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Dell Technologies
(NYSE:DELL)
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Rating:71Outperform
Price Target:
$477.00
â–²(142.69% Upside)
Action:Upgraded
Date:06/11/26
The score reflects strong technical momentum and an unusually bullish guidance/AI-driven outlook from the latest earnings call. These positives are tempered primarily by balance-sheet risk (negative equity with sizable debt) and only moderate valuation support (P/E ~29.4 and low dividend yield).
Positive Factors
AI server leadership & backlog
Dell’s dominant AI server fills and record $51.3B backlog reflect structural leadership in hyperscale/enterprise AI infrastructure. Large committed orders support multi-quarter revenue visibility, enable higher server content per unit, and create durable platform leverage with OEM and software partners.
Negative Factors
Negative equity and sizable debt load
Persistent negative equity and material debt constrain financial flexibility and increase refinancing and covenant risk during cycles. Heavy leverage limits nimbleness for large M&A, cushions against demand shocks, and amplifies downside in slower hardware markets despite operational cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
AI server leadership & backlog
Dell’s dominant AI server fills and record $51.3B backlog reflect structural leadership in hyperscale/enterprise AI infrastructure. Large committed orders support multi-quarter revenue visibility, enable higher server content per unit, and create durable platform leverage with OEM and software partners.
Read all positive factors
Dell Technologies Key Performance Indicators (KPIs)
Any
Gross Profit by Type
Highlights the profit generated from different product or service types, shedding light on which areas are most profitable and driving the company's bottom line.
Highlights the profit generated from different product or service types, shedding light on which areas are most profitable and driving the company's bottom line.
Data provided by:
The Fly
The FlyDell Technologies (DELL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$266.96B
Dividend Yield1.45%
Average Volume (3M)11.12M
Price to Earnings (P/E)32.6
Beta (1Y)2.10
Revenue Growth38.87%
EPS Growth99.71%
CountryUS
Employees108,000
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)12.80
Shares Outstanding325,046,700
10 Day Avg. Volume7,034,149
30 Day Avg. Volume11,117,366
Financial Highlights & Ratios
PEG Ratio0.34
Price to Book (P/B)-30.70
Price to Sales (P/S)0.67
P/FCF Ratio8.87
Enterprise Value/Market Cap1.12
Enterprise Value/Revenue2.22
Enterprise Value/Gross Profit11.61
Enterprise Value/Ebitda22.61
Forecast
1Y Price Target
$465.78Price Target Upside136.98% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering21
EPS Forecast (FY)18.38
Revenue Forecast (FY)$168.92B
Dell Technologies Business Overview & Revenue Model
Company Description
Dell Technologies Inc. is a worldwide technology leader that designs, develops, manufactures, markets, sells, and provides support for a broad spectrum of information technology (IT) solutions, products, and services. The company's business activi...
How the Company Makes Money
Dell Technologies primarily makes money by selling hardware and related services to commercial and consumer customers. Key revenue streams include (1) Client Solutions: sales of desktops, notebooks, workstations, monitors, and accessories, sold th...
Dell Technologies Earnings Call Summary
Earnings Call Date:May 28, 2026
(Q1-2027)
| % Change Since: |
Next Earnings Date:Sep 03, 2026
Earnings Call Sentiment Positive
The call presents overwhelmingly positive operational and financial momentum: record revenue, EPS, cash flow, large AI order/bookings/backlog, strong ISG growth, product innovation, and raised FY guidance. However, significant supply constraints—primarily DRAM/NAND and other component shortages—are limiting the company’s ability to fully convert demand into shipments and create phasing uncertainty. There are also tactical trade-offs in pricing that impacted some transactional demand and near-term segment margin variability. On balance the highlights (strong growth, margin expansion, cash generation, and raised guidance) materially outweigh the lowlights tied mainly to supply constraints and timing effects.Positive Updates
Record Revenue and EPS
Total revenue of $43.8B, up 88% year-over-year; diluted non-GAAP EPS $4.86, up 214% year-over-year — both Q1 records.
Negative Updates
Material Supply Constraints (Memory Primary)
Management highlighted supply as the binding constraint (primary pressure on DRAM and NAND). Demand continues to outpace supply, driving a record backlog; memory shortages expected to persist and limit near-term upside.
Read all updates
Q1-2027 Updates
Positive
Negative
Record Revenue and EPS
Total revenue of $43.8B, up 88% year-over-year; diluted non-GAAP EPS $4.86, up 214% year-over-year — both Q1 records.
Read all positive updates
Company Guidance
Dell guided Q2 revenue of $44.0–45.0B (midpoint $44.5B, roughly +50% YoY), with ISG growth of ~75% supported by about $15.5B of AI server revenue and CSG up ~20%; they expect operating expenses down low-single-digits sequentially, operating income to grow ~80%, CSG operating income rate to be ~6%, a diluted share count of ~652M, and diluted non‑GAAP EPS of $4.80 ± $0.10 (over +100% at the midpoint). For FY27 they guided revenue of $165–169B (midpoint $167B, ~+50% YoY), ISG ~+80% driven by ~$60B of AI server revenue (~2.4x YoY), traditional servers just over +60%, storage mid‑single‑digits, CSG low‑teens; operating expense dollars up high‑single‑digits, I&O $1.4–1.5B, and diluted non‑GAAP EPS $17.90 ± $0.25 (about +75% at the midpoint). They also said ex‑AI gross margin outlook is better than 90 days ago, expect margin rate expansion through the year, and noted they raised FY guidance by roughly $27B of revenue and $5 of EPS.Dell Technologies Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
38
Negative
Cash Flow
67
Positive
| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 134.00B | 113.54B | 95.57B | 88.42B | 102.30B | 101.20B |
| Gross Profit | 25.67B | 22.71B | 21.25B | 21.07B | 22.69B | 21.89B |
| EBITDA | 13.19B | 11.85B | 9.59B | 8.89B | 7.66B | 12.02B |
| Net Income | 8.41B | 5.94B | 4.59B | 3.39B | 2.44B | 5.56B |
Balance Sheet | ||||||
| Total Assets | 114.91B | 101.29B | 79.75B | 82.13B | 89.61B | 92.73B |
| Cash, Cash Equivalents and Short-Term Investments | 11.58B | 11.53B | 3.63B | 7.37B | 8.61B | 9.48B |
| Total Debt | 31.16B | 31.50B | 24.57B | 25.99B | 29.59B | 26.95B |
| Total Liabilities | 116.32B | 103.76B | 81.13B | 84.26B | 92.64B | 94.31B |
| Stockholders Equity | -1.40B | -2.47B | -1.48B | -2.23B | -3.12B | -1.69B |
Cash Flow | ||||||
| Free Cash Flow | 9.44B | 8.55B | 1.87B | 5.92B | 562.00M | 7.51B |
| Operating Cash Flow | 12.47B | 11.19B | 4.52B | 8.68B | 3.56B | 10.31B |
| Investing Cash Flow | -3.03B | -2.06B | -2.21B | -2.78B | -3.02B | 1.31B |
| Financing Cash Flow | -5.66B | -1.46B | -5.82B | -7.09B | -1.63B | -16.61B |
Dell Technologies Technical Analysis
Positive
196.55
Price Trends
331.14
Positive
244.72
Positive
189.01
Positive
Market Momentum
21.57
Positive
57.71
Neutral
46.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DELL, the sentiment is Positive. The current price of 196.55 is below the 20-day moving average (MA) of 408.28, below the 50-day MA of 331.14, and above the 200-day MA of 189.01, indicating a bullish trend. The MACD of 21.57 indicates Positive momentum. The RSI at 57.71 is Neutral, neither overbought nor oversold. The STOCH value of 46.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DELL.
Dell Technologies Risk Analysis
Dell Technologies disclosed 40 risk factors in its most recent earnings report. Dell Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Dell Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $199.04B | 28.47 | 91.94% | 0.18% | -18.43% | 242.76% | |
75 Outperform | $30.20B | 25.44 | 114.18% | 1.89% | 5.29% | 10.66% | |
72 Outperform | $194.69B | 75.17 | 916.38% | 1.02% | 28.92% | 55.56% | |
71 Outperform | $266.96B | 32.58 | -363.24% | 1.45% | 38.87% | 99.71% | |
65 Neutral | $20.67B | 8.38 | -473.44% | 5.09% | 7.20% | 4.12% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
DELL
Dell Technologies
417.28
294.75
240.56%
HPQ
HP
22.96
-1.58
-6.44%
NTAP
NetApp
165.78
60.64
57.67%
STX
Seagate Tech
827.64
684.35
477.61%
WDC
Western Digital
532.10
468.25
733.41%
Dell Technologies Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Dell Completes Redomestication to Texas Corporation Status
Neutral
Jul 1, 2026
At its June 25, 2026 annual meeting, Dell Technologies’ stockholders elected seven Group I directors and one Group IV director, ratified PricewaterhouseCoopers as the auditor for the fiscal year ending January 29, 2027, and approved on an ad...
Business Operations and StrategyRegulatory Filings and Compliance
Dell Advances Capital Flexibility With Class B Conversions
Neutral
Jun 17, 2026
On June 1–5 and June 8–12, 2026, Dell Technologies Inc. issued 3,438,364 shares of its Class C common stock following the conversion of an equal number of Class B shares held by various Silver Lake investment entities. As of June 15, 2...
Private Placements and Financing
Dell Technologies Completes $3 Billion Senior Notes Offering
Neutral
Jun 16, 2026
On June 16, 2026, Dell Technologies’ subsidiaries Dell International L.L.C. and EMC Corporation completed a $3 billion public offering of senior unsecured notes maturing in 2031, 2034 and 2037, with coupons of 4.750%, 5.000% and 5.250%, resp...
Business Operations and StrategyPrivate Placements and Financing
Dell Technologies Announces $3 Billion Senior Notes Offering
Neutral
Jun 12, 2026
On June 11, 2026, Dell Technologies and its affiliates Dell International L.L.C. and EMC Corporation entered into an underwriting agreement to issue $3 billion in senior unsecured notes across three tranches maturing in 2031, 2034 and 2037, with c...
Business Operations and StrategyPrivate Placements and Financing
Dell Technologies Establishes New Revolving Credit Facility
Positive
Jun 10, 2026
On June 10, 2026, Dell Technologies Inc., together with Denali Intermediate Inc., Dell Inc., Dell International L.L.C. and EMC Corporation, entered into a new senior unsecured revolving credit facility with JPMorgan Chase Bank, N.A. as administrat...
Business Operations and StrategyRegulatory Filings and Compliance
Dell Converts Class B Shares to Class C Stock
Neutral
Apr 20, 2026
On multiple dates between March 2 and April 16, 2026, Dell Technologies issued 4,237,699 shares of its Class C common stock upon the conversion of an equal number of Class B shares held by Silver Lake-affiliated funds, leaving 325,654,621 Class C ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.