# Dell Technologies Inc. (DELL)

> Source: Nexqual · https://nexqual.com/DELL · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, Dell Technologies Inc. (DELL), nexqual.com/DELL" · informational, not investment advice.

**Price:** USD 452.95 (-6.78% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 485.88 · day 446.91–473.01 · 52w 110.22–595.51 · market cap $288B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $151B, net income $11.4B (7.5% margin), free cash flow $8.56B (SEC filings).
- Valuation: P/E 25.3x (avg 16.7x at the last 3 fiscal year-ends), EV/EBITDA 18.0x, net debt $22.9B.
- 3 of 80 tracked superinvestors hold DELL (13F, Q2 2026): 1 new, 0 added, 2 reduced, 0 unchanged.
- Analysts: Buy (mean 2.17 on a 1–5 scale) (29 analysts), mean target USD 593 (range 480–735).
- Total return with dividends: 1Y +196.8% vs S&P 500 +14.9%; 5Y +760.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-27, EPS estimate USD 6.56, revenue estimate $49.2B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $101B | $102B | $88.4B | $95.6B | $114B | $151B |
| Gross profit | $21.9B | $22.7B | $21.1B | $21.3B | $22.7B | — |
| Operating income | $4.66B | $5.77B | $5.41B | $6.24B | $8.15B | $14.3B |
| Net income | $5.56B | $2.44B | $3.39B | $4.59B | $5.94B | $11.4B |
| EPS (diluted) | — | $3.24 | $4.60 | $6.38 | $8.68 | — |
| Free cash flow | $7.51B | $562M | $5.92B | $1.87B | $8.55B | $8.56B |
| Gross margin | 21.6% | 22.2% | 23.8% | 22.2% | 20.0% | — |
| Operating margin | 4.6% | 5.6% | 6.1% | 6.5% | 7.2% | 9.4% |
| Net margin | 5.5% | 2.4% | 3.8% | 4.8% | 5.2% | 7.5% |
| Revenue growth | +16.8% | +1.1% | -13.6% | +8.1% | +18.8% | — |
| Cash + short-term investments | $9.48B | $8.61B | $7.37B | $3.63B | $11.5B | — |
| Total debt | $27.0B | $29.6B | $26.0B | $24.6B | $31.5B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 25.3x · P/S 1.9x · EV/EBITDA 18.0x · EV/Sales 2.1x · P/FCF 33.6x · FCF yield 2.97% · Earnings yield 3.95% · Dividend yield (paid, TTM) 0.54% · Buyback yield (TTM) 2.96% · Net debt $22.9B · EV $311B
P/E at fiscal year-ends: Jan 2026 13.2x, Jan 2025 16.2x, Feb 2024 20.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold DELL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Van Den Berg Management I |  | 5.68% | $26.9M | Reduced -20.4% |
| Lee Ainslie | Maverick Capital | 0.01% | $1.3M | New position |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $7.4M | Reduced -8.7% |

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 29 analysts; mean target USD 593 (low 480, high 735).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Barclays | Downgrade | Overweight → Equal-Weight | $603 → $574 |
| 2026-10-06 | Mizuho | Target raised | Outperform | $600 → $650 |
| 2026-09-29 | TD Cowen | Target raised | Hold | $500 → $550 |
| 2026-09-21 | Morgan Stanley | Target raised | Equal-Weight | $499 → $511 |
| 2026-09-10 | RBC Capital | Initiated | Outperform | $640 |
| 2026-09-09 | Evercore ISI Group | Target raised | Outperform | $575 → $650 |
| 2026-09-02 | Citigroup | Target raised | Buy | $515 → $600 |
| 2026-09-02 | JP Morgan | Target raised | Overweight | $565 → $635 |
| 2026-09-02 | Melius Research | Target raised | Buy | $650 → $735 |
| 2026-09-02 | Goldman Sachs | Target raised | Buy | $510 → $570 |
| 2026-09-02 | Piper Sandler | Target raised | Overweight | $497 → $558 |
| 2026-09-02 | Truist Securities | Target raised | Hold | $360 → $505 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +196.8% | +760.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +197.9% | +53.6% |
| Volatility (annualized) | 73.4% | 53.2% |
| Max drawdown | -32.3% (Oct 2025→Jan 2026) | -54.8% (May 2024→Mar 2025) |

## Peers (Computer Hardware)
ANET (Arista Networks, Inc.) USD 171.07 -7.19% · SNDK (Sandisk Corporation) USD 1,260.93 -8.51% · STX (Seagate Technology Holdings PLC) USD 642.14 -7.86% · WDC (Western Digital Corporation) USD 354.19 -6.43% · P (Everpure, Inc.) USD 121.2 -7.43% · HPQ (HP Inc.) USD 33.76 +7.79%

## More
Full page: https://nexqual.com/DELL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DELL's own 10-K filed 2026-03-16 (https://www.sec.gov/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | VMware | "We continue to integrate and embed certain VMware products and services with our VxRail solution for end-user customers." |
| Related party | Broadcom (AVGO) | "VMware was a related party until its acquisition by Broadcom on November 22, 2023." |

Other companies that name DELL in their own reports (relationship from DELL's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Nutanix, Inc. (NTNX) | 10-K 2026-09-18 | "NAI provides inferencing on CNCF Kubernetes, running across public clouds, data centers, the edge, neoclouds, and OEM partner platforms (such as Cisco, Dell, and Supermicro), complete with Day 2 opera…" |
| competitor | Super Micro Computer, Inc. (SMCI) | 10-K 2026-08-31 | "•global technology vendors, such as Cisco, Dell, Hewlett-Packard Enterprise, and Lenovo; and" |
| customer | IREN Ltd (IREN) | 10-K 2026-08-27 | "We maintain relationships with semiconductor manufacturers, original equipment manufacturers ("OEMs"), original design manufacturers ("ODMs"), and other infrastructure suppliers, including NVIDIA, AMD…" |
| customer | SCANSOURCE, INC. (SCSC) | 10-K 2026-08-20 | "We provide products and services from approximately 500 suppliers, including key suppliers AT&T, Avaya, Axis, Cisco, Comcast Business, Dell, Elo, Extreme, Five9, Fortinet, Hanwha, Honeywell, HP Poly, …" |
| customer | Alpha Compute Corp (ALP) | 20-F 2026-07-16 | "with Vertical Data, Inc. for 72 Nvidia B300 servers (576 GPUs) to be manufactured by Dell." |
| competitor | QUANTUM CORP /DE/ (QMCO) | 10-K 2026-06-25 | "Our primary storage solutions, including object storage systems, primarily face competition from the EMC business unit of Dell Inc. ("Dell"), International Business Machines Corporation, ("IBM"), NetA…" |
| customer | HIVE Digital Technologies Ltd. (HIVE) | 10-K 2026-06-02 | "The Company has purchased GPU cards manufactured by Nvidia and AMD, while GPU server cases are manufactured by Dell or Supermicro." |
| partner | Kyndryl Holdings, Inc. (KD) | 10-K 2026-05-29 | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and Servi…" |
| competitor | Mynd.ai, Inc. (MYND) | 20-F 2026-05-29 | "With lowered technology entry barriers, we face competition from other developers, manufacturers and distributors of interactive displays and personal computer technologies, tablets, television screen…" |
| customer | EPLUS INC (PLUS) | 10-K 2026-05-28 | "Products manufactured by NetApp, Hewlett Packard Enterprise, Juniper Networks, Dell, and Arista Networks, collectively represented approximately 23% to 28% of net sales for the last three years." |
| competitor | LOGITECH INTERNATIONAL S.A. (LOGI) | 10-K 2026-05-21 | "Apple Inc. ("Apple"), Dell Technologies ("Dell"), HP, Lenovo Group Ltd. ("Lenovo"), Eweadn, Mchose, Keychron, Cherry, Amazon Basics and regional computer peripheral computer brands are the main compet…" |
| customer | Vista Energy, S.A.B. de C.V. (VIST) | 20-F 2026-04-28 | "Our partners of choice for high-availability servers and storage include Dell, IBM, and NetApp; for networking and firewalls, we rely on Cisco; and for administrative processes and internal controls, …" |
| customer | Vinci Compass Investments Ltd. (VINP) | 20-F 2026-04-20 | "We rely on a number of external service providers for certain key market information and data, technology, processing and supporting functions, such as Microsoft, Bloomberg, Cirion Technologies, Dell …" |
| supplier | Rain Enhancement Technologies Holdco, Inc. (RAIN) | 10-K 2026-04-15 | "Dell/EMC and EMC (NYSE: Dell, formerly NYSE: EMC) including President Americas Sales and Customer Operations, President Dell Technologies" |
| partner | Gorilla Technology Group Inc. (GRRR) | 20-F 2026-04-15 | "Some key partner relationships include Intel Corporation, Dell Technologies Inc., Red Hat, Inc., and AECOM." |

## Revenue by business segment (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Infrastructure Solutions Group | $31.78B | 67.7% | +89.2% | $4.78B | 15.0% |
| Client Solutions Group | $15.03B | 32.0% | +20.2% | $1.14B | 7.6% |
| Corporate costs (not allocated) | — | — | — | $6.0M | — |
| Total revenue | $46.97B | 100% | — | $5.38B | 11.5% |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Products | $41.11B | 87.5% | +71.8% |
| AI Optimized Servers & Networking | $16.40B | 34.9% | +99.8% |
| Commercial | $13.19B | 28.1% | +22.4% |
| Traditional Servers & Networking | $10.53B | 22.4% | +122.4% |
| Services | $5.86B | 12.5% | +0.3% |
| Storage | $4.85B | 10.3% | +25.8% |
| Consumer | $1.84B | 3.9% | +7.0% |
| Total revenue | $46.97B | 100% | — |
The lines above cover 199.7% of total revenue.

## Revenue by region (fiscal year ended 2026-01-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| UNITED STATES | $63.14B | 55.6% | +23.8% |
| Non-US | $50.40B | 44.4% | +13.1% |
| Total revenue | $113.54B | 100% | — |

## Customer concentration

Period ended 2026-01-30: 12% of revenue from unnamed direct customers (10-K, filed 2026-03-16).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $6.56 | $4.23 | +55.2% | $49.19B | 24 |
| Next quarter (ends 2027-01-31) | $6.87 | $3.85 | +78.7% | $53.50B | 5 |
| Current fiscal year (ends 2027-01-31) | $25.90 | $18.40 | +40.8% | $193.44B | 26 |
| Next fiscal year (ends 2028-01-31) | $26.81 | $18.67 | +43.6% | $229.12B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-27 (includes earnings 2026-11-27): ±17.8%; earnings reaction alone ±7.3%; last 8 reports averaged ±13.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 70.9% | ±8.4% |
| 2026-11-06 | 14 | 69.1% | ±11.2% |
| 2026-11-13 | 21 | 67.8% | ±13.3% |
| 2026-11-20 | 28 | 66.5% | ±14.9% |
| 2026-11-27 | 35 | 71.5% | ±17.8% |
| 2026-12-04 | 42 | 70.2% | ±19.1% |
| 2026-12-18 | 56 | 68.9% | ±21.6% |
| 2027-01-15 | 84 | 65.0% | ±24.8% |