Dell Technologies Inc. DELL
Dell Technologies is a leader in the global technology industry focused on providing broad and innovative technology solutions for the data and artificial intelligence ("AI") era. These solutions range from client devices and peripherals to infrastructure solutions across servers, networking, and storage to meet the evolving needs of our customers and drive better business outcomes. With our extensive portfolio and commitment to innovation, we design, deploy, and support secure, integrated solutions that extend from the edge to the core to the cloud. We deliver AI-optimized, software-defined, and cloud native infrastructure solutions across a broad partner ecosystem to help customers address evolving information technology ("IT") needs, drive outcomes, and capture growth as customer spending priorities evolve.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $113.54B | $95.57B | $88.42B | $102.30B | $101.20B | $86.67B | $84.81B | $90.62B | $79.04B | $62.16B |
| Cost of revenue | $90.83B | $74.32B | $67.36B | $79.61B | $79.31B | $66.53B | $64.18B | $65.57B | $58.50B | $48.52B |
| Gross profit | $22.71B | $21.25B | $21.07B | $22.69B | $21.89B | $20.14B | $20.64B | $25.05B | $20.54B | $13.65B |
| R&D | $3.14B | $3.06B | $2.80B | $2.78B | $2.58B | $2.46B | $2.45B | $4.60B | $4.38B | $2.64B |
| SG&A | $11.42B | $11.95B | $12.86B | $14.14B | $14.65B | $14.00B | $15.82B | $20.64B | $18.57B | $13.40B |
| Total operating expenses | $14.56B | $15.01B | $15.66B | $16.91B | $17.23B | $16.45B | $18.27B | $25.24B | $22.95B | $16.04B |
| Operating income | $8.15B | $6.24B | $5.41B | $5.77B | $4.66B | $3.69B | $2.37B | -$191.0M | -$2.42B | -$2.39B |
| Interest expense | $1.56B | $1.39B | $1.50B | $1.22B | $1.54B | $2.05B | $2.33B | $2.49B | $2.41B | $1.75B |
| Pre-tax income | $7.26B | $5.05B | $4.09B | $3.23B | $5.92B | $2.35B | -$51.0M | -$2.36B | -$4.77B | -$4.49B |
| Income tax | $1.33B | $472.0M | $715.0M | $803.0M | $981.0M | $101.0M | $572.0M | $180.0M | $1.84B | $1.42B |
| Net income | $5.94B | $4.58B | $3.37B | $2.42B | $5.71B | $3.25B | $4.62B | -$2.31B | -$2.85B | -$1.17B |
| EPS, basic | 8.79 | 6.51 | 4.71 | 3.33 | — | 4.37 | 6.38 | — | — | — |
| EPS, diluted | 8.68 | 6.38 | 4.60 | 3.24 | — | 4.22 | 6.03 | — | — | — |
| Shares, diluted (wtd. avg.) | $684.0M | $720.0M | $736.0M | $753.0M | $791.0M | $767.0M | $751.0M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $11.53B | $3.63B | $7.37B | $8.61B | $10.08B | $15.18B | $7.12B | $10.24B | $14.38B | $9.83B |
| Short-term investments | — | — | — | — | — | — | — | — | $2.19B | $1.98B |
| Receivables | $17.59B | $10.30B | $9.34B | $12.48B | $12.91B | $10.73B | $12.48B | $12.37B | $11.18B | $9.42B |
| Inventory | $10.44B | $6.72B | $3.62B | $4.78B | $5.90B | $3.40B | $3.28B | $3.65B | $2.68B | $2.54B |
| Total current assets | $57.60B | $36.23B | $35.98B | $42.35B | $45.03B | $43.57B | $36.87B | $36.14B | $38.96B | $30.77B |
| Property, plant and equipment | $6.68B | $6.34B | $6.43B | $6.21B | $5.42B | $4.83B | $6.05B | $5.26B | $5.39B | $5.65B |
| Goodwill | $19.55B | $19.12B | $19.70B | $19.68B | $19.77B | $20.03B | $21.16B | $40.09B | $39.92B | $38.91B |
| Other intangibles | $4.53B | $4.99B | $5.70B | $6.47B | $7.46B | $9.12B | $18.11B | $22.27B | $28.27B | $35.05B |
| Total assets | $101.29B | $79.75B | $82.13B | $89.61B | $92.73B | $123.42B | $118.86B | $111.82B | $122.28B | $118.21B |
| Accounts payable | $33.63B | $20.83B | $19.23B | $18.60B | $27.14B | $21.57B | $20.07B | $19.21B | $18.33B | $14.42B |
| Short-term debt | $7.99B | $5.20B | $6.98B | $6.57B | $5.82B | $6.36B | $7.74B | $4.32B | $7.87B | $6.33B |
| Total current liabilities | $63.27B | $46.53B | $48.35B | $51.65B | $56.22B | $54.13B | $52.46B | $44.97B | $45.89B | $38.13B |
| Long-term debt | $23.51B | $19.36B | $19.01B | $23.02B | $21.13B | $32.87B | $44.32B | $49.20B | $44.00B | $43.06B |
| Total liabilities | $103.76B | $81.13B | $84.26B | $92.64B | $94.31B | $115.39B | $115.08B | $111.57B | $106.91B | $98.97B |
| Retained earnings | $3.33B | -$1.16B | -$4.45B | -$6.73B | -$8.19B | -$13.75B | -$16.89B | -$21.35B | -$9.25B | -$5.61B |
| Total equity | -$2.47B | -$1.48B | -$2.13B | -$3.02B | -$1.58B | $7.55B | $3.15B | -$942.0M | $17.48B | $20.58B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $11.19B | $4.52B | $8.68B | $3.56B | $10.31B | $11.41B | $9.29B | $6.99B | $6.84B | $2.37B |
| Depreciation and amortisation | $3.03B | $3.12B | $3.30B | $3.16B | $4.55B | $5.39B | $6.14B | $7.75B | $8.63B | $4.94B |
| Stock-based compensation | $723.0M | $785.0M | $878.0M | $931.0M | $1.62B | $1.61B | $1.26B | $918.0M | $835.0M | $398.0M |
| Capital expenditure | $2.63B | $2.65B | $2.76B | $3.00B | $2.80B | $2.08B | $2.58B | $1.50B | $1.21B | $699.0M |
| Investing cash flow | -$2.06B | -$2.21B | -$2.78B | -$3.02B | $1.31B | -$460.0M | -$4.69B | $3.39B | -$2.88B | -$31.24B |
| Financing cash flow | -$1.46B | -$5.82B | -$7.09B | -$1.62B | -$16.61B | -$5.95B | -$4.60B | -$14.33B | $403.0M | $31.79B |
| Dividends paid | $1.46B | $1.27B | $1.07B | $964.0M | $0 | $0 | $0 | $2.13B | $0 | $0 |
| Buybacks | $6.01B | $2.59B | $2.08B | $2.88B | $1.50B | $241.0M | $8.0M | $14.07B | $688.0M | $611.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-226734.
Others in SIC 3571
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AAPL | Apple Inc. | $4.67T | 42.9x | 6.4% |
| SMCI | Super Micro Computer, Inc. | $26.01B | 12.1x | 77.8% |
| OMCL | OMNICELL, INC. | $1.57B | 859.2x | 6.5% |
| OSS | ONE STOP SYSTEMS, INC. | $248.7M | 45.3x | 31.2% |
| SCKT | SOCKET MOBILE, INC. | $5.1M | — | -19.6% |
| ZEPP | Zepp Health Corp | — | — | 41.8% |
| XNDU | Xanadu Quantum Technologies Ltd | — | — | — |