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Dell Technologies Inc. — Intrinsic Value & Fair Price

DELL
NYSETechnologyComputer HardwareCIK 0001571996dell.comAbout DELL
Last close · Oct 16, 2026451.54−21.85 (−4.62%)
Market cap$287.1B
Model value · DCF · Perpetuity growth · 5y
319.02
Dell Technologies closed at $451.54 — overvalued by 42% vs model.
213.15the model's range614.33

DCF · Perpetuity growth · 5y leads for profitable growth — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
3.84 – 937.06
Wall St. target
574.00 21% below
Above model, 1y
97 of 97 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
0.51%
Past 2 years
low 0.39%high 2.48%
Dividends per share, a year at a time
$1.40Jul ’23$1.63Jul ’24$1.94Jul ’25$2.31TTM
Dividends / free cash flow, FY2026
17.1%
Raised
3+ years in a row
Growth, 3 yrs
18.2% a year
Last change
+20.0% · Apr 2026
Every payment, with ex-dates · latest $0.63, paid Jul 31, 2026

Research on DELL

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How it is valued

Valued asProfitable Growth
Moderate growth (~13% recent)Moderate margins (5% net margin)Highly cyclical earningsHigh leverage (D/E 5.0x)
What growth the price implies: the reverse DCF

Key figures

FY2026
P/E
52.0×
EV / EBITDA
25.9×
FCF yield
2.9%
Dividend yield, TTM
0.51%
Beta
1.44
Cost of capital (WACC)
9.83%
Full financials

Analyst actions

third-party, quoted
10-14Barclays · “Equal Weight” from “Overweight”downgrade
10-14Barclays · target574.00
10-06Mizuho Securities · target650.00
09-21Morgan Stanley · target511.00
Ratings, targets and estimates

Comparable companies

by business, not by industry label
2 more companies list DELL as a comparable
Side by side:vs HPEvs SMCI

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just DELL. No account.

About Dell Technologies

Dell Technologies Inc. is a worldwide technology leader that designs, develops, manufactures, markets, sells, and provides support for a broad spectrum of information technology (IT) solutions, products, and services. The company's business activities are structured into three primary segments: the Infrastructure Solutions Group (ISG), the Client Solutions Group (CSG), and VMware. The ISG division focuses on delivering enterprise-grade offerings, including both traditional and next-generation storage solutions, alongside various server configurations such as rack, blade, tower, and hyperscale models. This segment also provides networking products and related services aimed at helping corporate clients modernize their IT infrastructure, enrich end-user experiences, and accelerate critical business applications and processes. Complementary software, peripherals, and extensive support services—encompassing deployment, configuration, and extended warranties—are also part of its portfolio. The CSG segment addresses end-user computing requirements by offering personal computers like desktops, workstations, and notebooks, as well as displays and projectors. It further includes proprietary and third-party software, peripheral devices, and a full suite of support, installation, setup, and extended warranty services. The VMware division specializes in assisting customers with managing intricate IT landscapes, particularly concerning hybrid and multi-cloud environments, modern applications, network infrastructure, security protocols, and digital workspaces. Its services enable efficient resource management across private, multi-cloud, and multi-device setups. Furthermore, Dell Technologies offers information security solutions and cloud software, including Infrastructure-as-a-Service (IaaS), which empower customers to migrate, operate, and manage mission-critical applications within cloud-based IT environments. Founded in 1984, the company was initially known as Denali Holding Inc. before officially changing its name to Dell Technologies Inc. in August 2016. Its global headquarters are situated in Round Rock, Texas.

CEO
Michael Saul Dell
Headquarters
Round Rock, TX
Employees
97,000
IPO
2016-08-17
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.