Dell Technologies Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jan 2026, Products was 80% and Services was 20% of revenue; Services fell from 27% in the fiscal year to Jan 2024.

In the fiscal year to Jan 2026, United States was 56% and Outside the United States was 44% of revenue; United States rose from 50% in the fiscal year to Jan 2024.

Quarters: Dell Technologies Inc.'s SEC filings, named by the month they end. Fiscal years: Dell Technologies Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $5.2 ends up as net income. Net margin rose from 2.4% to 5.2% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Dell Technologies Inc.'s annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

Dell Technologies's latest annual report names none of its suppliers or customers, but one customer it does not name accounts for 12% of its revenue. Dell Technologies’s Supplier List for fiscal 2025 names Hon Hai Precision Industry, Compal Electronics, Wistron, Inventec, NVIDIA and AMD as suppliers, not how much it buys from each.

Their suppliers

ASE Technology ASXto AMD

TSMC TSMto AMD, NVIDIA

UMC UMCto AMD

Coherent COHRto NVIDIA

IREN IRENto NVIDIA

Micron Technology MUto NVIDIA

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Suppliers

AMD AMD

Celestica CLS

NVIDIA NVDA

Compal Electronics 2324.TW

Hon Hai Precision Industry 2317.TW

Inventec 2356.TW

Wistron 3231.TW

 

DELLDell Technologies

Customers

Unnamed customer 12%

IREN IREN

WhiteFiber WYFI

Their customers

Microsoft MSFTfrom IREN

NVIDIA NVDAfrom IREN

Boosteroidfrom WhiteFiber

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Dell Technologies's 10-K for the year to Jan 2026 gives one customer's share of its revenue: One Customer (12%).

From Dell Technologies Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Partners

Bread BFHOriginates and services consumer revolving financing

Changes since the previous annual report (10-K filed Mar 25, 2025)

Intel INTCNo longer named (was a supplier)

Named in other companies’ filings

WhiteFiber WYFIcalls it a partner · Authorized cloud service provider relationship

Only the companies Dell Technologies names in its 10-K filed Mar 16, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Dell Technologies. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Also from other documents: Dell Technologies’s Supplier List for fiscal 2025, published Dec 22, 2025 (source). Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 21.5x, above the peer median of 12.1x, so it needs earnings to keep growing to hold up.

Priced 78% above the peer median of 12.1x.

At 21.5× trailing earnings DELL is inside the middle of its five-year range; the five-year median is 20.2×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $590, 59% above the current price; 69% of 29 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 20 analysts (69%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $170.64 to $584.76 (+243%), while DELL went from $133.94 to $371.17 (+177%). In the past three months targets were raised 24 times and cut once. 3 upgrades and 3 downgrades over the year; the latest: Barclays moved it to Equal-Weight from Overweight on Oct 14, 2026.

The day after each of these reports the stock moved +4.7% (Oct 2025, beat); +19.9% (Jan 2026, beat); +37.9% (Apr 2026, beat); +7.9% (Jul 2026, beat).

For the quarter ending Oct 2026 (Dell Technologies reports on Nov 24, 2026), analysts expect adjusted earnings of $6.55 a share, 153% more than the $2.59 of a year earlier, and revenue of $49.2B, up 82% on a year earlier. For the fiscal year ending Jan 2027, they expect adjusted earnings of $25.91 a share, and revenue of $193.5B, up 70% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $8.6B in free cash flow over the year and returned more than it generated: $10.1B went back to shareholders (dividends plus buybacks), so $1.5B came from cash on hand or borrowing.

Dell Technologies had 652M diluted shares in the quarter ended Jul 2026, 5.0% fewer than a year earlier, and 4.1% fewer each year on average since Apr 2022. It spent $8.5B on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 151.2% and its net income rose 135.2%: fewer shares added about 16 points.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 0.9, short-term debt coverage is tight; shareholder equity is below zero; net debt is 1.6 years of operating cash flow, which is manageable.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

1 portfolio Hunch tracks holds DELL. It is 84.6% of Michael & Susan Dell Foundation's portfolio (28.0% as filed).

• FundMichael & Susan Dell FoundationPrivate foundation of Dell founder Michael Dell and his wife SusanDELL is 85% of this portfolio28% as filed+341.2%2-year backtest

DELL's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 14 held DELL at the end of their latest quarter (for most, Q2 2026). Over that quarter 5 added shares, 8 cut and 1 bought new. The largest of them is Norges Bank, 4.31M shares worth $1.9B at Jun 30, 2026, 10.6% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of DELL at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $3.1B of DELL on the open market in the 12 months to Nov 12, 2026; none bought. 1% of the sales were made under 10b5-1 plans, set up in advance. The largest was Silver Lake Group, L.L.C. (Director), who sold $2.9B in 2510 sales.