Dell Technologies
DELL on NYSE. Dell sells computers and technology equipment to businesses and people. Market value $39.2bn.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to January 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.38 of spare cash in the past 12 months. A savings account pays about $4.
You pay 26.9 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 26 cents a year. Above 10 is good.
Quality score: 68 of 100. Price score: 36 of 100. Our list needs 70 on quality and 60 on price.
$552.29 a share, 401% above its 1-year low
Over the past year the price has ranged from $110.22 to $595.51.
Dividend: 0.4% a year
Paid every year for 4 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $101.2bn | $102.3bn | $88.4bn | $95.6bn | $113.5bn |
| Operating margin | |||||
| Operating margin | 4.6% | 5.6% | 6.1% | 6.5% | 7.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.76bn | 0.72bn | 0.70bn | 0.70bn | 0.65bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Watch
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 5.5% a year
- Buying back its own sharesYes, 14% fewer since 2022
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $47 billion last quarter, up 58% on a year ago.
- Profit: $4.1 billion, up 255% on a year ago.
- It keeps 9 cents of each $1 of sales as operating profit, up from 7 cents a year earlier.
- Spare cash over the past 12 months: $8.6 billion, up from $4.9 billion.
- 5% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $22.9 billion more than cash, up from $20.5 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $24.4bn |
| January 2025 | $23.9bn |
| April 2025 | $23.4bn |
| July 2025 | $29.8bn |
| October 2025 | $27.0bn |
| January 2026 | $33.4bn |
| April 2026 | $43.8bn |
| July 2026 | $47.0bn |
| Quarter to | Amount |
|---|---|
| October 2024 | $1.2bn |
| January 2025 | $1.5bn |
| April 2025 | $965m |
| July 2025 | $1.2bn |
| October 2025 | $1.5bn |
| January 2026 | $2.3bn |
| April 2026 | $3.4bn |
| July 2026 | $4.1bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 27 November 2026
- Last annual report (10-K)
- 16 March 2026
- Next quarterly (estimated, 10-Q)
- 8 December 2026
Who owns it
9 long-term investors we follow own it, down from 10 last quarter. 2,129 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $1.4bn | 1.2% | Cut |
| LSV Asset ManagementJosef Lakonishok | $1.0bn | 1.9% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $132m | 0.3% | Cut |
| Century ManagementArnold Van Den Berg | $27m | 5.7% | Cut |
| Dodge & CoxDodge & Cox investment committee | $7m | <0.1% | Cut |
| GMOJeremy Grantham | $7m | <0.1% | Cut |
| First Manhattan Co.First Manhattan partners | $3m | <0.1% | Added |
| Delphi ManagementScott Black | $2m | 1.9% | Cut |
| GAMCO InvestorsMario Gabelli | $340,853 | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- BlackRock$10.4bnCut
- Vanguard Capital Management$8.2bnCut
- Banque Cantonale Vaudoise$7.0bnCut
- State Street$5.9bnCut
- Bank of America$4.7bnCut
- JPMorgan Chase$4.3bnAdded
- Vanguard Portfolio Management$3.3bnCut
- Geode Capital Management$3.3bn
- Morgan Stanley$3.1bnAdded
- FMR$2.4bnAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Michael S. DellPassive investor45.7%−1.1 ptsSince 31 December 2025
- Silver Lake Group, L.L.C.Passive investorat least 11.9%−0.6 pts(filed with 11 related holders)Since 9 September 2026
- Vanguard Capital ManagementPassive investor7.1%Since 31 March 2026
- SL SPV-2, L.P.Passive investor5.7%Since 17 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Michael S. Dell Passive investor | 45.7%−1.1 pts | 31 December 2025 | |
Silver Lake Group, L.L.C. Passive investor | at least 11.9%−0.6 pts (filed with 11 related holders) | 9 September 2026 | |
Vanguard Capital Management Passive investor | 7.1% | 31 March 2026 | |
SL SPV-2, L.P. Passive investor | 5.7% | 17 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 14 sold $4.9bn, $36m of it under preset trading plans.
- Durban EgonDirectorSold
- Date
- 23 September 2026
- Shares
- 1,850
- Price
- $548.40
- Value
- $1m
- Radakovich Lynn VojvodichDirectorSoldunder a preset trading plan
- Date
- 22 September 2026
- Shares
- 2,022
- Price
- $565.28
- Value
- $1m
- Silver Lake Partners IV, L.P.DirectorSold
- Date
- 21 September 2026
- Shares
- 7,994
- Price
- $569.77
- Value
- $5m
- Kennedy David AlanChief Financial OfficerSold
- Date
- 17 September 2026
- Shares
- 23,896
- Price
- $585.02
- Value
- $14m
- Rothberg Richard JGeneral Counsel & SecretarySold
- Date
- 17 September 2026
- Shares
- 4,000
- Price
- $583.36
- Value
- $2m
- Silver Lake Partners IV, L.P.DirectorSold
- Date
- 17 September 2026
- Shares
- 52,488
- Price
- $585.77
- Value
- $31m
- Silver Lake Partners V DE (AIV), L.P.DirectorSold
- Date
- 17 September 2026
- Shares
- 26,553
- Price
- $585.91
- Value
- $16m
- Silver Lake Technology Investors V, L.P.DirectorSold
- Date
- 17 September 2026
- Shares
- 468
- Price
- $585.90
- Value
- $274,200
- Silver Lake Technology Investors IV, L.P.DirectorSold
- Date
- 17 September 2026
- Shares
- 1,036
- Price
- $585.92
- Value
- $607,010
- SL SPV-2, L.P.DirectorSold
- Date
- 17 September 2026
- Shares
- 46,253
- Price
- $585.91
- Value
- $27m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 23 September 2026 | Durban Egon Director | Sold | 1,850 | $548.40 | $1m |
| 22 September 2026 | Radakovich Lynn Vojvodich Director | Sold under a preset trading plan | 2,022 | $565.28 | $1m |
| 21 September 2026 | Silver Lake Partners IV, L.P. Director | Sold | 7,994 | $569.77 | $5m |
| 17 September 2026 | Kennedy David Alan Chief Financial Officer | Sold | 23,896 | $585.02 | $14m |
| 17 September 2026 | Rothberg Richard J General Counsel & Secretary | Sold | 4,000 | $583.36 | $2m |
| 17 September 2026 | Silver Lake Partners IV, L.P. Director | Sold | 52,488 | $585.77 | $31m |
| 17 September 2026 | Silver Lake Partners V DE (AIV), L.P. Director | Sold | 26,553 | $585.91 | $16m |
| 17 September 2026 | Silver Lake Technology Investors V, L.P. Director | Sold | 468 | $585.90 | $274,200 |
| 17 September 2026 | Silver Lake Technology Investors IV, L.P. Director | Sold | 1,036 | $585.92 | $607,010 |
| 17 September 2026 | SL SPV-2, L.P. Director | Sold | 46,253 | $585.91 | $27m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 16 Mar 2026, plus the 10-Q filed 8 Sep 2026 and 11 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- It isn't cheap on profits: 26.9× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.