Stock Analysis on Net
Stock Analysis on Net

Dell Technologies Inc. (NYSE:DELL)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Dell Technologies Inc., adjusted financial ratios

Microsoft Excel
Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019
Activity Ratio
Total Asset Turnover
Reported 1.08 1.14 1.09 0.76 0.78 0.81
Adjusted 1.08 1.19 1.12 0.82 0.84 0.83
Liquidity Ratio
Current Ratio
Reported 0.74 0.82 0.80 0.80 0.70 0.80
Adjusted 1.09 1.17 1.08 1.16 0.98 1.13
Solvency Ratios
Debt to Equity
Reported — — — 19.36 — —
Adjusted 1.02 1.13 1.08 1.49 2.01 2.18
Debt to Capital
Reported 1.10 1.12 1.07 0.95 1.03 1.12
Adjusted 0.51 0.53 0.52 0.60 0.67 0.69
Financial Leverage
Reported — — — 49.78 — —
Adjusted 3.08 3.29 3.55 3.51 4.25 4.49
Profitability Ratios
Net Profit Margin
Reported 3.63% 2.39% 5.50% 3.45% 5.01% -2.55%
Adjusted 2.36% 3.96% 6.34% 6.61% 2.89% -0.97%
Return on Equity (ROE)
Reported — — — 131.10% — —
Adjusted 7.85% 15.47% 25.16% 19.12% 10.33% -3.59%
Return on Assets (ROA)
Reported 3.91% 2.73% 6.00% 2.63% 3.88% -2.07%
Adjusted 2.55% 4.70% 7.09% 5.45% 2.43% -0.80%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Dell Technologies Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Dell Technologies Inc. adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Dell Technologies Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Dell Technologies Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Dell Technologies Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Dell Technologies Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Dell Technologies Inc. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Dell Technologies Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Dell Technologies Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Net revenue 88,425 102,301 101,197 94,224 92,154 90,621
Total assets 82,089 89,611 92,735 123,415 118,861 111,820
Activity Ratio
Total asset turnover1 1.08 1.14 1.09 0.76 0.78 0.81
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net revenue2 87,284 105,014 103,178 97,225 95,944 93,815
Adjusted total assets3 80,728 88,329 92,182 118,091 114,017 113,420
Activity Ratio
Adjusted total asset turnover4 1.08 1.19 1.12 0.82 0.84 0.83

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

1 2024 Calculation
Total asset turnover = Net revenue ÷ Total assets
= 88,425 ÷ 82,089 = 1.08

2 Adjusted net revenue. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted net revenue ÷ Adjusted total assets
= 87,284 ÷ 80,728 = 1.08

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Dell Technologies Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 35,947 42,351 45,033 43,567 36,868 36,138
Current liabilities 48,494 51,654 56,219 54,132 52,456 44,972
Liquidity Ratio
Current ratio1 0.74 0.82 0.80 0.80 0.70 0.80
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 36,018 42,429 45,123 43,671 36,962 36,223
Adjusted current liabilities3 33,176 36,112 41,958 37,607 37,575 32,028
Liquidity Ratio
Adjusted current ratio4 1.09 1.17 1.08 1.16 0.98 1.13

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 35,947 ÷ 48,494 = 0.74

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 36,018 ÷ 33,176 = 1.09

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Dell Technologies Inc. adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

Adjusted Debt to Equity

Microsoft Excel
Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 25,994 29,588 26,954 47,984 52,056 53,521
Total Dell Technologies Inc. stockholders’ equity (deficit) (2,404) (3,122) (1,685) 2,479 (1,574) (5,765)
Solvency Ratio
Debt to equity1 — — — 19.36 — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 26,823 30,478 27,961 50,207 53,848 55,036
Adjusted total stockholders’ equity (deficit)3 26,253 26,854 25,994 33,641 26,803 25,273
Solvency Ratio
Adjusted debt to equity4 1.02 1.13 1.08 1.49 2.01 2.18

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

1 2024 Calculation
Debt to equity = Total debt ÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= 25,994 ÷ -2,404 = —

2 Adjusted total debt. See details »

3 Adjusted total stockholders’ equity (deficit). See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders’ equity (deficit)
= 26,823 ÷ 26,253 = 1.02

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Dell Technologies Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Debt to Capital

Microsoft Excel
Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 25,994 29,588 26,954 47,984 52,056 53,521
Total capital 23,590 26,466 25,269 50,463 50,482 47,756
Solvency Ratio
Debt to capital1 1.10 1.12 1.07 0.95 1.03 1.12
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 26,823 30,478 27,961 50,207 53,848 55,036
Adjusted total capital3 53,076 57,332 53,955 83,848 80,651 80,309
Solvency Ratio
Adjusted debt to capital4 0.51 0.53 0.52 0.60 0.67 0.69

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 25,994 ÷ 23,590 = 1.10

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 26,823 ÷ 53,076 = 0.51

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Dell Technologies Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Financial Leverage

Microsoft Excel
Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 82,089 89,611 92,735 123,415 118,861 111,820
Total Dell Technologies Inc. stockholders’ equity (deficit) (2,404) (3,122) (1,685) 2,479 (1,574) (5,765)
Solvency Ratio
Financial leverage1 — — — 49.78 — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 80,728 88,329 92,182 118,091 114,017 113,420
Adjusted total stockholders’ equity (deficit)3 26,253 26,854 25,994 33,641 26,803 25,273
Solvency Ratio
Adjusted financial leverage4 3.08 3.29 3.55 3.51 4.25 4.49

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

1 2024 Calculation
Financial leverage = Total assets ÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= 82,089 ÷ -2,404 = —

2 Adjusted total assets. See details »

3 Adjusted total stockholders’ equity (deficit). See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ equity (deficit)
= 80,728 ÷ 26,253 = 3.08

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Dell Technologies Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Dell Technologies Inc. 3,211 2,442 5,563 3,250 4,616 (2,310)
Net revenue 88,425 102,301 101,197 94,224 92,154 90,621
Profitability Ratio
Net profit margin1 3.63% 2.39% 5.50% 3.45% 5.01% -2.55%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,060 4,155 6,540 6,431 2,769 (907)
Adjusted net revenue3 87,284 105,014 103,178 97,225 95,944 93,815
Profitability Ratio
Adjusted net profit margin4 2.36% 3.96% 6.34% 6.61% 2.89% -0.97%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

1 2024 Calculation
Net profit margin = 100 × Net income (loss) attributable to Dell Technologies Inc. ÷ Net revenue
= 100 × 3,211 ÷ 88,425 = 3.63%

2 Adjusted net income (loss). See details »

3 Adjusted net revenue. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Adjusted net revenue
= 100 × 2,060 ÷ 87,284 = 2.36%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Dell Technologies Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Dell Technologies Inc. 3,211 2,442 5,563 3,250 4,616 (2,310)
Total Dell Technologies Inc. stockholders’ equity (deficit) (2,404) (3,122) (1,685) 2,479 (1,574) (5,765)
Profitability Ratio
ROE1 — — — 131.10% — —
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,060 4,155 6,540 6,431 2,769 (907)
Adjusted total stockholders’ equity (deficit)3 26,253 26,854 25,994 33,641 26,803 25,273
Profitability Ratio
Adjusted ROE4 7.85% 15.47% 25.16% 19.12% 10.33% -3.59%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

1 2024 Calculation
ROE = 100 × Net income (loss) attributable to Dell Technologies Inc. ÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= 100 × 3,211 ÷ -2,404 = —

2 Adjusted net income (loss). See details »

3 Adjusted total stockholders’ equity (deficit). See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total stockholders’ equity (deficit)
= 100 × 2,060 ÷ 26,253 = 7.85%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Dell Technologies Inc. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020 Feb 1, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Dell Technologies Inc. 3,211 2,442 5,563 3,250 4,616 (2,310)
Total assets 82,089 89,611 92,735 123,415 118,861 111,820
Profitability Ratio
ROA1 3.91% 2.73% 6.00% 2.63% 3.88% -2.07%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,060 4,155 6,540 6,431 2,769 (907)
Adjusted total assets3 80,728 88,329 92,182 118,091 114,017 113,420
Profitability Ratio
Adjusted ROA4 2.55% 4.70% 7.09% 5.45% 2.43% -0.80%

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

1 2024 Calculation
ROA = 100 × Net income (loss) attributable to Dell Technologies Inc. ÷ Total assets
= 100 × 3,211 ÷ 82,089 = 3.91%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 2,060 ÷ 80,728 = 2.55%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Dell Technologies Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.