FirmAtlas
Company handbook · DELL · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
DELL · CIK 1571996 · LATEST FILING: 10-Q JUL '26 · FILED SEP 8, 2026
Dell Technologies Inc.
$451.71
−21.68 (−4.58%)
Close, Oct 16, 2026 · 52-week $110–596
Last fiscal year
Dell Technologies Inc. reported revenue of $113.5B for the year ended Jan 30, 2026 (FY25), up 18.8% from FY24. Net income was $5.9B, operating cash flow $11.2B and free cash flow $8.6B. Source: 10-K filed Mar 16, 2026.
Market cap
$294.5B
P/E
25.9
EV/EBITDA
28.1x
P/B
n/m
Div yield
0.51%
ROIC
36.0%
Revenue 1Y
18.8%/yr
EPS 1Y
36.1%/yr
Shares 1Y
−6%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMichael S. Dell
HQRound Rock, TX
AuditorPricewaterhouseCoopers LLP
Employees97,000
Year endsJanuary
Revenue by segment · FY25
Infrastructure Solutions Group54%
Client Solutions46%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
25.3%
33.2%
88.2%
198.5%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$16.7B deployed
Capex
$5.3B
31.6%
Acquisitions
$84M
0.5%
Dividends
$2.7B
16.4%
Buybacks
$8.6B
51.5%
Operating cash flow over the period: $15.7B. Total debt changed by +$6.9B. R&D of $6.2B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Jan 30, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY15).
TTM = the last four quarters, to Jul '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
95,567
113,538+18.8%
151,197
YoY
+18.8%
Gross profit
21,250
22,707+6.9%
29,935
Gross margin
22.2%
20.0%−2.2 pp
—
Operating income
6,237
8,149+30.7%
14,252
Operating margin
6.5%
7.2%+0.7 pp
—
EBITDA
9,360
11,178+19.4%
—
EBITDA margin
9.8%
9.8%+0.1 pp
—
Interest expense
1,394
1,560+11.9%
—
Interest coverage
6.71x
7.17x+0.45x
—
Net income
4,592
5,936+29.3%
11,378
YoY
+29.3%
Net margin
4.8%
5.2%+0.4 pp
—
EPS (diluted, $)
6.38
8.68+36.1%
17.32
YoY
+36.1%
Balance sheet
Total assets
79,746
101,286+27.0%
127,393
Cash & short-term investments
3,633
11,528+217.3%
—
Accounts receivable
10,298
17,585+70.8%
—
Inventory
6,716
10,437+55.4%
—
Net PP&E
6,336
6,676+5.4%
—
Other assets
52,763
55,060+4.4%
—
Total liabilities
81,228
103,756+27.7%
128,820
Accounts payable
20,832
33,630+61.4%
—
Total debt
24,567
31,503+28.2%
34,466
Other liabilities
35,829
38,623+7.8%
—
Shareholders’ equity
(1,482)
(2,470)n/m
(1,427)
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
4,521
11,185+147.4%
12,152
Net income
4,576
5,936+29.7%
—
Depreciation & amortization
3,123
3,029−3.0%
—
Stock-based compensation
785
723−7.9%
—
Working capital & other
(3,963)
1,497n/m
—
Cash from investing
(2,215)
(2,055)n/m
—
Capex
(2,652)
(2,633)n/m
—
Acquisitions
0
(84)n/m
—
Investments bought
(125)
(197)n/m
—
Investments sold / matured
382
246−35.6%
—
Other investing
180
613+240.6%
—
Cash from financing
(5,815)
(1,464)n/m
—
Debt raised
9,258
15,004+62.1%
—
Debt repaid
(10,570)
(8,522)n/m
—
Dividends
(1,275)
(1,459)n/m
—
Buybacks
(2,588)
(6,014)n/m
—
Shares issued
1
5+400.0%
—
Other financing
(641)
(478)n/m
—
Free cash flow (OCF − capex)
1,869
8,552+357.6%
8,560
Where the cash went
Operating cash flow
4,521
11,185+147.4%
12,152
Reinvested in the business
2,652
2,717+2.5%
—
% of operating cash flow
58.7%
24.3%
Capex
2,652
2,633−0.7%
3,592
Acquisitions
0
84n/m
—
R&D (memo, already in costs)
3,061
3,142+2.6%
—
Free cash flow
1,869
8,552+357.6%
8,560
YoY
+357.6%
Returned to shareholders
3,863
7,473+93.5%
—
% of free cash flow
206.7%
87.4%
Dividends
1,275
1,459+14.4%
—
Buybacks
2,588
6,014+132.4%
—
Change in total debt
—
6,936
—
Cash left over
—
7,931
—
FCF conversion (FCF ÷ net income)
40.7%
144.1%+103.4 pp
—
Owner earnings
—
8,122
—
Owner earnings margin
—
7.2%
—
Buyback yield
3.6%
8.1%+4.5 pp
—
Returns & ratios
ROIC (all capital)
29.1%
36.0%+7.0 pp
—
ROIC (operating)
224.5%
371.5%+146.9 pp
—
Net debt / EBITDA
2.24x
1.79x−0.45x
—
Cash conversion cycle (days)
−30
−37−7 d
—
ROE
−309.9%
−240.3%+69.5 pp
—
ROA
5.8%
5.9%+0.1 pp
—
ROCE
18.8%
21.4%+2.7 pp
—
NOPAT
5,654
6,660+17.8%
—
Invested capital (operating)
2,518
1,068−57.6%
—
Invested capital (all)
19,452
17,505−10.0%
—
Reinvestment rate
—
−21.8%
—
Debtor days
39
57+17 d
—
Inventory days
33
42+9 d
—
Days payable
102
135+33 d
—
Income
Oct '25
Jan '26
May '26
Jul '26
Revenue
27,005
33,379
43,842
46,971
vs year-ago quarter
Gross profit
5,593
6,730
7,782
9,830
Gross margin
20.7%
20.2%
17.8%
20.9%
Operating income
2,119
3,092
3,656
5,385
Net income
1,548
2,259
3,438
4,133
vs year-ago quarter
Net margin
5.7%
6.8%
7.8%
8.8%
EPS (diluted, $)
2.28
3.46
5.24
6.34
vs year-ago quarter
Balance sheet
Oct '25
Jan '26
May '26
Jul '26
Total assets
87,479
101,286
114,913
127,393
Cash & equivalents
9,569
11,528
11,578
11,569
Total debt
31,243
31,503
31,161
34,466
Shareholders’ equity
(2,620)
(2,470)
(1,404)
(1,427)
Cash flow
Oct '25
Jan '26
May '26
Jul '26
Operating cash flow
1,172
4,674
4,081
2,225
Capex
669
721
963
1,239
Free cash flow
503
3,953
3,118
986
vs year-ago quarter