Dell Technologies Inc. (DELL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-75.1%

$101.38

vs $407.35 price

Levered DCF

$70.46

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.92

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	12.77×	15.91×	18.33×	12.68×	7.7×	8.45×	3.87×	-8.31×
P/B	-30.7×	-48.66×	-28.53×	-9.93×	-25.43×	9.31×	-18.93×	-3.87×
P/S	0.67×	0.75×	0.72×	0.3×	0.42×	0.32×	0.21×	0.2×
EV / EBITDA	8.08×	9.71×	9.24×	6.78×	5.02×	6.07×	7.36×	7.69×
Gross margin	20.0%	22.2%	23.8%	22.2%	21.6%	23.2%	24.3%	27.6%
Operating margin	7.4%	6.5%	6.1%	5.6%	4.6%	4.3%	2.8%	-0.2%
Net margin	5.2%	4.8%	3.8%	2.4%	5.5%	3.7%	5.4%	-2.5%
Current ratio	0.91×	0.78×	0.74×	0.82×	0.8×	0.8×	0.7×	0.8×
Debt / equity	-12.75×	-16.58×	-11.67×	-9.48×	-16×	14.04×	-56.98×	-11.71×
Interest coverage	5.41×	4.41×	3.6×	4.51×	3.02×	1.8×	0.99×	-0.07×
Dividend yield	1.9%	1.8%	1.7%	3.1%	0.0%	0.0%	0.0%	12.1%
Payout ratio	24.6%	27.8%	31.6%	39.5%	0.0%	0.0%	0.0%	-92.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-240.3%	-309.9%	-152.1%	-78.2%	-330.1%	110.1%	-488.5%	50.6%
Return on invested capital	15.0%	14.7%	11.0%	9.7%	9.2%	4.6%	-32.4%	-0.2%
Return on assets	5.9%	5.8%	4.1%	2.7%	6.0%	2.6%	3.9%	-2.1%
Free cash flow yield	11.3%	2.6%	9.3%	1.8%	17.5%	33.9%	37.5%	31.0%
Earnings yield	7.8%	6.4%	5.3%	7.9%	13.0%	11.8%	25.8%	-13.1%
Enterprise value	$95.8B	$93.1B	$82.2B	$52B	$60.3B	$59.4B	$62.4B	$61.5B
Net debt / EBITDA	1.69×	2.18×	2.1×	2.74×	1.45×	3.26×	5.25×	5.48×
Cash conversion cycle (days)	-9	-10	-27	1	-32	-32	-21	-19