Information Technology · Technology Hardware, Storage & Peripherals · US stock · price as of 16 Oct 2026
Key indicators
Price
$451.71
52-week range
$109.70 – $595.51
Market cap
$294.5B
P/E (trailing)
26.5×
EV / EBITDA
18.4×
Free-cash-flow yield
2.9%
Dividend yield
0.5%
Revenue (last 12 months)
$151.2B
Revenue growth (3y a year)
3.5%
Operating margin
9.4%
Return on invested capital
52.7%
Net debt / EBITDA
1.4×
Fair value
Blended fair value$318.02 range $303 – $332
Versus priceOvervalued−30% to fair value
Peer multiples
$313.04
Fundamentals-adjusted multiple
$300.03
10-year DCF (market-scaled)
$340.99
Earnings power value (floor, not blended)
$72.55
Model uncertainty
High
X-Ray Score
51/ 100 · High confidence · ahead of 51% of sector peers
Valuation51
Growth73
Profitability52
Financial health29
Dividends52
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Dell Technologies sells computers, servers, storage systems and networking equipment, along with related software and services, to consumers, businesses and governments. Its client solutions group covers desktops, laptops and monitors, while its infrastructure group supplies data centre hardware, including systems designed for artificial intelligence workloads. It earns money from hardware sales, support contracts and financing, and sells directly and through partners.
Over the latest twelve months the company reported revenue of $151.2 billion, with growth of 3.5% a year across three years. It reports an operating margin of 9.4%, with return on invested capital of 53%. Leverage, measured as net debt to EBITDA, is 1.4 times. A dividend is paid, with a yield of 0.5%. The figures are a snapshot of reported results rather than a forecast.
StocksXray gives Dell Technologies Inc. an X-Ray Score of 51 out of 100 (high confidence), ahead of 51% of the S&P 500 stocks in its sector. Its strongest lens is growth (73) and its weakest is financial health (29).
Our fair value blend is $318.02 (range $303.24 to $331.52). At $451.71 the stock trades 42% above that blend, so the label is "Overvalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Dell Technologies Inc. (DELL)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$51.09
$39.63
$83.10
$101.23
$113.90
$451.71
Market cap
$40.4B
$29.8B
$61.2B
$72.9B
$77.9B
$294.5B
P/E
–
12.2×
18.1×
15.9×
13.1×
26.5×
EV / revenue
0.6×
0.5×
0.9×
1.0×
0.9×
2.1×
EV / EBITDA
6.3×
5.7×
9.2×
10.0×
8.8×
18.4×
Price / free cash flow
5.4×
53.1×
10.3×
39.0×
9.1×
34.4×
Free-cash-flow yield
18.6%
1.9%
9.7%
2.6%
11.0%
2.9%
Price / book
–
–
–
–
–
–
Dividend yield
–
3.33%
1.78%
1.76%
1.84%
0.51%
Fundamentals checklist ● 5 Good · ● 4 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−0.6%Bad
Free-cash-flow yield2.9%Average
Risk models
Altman Z score0.8×Bad
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)38.9%Good
Free-cash-flow growth (3y)147.8%Good
Revenue growth (3y)3.5%Bad
Growth consistency100%Good
Balance sheet
Current ratio1.0×Bad
Net debt / EBITDA1.4×Average
Interest cover8.9×Bad
Valuation
Fair value vs price0.7×Average
EBIT / EV yield4.5%Good
Profitability
Return on invested capital52.7%Good
Operating margin9.4%Bad
Gross profitability23.5%Bad
Red flags
Negative equity — Book equity is negative
XStocksXray
Dell Technologies Inc. (DELL)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
101,197
102,301
88,425
95,567
113,538
151,197
Gross profit
21,891
22,686
21,069
21,250
22,707
29,935
Operating income
4,659
5,771
5,411
6,237
8,149
14,252
Net income
5,707
2,422
3,372
4,576
5,936
11,378
Diluted EPS ($)
–
3.24
4.60
6.38
8.68
17.03
Free cash flow
7,511
562
5,920
1,869
8,552
8,560
Gross margin
21.6%
22.2%
23.8%
22.2%
20.0%
19.8%
Operating margin
4.6%
5.6%
6.1%
6.5%
7.2%
9.4%
Net margin
5.6%
2.4%
3.8%
4.8%
5.2%
7.5%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
92,735
89,611
82,126
79,746
101,286
127,393
Cash
9,477
8,607
7,366
3,633
11,528
11,569
Total debt
26,954
29,588
25,994
24,567
31,503
34,466
Equity
-1,685
-3,122
-2,227
-1,482
-2,470
-1,427
Dividend per share ($)
–
1.32
1.48
1.78
2.10
2.31
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
May 2025
Aug 2025
Oct 2025
Jan 2026
May 2026
Jul 2026
Revenue ($M)
23,378
29,776
27,005
33,379
43,842
46,971
Growth vs a year earlier
+5.1%
+19.0%
+10.8%
+39.5%
+87.5%
+57.7%
Net income ($M)
965
1,164
1,548
2,259
3,438
4,133
Diluted EPS ($)
1.37
1.70
2.28
–
5.24
6.34
XStocksXray
Dell Technologies Inc. (DELL)
Peers in Technology Hardware, Storage & Peripherals
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.