Stock Analysis on Net

Dell Technologies Inc. (NYSE:DELL)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Dell Technologies Inc., historical price multiples (quarterly data)

Microsoft Excel
Nov 1, 2024 Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019
Price to earnings (P/E) 19.96 18.86 26.02 25.12 18.34 26.87 17.90 11.94 16.85 5.08 6.44 7.31 6.58 19.68 19.66 20.88 21.71 23.01 8.57 6.21
Price to operating profit (P/OP) 15.09 14.30 18.45 15.48 9.96 9.87 6.61 5.05 4.98 5.04 7.09 8.73 8.55 14.00 14.47 13.19 14.32 14.24 13.80 10.93
Price to sales (P/S) 0.87 0.82 1.04 0.91 0.54 0.55 0.36 0.28 0.29 0.26 0.35 0.40 0.45 0.77 0.83 0.72 0.57 0.53 0.42 0.31
Price to book value (P/BV) 4.99 15.40 22.52 27.38 59.76

Based on: 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Dell Technologies Inc. P/E ratio decreased from Q1 2025 to Q2 2025 but then slightly increased from Q2 2025 to Q3 2025.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Dell Technologies Inc. P/OP ratio decreased from Q1 2025 to Q2 2025 but then slightly increased from Q2 2025 to Q3 2025.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Dell Technologies Inc. P/S ratio decreased from Q1 2025 to Q2 2025 but then slightly increased from Q2 2025 to Q3 2025.

Price to Earnings (P/E)

Dell Technologies Inc., historical P/E calculation (quarterly data)

Microsoft Excel
Nov 1, 2024 Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019
No. shares of common stock outstanding1 700,459,151 702,384,736 709,304,133 713,790,335 711,601,111 723,426,643 727,243,474 731,204,853 716,128,296 732,959,983 739,517,600 760,398,349 763,884,923 765,116,151 763,690,159 762,667,390 749,804,378 746,717,209 740,816,465 739,473,681 729,735,739 724,649,156 718,549,892
Selected Financial Data (US$)
Net income attributable to Dell Technologies Inc. (in millions) 1,132 846 960 1,160 1,006 462 583 614 245 511 1,072 2 3,843 831 887 1,227 832 1,048 143 408 499 3,416 293
Earnings per share (EPS)2 5.85 5.66 5.06 4.50 3.75 2.63 2.69 3.34 2.56 7.41 7.77 7.32 8.89 4.94 5.23 4.26 3.24 2.81 6.03 6.24 0.00 0.00 0.00
Share price1, 3 116.79 106.64 131.64 113.00 68.70 70.73 48.07 39.86 43.07 37.65 50.04 53.51 58.48 97.14 102.84 88.99 70.38 64.65 51.66 38.75 47.65 55.48 54.20
Valuation Ratio
P/E ratio4 19.96 18.86 26.02 25.12 18.34 26.87 17.90 11.94 16.85 5.08 6.44 7.31 6.58 19.68 19.66 20.88 21.71 23.01 8.57 6.21
Benchmarks
P/E Ratio, Competitors5
Apple Inc. 36.87 35.95 32.79 28.01 28.44 28.33 30.03 28.94 25.69 24.82 26.21 25.03 27.64 25.96 27.61 29.19 36.00 32.24 31.11 21.90 24.67
Arista Networks Inc. 47.33 44.22 39.94 39.77 32.79 33.61 27.44 32.05 33.51 34.45 37.69 47.57 48.16 39.93 36.93 37.42 26.50 23.75 19.75
Cisco Systems Inc. 24.17 19.00 15.61 14.54 14.30 18.26 17.20 18.01 17.28 15.78 15.18 19.78 20.46 23.34 21.99 19.39 16.91 15.46 17.64 17.87 17.54
Super Micro Computer Inc. 46.35 44.27 22.19 21.10 12.26 7.82 9.13 12.72 14.48 15.76 21.50 16.15 19.94 18.28 17.15 17.04 14.90 16.76 15.68

Based on: 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).

1 Data adjusted for splits and stock dividends.

2 Q3 2025 Calculation
EPS = (Net income attributable to Dell Technologies Inc.Q3 2025 + Net income attributable to Dell Technologies Inc.Q2 2025 + Net income attributable to Dell Technologies Inc.Q1 2025 + Net income attributable to Dell Technologies Inc.Q4 2024) ÷ No. shares of common stock outstanding
= (1,132,000,000 + 846,000,000 + 960,000,000 + 1,160,000,000) ÷ 700,459,151 = 5.85

3 Closing price as at the filing date of Dell Technologies Inc. Quarterly or Annual Report.

4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= 116.79 ÷ 5.85 = 19.96

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Dell Technologies Inc. P/E ratio decreased from Q1 2025 to Q2 2025 but then slightly increased from Q2 2025 to Q3 2025.

Price to Operating Profit (P/OP)

Dell Technologies Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
Nov 1, 2024 Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019
No. shares of common stock outstanding1 700,459,151 702,384,736 709,304,133 713,790,335 711,601,111 723,426,643 727,243,474 731,204,853 716,128,296 732,959,983 739,517,600 760,398,349 763,884,923 765,116,151 763,690,159 762,667,390 749,804,378 746,717,209 740,816,465 739,473,681 729,735,739 724,649,156 718,549,892
Selected Financial Data (US$)
Operating income (in millions) 1,668 1,342 920 1,491 1,486 1,165 1,069 1,189 1,762 1,270 1,550 1,609 1,046 1,017 987 2,177 1,129 1,136 702 717 836 519 550
Operating profit per share2 7.74 7.46 7.14 7.30 6.90 7.17 7.27 7.89 8.65 7.47 7.06 6.13 6.84 6.94 7.11 6.74 4.91 4.54 3.74 3.55 0.00 0.00 0.00
Share price1, 3 116.79 106.64 131.64 113.00 68.70 70.73 48.07 39.86 43.07 37.65 50.04 53.51 58.48 97.14 102.84 88.99 70.38 64.65 51.66 38.75 47.65 55.48 54.20
Valuation Ratio
P/OP ratio4 15.09 14.30 18.45 15.48 9.96 9.87 6.61 5.05 4.98 5.04 7.09 8.73 8.55 14.00 14.47 13.19 14.32 14.24 13.80 10.93
Benchmarks
P/OP Ratio, Competitors5
Apple Inc. 28.21 27.35 27.72 23.78 24.19 24.04 25.35 24.31 21.45 20.74 22.07 21.37 23.78 22.56 23.98 25.06 31.00 27.92 27.07 19.10 21.45
Arista Networks Inc. 45.29 41.84 37.57 36.78 29.88 30.23 24.01 28.39 29.48 31.27 35.28 43.25 44.26 35.97 33.03 33.93 27.71 24.79 20.69
Cisco Systems Inc. 22.12 16.10 13.69 12.56 12.32 15.32 13.88 14.67 14.12 13.35 12.91 16.75 17.02 19.26 17.97 15.77 14.03 12.73 13.53 13.95 13.79
Super Micro Computer Inc. 42.32 37.27 19.05 17.74 10.29 6.55 7.70 10.82 12.71 14.45 19.41 14.57 19.28 17.44 17.42 16.77 12.55 13.65 12.18

Based on: 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).

1 Data adjusted for splits and stock dividends.

2 Q3 2025 Calculation
Operating profit per share = (Operating incomeQ3 2025 + Operating incomeQ2 2025 + Operating incomeQ1 2025 + Operating incomeQ4 2024) ÷ No. shares of common stock outstanding
= (1,668,000,000 + 1,342,000,000 + 920,000,000 + 1,491,000,000) ÷ 700,459,151 = 7.74

3 Closing price as at the filing date of Dell Technologies Inc. Quarterly or Annual Report.

4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 116.79 ÷ 7.74 = 15.09

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Dell Technologies Inc. P/OP ratio decreased from Q1 2025 to Q2 2025 but then slightly increased from Q2 2025 to Q3 2025.

Price to Sales (P/S)

Dell Technologies Inc., historical P/S calculation (quarterly data)

Microsoft Excel
Nov 1, 2024 Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019
No. shares of common stock outstanding1 700,459,151 702,384,736 709,304,133 713,790,335 711,601,111 723,426,643 727,243,474 731,204,853 716,128,296 732,959,983 739,517,600 760,398,349 763,884,923 765,116,151 763,690,159 762,667,390 749,804,378 746,717,209 740,816,465 739,473,681 729,735,739 724,649,156 718,549,892
Selected Financial Data (US$)
Net revenue (in millions) 24,366 25,026 22,244 22,318 22,251 22,934 20,922 25,039 24,721 26,425 26,116 27,992 26,424 24,191 22,590 26,112 23,482 22,733 21,897 24,032 22,844 23,370 21,908
Sales per share2 134.13 130.75 126.53 123.88 128.09 129.41 133.53 139.91 146.98 145.92 141.61 133.08 130.02 125.96 124.29 123.55 122.89 122.54 124.38 124.62 0.00 0.00 0.00
Share price1, 3 116.79 106.64 131.64 113.00 68.70 70.73 48.07 39.86 43.07 37.65 50.04 53.51 58.48 97.14 102.84 88.99 70.38 64.65 51.66 38.75 47.65 55.48 54.20
Valuation Ratio
P/S ratio4 0.87 0.82 1.04 0.91 0.54 0.55 0.36 0.28 0.29 0.26 0.35 0.40 0.45 0.77 0.83 0.72 0.57 0.53 0.42 0.31
Benchmarks
P/S Ratio, Competitors5
Apple Inc. 8.96 8.62 8.67 7.37 7.44 7.17 7.41 7.09 6.31 6.28 6.74 6.61 7.35 6.72 6.90 6.85 7.82 6.74 6.64 4.68 5.30
Arista Networks Inc. 19.07 17.25 15.03 14.17 11.14 10.92 8.57 9.89 9.93 10.18 11.13 13.57 13.63 11.07 10.15 10.24 8.50 7.88 6.73
Cisco Systems Inc. 4.29 3.64 3.42 3.42 3.35 4.04 3.59 3.83 3.80 3.62 3.53 4.54 4.59 4.96 4.60 4.09 3.68 3.52 3.76 3.83 3.71
Super Micro Computer Inc. 4.11 3.50 1.84 1.90 1.10 0.68 0.67 0.70 0.57 0.47 0.62 0.51 0.54 0.50 0.44 0.43 0.40 0.43 0.37

Based on: 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).

1 Data adjusted for splits and stock dividends.

2 Q3 2025 Calculation
Sales per share = (Net revenueQ3 2025 + Net revenueQ2 2025 + Net revenueQ1 2025 + Net revenueQ4 2024) ÷ No. shares of common stock outstanding
= (24,366,000,000 + 25,026,000,000 + 22,244,000,000 + 22,318,000,000) ÷ 700,459,151 = 134.13

3 Closing price as at the filing date of Dell Technologies Inc. Quarterly or Annual Report.

4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 116.79 ÷ 134.13 = 0.87

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Dell Technologies Inc. P/S ratio decreased from Q1 2025 to Q2 2025 but then slightly increased from Q2 2025 to Q3 2025.

Price to Book Value (P/BV)

Dell Technologies Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
Nov 1, 2024 Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019
No. shares of common stock outstanding1 700,459,151 702,384,736 709,304,133 713,790,335 711,601,111 723,426,643 727,243,474 731,204,853 716,128,296 732,959,983 739,517,600 760,398,349 763,884,923 765,116,151 763,690,159 762,667,390 749,804,378 746,717,209 740,816,465 739,473,681 729,735,739 724,649,156 718,549,892
Selected Financial Data (US$)
Total Dell Technologies Inc. stockholders’ equity (deficit) (in millions) (2,285) (2,894) (2,822) (2,404) (2,664) (2,772) (3,023) (3,122) (3,469) (2,860) (2,462) (1,685) 8,954 4,825 3,487 2,479 883 (419) (1,614) (1,574) (1,804) (2,449) (6,464)
Book value per share (BVPS)2 -3.26 -4.12 -3.98 -3.37 -3.74 -3.83 -4.16 -4.27 -4.84 -3.90 -3.33 -2.22 11.72 6.31 4.57 3.25 1.18 -0.56 -2.18 -2.13 -2.47 -3.38 -9.00
Share price1, 3 116.79 106.64 131.64 113.00 68.70 70.73 48.07 39.86 43.07 37.65 50.04 53.51 58.48 97.14 102.84 88.99 70.38 64.65 51.66 38.75 47.65 55.48 54.20
Valuation Ratio
P/BV ratio4 4.99 15.40 22.52 27.38 59.76
Benchmarks
P/BV Ratio, Competitors5
Apple Inc. 53.11 59.17 50.11 37.90 38.73 44.21 47.21 43.92 43.09 48.89 44.95 37.86 38.64 38.96 37.28 32.20 34.75 28.33 25.14 15.98 15.85
Arista Networks Inc. 13.64 12.91 11.63 11.50 9.58 9.81 7.81 8.87 8.90 8.90 8.46 10.05 9.78 7.87 7.24 7.15 6.12 5.89 5.53
Cisco Systems Inc. 5.01 4.31 4.13 4.23 4.30 5.19 4.66 4.91 4.94 4.69 4.51 5.92 5.46 5.99 5.59 5.02 4.64 4.57 5.33 5.56 5.60
Super Micro Computer Inc. 9.55 10.54 6.28 6.85 4.07 2.49 2.49 2.54 2.09 1.66 2.10 1.65 1.72 1.52 1.35 1.35 1.29 1.41 1.27

Based on: 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).

1 Data adjusted for splits and stock dividends.

2 Q3 2025 Calculation
BVPS = Total Dell Technologies Inc. stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= -2,285,000,000 ÷ 700,459,151 = -3.26

3 Closing price as at the filing date of Dell Technologies Inc. Quarterly or Annual Report.

4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 116.79 ÷ -3.26 =

5 Click competitor name to see calculations.