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 countPrimary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-03-16. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’22
$101.2B
FY’23
$102.3B+1%
FY’24
$88.4B-14%
FY’25
$95.6B+8%
FY’26
$113.5B+19%
Margins & balance sheet — FY’26
Gross margin20.0%
Operating margin7.2%
Net margin5.2%
Net debt$19.6B
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