DELLNYSEElectronic ComputersFiscal year ends January 29
Dell Technologies Inc.
Financials through Q2 FY2027, quarter ended Jul 31, 2026Last filing: 10-Q on Sep 8, 2026
$455.44+3.73 (+0.83%)
Close on Oct 19, 2026
- Market cap
- $296.95B
- P/E (TTM)
- 26.4
- Dividend yield
- 0.46%
Margins
Share of revenue, fiscal years 2015 to 2026
Gross margin
20.0%−3.2 pts over 5 years
Operating margin
7.2%+2.9 pts over 5 years
Net margin
5.2%+1.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +18.8% | +3.5% | +5.5% | +8.4% | |
| Gross profit | +6.9% | +0.0% | +2.4% | +10.5% | |
| Operating income | +30.7% | +12.2% | +17.2% | – | |
| Net income | +29.3% | +34.5% | +12.8% | – | |
| EPS, diluted | +36.1% | +38.9% | +15.5% | – | |
| Free cash flow | +357.6% | +147.8% | -1.7% | +17.7% | |
| Dividend per share | +18.0% | +16.7% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | -15.9% | 718.2% | -300.4% | |
| Return on assets | -1.4% | 2.7% | 6.6% | |
| Current ratio | 0.81 | 0.80 | 0.91 | |
| Debt to equity | 3.73 | 15.82 | -12.75 | |
| Net debt to EBITDA | 15.53× | 2.65× | 1.79× | |
| Interest coverage | -1.4× | 1.8× | 5.2× | |
| Inventory turnover | 23.3× | 19.9× | 10.6× | |
| Capex to revenue | 1.1% | 2.4% | 2.3% | |
| Diluted shares | – | 767M | 684M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Dell Technologies generated $38.25B from operations and spent $33.67B on capital expenditure, dividends and share buybacks. 41% of that went back into the business.
Generated
$38.25B
Used
$33.67B
Capital expenditure$13.84B41%Dividends$4.77B14%Share buybacks$15.06B45%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.2%
×Asset turnover1.25×
×Equity multiplier-45.81×
=Return on equity, FY2026-300.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 5.2% | 1.25× | -45.81× | -300.4% |
| FY2025 | 4.8% | 1.18× | -43.64× | -247.6% |
| FY2024 | 3.8% | 1.03× | -32.11× | -126.7% |
| FY2023 | 2.4% | 1.12× | -37.93× | -101.6% |
| FY2022 | 5.5% | 0.94× | 272.23× | 1401.3% |
| FY2021 | 3.7% | 0.72× | 267.71× | 718.2% |
| FY2020 | 5.4% | 0.74× | -31.43× | -125.8% |
| FY2019 | -2.5% | 0.77× | 39.64× | -77.6% |
| FY2018 | -3.6% | 0.65× | 9.71× | -22.8% |
| FY2017 | -1.9% | 0.76× | 11.10× | -15.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
8of 9 tests passed in fiscal 2026. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$5.94B
- Cash generatingOperating cash flow above zero$11.19B
- Return on assets improvedROA up on the prior year5.6% → 7.4%
- Earnings backed by cashOperating cash flow above net income$11.19B vs $5.94B
- Less leverageLong-term debt to assets fell24.3% → 23.2%
- Better liquidityCurrent ratio rose0.78 → 0.91
- No dilutionShare count did not rise720M → 684M
- Gross margin improvedGross margin up on the prior year22.24% → 20.00%
- More efficientAsset turnover rose1.16 → 1.42