Dell Technologies Inc., current enterprise value calculation

Current share price (P)	$84.19
No. shares of common stock outstanding	697,840,821
US$ in millions
Common equity (market value)¹	58,751)
Add: Non-controlling interests (per books)	95)
Total equity	58,846)
Add: Short-term debt (per books)	5,204)
Add: Long-term debt (per books)	19,363)
Total equity and debt	83,413)
Less: Cash and cash equivalents	3,633)
Enterprise value (EV)	79,780)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 84.19 × 697,840,821

Dell Technologies Inc., EV calculation

	Jan 31, 2025	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020
Share price^1, 2	$98.86	$113.00	$39.86	$53.51	$88.99	$38.75
No. shares of common stock outstanding¹	697,840,821	713,790,335	731,204,853	760,398,349	762,667,390	739,473,681
US$ in millions
Common equity (market value)³	68,989)	80,658)	29,146)	40,689)	67,870)	28,655)
Add: Non-controlling interests (book value)	95)	95)	97)	105)	5,074)	4,729)
Total equity	69,084)	80,753)	29,243)	40,794)	72,944)	33,384)
Add: Short-term debt (book value)	5,204)	6,982)	6,573)	5,823)	6,362)	7,737)
Add: Long-term debt (book value)	19,363)	19,012)	23,015)	21,131)	41,622)	44,319)
Total equity and debt	93,651)	106,747)	58,831)	67,748)	120,928)	85,440)
Less: Cash and cash equivalents	3,633)	7,366)	8,607)	9,477)	14,201)	9,302)
Enterprise value (EV)	90,018)	99,381)	50,224)	58,271)	106,727)	76,138)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Dell Technologies Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 98.86 × 697,840,821

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Dell Technologies Inc. EV increased from 2023 to 2024 but then slightly decreased from 2024 to 2025.

Dell Technologies Inc. (NYSE:DELL)

Enterprise Value (EV)