Dell Technologies (DELL)
Market Price (4/7/2026): $173.06 | Market Cap: $114.2 BilSector: Information Technology | Industry: Technology Hardware, Storage & Peripherals
Dell Technologies (DELL)
Market Price (4/7/2026): $173.06Market Cap: $114.2 BilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, FCF Yield is 7.5% Attractive cash flow generationCFO LTM is 11 Bil, FCF LTM is 8.6 Bil Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and 5G & Advanced Connectivity. Themes include Data Centers & Infrastructure, Show more. | Stock price has recently run up significantly12M Rtn12 month market price return is 146% Key risksDELL 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, FCF Yield is 7.5% |
| Attractive cash flow generationCFO LTM is 11 Bil, FCF LTM is 8.6 Bil |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and 5G & Advanced Connectivity. Themes include Data Centers & Infrastructure, Show more. |
| Stock price has recently run up significantly12M Rtn12 month market price return is 146% |
| Key risksDELL 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. |
Qualitative Assessment
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Dell Technologies (DELL) stock has gained about 40% since 12/31/2025 because of the following key factors:
1. Explosive Growth in AI-Optimized Servers and Record Backlog. Dell experienced unprecedented demand for its AI-optimized servers, evidenced by a record $43 billion AI server backlog exiting fiscal year 2026 (ended January 30, 2026). AI server shipments in FY2026 more than doubled year-over-year to $25.2 billion, and the company projects AI revenue to double to $50 billion in fiscal year 2027. This growth is significantly driven by Dell's strategic partnership with NVIDIA, enabling the delivery of advanced AI infrastructure.
2. Strong Financial Performance and Upbeat Guidance. Dell's stock surge was fueled by robust financial results, particularly in its Q4 FY2026 report released on February 26, 2026. The company reported revenue of $33.38 billion, a 39.5% year-over-year increase that surpassed Wall Street's expectations by 5.2%. Adjusted EPS reached $3.89, beating analyst estimates by 10.4%. Furthermore, Dell raised its full-year fiscal 2026 revenue guidance to a record $113.5 billion, marking a 19% year-over-year increase, and projected full-year fiscal 2027 revenue between $138.0 billion and $142.0 billion.
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1. Explosive Growth in AI-Optimized Servers and Record Backlog. Dell experienced unprecedented demand for its AI-optimized servers, evidenced by a record $43 billion AI server backlog exiting fiscal year 2026 (ended January 30, 2026). AI server shipments in FY2026 more than doubled year-over-year to $25.2 billion, and the company projects AI revenue to double to $50 billion in fiscal year 2027. This growth is significantly driven by Dell's strategic partnership with NVIDIA, enabling the delivery of advanced AI infrastructure.
2. Strong Financial Performance and Upbeat Guidance. Dell's stock surge was fueled by robust financial results, particularly in its Q4 FY2026 report released on February 26, 2026. The company reported revenue of $33.38 billion, a 39.5% year-over-year increase that surpassed Wall Street's expectations by 5.2%. Adjusted EPS reached $3.89, beating analyst estimates by 10.4%. Furthermore, Dell raised its full-year fiscal 2026 revenue guidance to a record $113.5 billion, marking a 19% year-over-year increase, and projected full-year fiscal 2027 revenue between $138.0 billion and $142.0 billion.
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Stock Movement Drivers
Fundamental Drivers
The 38.2% change in DELL stock from 12/31/2025 to 4/6/2026 was primarily driven by a 19.3% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4062026 | Change |
|---|---|---|---|
| Stock Price ($) | 125.33 | 173.18 | 38.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 104,090 | 113,538 | 9.1% |
| Net Income Margin (%) | 5.0% | 5.2% | 4.5% |
| P/E Multiple | 16.1 | 19.3 | 19.3% |
| Shares Outstanding (Mil) | 671 | 660 | 1.7% |
| Cumulative Contribution | 38.2% |
Market Drivers
12/31/2025 to 4/6/2026| Return | Correlation | |
|---|---|---|
| DELL | 38.2% | |
| Market (SPY) | -5.4% | 36.4% |
| Sector (XLK) | -5.0% | 28.8% |
Fundamental Drivers
The 23.1% change in DELL stock from 9/30/2025 to 4/6/2026 was primarily driven by a 11.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 4062026 | Change |
|---|---|---|---|
| Stock Price ($) | 140.65 | 173.18 | 23.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 101,451 | 113,538 | 11.9% |
| Net Income Margin (%) | 4.8% | 5.2% | 9.7% |
| P/E Multiple | 19.7 | 19.3 | -2.3% |
| Shares Outstanding (Mil) | 678 | 660 | 2.7% |
| Cumulative Contribution | 23.1% |
Market Drivers
9/30/2025 to 4/6/2026| Return | Correlation | |
|---|---|---|
| DELL | 23.1% | |
| Market (SPY) | -2.9% | 40.2% |
| Sector (XLK) | -2.8% | 39.7% |
Fundamental Drivers
The 93.5% change in DELL stock from 3/31/2025 to 4/6/2026 was primarily driven by a 40.7% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4062026 | Change |
|---|---|---|---|
| Stock Price ($) | 89.49 | 173.18 | 93.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 95,567 | 113,538 | 18.8% |
| Net Income Margin (%) | 4.8% | 5.2% | 8.8% |
| P/E Multiple | 13.7 | 19.3 | 40.7% |
| Shares Outstanding (Mil) | 702 | 660 | 6.4% |
| Cumulative Contribution | 93.5% |
Market Drivers
3/31/2025 to 4/6/2026| Return | Correlation | |
|---|---|---|
| DELL | 93.5% | |
| Market (SPY) | 16.3% | 60.2% |
| Sector (XLK) | 33.1% | 61.2% |
Fundamental Drivers
The 356.8% change in DELL stock from 3/31/2023 to 4/6/2026 was primarily driven by a 119.0% change in the company's Net Income Margin (%).| (LTM values as of) | 3312023 | 4062026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.91 | 173.18 | 356.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 102,301 | 113,538 | 11.0% |
| Net Income Margin (%) | 2.4% | 5.2% | 119.0% |
| P/E Multiple | 11.1 | 19.3 | 73.2% |
| Shares Outstanding (Mil) | 716 | 660 | 8.5% |
| Cumulative Contribution | 356.8% |
Market Drivers
3/31/2023 to 4/6/2026| Return | Correlation | |
|---|---|---|
| DELL | 356.8% | |
| Market (SPY) | 63.3% | 50.1% |
| Sector (XLK) | 84.7% | 54.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DELL Return | 52% | -27% | 96% | 53% | 11% | 39% | 417% |
| Peers Return | 38% | -12% | 21% | 26% | 14% | -5% | 101% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| DELL Win Rate | 75% | 33% | 75% | 75% | 50% | 75% | |
| Peers Win Rate | 65% | 42% | 68% | 57% | 52% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DELL Max Drawdown | -3% | -39% | -8% | -2% | -38% | -11% | |
| Peers Max Drawdown | -5% | -26% | -7% | -9% | -23% | -15% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[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 4/6/2026 (YTD)
How Low Can It Go
| Event | DELL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -44.4% | -25.4% |
| % Gain to Breakeven | 80.0% | 34.1% |
| Time to Breakeven | 324 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -45.9% | -33.9% |
| % Gain to Breakeven | 84.8% | 51.3% |
| Time to Breakeven | 103 days | 148 days |
| 2018 Correction | ||
| % Loss | -35.1% | -19.8% |
| % Gain to Breakeven | 54.1% | 24.7% |
| Time to Breakeven | 412 days | 120 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
Dell Technologies's stock fell -44.4% during the 2022 Inflation Shock from a high on 2/9/2022. A -44.4% loss requires a 80.0% gain to breakeven.
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About Dell Technologies (DELL)
Dell Technologies Inc. designs, develops, manufactures, markets, sells, and supports information technology (IT) solutions, products, and services worldwide. The company operates through three segments: Infrastructure Solutions Group (ISG), Client Solutions Group (CSG), and VMware. The ISG segment provides traditional and next-generation storage solutions; and rack, blade, tower, and hyperscale servers. This segment also offers networking products and services that help its business customers to transform and modernize their infrastructure, mobilize and enrich end-user experiences, and accelerate business applications and processes; attached software and peripherals; and support and deployment, configuration, and extended warranty services. The CSG segment provides desktops, workstations, and notebooks; displays and projectors; attached and third-party software and peripherals, as well as support and deployment, configuration, and extended warranty services. The VMware segment supports customers in the areas of hybrid and multi-cloud, modern applications, networking, security, and digital workspaces, helping customers to manage IT resource across private clouds and complex multi-cloud, multi-device environments. Dell Technologies Inc. also provides information security; and cloud software and infrastructure-as-a-service solutions that enable customers to migrate, run, and manage mission-critical applications in cloud-based IT environments. The company was formerly known as Denali Holding Inc. and changed its name to Dell Technologies Inc. in August 2016. Dell Technologies Inc. was founded in 1984 and is headquartered in Round Rock, Texas.
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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.
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| 03312026 | PANW | Palo Alto Networks | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03312026 | ALKT | Alkami Technology | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | DBX | Dropbox | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 2.6% | 2.6% | 0.0% |
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 126.81 |
| Mkt Cap | 172.7 |
| Rev LTM | 63,295 |
| Op Inc LTM | 10,372 |
| FCF LTM | 10,004 |
| FCF 3Y Avg | 8,613 |
| CFO LTM | 12,189 |
| CFO 3Y Avg | 10,825 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.5% |
| Rev Chg 3Y Avg | 3.9% |
| Rev Chg Q | 13.9% |
| QoQ Delta Rev Chg LTM | 3.7% |
| Op Mgn LTM | 12.9% |
| Op Mgn 3Y Avg | 12.0% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 16.0% |
| CFO/Rev 3Y Avg | 17.9% |
| FCF/Rev LTM | 12.2% |
| FCF/Rev 3Y Avg | 12.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 172.7 |
| P/S | 2.2 |
| P/EBIT | 19.0 |
| P/E | 20.5 |
| P/CFO | 13.9 |
| Total Yield | 6.0% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 6.9% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.7% |
| 3M Rtn | -0.3% |
| 6M Rtn | 0.7% |
| 12M Rtn | 44.4% |
| 3Y Rtn | 69.3% |
| 1M Excs Rtn | 3.5% |
| 3M Excs Rtn | 2.6% |
| 6M Excs Rtn | 2.8% |
| 12M Excs Rtn | 8.5% |
| 3Y Excs Rtn | 7.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Client Solutions Group | 48,393 | 48,916 | 58,213 | 61,464 | 48,387 |
| Infrastructure Solutions Group | 43,593 | 33,885 | 38,356 | 34,366 | 33,002 |
| Corporate and other | 3,581 | 5,624 | |||
| Impact of purchase accounting | 0 | -32 | -106 | ||
| Other businesses | 5,721 | 5,388 | 5,382 | ||
| Unallocated transactions | 11 | 11 | 5 | ||
| Total | 95,567 | 88,425 | 102,301 | 101,197 | 86,670 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Infrastructure Solutions Group | 5,579 | 4,286 | 5,045 | 3,736 | 3,753 |
| Client Solutions Group | 2,972 | 3,712 | 3,824 | 4,365 | 3,333 |
| Corporate and other | -22 | -120 | |||
| Amortization of intangibles | -667 | -833 | -970 | -1,641 | -2,133 |
| Stock-based compensation expense | -785 | -878 | -931 | -808 | -487 |
| Other corporate expenses | -840 | -756 | -899 | -337 | -376 |
| Impact of purchase accounting | -44 | -67 | -144 | ||
| Other businesses | -240 | -319 | -139 | ||
| Transaction-related expenses | -22 | -273 | -124 | ||
| Unallocated transactions | 8 | 3 | 2 | ||
| Total | 6,237 | 5,411 | 5,771 | 4,659 | 3,685 |
Price Behavior
Price Behavior
| Market Price | $173.18 | |
| Market Cap ($ Bil) | 114.3 | |
| First Trading Date | 12/26/2018 | |
| Distance from 52W High | -5.9% | |
| 50 Days | 200 Days | |
| DMA Price | $139.37 | $133.97 |
| DMA Trend | up | up |
| Distance from DMA | 24.3% | 29.3% |
| 3M | 1YR | |
| Volatility | 66.5% | 52.1% |
| Downside Capture | 0.11 | 0.72 |
| Upside Capture | 260.42 | 184.98 |
| Correlation (SPY) | 34.7% | 55.9% |
DELL Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.41 | 1.89 | 1.90 | 1.88 | 1.78 | 1.76 |
| Up Beta | 1.61 | 1.82 | 2.13 | 1.31 | 1.60 | 1.50 |
| Down Beta | 2.72 | 4.26 | 3.51 | 2.71 | 2.29 | 2.11 |
| Up Capture | 329% | 350% | 263% | 268% | 302% | 1100% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 23 | 33 | 64 | 131 | 393 |
| Down Capture | -31% | -44% | 20% | 121% | 121% | 110% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 10 | 19 | 30 | 62 | 121 | 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 | 85.5% | 55.9% | 1.30 | - |
| Sector ETF (XLK) | 31.3% | 27.0% | 0.98 | 61.1% |
| Equity (SPY) | 15.3% | 19.0% | 0.64 | 60.1% |
| Gold (GLD) | 49.6% | 28.0% | 1.44 | 5.3% |
| Commodities (DBC) | 15.5% | 17.7% | 0.74 | 29.4% |
| Real Estate (VNQ) | 3.1% | 16.5% | 0.01 | 31.4% |
| Bitcoin (BTCUSD) | -19.0% | 44.0% | -0.35 | 27.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DELL | |
|---|---|---|---|---|
| DELL | 33.7% | 46.4% | 0.78 | - |
| Sector ETF (XLK) | 16.6% | 24.7% | 0.60 | 55.0% |
| Equity (SPY) | 11.7% | 17.0% | 0.53 | 52.5% |
| Gold (GLD) | 21.8% | 17.8% | 1.01 | 9.0% |
| Commodities (DBC) | 11.6% | 18.8% | 0.50 | 18.5% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.09 | 26.3% |
| Bitcoin (BTCUSD) | 3.0% | 56.5% | 0.27 | 20.4% |
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 | 23.7% | 45.3% | 0.81 | - |
| Sector ETF (XLK) | 21.5% | 24.3% | 0.81 | 57.2% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 55.8% |
| Gold (GLD) | 14.0% | 15.9% | 0.73 | 8.1% |
| Commodities (DBC) | 8.4% | 17.6% | 0.39 | 25.5% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 34.2% |
| Bitcoin (BTCUSD) | 65.9% | 66.9% | 1.05 | 18.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 16 |
| # Negative | 12 | 11 | 8 |
| Median Positive | 6.4% | 6.0% | 7.9% |
| Median Negative | -4.9% | -7.9% | -9.6% |
| Max Positive | 31.6% | 27.3% | 41.5% |
| Max Negative | -17.9% | -21.4% | -27.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
Recent Forward Guidance [BETA]
Latest: Q4 2026 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | 34.70 Bil | 35.20 Bil | 35.70 Bil | 11.7% | Raised | Guidance: 31.50 Bil for Q4 2026 | |
| Q1 2027 GAAP Diluted EPS | 2.55 | -16.4% | Lowered | Guidance: 3.05 for Q4 2026 | |||
| Q1 2027 Non-GAAP Diluted EPS | 2.9 | -17.1% | Lowered | Guidance: 3.5 for Q4 2026 | |||
| 2027 Revenue | 138.00 Bil | 140.00 Bil | 142.00 Bil | 25.3% | Raised | Guidance: 111.70 Bil for 2026 | |
| 2027 AI-Optimized Servers Revenue | 50.00 Bil | 100.0% | Raised | Guidance: 25.00 Bil for 2026 | |||
| 2027 GAAP Diluted EPS | 11.5 | 37.5% | Raised | Guidance: 8.38 for 2026 | |||
| 2027 Non-GAAP Diluted EPS | 12.9 | 30.0% | Raised | Guidance: 9.92 for 2026 | |||
Prior: Q3 2026 Earnings Reported 11/25/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | 31.00 Bil | 31.50 Bil | 32.00 Bil | ||||
| Q4 2026 GAAP Diluted EPS | 3.05 | ||||||
| Q4 2026 Non-GAAP Diluted EPS | 3.5 | ||||||
| 2026 Revenue | 111.20 Bil | 111.70 Bil | 112.20 Bil | 4.4% | Raised | Guidance: 107.00 Bil for 2026 | |
| 2026 AI Server Shipments | 25.00 Bil | 25.0% | Raised | Guidance: 20.00 Bil for 2026 | |||
| 2026 GAAP Diluted EPS | 8.38 | 5.0% | Raised | Guidance: 7.98 for 2026 | |||
| 2026 Non-GAAP Diluted EPS | 9.92 | 3.9% | Raised | Guidance: 9.55 for 2026 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Durban, Egon | Direct | Sell | 12112025 | 138.12 | 71,000 | 9,806,520 | 161,935,755 | Form | |
| 2 | Kullman, Ellen Jamison | Direct | Sell | 10172025 | 153.56 | 79,806 | 12,255,009 | 10,083,057 | Form | |
| 3 | Silver, Lake Group, Llc | Held through Silver Lake Group, L.L.C. | Sell | 10162025 | 151.63 | 3,538 | Form | |||
| 4 | Silver, Lake Group, Llc | See footnote | Sell | 10162025 | 151.63 | 3,079 | Form | |||
| 5 | Dell, Michael S | Chief Executive Officer | Direct | Sell | 10102025 | 159.91 | 6,253,968 | 1,000,053,261 | 2,583,820,961 | Form |
Industry Resources
| Technology Hardware, Storage & Peripherals Resources |
| The Verge |
| TechRadar |
| Tom’s Hardware |
| PCMag |
| CNET |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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