Dell Technologies Inc.
NYSE: DELL
$-22,46 (-5,73%)
Precio Histórico
+$236,10 (+176,80%) en 1 Año
Estimaciones de Analistas
Precio Objetivo
$189,61
$110,00 - $260,00
$180,00
Consenso de Analistas
Estimaciones a Futuro
$12,94
$14,74
$152,88B
Indicadores en vivo
Indicadores que cambian con el precio actual (P/E, P/FCF, dividend yield, beta) y cifras del último período. Se actualizan en tiempo real. Los valores en verde indican métricas favorables.
EPS
12,55
P/E Ratio
29,97
P/FCF
N/A
Dividend Yield
0,59%
Profit Margin
6,28%
Beta
1,38
Ingresos
$134,00B
EBITDA
$14,07B
FCF
$5,43B
Análisis con IA
Reporte ejecutivo generado a partir de los datos de la empresaDesbloqueá el análisis con IA de DELL
Tesis ejecutiva de la situación de la empresa
Fortalezas, debilidades y riesgos materiales
Valuación frente a sus pares y calidad de balance
Lectura del momentum de resultados, todo enmarcado en datos
Análisis fundamental detallado
Ratios estructurales de valuación, rentabilidad, solvencia y crecimiento, tomados del último balance reportado. Los valores en verde indican métricas favorables.
Valuación
P/B
N/A
EV/EBITDA
14,79
PEG
0,99
P/S
1,47
Rentabilidad
ROE
N/A
ROIC
22,38%
ROA
6,02%
Margen Bruto
20,13%
Margen Operativo
9,62%
Solvencia
Deuda / Patrimonio
N/A
Current Ratio
0,91
Quick Ratio
0,59
Caja Total
$11,53B
Deuda Total
$32,26B
Crecimiento
Crec. Ingresos
39,50%
Crec. Ganancias
57,30%
Análisis del 10-K
Warren AI leyó el último 10-K de Dell Technologies Inc., el informe anual auditado que toda empresa que cotiza en Estados Unidos presenta ante la SEC (Securities and Exchange Commission, el regulador del mercado). Acá va lo que importa de ese documento: cómo gana plata la empresa, qué riesgos declara ella misma y cómo explicó el management el año.
Filing presentado el 16/03/2026, año fiscal cerrado el 30/01/2026. Ver el documento original en SEC EDGAREl negocio: cómo gana plata
Dell Technologies is a global technology leader providing end-to-end, AI-optimized, software-defined, and cloud-native infrastructure and client solutions, spanning servers, storage, networking, PCs, and peripherals, across more than 170 countries through a direct sales force and channel partner network.
Los segmentos del negocio
Así se reparte la operación según el propio filing:
Infrastructure Solutions Group (ISG): Provides advanced infrastructure solutions for AI, machine learning, data analytics, and multicloud environments, including AI-optimized servers, traditional servers and networking, and storage offerings (primary, unstructured, data protection across all-flash, purpose-built, software-defined, and hyper-converged architectures), plus software, peripherals, and services. Approximately 65% of ISG revenue comes from the Americas.
Client Solutions Group (CSG): Offers branded PCs (notebooks, desktops, workstations) and branded peripherals (displays, docking stations, keyboards, mice, webcam and audio devices), third-party software and peripherals, on-device AI, plus configuration, support, deployment, and extended warranty services. Split into Commercial and Consumer product categories. Approximately 60% of CSG revenue comes from the Americas.
Corporate and other (non-reportable): Primarily includes VMware Resale (historical resale of standalone VMware offerings, terminated as a distributor on March 25, 2024) and Secureworks (until its sale to Sophos Inc. on February 3, 2025). These are divested or no longer actively sold and are not reportable segments.
Ventajas competitivas con evidencia
No es una lista de deseos: son las ventajas que el propio documento respalda con datos.
World-class supply chain that operates at significant scale with agility across environments; one of the world's largest supply chains involving hundreds of thousands of people; global operations in over 170 countries.
Extensive direct sales force combined with a global network of channel partners; global services footprint of service and support professionals and vendor-managed service centers.
Dell Technologies, DELL, and Alienware word marks and logo marks in the United States are described as material to operations.
Worldwide portfolio of 25,859 granted patents and 8,189 pending patent applications as of January 30, 2026; product and process patents may establish barriers to entry.
End-to-end solutions portfolio spanning edge to core to cloud, providing integrated, AI-optimized, software-defined, and cloud-native infrastructure, identified by the company as a competitive advantage.
Dell Payment Solutions and DFS offerings (utility, subscription, as-a-Service, leases, loans, immediate pay) typically result in multiyear agreements that generate recurring revenue streams; DFS funded $11.9 billion of originations in Fiscal 2026 and maintains a $14.3 billion global financing receivables portfolio.
R&D investment of $3.1 billion in both Fiscal 2026 and Fiscal 2025 ($2.8 billion in Fiscal 2024), leveraging strategic partnerships and concentrating on the most valuable customer solutions.
Effective Q4 Fiscal 2026, Dell disaggregated servers and networking revenue into AI-optimized servers and traditional servers and networking categories. Increasing demand for AI-optimized servers continued to drive backlog growth during Fiscal 2025 and Fiscal 2026, with inherent non-linearity in shipment timing; during Fiscal 2026, demand for traditional servers and networking also outpaced supply, driving incremental backlog growth at year-end. Approximately 97,000 employees as of January 30, 2026, with continued headcount reduction through reorganizations and limited external hiring. Manufacturing facilities in the United States, Malaysia, China, Brazil, India, Poland, and Ireland. Strategic investments via Dell Technologies Capital totaled $1.6 billion in non-marketable securities as of January 30, 2026 ($1.5 billion as of January 31, 2025). Corporate headquarters in Round Rock, Texas. Secureworks was sold to Sophos Inc. on February 3, 2025.
Los riesgos que declara la propia empresa
Todo 10-K trae una sección de factores de riesgo, y la mayoría es boilerplate legal que aparece en cualquier filing. Estos son los que de verdad distinguen a Dell Technologies Inc., ordenados por materialidad:
1. AI demand concentration in a small number of large customers and CSPs creates revenue lumpiness, margin and working-capital strain
Dell's AI-optimized server/storage business, central to ISG growth, has so far been bought primarily by a small base of large customers and cloud service providers, producing lumpy revenue, intense pricing pressure, and heavy working-capital commitments to pre-buy components, plus elevated risk of excess/obsolete inventory if orders shift or cancel.
Si se materializa: Quarter-to-quarter revenue and gross margin volatility, cash flow pressure from large component pre-buys, payment-terms mismatch with suppliers, potential inventory write-downs, and warranty/defect cost exposure tied to rapidly innovating components.
2. Controlled-company structure: Michael Dell and Silver Lake hold 91.7% of voting power, suppressing Class C minority rights and index inclusion
The multi-class structure gives the MD and SLP stockholders roughly 91.7% of total voting power as of March 9, 2026, while owning 53.8% of outstanding shares. Dell qualifies as a NYSE controlled company, may opt out of independent-board governance protections, and has previously been excluded from major indices because of the dual-class structure.
Si se materializa: Concentrated control over directors, M&A, charter/bylaw changes and capital actions; reduced minority-shareholder influence; potential index exclusion that can depress Class C valuation; ability of controlling holders to pursue conflicting business opportunities without fiduciary restraint.
3. Tariffs, export controls and trade-policy escalation threaten non-U.S. revenue (45% of consolidated net revenue in FY2026)
Sales outside the U.S. were approximately 45% of consolidated net revenue for Fiscal 2026, and Dell depends on contract manufacturers concentrated in Asia. Escalating tariffs, trade-protection measures, export controls, sanctions and shifting trade arrangements could raise component and manufacturing costs, restrict sales to certain customers and disrupt cross-border movement of goods.
Si se materializa: Higher manufacturing input and finished-goods costs, reduced ability to sell into specific jurisdictions, supply chain reroutes and delays, FX volatility, and pressure on both revenue growth and gross margin.
4. Concentrated single/limited-source suppliers and a few Asia-based contract manufacturers create acute supply-chain fragility
Dell relies on a small number of contract manufacturers, often in single Asian locations, and maintains several single-source or limited-source supplier relationships including third-party software. It carries minimal inventory and sells components to those contract manufacturers, generating large non-trade receivables that would be at risk if a CM's financial condition deteriorated.
Si se materializa: Risk of inability to ship products in desired quantities or configurations during component shortages (especially acute in AI ramp), uncollectible non-trade receivables from contract manufacturers, defect/quality exposure, and timing/cost penalties to qualify alternative suppliers.
5. $31.5 billion of debt plus permissive covenants limit financial flexibility amid heavy AI working-capital needs
As of January 30, 2026, Dell and subsidiaries carried approximately $31.5 billion of indebtedness, with capacity for up to $5.0 billion of commercial paper and $5.9 billion under the revolving credit facility, and existing debt terms generally do not restrict additional unsecured debt and contain significant exceptions to secured-debt covenants.
Si se materializa: Substantial cash flow diverted to interest and debt service, reduced flexibility for working capital, capital expenditures and acquisitions (notably the working-capital intensive AI ramp), greater sensitivity to credit-rating downgrades and capital-markets volatility, and risk of further leveraging.
El año según el management
El MD&A (Management's Discussion and Analysis) es la parte del 10-K donde la dirección explica los resultados con sus propias palabras. La lectura del año fiscal:
Dell delivered exceptional Fiscal 2026 results with 19% net revenue growth to $113.5 billion, driven by 166% growth in AI-optimized servers, lifting operating income 31% to $8.1 billion and diluted EPS 36% to $8.68
Qué empujó los resultados
- Significant increased demand for AI-optimized servers offerings as customers continue to adopt and further integrate AI, resulting in a substantial increase in backlog as Dell exited the year (AI-optimized servers net revenue +166% to $24,683 million (vs $9,286 million in Fiscal 2025)). Segmento: ISG
- Strong demand and net revenue growth within traditional servers and networking offerings as customers modernize and consolidate data centers and transition to next-generation products, driven by richer configurations and higher average selling prices (Traditional servers and networking net revenue +9% to $19,512 million). Segmento: ISG
- Strong demand environment for commercial offerings with PC refresh cycle underway as customers upgrade devices, reflected in higher units sold and richer configurations (Commercial net revenue +8% to $44,062 million; total CSG net revenue +5% to $50,984 million). Segmento: CSG
- Growth in core storage offerings (Storage net revenue +1% to $16,631 million). Segmento: ISG
- Disciplined cost management and ongoing business modernization initiatives resulting in net reduction in operating expenses, driven by a decline in employee compensation and benefits expense from lower overall headcount (Operating expenses -3% to $14,558 million; SG&A -4% to $11,416 million; operating expense rate fell to 12.8% from 15.7%). Segmento: Consolidated
- Favorable change in interest and other, net driven by gain on the sale of Secureworks, investment income, and gains within strategic investments portfolio (Interest and other, net improved to -$886 million from -$1,189 million; $0.2 billion gain on sale of Secureworks; gain on investments, net of $254 million). Segmento: Corporate and other
Qué jugó en contra
- Shift in mix towards AI-optimized servers offerings pressured gross margin rate (Gross margin percentage -220 bps to 20.0%; non-GAAP gross margin percentage -240 bps to 20.4%; product gross margin percentage -210 bps to 13.7%). Segmento: ISG / Consolidated
- Decline in Corporate and other net revenue, primarily due to a decrease in VMware Resale revenue as Dell no longer acts as distributor of standalone VMware offerings, and the sale of Secureworks (Services net revenue -4% to $23,133 million). Segmento: Corporate and other
- Lower demand for consumer offerings with declines in average selling prices and units sold, driven by lower attach rates and mix of configurations (Consumer net revenue -8% to $6,922 million). Segmento: CSG
- ISG operating income rate declined as gross margin rate decline outpaced operating expense rate decline, driven by mix shift toward AI-optimized servers (ISG operating income as % of segment revenue -110 bps to 11.7%). Segmento: ISG
- CSG operating income rate declined primarily due to a decline in gross margin rate driven by a change in mix within offerings (CSG operating income -5% to $2,833 million; operating income as % of segment revenue -50 bps to 5.6%). Segmento: CSG
- Higher interest expense from increased debt levels (Interest expense increased to $1,560 million from $1,394 million). Segmento: Consolidated
- Higher income tax expense driven by jurisdictional mix of income and absence of prior-year discrete tax benefits (Effective income tax rate rose to 18.3% from 9.4%; income tax expense $1,327 million vs $472 million). Segmento: Consolidated
Qué hizo con la plata
La asignación de capital del año: a dónde fue el efectivo que generó el negocio.
Recompras de acciones: Repurchased approximately 54 million shares of Class C Common Stock for approximately $6.0 billion during Fiscal 2026 (vs ~22 million shares for ~$2.6 billion in Fiscal 2025). On February 26, 2026, the Board authorized an additional $10 billion of Class C Common Stock for repurchase, bringing total authorization to $20 billion and leaving approximately $15.2 billion remaining for repurchase
Dividendos: Paid $1.5 billion in dividends and dividend equivalents during Fiscal 2026 at $0.525 per share per fiscal quarter (vs $1.3 billion at $0.445 per share in Fiscal 2025). On February 26, 2026, Board approved a 20% increase to $0.630 per share per fiscal quarter beginning Q1 Fiscal 2027
Capex (inversión en activos): Spent $2.6 billion on property, plant, and equipment and capitalized software development costs during Fiscal 2026 (vs $2.7 billion in Fiscal 2025). Funding of assets in a customer contract totaled $1.4 billion vs $1.3 billion in Fiscal 2025
Deuda: Outstanding principal amount of total debt increased $7.0 billion to $31.8 billion, driven primarily by an increase in net debt from the issuance of Senior Notes (Senior Notes principal +$6.5 billion to $21,573 million) and, to a lesser extent, DFS debt. Core debt was $17.0 billion as of January 30, 2026 (vs $13.0 billion). Subsequent to year-end, Dell repaid the remaining $0.5 billion principal amount of 6.02% Senior Notes due June 2026
Caja al cierre: Cash and cash equivalents increased by $7.9 billion to $11,528 million (vs $3,633 million as of January 31, 2025). Remaining available borrowings under the revolving credit facility were $5,886 million (maximum capacity $6.0 billion). Total cash and cash equivalents plus available borrowings was $17,414 million. No outstanding issuances under the $5.0 billion commercial paper program
Resumen generado por Warren AI a partir del texto del 10-K presentado ante la SEC. Un resumen nunca reemplaza al documento: si una cifra pesa en tu decisión, verificala en el filing original. Esto es material educativo y no constituye una recomendación de inversión.
Dividendos
Pagos por acción registrados. 17 pagos desde 19/04/2022.
Dividendo anual por acción
Pagos recientes
| Ex-date | Pago | Monto |
|---|---|---|
| 21/04/2026 | N/A | $0,63 |
| 20/01/2026 | N/A | $0,525 |
| 21/10/2025 | N/A | $0,525 |
| 22/07/2025 | N/A | $0,525 |
| 22/04/2025 | N/A | $0,525 |
| 22/01/2025 | N/A | $0,445 |
| 22/10/2024 | N/A | $0,445 |
| 23/07/2024 | N/A | $0,445 |