Dell Technologies (DELL)
Forward P/E is 17.35x against a peer median of 13.19x, a ratio of 1.32x, with a trailing P/E of 28.51x — normally overvalued territory at that ratio. The exception applies here: latest-quarter revenue grew 57.7% year over year (PRIMARY, EDGAR), above the +50% exceptional-growth bar, and the PEG of 0.46 is well below ~1, so the premium is paid for by delivered growth. Delivered demand check: the Technology hardware & storage group's median latest-quarter revenue growth was 48.5% year over year (SEC filings) — demand rising sharply across the AI hardware cycle. With the growth exception met but a 1.32x premium still to defend, the label is fairly priced, not undervalued.
What would change this label: Moves to OVERVALUED if revenue growth falls below +25% year over year while the forward P/E stays above ~17x, or if the PEG rises above ~1.0 as the AI hardware cycle cools. Moves to UNDERVALUED if growth holds above +40% year over year and the ratio compresses to 0.90x or below (forward P/E at or under ~12x at the current peer median).
Dell's shares cost about 17 times next year's expected profit, versus about 13 times for similar hardware companies. That premium looks earned for now: sales jumped about 58% in a year on AI server demand, which is growing across the whole group. Fair price for a hot cycle — the risk is what the price looks like when the cycle cools.
Both lines start at 100 on 2020-09-01. Over the full window Dell Technologies returned +1388.45% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Dell Technologies: -60.0% (2024-05-29 to 2025-04-04). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 17.35x against a peer median of 13.19x, a ratio of 1.32x, with a trailing P/E of 28.51x — normally overvalued territory at that ratio. The exception applies here: latest-quarter revenue grew 57.7% year over year (PRIMARY, EDGAR), above the +50% exceptional-growth bar, and the PEG of 0.46 is well below ~1, so the premium is paid for by delivered growth. Delivered demand check: the Technology hardware & storage group's median latest-quarter revenue growth was 48.5% year over year (SEC filings) — demand rising sharply across the AI hardware cycle. With the growth exception met but a 1.32x premium still to defend, the label is fairly priced, not undervalued. The company’s forward P/E is 17.4× against a peer median of 13.2×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Technology hardware & storage group's median latest-quarter revenue growth was 48.5% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +57.7% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Dell Technologies (DELL) | $488.68 | 17.4× | 28.5× |
| SNDK | $1,304.84 | 6.1× | 17.7× |
| STX | $629.00 | 13.5× | 33.0× |
| WDC | $380.88 | 13.2× | 14.8× |
| HPE | $60.47 | 13.1× | 30.8× |
| P | $138.14 | 42.9× | 191.3× |
| Peer median | 13.2× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jul 2026 2026-07-31 | $47.0B | 20.9% | $4.1B | 6.34 | $986M |
| Q/E May 2026 2026-05-01 | $43.8B | 17.8% | $3.4B | 5.24 | $3.1B |
| Q/E Jan 2026 2026-01-30 | $33.4B | 20.2% | $2.3B | — | $4.0B |
| Q/E Oct 2025 2025-10-31 | $27.0B | 20.7% | $1.5B | 2.28 | $503M |
| Q/E Aug 2025 2025-08-01 | $29.8B | 18.3% | $1.2B | 1.70 | $1.9B |
| Q/E May 2025 2025-05-02 | $23.4B | 21.1% | $965M | 1.37 | $2.2B |
| Q/E Jan 2025 2025-01-31 | $23.9B | 23.7% | $1.5B | 2.15 | $-150M |
| Q/E Nov 2024 2024-11-01 | $24.4B | 21.8% | $1.1B | 1.58 | $914M |
| Q/E Aug 2024 2024-08-02 | $25.0B | 21.2% | $846M | 1.17 | $658M |
| Q/E May 2024 2024-05-03 | $22.2B | 21.6% | $960M | 1.32 | $447M |
| Q/E Feb 2024 2024-02-02 | $22.3B | 24.1% | $1.2B | 1.66 | $806M |
| Q/E Nov 2023 2023-11-03 | $22.3B | 23.1% | $1.0B | 1.36 | $1.4B |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | Dell Technologies Inc. |
| Chief executive | Michael Dell (source: https://www.dell.com/en-au/lp/dt/michael-dell) |
| Sector | Technology — Technology Hardware, Storage & Peripherals — sells PCs, servers, storage and AI data-centre infrastructure |
| Share price (Oct 28, 2026) | $488.68 |
| Market value (market cap) | $327.3B — share price times shares outstanding of 652,000,000 (SEC filings; SEC EDGAR WeightedAverageNumberOfDilutedSharesOutstanding (latest quarter; dei EntityCommonStockSharesOutstanding series is stale for this filer)) |
| Sales, last twelve months | $151.2B |
| Net income, last twelve months | $11.4B |
| Free cash flow, last twelve months | $8.6B |
| Latest reported quarter | Q/E Jul 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +1388.45% vs +118.28% |
| Worst peak-to-trough fall | -60.0% (2024-05-29 to 2025-04-04) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001571996.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001571996.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/DELL/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.