Latest update
$409
Updated: Jun 16, 2026, 11:31 AM UTC
Browsing public data
Dell Technologies designs, develops, manufactures, markets, sells, and supports a range of comprehensive and integrated solutions, products, and services globally, serving enterprises, governmental agencies, educational institutions, healthcare organizations, small and medium-sized businesses, and consumers. The company operates through its Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG) segments, offering modern storage solutions, AI-optimized servers, networking products, and traditional client devices like notebooks and desktops. Dell also provides financial arrangements, including payment and consumption solutions. At Q2 2026, Dell reported significant revenue and net income growth YoY, with healthy free cash flow generation, though quarter-over-quarter FCF saw a decline. The company's valuation, as measured by P/E, is attractive for forward earnings, but overall profitability and debt metrics show some mixed signals.
Revenue
The total dollars the company billed customers. When this number grows quarter after quarter, the business is finding more demand.
Latest
↑$43.8B
Q2 2026
The most recent reported figure, in the company's own currency and reporting cadence.
QoQ
↑+31.3%
vs Q1 2026
How much this quarter grew compared to last quarter. Useful for spotting acceleration or slowdown in real time.
YoY
↑+87.5%
vs Q2 2025
How much this quarter grew compared to the same quarter one year ago. Strips out seasonality — a slow holiday quarter looks worse QoQ but normal YoY.
CAGR
•—
insufficient history
The smooth yearly growth rate that gets you from the starting value to the current value. A 100% CAGR over 3 years means the business tripled, on average, each year.
Net income
What's left from revenue after paying every cost — employees, materials, taxes, interest. Sometimes called profit or 'the bottom line.'
Latest
↑$3.4B
Q2 2026
The most recent reported figure, in the company's own currency and reporting cadence.
QoQ
↑+52.2%
vs Q1 2026
How much this quarter grew compared to last quarter. Useful for spotting acceleration or slowdown in real time.
YoY
↑+256.3%
vs Q2 2025
How much this quarter grew compared to the same quarter one year ago. Strips out seasonality — a slow holiday quarter looks worse QoQ but normal YoY.
CAGR
•—
insufficient history
The smooth yearly growth rate that gets you from the starting value to the current value. A 100% CAGR over 3 years means the business tripled, on average, each year.
Free cash flow
The cash actually left in the bank after the company has paid for everything and reinvested in itself. Harder to fake than net income.
Latest
↓$3.1B
Q2 2026
The most recent reported figure, in the company's own currency and reporting cadence.
QoQ
↓-21.1%
vs Q1 2026
How much this quarter grew compared to last quarter. Useful for spotting acceleration or slowdown in real time.
YoY
↑+39.9%
vs Q2 2025
How much this quarter grew compared to the same quarter one year ago. Strips out seasonality — a slow holiday quarter looks worse QoQ but normal YoY.
CAGR
•—
insufficient history
The smooth yearly growth rate that gets you from the starting value to the current value. A 100% CAGR over 3 years means the business tripled, on average, each year.
| Metric | 3 yr | 2 yr | 1 yr |
|---|---|---|---|
| Revenue | — | — | +87.6% $23.4B→$43.8B |
| Net income | — | — | +256.6% $965M→$3.4B |
| Free cash flow | — | — | +40.0% $2.2B→$3.1B |
P/E TTM
↑32.6×
Trailing twelve months. Today's price divided by the last year of actual earnings.
P/E NTM
↑19.3×
Next twelve months. Today's price divided by what analysts expect the company to earn over the coming year.
Profitability
→Mixed
Operating margin (and the wider return profile) tells you how efficiently each dollar of sales becomes profit. High and rising = pricing power; low or falling = the business is grinding.
Share count
↑Shrinking
Are the buybacks outrunning the stock-based comp? A shrinking share count means every existing share owns a bigger slice of future earnings.
Debt load
↓Heavy
Total debt against cash and earnings power (EBITDA). Light debt leaves room to invest and weather downturns; heavy debt shrinks the margin for error.
Debt service
↑Strong
Whether the cash the business generates easily covers its interest and loan payments. Strong here = no forced selling in a bad year.
Cash return at today's price
↓2.0%
Free cash flow divided by market cap — the cash yield you're getting for the price you pay. Above ~6% is rich, below ~3% is thin. P/E shown when the yield is too small to be useful.
DELL remains in a markup phase driven by strong secular tailwinds, particularly from AI. However, the stock is extremely overextended on a short-term basis, making it a high-risk entry point for new capital. It needs a significant reset or consolidation to build a healthier base. The prior call correctly identified the need for stabilization, and that condition persists. We acknowledge the strong long-term trend but prioritize prudent entry and risk management, hence the 'WAIT' call.
Short-term thesis
Dell Technologies is uniquely positioned to benefit from the AI infrastructure build-out due to its role as a critical systems integrator and thermal management expert for AI servers. Despite a strong underlying secular opportunity and robust growth metrics, the stock is currently overextended. Investors should monitor for a significant price pullback or consolidation at a more attractive valuation before adding to positions, acknowledging the mixed balance sheet and debt profile as a long-term consideration.
Long-term exposure
Avoid
The business or valuation backdrop is not ready for long-term conviction.
Entry window
Wait
The stock is in a long-term uptrend (markup cycle) but is significantly extended from its key moving averages. Expect continued stabilization or potential further retracement in the near term as it remains far from a reasonable entry point. Despite strong underlying momentum, the current week is likely to be choppy, and a pause is healthy before any potential renewed upward movement.
Risk check
Fragile
The downside can widen quickly if this setup goes wrong.
Alignment
Mixed
Neither horizon fully wins, so size and patience matter.
What supports it
What limits it
Long-term thesis
Dell is a core beneficiary of the AI data center build-out, serving as a critical systems integrator and thermal management expert.
Bottleneck Role
AI Factory systems integrator and thermal management expert. Dell's ability to efficiently integrate and cool high-density AI server clusters is a critical bottleneck in deploying large-scale AI infrastructure.
Consensus Blind Spot
The market might be underestimating Dell's sticky services revenue and the margin expansion potential from its role as a full-service AI infrastructure provider, beyond just hardware sales. The deep integration and bespoke solutions required for large-scale AI deployments create a high switching cost and premium pricing opportunity often overlooked by simple hardware narratives.
Demand Gap
The rapid and ongoing demand for AI processing power creates a significant gap in available, ready-to-deploy, and efficiently cooled AI server infrastructure. Enterprises and cloud providers need integrated solutions, not just components, which Dell provides.
Demand to Equity Scenarios
Exponential growth in enterprise AI adoption and sovereign AI initiatives.
Demand
+30%
Earnings
+25%
Equity implication
+40%
Significant increase in ISG segment revenue from AI servers, storage, and services, driving margin expansion and strong backlog.
Steady but strong adoption of AI infrastructure, continued upgrades and data center modernization.
Demand
+15%
Earnings
+15%
Equity implication
+25%
Robust ISG growth, stable CSG, leading to sustained revenue and earnings growth above historical averages. Moderate margin improvement.
Slowdown in AI infrastructure spending due to economic recession or oversupply, intense competition.
Demand
-5%
Earnings
-10%
Equity implication
-20%
Reduced demand for ISG products, pricing pressure, and potential inventory build-up. Margin compression.
Dependency Chain
Repricing Triggers
Must be true
Thesis broken if
What changed
Signal
Conviction
Long term
Stock
Added since last run
9No longer flagged
0Nothing dropped this run
The prior call correctly anticipated the stock consolidating and trading within a range after an extreme run, with minimal price movement since the last update. The price target of $450 remains relevant, and the entry zone near $330-$350 was not reached during this consolidation period, reinforcing the 'WAIT' call.
Jun 16, 2026
LatestUpdated Jun 16, 2026, 11:31 AM UTC
Price at review
$409
The stock is in a long-term uptrend (markup cycle) but is significantly extended from its key moving averages. Expect continued stabilization or potential further retracement in the near term as it remains far from a reasonable entry point. Despite strong underlying momentum, the current week is likely to be choppy, and a pause is healthy before any potential renewed upward movement.
Jun 8, 2026
Updated Jun 8, 2026, 11:13 AM UTC
Price at review
$394
The stock is currently resetting after an extreme run, and we expect further stabilization.
May 30, 2026
Updated May 30, 2026, 10:29 AM UTC
Price at review
$421
The stock is currently overheated and moving too fast to touch comfortably right now. While the long-term path is higher, the current speed is unsustainable for a safe entry.