Rankings Tech hardware & optics Dell Technologies

Dell Technologies

Tech hardware & optics · United StatesRank 195 of 829Prices 2 Nov 2026Model 1.470+ zone

In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.

Biggest deductions

  • Multiples vs own history and peers−22
  • Cash flow and working capital−8
  • Insider trading−4

Strengths

  • Estimates+3
  • Skin in the game+2
  • Validation+1

How the score is built

From 100 to 76, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start
76Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price
392.78 USD
Median analyst target
600.00 USD
Upside to median
+52.8%
Analysts
29
Target range
490.00 – 735.00 USD
52-week change
+142%
P/E (trailing)
22.9
Forward P/E
13.9
PEG
0.36

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 2 findings
−4 of −30
  • Moat and margin
    The gross margin has fallen from 23.9% (FY24) to 19.9% TTM because low-margin AI servers take up more. Servers are a competitive market (Supermicro, HPE, ODMs). The operating margin has still risen from 4.7% (FY22) to 9.9% TTM and was 12.6% non-GAAP in Q2, and ROIC has risen from 10.7% to 29.4%.
    −3
  • Quality of growth
    Growth (+58% in Q2) comes from AI servers (+100%) and traditional servers (+122%) on top of an AI capex cycle and rising memory prices. Revenue fell 14% in FY24, which shows how cyclical hardware is.
    −1

Price

Today's multiples against the company's own history and its peers. · 1 finding
−22 of −35
  • Multiples vs own history and peers
    Forward P/E 19.3 vs 7.0–12.8 in FY22–26 (average 9.9; the previously cited 'average about 13' was the trailing average); trailing P/E 31.7 vs 7.7–18.0; EV/EBITDA 20.8 vs 5.9–9.6; P/S 2.3 vs 0.3–0.8; P/FCF 40. About double its own history for a hardware business with a 20% gross margin, and more expensive than Supermicro (forward P/E about 10).
    −22

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings
−22 of −35
  • Cash flow and working capital
    TTM, inventory rose $14.3bn and receivables $7.9bn, while payables rose $22.3bn. FCF of $8.6bn therefore rests on paying suppliers later. In Q2 operating cash flow was only $2.2bn on $47bn of revenue.
    −8
  • Customer concentration
    The $95bn AI backlog (+$43.7bn in one quarter) sits with a few large AI customers (including xAI and CoreWeave); the share of the largest customers is not disclosed.
    −3
  • Debt
    Net debt $23.6bn (debt $35.3bn vs cash $11.6bn), current ratio 0.96 and Altman Z 2.26. Net debt/EBITDA has fallen from 2.4 (FY23) to 1.3, though.
    −2
  • Insider trading
    Silver Lake entities sold continuously in June, July and 3–11/9 (including $44.7m on 3/9 and $23.2m on 11/9 from one fund alone), and board member Egon Durban sold $19.5m on 4/9 plus smaller amounts. New sales were filed on 14/9 and 17/9. No insider buying found.
    −4
  • Governance
    An ERISA class action from January 2026 is mentioned in the 10-Q; Michael Dell controls the votes through share classes.
    −1
  • Macro
    Rising memory prices push up component costs, and Gartner expects fewer PCs sold in 2026. PC sales (+20% in Q2) may have been pulled forward ahead of price increases. At the same time Dell depends on AI capex holding up.
    −4

Plus

Only documented strengths. · 3 findings
+6 of +15
  • Estimates
    FY27 revenue guidance raised by $25bn to $192bn (+69%) and non-GAAP EPS to $25.50 (+148%); the AI server forecast raised from $60bn to 74bn, and Q3 guided at $49bn (+81%).
    +3
  • Skin in the game
    Insiders own 47%, mainly founder and CEO Michael Dell (about 40%).
    +2
  • Validation
    S&P upgraded Dell to BBB+ in June 2026.
    +1

Caveats

What the score does not capture, or where the data is weak.
Only about 6% upside to the median price target after +316% in one year; Morgan Stanley (Hold, $511) is below the price. Cash flow is held up by $22bn of higher supplier payables, while inventory and receivables have risen $22bn. Buybacks and dividends ($10.7bn TTM) exceed FCF ($8.6bn). Silver Lake keeps selling.

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