Upside case
Bull case
$931+127.1%
DELL would need investors to value it at roughly 93x earnings — about 52x more generous than today's 41x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 2026
Dell Technologies Inc. (DELL) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
45
analysts
26 bullish · 2 bearish · 45 covering DELL
Strong Buy
0
Buy
26
Hold
17
Sell
2
Strong Sell
0
Consensus Target
$450
+9.6% vs today
Scenario Range
$445 – $931
Model bear to bull value window
Coverage
45
Published analyst ratings
Valuation Context
41.1x
Forward P/E · Market cap $272.3B
DELL price targets
Three scenarios for where DELL stock could go
Current
~$410
Confidence
51 / 100
Updated
Jun 18, 2026
Where we are now
Current · $410
Bear
$445
Base
$707
Bull
$931
Market caseClosest to today
Base case
$707+72.4%
At 71x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$445+8.6%
The bear case assumes sentiment or fundamentals disappoint enough to push DELL down roughly 9% from the current price.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Dell Technologies Inc.
DELL · NYSETechnologyComputer HardwareJanuary year-end
Dell Technologies is a global technology company that sells hardware, software, and services for enterprise IT infrastructure and personal computing. It generates revenue primarily through its Infrastructure Solutions Group — servers, storage, and networking for businesses — and its Client Solutions Group — PCs, workstations, and peripherals — with both segments contributing roughly equal portions of total sales. The company's key advantage is its integrated solutions approach, combining hardware, software, and services into comprehensive offerings that lock in enterprise customers through long-term support contracts and proprietary technology stacks.
Market Cap
$272.3B
Revenue TTM
$134.0B
Net Income TTM
$8.4B
Net Margin
6.3%
DELL Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
67%Exceptional
vs consensus estimates
Avg EPS Surprise
+17.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$2.32/$2.29
Revenue
$29.8B/$29.0B
Q4 2025
EPS
$2.59/$2.47
Revenue
$27.0B/$27.2B
Q1 2026
EPS
$3.89/$3.53
Revenue
$33.4B/$31.7B
Q2 2026
EPS
$4.86/$2.96
Revenue
$43.8B/$35.7B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $2.32/$2.29 | +1.3% | $29.8B/$29.0B | +2.6% |
| Q4 2025 | $2.59/$2.47 | +4.9% | $27.0B/$27.2B | -0.6% |
| Q1 2026 | $3.89/$3.53 | +10.2% | $33.4B/$31.7B | +5.4% |
| Q2 2026 | $4.86/$2.96 | +64.2% | $43.8B/$35.7B | +22.7% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$140.9B
+5.1% YoY
FY2
$157.9B
+12.1% YoY
EPS Outlook
FY1
$11.37
-11.3% YoY
FY2
$15.70
+38.1% YoY
Trailing FCF (TTM)$9.4B
FCF Margin: 7.0%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
DELL beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
DELL Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2026
Total disclosed revenue $113.5B
Product Mix
Latest annual revenue by segment or product family
Other Segments
98.5%
+21.6% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
55.6%
+23.8% YoY
Tap, hover, or focus a slice to inspect segment detail.
Other Segments is the largest disclosed segment at 98.5% of FY 2026 revenue, up 21.6% YoY.
UNITED STATES is the largest reported region at 55.6%, up 23.8% YoY.
DELL Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Expensive versus peers
Fair value est. $325 — implies -20.6% from today's price.
Premium to Fair Value
20.6%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
DELL
47.2x
vs
S&P 500
24.4x
+93% premium
vs Technology Trailing P/E
DELL
47.2x
vs
Technology
29.0x
+63% premium
vs DELL 5Y Avg P/E
Today
47.2x
vs
5Y Average
13.8x
+241% premium
Forward PE
41.1x
S&P 500
18.8x
+119%
Technology
22.3x
+85%
5Y Avg
—
—
Trailing PE
47.2x
S&P 500
24.4x
+93%
Technology
29.0x
+63%
5Y Avg
13.8x
+241%
PEG Ratio
3.04x
S&P 500
1.66x
+83%
Technology
1.51x
+102%
5Y Avg
—
—
EV/EBITDA
25.5x
S&P 500
15.2x
+67%
Technology
16.6x
+53%
5Y Avg
8.2x
+212%
Price/FCF
31.8x
S&P 500
20.7x
+54%
Technology
19.2x
+66%
5Y Avg
24.5x
+30%
Price/Sales
2.4x
S&P 500
3.1x
-22%
Technology
2.4x
-2%
5Y Avg
0.6x
+308%
Dividend Yield
0.52%
S&P 500
1.91%
-73%
Technology
1.11%
-53%
5Y Avg
2.07%
-75%
| Metric | DELL | S&P 500 | Technology | 5Y Avg DELL |
|---|---|---|---|---|
| Forward PE | 41.1x | 18.8x+119% | 22.3x+85% | — |
| Trailing PE | 47.2x | 24.4x+93% | 29.0x+63% | 13.8x+241% |
| PEG Ratio | 3.04x | 1.66x+83% | 1.51x+102% | — |
| EV/EBITDA | 25.5x | 15.2x+67% | 16.6x+53% | 8.2x+212% |
| Price/FCF | 31.8x | 20.7x+54% | 19.2x+66% | 24.5x+30% |
| Price/Sales | 2.4x | 3.1x-22% | 2.4x | 0.6x+308% |
| Dividend Yield | 0.52% | 1.91% | 1.11% | 2.07% |
DELL trades above S&P 500 benchmarks on 5 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolDELL Financial Health
Verdict
Strong
DELL 34.2% ROIC signals a durable competitive advantage — returns 2.7% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$134.0B
Revenue Growth
TTM vs prior year
+38.8%
Gross Margin
Gross profit as a share of revenue
19.2%
Operating Margin
Operating income divided by revenue
8.0%
Net Margin
Net income divided by revenue
6.3%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$12.82
Free Cash Flow (TTM)
Cash generation after capex
$9.4B
FCF Margin
FCF as share of revenue — the primary cash quality signal
7.0%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
34.2%
ROA
Return on assets, trailing twelve months
8.6%
Cash & Equivalents
Liquid assets on the balance sheet
$11.5B
Net Debt
Total debt minus cash
$20.0B
Debt Serviceability
Net debt as a multiple of annual free cash flow
2.1× FCF
~2.1 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
—
Shareholder Returns
How capital is returned to owners
Total shareholder yield
2.7%
Dividend
0.5%
Buyback
2.2%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$6.0B
Dividend / Share
Annualized trailing dividend per share
$2.13
Payout Ratio
Share of earnings distributed as dividends
24.6%
Shares Outstanding
Declining as buybacks retire shares
664M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageDELL Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated June 17, 2026
High Risk
Supply Chain Constraints
Memory market dynamics and shortages in DRAM and NAND are squeezing margins and posing significant threats to Dell's server and PC businesses.
High Risk
Inflationary Pressures
Rising costs of freight, shipping, and memory components are creating margin pressures and downside risks for Dell.
Medium
AI Growth Risks
Dell's AI-focused PC marketing underperformed expectations, raising concerns about sustaining growth in AI-driven segments.
Medium
Competitive Positioning
As the third-largest PC vendor, Dell faces intense competition from Lenovo and HP, which could impact market share.
Lower
Revenue Backlog
Despite risks, Dell exited FY26 with a substantial $43 billion AI server backlog, providing some revenue visibility.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why DELL Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated June 17, 2026
AI infrastructure growth
Dell is transitioning into an AI infrastructure pure-play, with $64.1B in AI server orders and strong fiscal performance driven by AI-driven server growth.
Revenue and EPS expansion
Quarterly revenues reached $43.8 billion, with EPS growth and profits increasing by nearly 75% in FY2024, highlighting strong financial performance.
Margin expansion potential
Bull case scenarios suggest significant upside driven by faster backlog conversion and margin expansion, with a target of $537 (+27% upside).
Cash-generative business
Dell remains a cash-generative business, with the stock price appreciating approximately 29.55% since initial coverage, validating the investment thesis.
Record Q4 revenue
Q4 FY2026 revenue hit a record $33.4B, up 39%, demonstrating strong operational execution and growth momentum.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
DELL Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$410.00
52W Range Position
83%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$110.22
+272.0% from the low
52-Week High
$469.47
-12.7% from the high
1 Month
+72.29%
3 Month
+174.76%
YTD
+220.8%
1 Year
+251.8%
3Y CAGR
+102.6%
5Y CAGR
+52.4%
10Y CAGR
+42.3%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
DELL vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
41.1x
vs 20.0x median
+106% above peer median
Revenue Growth
+5.1%
vs +6.6% median
-22% below peer median
Net Margin
6.3%
vs 5.9% median
+7% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
DEL DELL Dell Technologies Inc. | $272.3B | 41.1x | +5.1% | 6.3% | Buy | +9.6% |
HPQ HPQ HP Inc. | $21.5B | 7.8x | +1.2% | 4.4% | Hold | -15.6% |
HPE HPE Hewlett Packard Enterprise Company | $62.8B | 13.9x | +8.3% | 3.9% | Hold | +46.1% |
NTA NTAP NetApp, Inc. | $31.6B | 20.0x | +5.9% | 18.4% | Hold | +4.6% |
PST PSTG Everpure, Inc | $28.5B | 37.6x | +6.6% | 5.9% | Buy | -0.3% |
STX STX Seagate Technology Holdings plc | $233.4B | 71.8x | +9.2% | 21.6% | Buy | -29.5% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
DELL Dividend and Capital Return
DELL returns capital mainly through $6.0B/year in buybacks (2.2% buyback yield), with a modest 0.52% dividend — combining for 2.7% total shareholder yield.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
2.7%
Dividend + buyback return per year
Buyback Yield
2.2%
Dividend Yield
0.52%
Payout Ratio
24.6%
How DELL Splits Its Return
Div 0.52%
Buyback 2.2%
Dividend 0.52%Buybacks 2.2%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$2.13
Growth Streak
Consecutive years of dividend increases
4Y
3Y Div CAGR
26.8%
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
Quarterly
5 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$6.0B
Estimated Shares Retired
15M
Approx. Share Reduction
2.2%
Shares Outstanding
Current diluted share count from the screening snapshot
664M
At 2.2%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.79 | — | 7.7% | 9.5% |
| 2025 | $2.02 | +18.5% | 4.2% | 5.9% |
| 2024 | $1.71 | +18.4% | 3.9% | 5.5% |
| 2023 | $1.44 | +45.5% | 10.3% | 13.3% |
| 2022 | $0.99 | — | 4.1% | 4.1% |
FAQ
7 questionsDELL Investor Questions
Common questions answered from live analyst data and company financials.
01Is Dell Technologies Inc. (DELL) stock a buy or sell in 2026?
Dell Technologies Inc. (DELL) is rated Buy by Wall Street analysts as of 2026. Of 45 analysts covering the stock, 26 rate it Buy or Strong Buy, 17 rate it Hold, and 2 rate it Sell or Strong Sell. The consensus 12-month price target is $450, implying +9.6% from the current price of $410. The bear case scenario is $445 and the bull case is $931.
02What is the DELL stock price target for 2026?
The Wall Street consensus price target for DELL is $450 based on 45 analyst estimates. The high-end target is $700 (+70.7% from today), and the low-end target is $205 (-50.0%). The base case model target is $707.
03Is Dell Technologies Inc. (DELL) stock overvalued in 2026?
DELL trades at 41.1x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals expensive versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Dell Technologies Inc. (DELL) stock in 2026?
The primary risks for DELL in 2026 are: (1) Supply Chain Constraints — Memory market dynamics and shortages in DRAM and NAND are squeezing margins and posing significant threats to Dell's server and PC businesses. (2) Inflationary Pressures — Rising costs of freight, shipping, and memory components are creating margin pressures and downside risks for Dell. (3) AI Growth Risks — Dell's AI-focused PC marketing underperformed expectations, raising concerns about sustaining growth in AI-driven segments. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Dell Technologies Inc.'s revenue and earnings forecast?
Analyst consensus estimates DELL will report consensus revenue of $140.9B (+5.1% year-over-year) and EPS of $11.37 (-11.3% year-over-year) for the upcoming fiscal year. The following year, analysts project $157.9B in revenue.
06When does Dell Technologies Inc. (DELL) report its next earnings?
A confirmed upcoming earnings date for DELL is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Dell Technologies Inc. generate?
Dell Technologies Inc. (DELL) generated $9.4B in free cash flow over the trailing twelve months — a free cash flow margin of 7.0%. DELL returns capital to shareholders through dividends (0.5% yield) and share repurchases ($6.0B TTM).