Latest Ratios: P/E Ratio 63.3x · EV/EBITDA 33.5x · ROE N/A. (2014–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $364.7B | $78.3B | $75.0B | $63.5B | $31.8B | $44.5B | $28.3B | $18.6B | $17.7B | $14.5B | $12.7B |
| Enterprise Value | $384.7B | $98.2B | $95.9B | $82.2B | $52.8B | $62.0B | $60.3B | $63.1B | $61.5B | $52.4B | $52.6B |
| P/E Ratio → | 63.25 | 13.18 | 16.24 | 18.77 | 13.04 | 8.01 | 8.75 | 4.10 | — | — | — |
| P/S Ratio | 3.21 | 0.69 | 0.78 | 0.72 | 0.31 | 0.44 | 0.33 | 0.22 | 0.20 | 0.18 | 0.20 |
| P/B Ratio | — | — | — | — | — | — | 3.53 | 4.90 | 69.66 | 0.81 | 0.66 |
| P/FCF | 42.64 | 9.15 | 40.13 | 10.73 | 56.60 | 5.92 | 3.04 | 2.77 | 3.22 | 2.75 | 8.69 |
| P/OCF | 32.60 | 7.00 | 16.59 | 7.32 | 8.92 | 4.32 | 2.48 | 2.00 | 2.53 | 2.11 | 5.50 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.87 | 1.00 | 0.93 | 0.52 | 0.61 | 0.70 | 0.74 | 0.68 | 0.66 | 0.85 |
| EV / EBITDA | 33.52 | 8.56 | 10.25 | 9.43 | 5.91 | 6.73 | 6.64 | 7.42 | 8.15 | 8.42 | 20.65 |
| EV / EBIT | 45.54 | 11.13 | 14.85 | 14.70 | 11.71 | 8.30 | 13.70 | 26.91 | 238.53 | — | — |
| EV / FCF | — | 11.49 | 51.33 | 13.88 | 93.93 | 8.25 | 6.46 | 9.41 | 11.20 | 9.96 | 36.02 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.0% | 20.0% | 22.2% | 23.8% | 22.2% | 21.6% | 23.2% | 24.3% | 27.6% | 26.0% | 22.0% |
| Operating Margin | 7.4% | 7.4% | 6.5% | 6.1% | 5.6% | 4.6% | 4.3% | 2.8% | -0.2% | -3.1% | -3.8% |
| Net Profit Margin | 5.2% | 5.2% | 4.8% | 3.8% | 2.4% | 5.5% | 3.7% | 5.4% | -2.5% | -3.6% | -1.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | 172.6% | 55.0% | 228.6% | -25.5% | -15.4% | -11.2% |
| ROA | 6.6% | 6.6% | 5.7% | 3.9% | 2.7% | 5.1% | 2.7% | 4.0% | -2.0% | -2.4% | -1.4% |
| ROIC | 34.2% | 34.2% | 26.0% | 23.6% | 25.6% | 12.5% | 6.3% | 3.8% | -0.3% | -3.2% | -5.3% |
| ROCE | 23.7% | 23.7% | 18.6% | 15.1% | 15.5% | 8.8% | 5.4% | 3.6% | -0.3% | -3.0% | -4.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | 5.16 | 14.23 | 210.71 | 2.90 | 2.57 |
| Debt / EBITDA | 2.75 | 2.75 | 2.62 | 2.98 | 3.31 | 2.93 | 4.57 | 6.33 | 7.08 | 8.34 | 19.38 |
| Net Debt / Equity | — | — | — | — | — | — | 3.98 | 11.77 | 172.62 | 2.12 | 2.07 |
| Net Debt / EBITDA | 1.74 | 1.74 | 2.24 | 2.14 | 2.35 | 1.90 | 3.52 | 5.24 | 5.80 | 6.10 | 15.67 |
| Debt / FCF | — | 2.34 | 11.20 | 3.15 | 37.33 | 2.33 | 3.42 | 6.64 | 7.98 | 7.21 | 27.32 |
| Interest Coverage | 5.66 | 5.66 | 4.57 | 3.72 | 3.52 | 4.84 | 2.14 | 0.98 | 0.10 | -0.89 | -1.31 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.91 | 0.91 | 0.78 | 0.74 | 0.82 | 0.80 | 0.80 | 0.70 | 0.80 | 0.88 | 0.81 |
| Quick Ratio | 0.75 | 0.75 | 0.63 | 0.67 | 0.73 | 0.70 | 0.74 | 0.64 | 0.72 | 0.82 | 0.74 |
| Cash Ratio | 0.18 | 0.18 | 0.08 | 0.15 | 0.17 | 0.17 | 0.18 | 0.18 | 0.22 | 0.35 | 0.30 |
| Asset Turnover | — | 1.12 | 1.20 | 1.08 | 1.14 | 1.09 | 0.70 | 0.71 | 0.81 | 0.64 | 0.53 |
| Inventory Turnover | 8.70 | 8.70 | 11.07 | 18.60 | 16.67 | 13.45 | 19.55 | 19.56 | 17.97 | 21.85 | 19.12 |
| Days Sales Outstanding | — | 83.72 | 59.59 | 57.73 | 64.73 | 65.40 | 67.36 | 74.79 | 67.54 | 72.22 | 74.23 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 1.9% | 1.7% | 1.7% | 3.0% | — | — | — | 12.1% | — | — |
| Payout Ratio | 24.6% | 24.6% | 27.8% | 31.6% | 39.5% | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 7.6% | 6.2% | 5.3% | 7.7% | 12.5% | 11.4% | 24.4% | — | — | — |
| FCF Yield | 2.3% | 10.9% | 2.5% | 9.3% | 1.8% | 16.9% | 32.9% | 36.1% | 31.0% | 36.4% | 11.5% |
| Buyback Yield | 1.6% | 7.7% | 4.2% | 3.9% | 10.3% | 4.1% | 5.7% | 19.2% | 81.9% | 12.7% | 11.1% |
| Total Shareholder Yield | 2.0% | 9.5% | 5.9% | 5.5% | 13.3% | 4.1% | 5.7% | 19.2% | 93.9% | 12.7% | 11.1% |
| Shares Outstanding | — | $684M | $724M | $736M | $753M | $791M | $767M | $751M | $719M | $718M | $718M |
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying DELL stock.
Dell Technologies Inc.'s current P/E ratio is 63.3x. The historical average is 11.7x. This places it at the 100th percentile of its historical range.
Dell Technologies Inc.'s current EV/EBITDA is 33.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.2x.
Based on historical data, Dell Technologies Inc. is trading at a P/E of 63.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dell Technologies Inc.'s current dividend yield is 0.39% with a payout ratio of 24.6%.
Dell Technologies Inc. has 20.0% gross margin and 7.4% operating margin.
Dell Technologies Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
AI server mix diluting margins
Metrics are mathematically derived from official filings.
Premium Multiple Reflects AI Inflection
Dell's forward P/E of 52.56 and EV/EBITDA of 29.21 represent a significant premium to its historical range and peers like HPE, suggesting the market is pricing in a structural shift toward higher-margin AI infrastructure rather than a traditional hardware refresh cycle.
The current valuation multiples appear detached from Dell's legacy PC business, which typically trades at a lower multiple. The premium likely reflects the market's expectation that the AI server backlog will drive a sustained improvement in the company's return on invested capital, which has already expanded from 4.3% to 20.4% over the past ten quarters. However, this valuation assumes the AI-driven revenue mix will be accretive to margins, a premise that warrants scrutiny given the recent gross margin volatility.
Margin Volatility Masks Underlying Power
Dell's operating margin has expanded from 4.3% to 11.5% over the past ten quarters, yet the gross margin has fluctuated between 17.8% and 23.0%, indicating that recent profitability gains are driven by operating leverage rather than a stable improvement in core hardware margins.
The divergence between operating and gross margin trends suggests that Dell is successfully scaling its fixed-cost base, particularly in SG&A, as revenue surges. However, the persistent volatility in gross margin, which fell to 17.8% in Q1 FY2027 before rebounding, highlights the company's exposure to component pricing and product mix. The current operating margin of 11.5% appears to be at a cyclical peak, and its sustainability depends on whether the AI server mix can achieve a higher blended margin over time.
ROIC Surge Driven by Scale, Not Efficiency
Return on invested capital has surged from 4.3% to 20.4% in ten quarters, a dramatic improvement that appears to be driven primarily by revenue growth outpacing the expansion of the capital base rather than a fundamental shift in asset efficiency.
The ROIC expansion is impressive, but it must be contextualized against the company's negative equity position and rising debt. The improvement is largely a function of the numerator (NOPAT) growing faster than the denominator (invested capital), fueled by the AI server demand cycle. Investors should monitor whether this return level is sustainable as the capital base grows to support the higher volume, or if it represents a cyclical peak that will normalize as the AI investment cycle matures.
Negative CCC Signals Supplier Leverage
Dell's cash conversion cycle has remained negative for all ten quarters, ending at -4 days in Q2 FY2027, which indicates the company effectively finances its operations by collecting from customers long before paying its suppliers.
The negative CCC is a structural advantage of Dell's direct-to-enterprise model and scale, allowing it to use supplier credit as a source of working capital. The recent improvement from -27 days to -4 days, however, suggests this advantage is moderating, possibly due to faster inventory turnover or changes in payment terms with suppliers. This trend warrants monitoring, as a shift toward a positive CCC would increase Dell's need for external financing to fund its working capital.
Debt-Funded Growth Strains Coverage
Dell's D/EBITDA ratio has improved from 14.44x to 6.40x over the past ten quarters, yet the interest coverage ratio of 21.20x in Q2 FY2027 masks the underlying risk of a $34.5 billion debt load funding an asset base with negative equity.
The improvement in leverage ratios is a direct result of the surge in EBITDA from the AI-driven revenue growth. However, the absolute debt level remains substantial, and the negative equity position means the company has no equity cushion. The interest coverage ratio appears comfortable, but it is highly sensitive to any downturn in EBITDA, which could be triggered by a shift in product mix toward lower-margin AI servers or a cyclical decline in PC demand.
The Misapplied ROE Metric
Return on Equity is the ratio most commonly misapplied to Dell, as the company's persistent negative equity position renders the metric meaningless and obscures the true return generated on the capital invested in the business.
Analysts often default to ROE as a primary measure of profitability, but for Dell, it is a misleading indicator due to the negative equity base resulting from historical financial engineering and share repurchases. The metric would suggest infinite or negative returns, which does not reflect the operational reality. Instead, Return on Invested Capital (ROIC) is the appropriate metric, as it measures the return generated on the total capital (debt and equity) deployed in the business, providing a clearer picture of Dell's ability to create value from its asset base.