Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Dell Technologies Inc., EBITDA calculation

US$ in millions

12 months ended:	Jan 31, 2025	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020
Net income attributable to Dell Technologies Inc.	4,592)	3,211)	2,442)	5,563)	3,250)	4,616)
Add: Net income attributable to noncontrolling interest	(16)	(16)	(20)	144)	255)	913)
Less: Income from discontinued operations, net of income taxes	—)	—)	—)	765)	—)	—)
Add: Income tax expense	472)	692)	803)	981)	165)	(5,533)
Earnings before tax (EBT)	5,048)	3,887)	3,225)	5,923)	3,670)	(4)
Add: Interest expense	1,394)	1,501)	1,222)	1,542)	2,389)	2,675)
Earnings before interest and tax (EBIT)	6,442)	5,388)	4,447)	7,465)	6,059)	2,671)
Add: Depreciation and amortization	3,123)	3,303)	3,156)	4,551)	5,390)	6,143)
Earnings before interest, tax, depreciation and amortization (EBITDA)	9,565)	8,691)	7,603)	12,016)	11,449)	8,814)

Based on: 10-K (reporting date: 2025-01-31), 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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Dell Technologies Inc. EBITDA increased from 2023 to 2024 and from 2024 to 2025.

Dell Technologies Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	87,554)
Earnings before interest, tax, depreciation and amortization (EBITDA)	9,565)
Valuation Ratio
EV/EBITDA	9.15
Benchmarks
EV/EBITDA, Competitors¹
Apple Inc.	25.24
Arista Networks Inc.	27.89
Cisco Systems Inc.	16.45
Super Micro Computer Inc.	16.71
EV/EBITDA, Sector
Technology Hardware & Equipment	23.57
EV/EBITDA, Industry
Information Technology	28.00

Based on: 10-K (reporting date: 2025-01-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Dell Technologies Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Jan 31, 2025	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	90,018)	99,381)	50,224)	58,271)	106,727)	76,138)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	9,565)	8,691)	7,603)	12,016)	11,449)	8,814)
Valuation Ratio
EV/EBITDA³	9.41	11.43	6.61	4.85	9.32	8.64
Benchmarks
EV/EBITDA, Competitors⁴
Apple Inc.	—	25.29	21.66	19.15	20.47	23.12
Arista Networks Inc.	—	36.90	31.29	24.52	37.29	26.96
Cisco Systems Inc.	—	13.28	12.16	10.52	15.05	9.69
Super Micro Computer Inc.	—	21.57	16.77	10.50	11.19	10.65
EV/EBITDA, Sector
Technology Hardware & Equipment	—	23.61	20.01	17.26	19.17	19.89
EV/EBITDA, Industry
Information Technology	—	27.60	23.59	18.31	20.49	19.71

Based on: 10-K (reporting date: 2025-01-31), 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).

¹ See details »

² See details »

³ 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= 90,018 ÷ 9,565 = 9.41

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Dell Technologies Inc. EV/EBITDA ratio increased from 2023 to 2024 but then slightly decreased from 2024 to 2025.

Dell Technologies Inc. (NYSE:DELL)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical