DELL Dell Technologies Inc.
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Daily prices, adjusted for splits. P/E and P/S value each day on the results published by then; a gap in P/E means the trailing year had no profit.
Computer Hardware · Round Rock, TX · 97,000 employees · dell.com
Dell Technologies provides enterprise information technology solutions and personal computing hardware to commercial, government, and individual clients worldwide. It generates revenue by selling storage platforms, conventional and artificial intelligence servers, networking gear, personal computers, and peripheral devices. The company also earns income from customer financing, consulting, and deployment services.
Bull case
Dell generates returns on capital well above its cost of capital, and its contracted backlog has expanded at a faster pace than revenue. It also benefits from supplying products consumed by artificial intelligence workloads during the ongoing infrastructure spending cycle.
- The price assumes about +19% a year cash-flow growth; it delivered +305% a year over three years.
- Returns on capital run well above its cost of capital.
- The share count fell 5.0% over the past year.
- Contracted backlog grew +200% over the year, against +49% for revenue.
Bear case
The company depends on the artificial intelligence build-out continuing, though the measurements do not otherwise make a case against the business.
- Trades at the 85th percentile of its own valuation history.
- Its sector cycle (AI Infrastructure CapEx) is in saturation.
Features
- V-OVERVALUED Overvalued The price is 79% above its own-history reference value.
- V-WIDE-MOAT Wide moat Returns on capital run well above its cost of capital.
- H-CANNIBAL Share cannibal The share count fell 5.0% over the past year.
- F-BACKLOG-VELOCITY Backlog outpacing revenue Contracted backlog grew +200% over the year, against +49% for revenue.
AI impact
Supplies what AI runs on Tailwind
The company sells servers, storage, and networking gear, benefiting from rising customer demand for hardware designed to run artificial intelligence workloads. However, its business faces revenue fluctuations and margin pressure because sales depend on the uneven timing of large infrastructure orders.
Where AI helps it
- Sells what AI workloads consume
Where AI could hurt it
- Depends on the AI build-out continuing
In the company's words
Given the scale and growth of our AI-optimized servers business, effective in the fourth quarter of Fiscal 2026, we disaggregated our servers and networking offerings within revenue by major product category into AI-optimized servers offerings and traditional servers and networking offerings.
Sales of AI to large customers may also cause fluctuations in our results of operations, as such large orders may occur in some periods and not others and are generally subject to intense competition and pricing pressure, which can have an impact on our gross margins and results of operations.
Assessed by AI from the company's own annual report filed 16 Mar 2026 and quarterly report filed 8 Sep 2026. A reading of the business, not a forecast or a recommendation.
Valuation position
DELL is at the 85th percentile of its own valuation history. Depending on how far back you look, it ranges from the 76th to the 85th percentile. This is a relative measurement, not a price target or recommendation, and it assumes the business is still the one its history describes.
Price ladder
The measured price sits in the Above reference zone. These are reference zones, not buy instructions or forecasts that the prices will be reached.
What the price assumes
The measured price implies roughly +19.2% annual cash-flow growth, between +11.8% and +24.7% under other reasonable assumptions. Over the last three years it delivered +304.8% a year.
An estimate that depends on its assumptions, not a forecast.
Quality versus peers
Each dimension is shown on its own; they are not combined into a score.
Current analyst snapshot
Shown for reference only; not used in any measurement.
What would have to break
- Not triggered — Revenue decline
- Not triggered — Margin break
- Not triggered — Cash burn with rising debt
- Not triggered — Heavy dilution
- Not triggered — Warning language in filings
News
No recent brief on this company.