Dell Technologies Inc. (DELL) Financial Ratios
13 years of historical data (2014–2026) · Technology · Computer Hardware
EV/EBITDA
↑
25.47
↑+212% vs avg
5yr avg: 8.18
30Y Low5.9·High20.7
P/FCF
↑
31.85
↑+30% vs avg
5yr avg: 24.51
30Y Low2.7·High56.6
P/B Ratio
N/A
—
5yr avg: N/A
30Y Low0.7·High69.7
ROE
N/A
—
5yr avg: 172.6%
30Y Low-49%·High229%
Debt/EBITDA
↓
2.75
↓-6% vs avg
5yr avg: 2.92
30Y Low2.6·High36.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DELL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Dell Technologies Inc. trades at 47.2x earnings, 241% above its 5-year average of 13.8x, sitting at the 100th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a premium of 63%. On a free-cash-flow basis, the stock trades at 31.8x P/FCF, 30% above the 5-year average of 24.5x.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $272.3B | $78.3B | $75.0B | $63.5B | $31.8B | $44.5B | $28.3B | $18.6B | $17.7B | $14.5B | $12.7B |
| Enterprise Value | $292.3B | $98.2B | $95.9B | $82.2B | $52.8B | $62.0B | $60.3B | $63.1B | $61.5B | $52.4B | $52.6B |
| P/E Ratio → | 47.23 | 13.18 | 16.24 | 18.77 | 13.04 | 8.01 | 8.75 | 4.10 | — | — | — |
| P/S Ratio | 2.40 | 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 | 31.85 | 9.15 | 40.13 | 10.73 | 56.60 | 5.92 | 3.04 | 2.77 | 3.22 | 2.75 | 8.69 |
| P/OCF | 24.35 | 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
DELL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Dell Technologies Inc.'s enterprise value stands at 25.5x EBITDA, 212% above its 5-year average of 8.2x. The Technology sector median is 16.7x, placing the stock at a 53% premium on an enterprise-value basis.
| 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 | 25.47 | 8.56 | 10.25 | 9.43 | 5.91 | 6.73 | 6.64 | 7.42 | 8.15 | 8.42 | 20.65 |
| EV / EBIT | 34.61 | 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 |
DELL Profitability
Margins and return-on-capital ratios measuring operating efficiency
Dell Technologies Inc. earns an operating margin of 7.4%. Operating margins have expanded from 6.1% to 7.4% over the past 3 years, signaling improving operational efficiency. ROIC of 34.2% represents excellent returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
DELL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Dell Technologies Inc. carries a Debt/EBITDA ratio of 2.7x, which is moderately leveraged (7% below the sector average of 2.9x). Net debt stands at $20.0B ($31.5B total debt minus $11.5B cash). Interest coverage of 5.7x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 |
DELL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.91x is below 1.0, meaning current liabilities exceed current assets — though the company's $11.5B cash position helps mitigate short-term liquidity concerns. The current ratio has improved from 0.74x to 0.91x over the past 3 years.
| 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 |
DELL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Dell Technologies Inc. returns 2.7% to shareholders annually — split between a 0.5% dividend yield and 2.2% buyback yield. The payout ratio of 24.6% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 2.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 0.5% | 1.9% | 1.7% | 1.7% | 3.0% | — | — | — | 12.1% | — | — |
| Payout Ratio | 24.6% | 24.6% | 27.8% | 31.6% | 39.5% | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 7.6% | 6.2% | 5.3% | 7.7% | 12.5% | 11.4% | 24.4% | — | — | — |
| FCF Yield | 3.1% | 10.9% | 2.5% | 9.3% | 1.8% | 16.9% | 32.9% | 36.1% | 31.0% | 36.4% | 11.5% |
| Buyback Yield | 2.2% | 7.7% | 4.2% | 3.9% | 10.3% | 4.1% | 5.7% | 19.2% | 81.9% | 12.7% | 11.1% |
| Total Shareholder Yield | 2.7% | 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 |
Peer Comparison
Compare DELL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 DELLYou | $272B | 47.2 | 25.5 | 31.8 | 20.0% | 7.4% | — | 34.2% | 2.7 |
 HPQ | $21B | 8.9 | 6.3 | 7.7 | 20.0% | 6.6% | — | 41.2% | 2.4 |
 HPE | $63B | -1063.0 | 18.5 | 100.1 | 28.8% | 4.8% | 0.2% | 3.4% | 5.5 |
 NTAP | $32B | 25.1 | 16.1 | 16.9 | 70.7% | 24.5% | 106.7% | 124.4% | 1.3 |
 PSTG | $28B | 183.4 | 106.1 | 46.3 | 70.4% | 3.1% | 13.0% | 10.7% | 0.8 |
 STX | $233B | 158.1 | 111.1 | 285.3 | 35.2% | 20.8% | — | 41.4% | 2.5 |
 WDC | $253B | 145.7 | 91.9 | 197.0 | 38.8% | 24.5% | 23.1% | 13.8% | 1.8 |
 SMCI | $18B | 18.3 | 13.7 | 12.0 | 11.1% | 5.7% | 17.9% | 15.9% | 3.6 |
 IBM | $234B | 22.3 | 18.7 | 20.2 | 59.5% | 15.3% | 35.2% | 9.8% | 4.4 |
 INTC | $673B | -2274.9 | 60.4 | — | 34.8% | -0.0% | -0.2% | -0.0% | 4.0 |
 AMD | $876B | 202.8 | 130.6 | 130.1 | 49.5% | 10.7% | 7.2% | 4.7% | 0.7 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 13 years · Updated daily
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DELL — Frequently Asked Questions
Quick answers to the most common questions about buying DELL stock.
What is Dell Technologies Inc.'s P/E ratio?
Dell Technologies Inc.'s current P/E ratio is 47.2x. The historical average is 11.7x. This places it at the 100th percentile of its historical range.
What is Dell Technologies Inc.'s EV/EBITDA?
Dell Technologies Inc.'s current EV/EBITDA is 25.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.2x.
Is DELL stock overvalued?
Based on historical data, Dell Technologies Inc. is trading at a P/E of 47.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Dell Technologies Inc.'s dividend yield?
Dell Technologies Inc.'s current dividend yield is 0.52% with a payout ratio of 24.6%.
What are Dell Technologies Inc.'s profit margins?
Dell Technologies Inc. has 20.0% gross margin and 7.4% operating margin.
How much debt does Dell Technologies Inc. have?
Dell Technologies Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.