock Impact
2026-09-02	New Affordable Laptop Launched Details: The company announced the Dell 14S, a lightweight Windows laptop designed for students and young adults, complementing its premium XPS line.	+21.5% $425.00 -> $516.39
2026-09-01	Record Q2 Results and Raised Guidance Details: Dell reported record Q2 revenue of $47.0 billion, up 58%, and raised its full-year FY27 revenue guidance by 15.0% and non-GAAP EPS guidance by 42.5%.	+7.9% $456.01 -> $492.20
2026-07-24	Texas A&M AI Platform Win Details: Texas A&M Engineering Experiment Station selected Dell to build its new IGNITE AI and high-performance computing platform for national research.	-2.8% $439.34 -> $426.91
2026-06-22	New PowerEdge Server Unveiled Details: The company introduced the Dell PowerEdge XE8812 server, built for HPC and AI workloads and featuring NVIDIA Vera Rubin NVL4 architecture.	+4.5% $408.82 -> $427.07
2026-05-28	Record Q1 Earnings and AI Orders Details: The company reported Q1 revenue of $43.8 billion, up 88%, and booked $24.4 billion in AI orders. The stock reacted with a 38.0% two-day gain.	+37.9% $304.82 -> $420.22
2026-03-16	Dell AI Factory with NVIDIA Launched Details: The company announced the Dell AI Factory with NVIDIA to provide a path to enterprise AI ROI, noting it had over 4,000 customers for the solution.	+0.9% $150.90 -> $152.29

Risk Management

Position Sizing

2% - 4%

REDUCED POSITION

Sizing is volatility-based: DELL trades at roughly 62% annualized options-implied volatility versus about 12% for the S&P 500 (5.1x the market), around the 70th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.

Diversification Alternatives

HPE - Hewlett Packard Enterprise

Pure-play infrastructure peer

Offers a different mix of infrastructure assets without the PC business, providing a more focused bet on enterprise data center trends.

Core Thesis: A turnaround story focused on higher-margin, owned-IP solutions in storage and networking, with a growing AI systems business.

HPQ - HP

PC market exposure

Provides direct exposure to the PC refresh cycle and the emerging AI-capable PC market, with a similar gross margin profile to Dell's.

Core Thesis: A mature hardware business focused on the PC and printing markets, returning significant capital to shareholders.

How Is The Market Pricing DELL?

Dell is an AI infrastructure powerhouse whose explosive server growth is creating massive operating leverage, making the legacy PC business a secondary, cash-generating asset.

Dell is capitalizing on the AI boom, transforming from a PC-centric company into a critical supplier of AI-optimized servers. This has driven record revenue and a massive $95 billion backlog, providing strong visibility. The company is leveraging its scale and supply chain expertise to manage component shortages while using pricing discipline to protect margins. This shift is creating significant operating leverage, allowing profits to grow faster than the already-accelerating revenue.

What will confirm the thesis

News of continued large-scale AI server orders, backlog growth, or evidence of sustained pricing power in a supply-constrained market.

What will damage the thesis

A sharp deceleration in AI server orders, significant erosion of the AI backlog, or an inability to pass on rising component costs, leading to margin compression.

Noise: Real but irrelevant to thesis

Minor fluctuations in the quarterly PC market share or announcements of new consumer laptops.

Repricing Catalyst

The market's continued recognition of the scale and durability of Dell's AI server business, confirmed by raised full-year guidance and a backlog that provides visibility well into the next year.

What DELL Makes & Who Pays

TTM figures based on the twelve months through fiscal Q2 2027

Infrastructure Solutions Group (ISG)

$86.0B TTM (56% of Total) · 11% Margin

What It Is

ISG sells a comprehensive portfolio of advanced infrastructure solutions, including AI-optimized servers, traditional servers, networking, and storage products to customers for their data centers and multicloud environments.

Who Pays & How

Enterprises, cloud service providers, and government entities pay for ISG solutions to modernize their data centers, handle compute-intensive AI workloads (training, fine-tuning, and inferencing), and manage massive data growth. They choose Dell for its end-to-end portfolio, engineering expertise, and ability to deploy complex solutions at scale.

Transactional sales of hardware, software, and integrated solutions, with recurring revenue from services, support, and flexible consumption models.

Competition

Hewlett Packard Enterprise (HPE), International Business Machines (IBM), Cisco Systems (CSCO)

Competitors may offer less costly solutions, better performance, or specialized features. The company also faces competition from Infrastructure-as-a-Service providers who may buy infrastructure directly from original design manufacturers.

Dell's competitive advantages include its end-to-end solutions portfolio, direct sales force and channel partner network, global supply chain, and services capabilities, enabling it to provide scalable and integrated solutions at a competitive price.

Client Solutions Group (CSG)

$65.6B TTM (43% of Total) · 6% Margin

What It Is

CSG sells branded personal computers (notebooks, desktops, workstations), branded peripherals (displays, docking stations), and third-party software to commercial clients (large enterprises, public institutions, SMBs) and consumers.

Who Pays & How

Businesses and consumers pay for CSG products to enable workforce productivity, support hybrid work, and for personal computing and gaming. Commercial customers choose Dell for solutions that optimize performance, reliability, manageability, and security, while consumers are targeted with offerings from essential computing to high-end gaming.

Transactional unit sales of hardware and peripherals, with attached services such as support, deployment, and extended warranties.

Competition

HP (HPQ), Apple (AAPL)

Competitors may offer products that are less costly or have different features.

Dell's direct sales channel provides a significant competitive advantage, allowing direct communication with customers to refine products and marketing. The company also leverages a global network of channel partners to reach a broader customer base.

DELL Evolution: Price Return by Era

Through ~Fiscal 2024 · PC-Centric Era

+56%

The company's identity was closely tied to the personal computer market.

Fiscal 2025 - Present · AI Infrastructure Pivot

+371%

The Infrastructure Solutions Group (ISG) has seen explosive growth, with revenue surging to 60,826 in Fiscal 2027, surpassing CSG's 50,984.

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 supportive. OBV (on-balance volume) and up/down volume character favor buyers. Earnings history is strongly validating. The market rewarded the print and institutional follow-through confirms thesis re-rating is underway.

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

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

Combined Score

10 / 12

1 Price Structure & Trend Trending Up · - ▾

2 Momentum Mixed ▾

3 Relative Strength vs. SPY Strong Outperformance ▾

4 Institutional Footprint & Volume Strong Accumulation ▾

5 Volatility Normal ▾

6 Key Price Levels Range · Vol Rising ▾

7 Earnings Reaction History Consistent Reward ▾

8 How the Verdict Is Derived Three Pillars ▾

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

ℹ Bull Pillars: 3 · Bear Pillars: 0 · Combined Score: 10 → Market Appears To Be Aligned With Core Thesis

Dell Technologies — Investor Video Playlist

Leadership

Agentic AI Is Moving to the Edge—Jon Siegal on the AI PC Era | Dell Technologies Forum Podcast Ep.23

Dell Technologies · 2026-09-03

Investor / Analyst

Q2FY27 earnings: Another record quarter capping a very strong first half

Dell Technologies · 2026-09-01

Products & Services

Hybrid AI on Dell AI PCs

Dell Technologies · 2026-09-01

Products & Services

Dell AI Factory with NVIDIA: Financial

Dell Technologies · 2026-09-01

Products & Services

AI Data Platform Event 2025 Starburst Demo

Dell Technologies · 2026-08-06

Leadership

Agentic AI Explained for Enterprises: ROI, Governance and Autonomous Agents | John Roese

Dell Technologies · 2026-08-05

Investor / Analyst

Q1FY27 Earnings: Dell Technologies

Dell Technologies · 2026-05-28

Leadership

Dell Tech World 2026 Day 2 Keynote | Build to Lead

Dell Technologies · 2026-05-19

Products & Services

Introducing PowerStore Elite

Dell Technologies · 2026-05-19

Leadership

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

Dell Technologies · 2026-05-18

Industry Resources

Information Technology Resources

TechCrunch

Wired

CIO

MIT Technology Review

Gartner Insights

Ars Technica

Technology Hardware, Storage & Peripherals Resources

External Quote Links

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

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 9/9/2026

Dell Technologies (DELL)

Market Price (9/10/2026): $534.11 | Market Cap: $344.5 BilInvestor Relations ↗Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Dell Technologies (DELL)

Market Price (9/10/2026): $534.11Market Cap: $344.5 BilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals

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

DELL in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

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: 19.2% | 2.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 19.2% | 23.7x)

Higher Rev Chg LTM (Value for DELL: 49.0%)

Higher Rev Chg 3Y Avg (Value for DELL: 19.2%)

Higher Op Mgn LTM (Value for DELL: 9.6%)

Higher CFO/Rev LTM (Value for DELL: 8.0%)

Higher FCF/Rev LTM (Value for DELL: 5.7%)

Higher Total Yield (Value for DELL: 3.7%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 19.2% | 2.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 19.2% | 23.7x)

Higher Rev Chg LTM (Value for DELL: 49.0%)

Higher Rev Chg 3Y Avg (Value for DELL: 19.2%)

Higher Op Mgn LTM (Value for DELL: 9.6%)

Higher CFO/Rev LTM (Value for DELL: 8.0%)

Higher FCF/Rev LTM (Value for DELL: 5.7%)

Higher Total Yield (Value for DELL: 3.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DELL: 19.2% | 2.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DELL: 19.2% | 23.7x)

Higher Rev Chg LTM (Value for DELL: 49.0%)

Higher Rev Chg 3Y Avg (Value for DELL: 19.2%)

Higher Op Mgn LTM (Value for DELL: 9.6%)

Higher CFO/Rev LTM (Value for DELL: 8.0%)

Higher FCF/Rev LTM (Value for DELL: 5.7%)

Higher Total Yield (Value for DELL: 3.7%)

Best Bets in Information Technology

P/EBIT (Value for DELL: 22.5x)

P/E (Value for DELL: 30.3x)

Rev Chg 3Y Avg (Value for DELL: 19.2%)

Rev Chg LTM (Value for DELL: 49.0%)

Rev Chg Q (Value for DELL: 57.7%)

FCF/Rev 3Y Avg (Value for DELL: 4.7%)

Peer Outperformance in Technology Hardware, Storage & Peripherals

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Market Price (9/10/2026): $534.11 | Market Cap: $344.5 BilInvestor Relations Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Market Price (9/10/2026): $534.11
Market Cap: $344.5 Bil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals