Dell Technologies Inc., FCFE 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)
Net (income) loss attributable to non-controlling interests	(16)	(16)	(20)	144)	255)	913)
Net noncash charges	4,153)	4,699)	4,331)	2,678)	6,512)	2,004)
Changes in assets and liabilities	(4,208)	782)	(3,188)	1,922)	1,390)	1,758)
Change in cash from operating activities	4,521)	8,676)	3,565)	10,307)	11,407)	9,291)
Capital expenditures and capitalized software development costs	(2,652)	(2,756)	(3,003)	(2,796)	(2,082)	(2,576)
Proceeds from debt	9,258)	7,775)	12,479)	20,425)	16,391)	20,481)
Repayments of debt	(10,570)	(11,246)	(9,825)	(26,723)	(20,919)	(22,117)
Free cash flow to equity (FCFE)	557)	2,449)	3,216)	1,213)	4,797)	5,079)

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
FCFE	Free cash flow to equity is the cash flow available to Dell Technologies Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Dell Technologies Inc. FCFE decreased from 2023 to 2024 and from 2024 to 2025.

Dell Technologies Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	697,840,821
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	557)
FCFE per share	0.80
Current share price (P)	84.08
Valuation Ratio
P/FCFE	105.34
Benchmarks
P/FCFE, Competitors¹
Apple Inc.	29.19
Arista Networks Inc.	23.56
Cisco Systems Inc.	7.41
Super Micro Computer Inc.	—
P/FCFE, Sector
Technology Hardware & Equipment	24.56
P/FCFE, Industry
Information Technology	34.10

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

¹ Click competitor name to see calculations.

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

Dell Technologies Inc., historical P/FCFE calculation, comparison to benchmarks

	Jan 31, 2025	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020
No. shares of common stock outstanding¹	697,840,821	713,790,335	731,204,853	760,398,349	762,667,390	739,473,681
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	557)	2,449)	3,216)	1,213)	4,797)	5,079)
FCFE per share³	0.80	3.43	4.40	1.60	6.29	6.87
Share price^1, 4	98.86	113.00	39.86	53.51	88.99	38.75
Valuation Ratio
P/FCFE⁵	123.86	32.94	9.06	33.54	14.15	5.64
Benchmarks
P/FCFE, Competitors⁶
Apple Inc.	—	32.77	30.63	22.26	23.27	24.40
Arista Networks Inc.	—	35.65	41.51	96.72	42.05	32.99
Cisco Systems Inc.	—	6.64	12.84	17.18	21.02	38.82
Super Micro Computer Inc.	—	—	41.38	139.27	13.81	—
P/FCFE, Sector
Technology Hardware & Equipment	—	27.62	27.42	22.22	22.84	24.15
P/FCFE, Industry
Information Technology	—	36.62	33.19	26.96	27.33	23.40

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 Data adjusted for splits and stock dividends.

² See details »

³ 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 557,000,000 ÷ 697,840,821 = 0.80

⁴ Closing price as at the filing date of Dell Technologies Inc. Annual Report.

⁵ 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= 98.86 ÷ 0.80 = 123.86

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Dell Technologies Inc. P/FCFE ratio increased from 2023 to 2024 and from 2024 to 2025.

Dell Technologies Inc. (NYSE:DELL)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical