Latest Ratios: P/E Ratio 47.4x · EV/EBITDA 25.6x · ROE N/A. (2014–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $273.3B | $78.3B | $75.0B | $63.5B | $31.8B | $44.5B | $28.3B | $18.6B | $17.7B | $14.5B | $12.7B |
| Enterprise Value | $293.3B | $98.2B | $95.9B | $82.2B | $52.8B | $62.0B | $60.3B | $63.1B | $61.5B | $52.4B | $52.6B |
| P/E Ratio → | 47.41 | 13.18 | 16.24 | 18.77 | 13.04 | 8.01 | 8.75 | 4.10 | — | — | — |
| P/S Ratio | 2.41 | 0.69 | 0.78 | 0.72 | 0.31 | 0.44 | 0.33 | 0.22 | 0.20 | 0.18 | 0.20 |
| P/B Ratio | — | — | — | — | — | — | 3.53 | 4.90 | 69.66 | 0.81 | 0.66 |
| P/FCF | 31.96 | 9.15 | 40.13 | 10.73 | 56.60 | 5.92 | 3.04 | 2.77 | 3.22 | 2.75 | 8.69 |
| P/OCF | 24.44 | 7.00 | 16.59 | 7.32 | 8.92 | 4.32 | 2.48 | 2.00 | 2.53 | 2.11 | 5.50 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.87 | 1.00 | 0.93 | 0.52 | 0.61 | 0.70 | 0.74 | 0.68 | 0.66 | 0.85 |
| EV / EBITDA | 25.56 | 8.56 | 10.25 | 9.43 | 5.91 | 6.73 | 6.64 | 7.42 | 8.15 | 8.42 | 20.65 |
| EV / EBIT | 34.73 | 11.13 | 14.85 | 14.70 | 11.71 | 8.30 | 13.70 | 26.91 | 238.53 | — | — |
| EV / FCF | — | 11.49 | 51.33 | 13.88 | 93.93 | 8.25 | 6.46 | 9.41 | 11.20 | 9.96 | 36.02 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.0% | 20.0% | 22.2% | 23.8% | 22.2% | 21.6% | 23.2% | 24.3% | 27.6% | 26.0% | 22.0% |
| Operating Margin | 7.4% | 7.4% | 6.5% | 6.1% | 5.6% | 4.6% | 4.3% | 2.8% | -0.2% | -3.1% | -3.8% |
| Net Profit Margin | 5.2% | 5.2% | 4.8% | 3.8% | 2.4% | 5.5% | 3.7% | 5.4% | -2.5% | -3.6% | -1.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | 172.6% | 55.0% | 228.6% | -25.5% | -15.4% | -11.2% |
| ROA | 6.6% | 6.6% | 5.7% | 3.9% | 2.7% | 5.1% | 2.7% | 4.0% | -2.0% | -2.4% | -1.4% |
| ROIC | 34.2% | 34.2% | 26.0% | 23.6% | 25.6% | 12.5% | 6.3% | 3.8% | -0.3% | -3.2% | -5.3% |
| ROCE | 23.7% | 23.7% | 18.6% | 15.1% | 15.5% | 8.8% | 5.4% | 3.6% | -0.3% | -3.0% | -4.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | 5.16 | 14.23 | 210.71 | 2.90 | 2.57 |
| Debt / EBITDA | 2.75 | 2.75 | 2.62 | 2.98 | 3.31 | 2.93 | 4.57 | 6.33 | 7.08 | 8.34 | 19.38 |
| Net Debt / Equity | — | — | — | — | — | — | 3.98 | 11.77 | 172.62 | 2.12 | 2.07 |
| Net Debt / EBITDA | 1.74 | 1.74 | 2.24 | 2.14 | 2.35 | 1.90 | 3.52 | 5.24 | 5.80 | 6.10 | 15.67 |
| Debt / FCF | — | 2.34 | 11.20 | 3.15 | 37.33 | 2.33 | 3.42 | 6.64 | 7.98 | 7.21 | 27.32 |
| Interest Coverage | 5.66 | 5.66 | 4.57 | 3.72 | 3.52 | 4.84 | 2.14 | 0.98 | 0.10 | -0.89 | -1.31 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.91 | 0.91 | 0.78 | 0.74 | 0.82 | 0.80 | 0.80 | 0.70 | 0.80 | 0.88 | 0.81 |
| Quick Ratio | 0.75 | 0.75 | 0.63 | 0.67 | 0.73 | 0.70 | 0.74 | 0.64 | 0.72 | 0.82 | 0.74 |
| Cash Ratio | 0.18 | 0.18 | 0.08 | 0.15 | 0.17 | 0.17 | 0.18 | 0.18 | 0.22 | 0.35 | 0.30 |
| Asset Turnover | — | 1.12 | 1.20 | 1.08 | 1.14 | 1.09 | 0.70 | 0.71 | 0.81 | 0.64 | 0.53 |
| Inventory Turnover | 8.70 | 8.70 | 11.07 | 18.60 | 16.67 | 13.45 | 19.55 | 19.56 | 17.97 | 21.85 | 19.12 |
| Days Sales Outstanding | — | 83.72 | 59.59 | 57.73 | 64.73 | 65.40 | 67.36 | 74.79 | 67.54 | 72.22 | 74.23 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 1.9% | 1.7% | 1.7% | 3.0% | — | — | — | 12.1% | — | — |
| Payout Ratio | 24.6% | 24.6% | 27.8% | 31.6% | 39.5% | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 7.6% | 6.2% | 5.3% | 7.7% | 12.5% | 11.4% | 24.4% | — | — | — |
| FCF Yield | 3.1% | 10.9% | 2.5% | 9.3% | 1.8% | 16.9% | 32.9% | 36.1% | 31.0% | 36.4% | 11.5% |
| Buyback Yield | 2.2% | 7.7% | 4.2% | 3.9% | 10.3% | 4.1% | 5.7% | 19.2% | 81.9% | 12.7% | 11.1% |
| Total Shareholder Yield | 2.7% | 9.5% | 5.9% | 5.5% | 13.3% | 4.1% | 5.7% | 19.2% | 93.9% | 12.7% | 11.1% |
| Shares Outstanding | — | $684M | $724M | $736M | $753M | $791M | $767M | $751M | $719M | $718M | $718M |
AI Server Margin Dilution
Based on current market data, Dell trades at a forward P/E of 40.07, a valuation that appears to price in aggressive long-term growth expectations for AI-optimized infrastructure rather than the historical cyclicality of the company's core PC and enterprise storage business segments.
The current P/E multiple represents a significant departure from traditional hardware valuation ranges, suggesting investors are assigning a growth-oriented premium to the ISG segment. This valuation warrants caution, as it implies that the current AI server backlog will translate into sustained, high-margin earnings growth, which may be challenged by the lower-margin nature of these specific hardware deployments.
According to reported financial figures, Dell's ROIC has trended upward to 15.4% in 2027Q1 from a low of 4.3% in 2025Q1, indicating that the company is becoming more efficient at deploying capital to generate returns during this current infrastructure-heavy growth cycle.
The improvement in ROIC suggests that management's focus on high-velocity supply chain management is successfully offsetting the capital intensity of the AI server build-out. However, investors should monitor whether this trend is sustainable or if it is merely a temporary byproduct of the current revenue surge and improved asset utilization.
As reported in recent quarterly filings, Dell's cash conversion cycle reached -5 days in 2027Q1, demonstrating a highly efficient working capital model where the company effectively utilizes supplier credit to fund its inventory requirements before collecting cash from its enterprise customers.
The negative CCC is a hallmark of Dell's direct-sales model, providing a structural advantage that allows the company to scale operations without excessive reliance on external financing. This efficiency is critical for maintaining liquidity, especially as the company navigates the procurement of expensive components like GPUs and high-bandwidth memory.
Based on Dell's reported figures, the current ratio of 0.95 in 2027Q1 remains below the standard threshold of 1.0, suggesting that the company maintains a lean liquidity position that relies heavily on the continuous inflow of cash from its high-velocity hardware sales.
While the current ratio has improved from the 0.72 level seen in 2025Q2, the persistent sub-unity reading indicates that Dell operates with minimal margin for error in its short-term obligations. Investors should monitor this closely, as any disruption in the supply chain or a sudden slowdown in customer payments could strain the company's ability to meet its immediate liabilities.
The Price-to-Book ratio is frequently misapplied to Dell's business model, as the company's persistent negative equity position renders the metric mathematically irrelevant and obscures the underlying value generated by its massive deferred revenue and high-velocity cash flow generation.
Because Dell's balance sheet is heavily influenced by historical financial engineering and share repurchases, the book value does not reflect the company's true earning power or its competitive moat. Analysts should instead focus on free cash flow yield and return on invested capital to better assess the company's fundamental health and valuation.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying DELL stock.
Dell Technologies Inc.'s current P/E ratio is 47.4x. The historical average is 11.7x. This places it at the 100th percentile of its historical range.
Dell Technologies Inc.'s current EV/EBITDA is 25.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.2x.
Based on historical data, Dell Technologies Inc. is trading at a P/E of 47.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dell Technologies Inc.'s current dividend yield is 0.52% with a payout ratio of 24.6%.
Dell Technologies Inc. has 20.0% gross margin and 7.4% operating margin.
Dell Technologies Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.