Upside case
Bull case
—
The bull case requires both strong earnings delivery and the market pricing DELL more generously than it does today.
Analysis OverviewBuyUpdated May 1, 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
43
analysts
26 bullish · 3 bearish · 43 covering DELL
Strong Buy
0
Buy
26
Hold
14
Sell
3
Strong Sell
0
Consensus Target
$169
-22.1% vs today
Scenario Range
— – —
Model bear to bull value window
Coverage
43
Published analyst ratings
Valuation Context
21.7x
Forward P/E · Market cap $72.3B
DELL price targets
Three scenarios for where DELL stock could go
Current
~$216
Confidence
60 / 100
Updated
May 1, 2026
Market caseClosest to today
Base case
—
The base case reflects analyst consensus expectations — steady delivery without requiring a major catalyst or re-rating.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
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
$72.3B
Revenue TTM
$113.5B
Net Income TTM
$5.9B
Net Margin
5.2%
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
+15.9%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 3 of 4Q2 2025
EPS
$1.55/$1.70
Revenue
$23.4B/$23.2B
Q3 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
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $1.55/$1.70 | -8.8% | $23.4B/$23.2B | +0.9% |
| 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% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$118.8B
+4.6% YoY
FY2
$140.3B
+18.1% YoY
EPS Outlook
FY1
$15.05
— YoY
FY2
$19.47
+29.4% YoY
Trailing FCF (TTM)$4.6B
FCF Margin: 4.1%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
DELL beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
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 2025
Total disclosed revenue $95.6B
Product Mix
Latest annual revenue by segment or product family
Other Segments
96.3%
+1538.5% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
53.4%
+16.0% YoY
Tap, hover, or focus a slice to inspect segment detail.
Other Segments is the largest disclosed segment at 96.3% of FY 2025 revenue, up 1538.5% YoY.
UNITED STATES is the largest reported region at 53.4%, up 16.0% 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
Significantly Undervalued
Fair value est. $367 — implies +74.5% from today's price.
Upside to Fair Value
74.5%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
DELL
—
vs
S&P 500
25.1x
Benchmark unavailable
vs Technology Trailing P/E
DELL
—
vs
Technology
26.7x
Benchmark unavailable
vs DELL 5Y Avg P/E
Today
—
vs
5Y Average
13.7x
Benchmark unavailable
Forward PE
21.7x
S&P 500
19.1x
+14%
Technology
22.1x
-2%
5Y Avg
—
—
Trailing PE
—
S&P 500
25.1x
—
Technology
26.7x
—
5Y Avg
13.7x
—
PEG Ratio
—
S&P 500
1.72x
—
Technology
1.52x
—
5Y Avg
—
—
EV/EBITDA
11.3x
S&P 500
15.2x
-26%
Technology
17.5x
-35%
5Y Avg
8.0x
+42%
Price/FCF
—
S&P 500
21.1x
—
Technology
19.5x
—
5Y Avg
27.7x
—
Price/Sales
0.6x
S&P 500
3.1x
-80%
Technology
2.4x
-74%
5Y Avg
0.6x
+15%
Dividend Yield
—
S&P 500
1.87%
—
Technology
1.16%
—
5Y Avg
2.20%
—
| Metric | DELL | S&P 500 | Technology | 5Y Avg DELL |
|---|---|---|---|---|
| Forward PE | 21.7x | 19.1x+14% | 22.1x | — |
| Trailing PE | — | 25.1x | 26.7x | 13.7x |
| PEG Ratio | — | 1.72x | 1.52x | — |
| EV/EBITDA | 11.3x | 15.2x-26% | 17.5x-35% | 8.0x+42% |
| Price/FCF | — | 21.1x | 19.5x | 27.7x |
| Price/Sales | 0.6x | 3.1x-80% | 2.4x-74% | 0.6x+15% |
| Dividend Yield | — | 1.87% | 1.16% | 2.20% |
DELL trades above S&P 500 benchmarks on 1 of 3 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
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
Adequate
DELL 33.0% ROIC signals a durable competitive advantage — returns 8.3% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$113.5B
Revenue Growth
TTM vs prior year
+19.0%
Gross Margin
Gross profit as a share of revenue
20.0%
Operating Margin
Operating income divided by revenue
7.2%
Net Margin
Net income divided by revenue
5.2%
EPS (TTM)
Diluted earnings per share, trailing twelve months
—
Free Cash Flow (TTM)
Cash generation after capex
$4.6B
FCF Margin
FCF as share of revenue — the primary cash quality signal
4.1%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
33.0%
ROA
Return on assets, trailing twelve months
5.9%
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
4.3× FCF
~4.3 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
8.3%
Dividend
—
Buyback
8.3%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$6.0B
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
334M
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 April 11, 2026
High Risk
Debt & Interest Burden
Dell carries a significant amount of debt, which requires substantial annual interest payments. While the debt has been reduced, it could limit financial flexibility during economic downturns and constrain capital allocation.
High Risk
Supply Chain Disruptions
Disruptions in Dell's global supply chain can lead to production delays and increased component costs. Rising costs and supply constraints, especially for AI-related hardware, could erode margins and delay sales targets.
Medium
PC Market Cyclicality
The PC market is cyclical, and extended replacement cycles can lead to revenue declines. Dell's revenue is sensitive to consumer and enterprise PC demand fluctuations.
Medium
Intense Competitive Pressure
Dell faces aggressive pricing and rapid technological advancements from branded and generic competitors, including rivals in AI-optimized servers such as Super Micro Computer (SMCI) and HPE. This competition can erode market share, revenue, and profitability.
Medium
AI Infrastructure Demand
Dell's AI-optimized servers are a key growth driver, but demand depends on customer readiness and deployment timing. A shorter-than-anticipated AI investment cycle could reduce expected revenue growth.
Lower
Cybersecurity Vulnerabilities
Past data breaches highlight the risk of unauthorized access to customer information. Vulnerabilities can arise from outdated firmware, weak passwords, and third-party software, potentially damaging reputation and incurring regulatory costs.
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 April 11, 2026
AI Server Demand & Backlog Surge
Dell’s AI‑optimized server revenue has more than doubled year‑over‑year, and the company entered FY2027 with a record $43 billion AI server backlog. Management is guiding for approximately $50 billion in AI server revenue this year, supported by over 4,000 enterprise and sovereign AI customers.
Record Revenue Growth & Guidance Upside
Q4 FY2026 revenue hit a record $33.4 billion, up 39% year‑over‑year. Dell has raised its FY2027 revenue guidance significantly, reflecting continued momentum in its core and high‑margin segments.
Earnings Expansion & Free Cash Flow Momentum
EPS is projected to rise by more than 50% this year and by over 13% next year, with earnings growth of 17.75% in the coming year. Free cash flow has grown at a 3‑year CAGR of 148.42%, placing Dell in the top 10% of its industry.
Capital Return & Dividend Growth
Dell is actively returning capital to shareholders through aggressive share buybacks and a growing dividend, reinforcing its commitment to shareholder value.
Expanding Recurring Revenue Streams
The company is broadening its recurring revenue base with offerings such as edge computing, IoT, and Apex as a Service, positioning it for sustainable long‑term growth.
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
$216.39
52W Range Position
96%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$92.53
+133.9% from the low
52-Week High
$221.50
-2.3% from the high
1 Month
+25.01%
3 Month
+87.53%
YTD
+69.3%
1 Year
+129.3%
3Y CAGR
+68.3%
5Y CAGR
+34.1%
10Y CAGR
+33.5%
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
21.7x
vs 14.3x median
+52% above peer median
Revenue Growth
+4.6%
vs +11.7% median
-60% below peer median
Net Margin
5.2%
vs 5.1% median
+2% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
DEL DELL Dell Technologies Inc. | $72.3B | 21.7x | +4.6% | 5.2% | Buy | -22.1% |
HPQ HPQ HP Inc. | $19.4B | 7.4x | +0.1% | 4.5% | Hold | -6.4% |
HPE HPE Hewlett Packard Enterprise Company | $39.9B | 12.5x | +11.7% | -0.4% | Hold | -4.4% |
NTA NTAP NetApp, Inc. | $22.6B | 14.3x | +3.0% | 18.1% | Hold | +5.6% |
PST PSTG Pure Storage, Inc. | $22.0B | 29.2x | +16.4% | 5.1% | Buy | +29.4% |
STX STX Seagate Technology Holdings plc | $168.1B | 52.3x | +13.7% | 21.6% | Buy | -19.1% |
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 8.3% annually — null% through dividends and 8.3% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
8.3%
Dividend + buyback return per year
Buyback Yield
8.3%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$2.21
Growth Streak
Consecutive years of dividend increases
3Y
3Y Div CAGR
26.8%
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 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
28M
Approx. Share Reduction
8.3%
Shares Outstanding
Current diluted share count from the screening snapshot
334M
At 8.3%/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 | $1.16 | — | — | — |
| 2025 | $2.02 | +18.5% | 4.2% | 5.9% |
| 2024 | $1.71 | +18.4% | 4.0% | 5.8% |
| 2023 | $1.44 | +45.5% | 10.7% | 13.9% |
| 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 43 analysts covering the stock, 26 rate it Buy or Strong Buy, 14 rate it Hold, and 3 rate it Sell or Strong Sell. The consensus 12-month price target is $169, implying -22.1% from the current price of $216.
02What is the DELL stock price target for 2026?
The Wall Street consensus price target for DELL is $169 based on 43 analyst estimates. The high-end target is $215 (-0.6% from today), and the low-end target is $101 (-53.3%).
03Is Dell Technologies Inc. (DELL) stock overvalued in 2026?
DELL trades at 21.7x times forward earnings. Based on current multiples versus the peer group, the relative model signals significantly undervalued. 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) Debt & Interest Burden — Dell carries a significant amount of debt, which requires substantial annual interest payments. (2) Supply Chain Disruptions — Disruptions in Dell's global supply chain can lead to production delays and increased component costs. (3) PC Market Cyclicality — The PC market is cyclical, and extended replacement cycles can lead to revenue declines. 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 $118.8B (+4.6% year-over-year) and EPS of $15.05 for the upcoming fiscal year. The following year, analysts project $140.3B 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 $4.6B in free cash flow over the trailing twelve months — a free cash flow margin of 4.1%. DELL returns capital to shareholders through and share repurchases ($6.0B TTM).