Dell Technologies
ConvictionModerate
Direct-plus-channel hardware OEM: designs, assembles (asset-light, contract-manufactured) and sells servers, storage, networking (ISG) and PCs/peripherals (CSG); monetizes via hardware margin plus attached services, financing (Dell Financial Services) and, increasingly, high-volume low-margin AI server systems integration.
Revenue
$134.0B TTMthrough Q1 FY27); $113.5B full-year FY26Rev growth
+88% YoYin Q1 FY27 ($43.8B); +18.8% FY26; TTM +38.6%Gross margin
~20% GAAPFY26); compressed to 17.8% in Q1 FY27 (down 3.4pp YoY) as low-margin AI servers grow as a share of mixOp margin
~6% GAAP / ~8% non-GAAPFY26); 9.7% GAAP in Q1 FY27 on scale; AI-server mix is structurally margin-dilutiveCapex intensity
Low~2-3% of revenue (FY26 capex ~$2.6B; asset-light, contract-manufacturedMarket cap
~$255BJul 2, 2026; ~$394/share; some data providers show ~$276B on a broader share countThe read
Where our coverage leans
Bull & bear in tension
Sign in free to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for Dell Technologies
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence