olivLaw · US equity research
Dell Technologies Inc. DELL
Electronic Computers · SIC 3571 · Vertical: Electronic Computers (SIC 3571)
Dell Technologies delivers technology solutions for the data and artificial intelligence era, from client devices and peripherals to servers, networking and storage. In the second quarter of fiscal 2027 revenue reached a record 47.0 billion USD, and full-year guidance was raised substantially, making the company an important reference point for AI infrastructure demand.
At the close of 04 Nov 2026, Dell Technologies Inc. (DELL) stock was 372.36 USD (−8.82% on the day), with market capitalisation 238.3 bn USD, P/E 21.6 on diluted EPS of 17.24 USD over the last 12 months, dividend yield 0.62%, beta 2.03, 52-week range 111.07–588.40 USD. Latest reported quarter (Q2 2027): revenue of 47.0 bn USD (+57.7% YoY), net income of 4.1 bn USD (+255.1% YoY), diluted EPS 6.34 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 31.3
- weak (30–45)
- Bollinger (20, 2)
- 361.02 – 598.11
- in the lower half of the band · %B 0.05 · band width 49.4%
- SMA 50 / 200
- 510.83 / 335.38
- mixed trend
- MACD (12, 26, 9)
- -32.15 / -21.05
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −32.6% | −1.1% | −31.5 pp | — |
| 3 months | −19.5% | −0.5% | −19.1 pp | — |
| 6 months | +55.9% | +4.4% | +51.5 pp | — |
| Year to date | +195.8% | +12.3% | +183.5 pp | — |
| 1 year | +140.8% | +13.5% | +127.2 pp | −24.1% |
| 3 years | +435.7% | +76.4% | +359.3 pp | +11.1% |
| 5 years | +560.7% | +63.7% | +497.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24.4 bn | 23.9 bn | 23.4 bn | 29.8 bn | 27.0 bn | 33.4 bn | 43.8 bn | 47.0 bn |
| Cost of revenue | 19.0 bn | 18.3 bn | 18.4 bn | 24.3 bn | 21.4 bn | 26.6 bn | 36.1 bn | 37.1 bn |
| Gross profit | 5.4 bn | 5.7 bn | 4.9 bn | 5.4 bn | 5.6 bn | 6.7 bn | 7.8 bn | 9.8 bn |
| Research & development | 745.0 m | 773.0 m | 808.0 m | 785.0 m | 752.0 m | 797.0 m | 983.0 m | 1.1 bn |
| SG&A | 2.9 bn | 2.7 bn | 3.0 bn | 2.9 bn | 2.7 bn | 2.8 bn | 3.1 bn | 3.3 bn |
| Operating income | 1.7 bn | 2.2 bn | 1.2 bn | 1.8 bn | 2.1 bn | 3.1 bn | 3.7 bn | 5.4 bn |
| Depreciation & amortisation | 765.0 m ≈ | 774.0 m | 738.0 m | 762.0 m ≈ | 756.0 m ≈ | 773.0 m | 758.0 m | 754.0 m ≈ |
| Interest expense | 321.0 m | 343.0 m | 354.0 m | 399.0 m | 396.0 m | 411.0 m | 391.0 m | 400.0 m |
| Pre-tax income | 1.4 bn | 2.0 bn | 1.1 bn | 1.4 bn | 1.9 bn | 2.8 bn | 3.9 bn | 5.1 bn |
| Income tax | 275.0 m | 440.0 m | 118.0 m | 276.0 m | 393.0 m | 540.0 m | 510.0 m | 998.0 m |
| Net income | 1.2 bn | 1.5 bn | 965.0 m | 1.2 bn | 1.5 bn | 2.3 bn | 3.4 bn | 4.1 bn |
| Diluted EPS | 1.64 | 2.15 | 1.37 | 1.70 | 2.28 | 3.38 ≈ | 5.24 | 6.34 |
| Operating cash flow | 1.6 bn ≈ | 585.0 m | 2.8 bn | 2.5 bn ≈ | 1.2 bn ≈ | 4.7 bn | 4.1 bn | 2.2 bn ≈ |
| Capex | 639.0 m ≈ | 735.0 m | 568.0 m | 675.0 m ≈ | 669.0 m ≈ | 721.0 m | 963.0 m | 1.2 bn ≈ |
| Dividends paid | 312.0 m ≈ | 311.0 m | 396.0 m | 366.0 m ≈ | 351.0 m ≈ | 346.0 m | 464.0 m | 405.0 m ≈ |
| Share repurchases | 429.0 m ≈ | 734.0 m | 2.0 bn | 940.0 m ≈ | 1.2 bn ≈ | 1.8 bn | 1.6 bn | 3.8 bn ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 89 percentile of its own 27-quarter history (min 3.5, median 14.8, max 24.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 90.6 bn | 84.8 bn | 86.7 bn | 101.2 bn | 102.3 bn | 88.4 bn | 95.6 bn | 113.5 bn |
| Revenue YoY | +14.7% | −6.4% | +2.2% | +16.8% | +1.1% | −13.6% | +8.1% | +18.8% |
| Net income | -2.3 bn | 4.6 bn | 3.3 bn | 5.6 bn | 2.4 bn | 3.4 bn | 4.6 bn | 5.9 bn |
| Net income YoY | unavailable | unavailable | −29.6% | +71.2% | −56.1% | +38.7% | +35.5% | +29.3% |
| Diluted EPS | unavailable | 6.03 | 4.22 | unavailable | 3.24 | 4.60 | 6.38 | 8.68 |
| Diluted EPS YoY | unavailable | unavailable | −30.0% | unavailable | unavailable | +42.0% | +38.7% | +36.1% |
| net % | -2.5% | 5.4% | 3.7% | 5.5% | 2.4% | 3.8% | 4.8% | 5.2% |
| Free cash flow | 5.5 bn | 6.7 bn | 9.3 bn | 7.5 bn | 562.0 m | 5.9 bn | 1.9 bn | 8.6 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jan 2026
- Cash
- 11.5 bn USD
- Financial debt
- 31.5 bn USD
- Net debt
- 20.0 bn USD
- Equity
- -2.5 bn USD
- Total assets
- 101.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.91x
- ROE
- unavailable
- ROA
- 6.6%
- FCF margin
- 7.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 86.7 bn | 101.2 bn | 102.3 bn | 88.4 bn | 95.6 bn | 113.5 bn | SEC (XBRL)· 16 Mar 2026verified |
| Cost of revenue | 66.5 bn | 79.3 bn | 79.6 bn | 67.4 bn | 74.3 bn | 90.8 bn | SEC (XBRL)· 16 Mar 2026verified |
| Gross profit | 20.1 bn | 21.9 bn | 22.7 bn | 21.1 bn | 21.3 bn | 22.7 bn | SEC (XBRL)· 16 Mar 2026verified |
| Research & development | 2.5 bn | 2.6 bn | 2.8 bn | 2.8 bn | 3.1 bn | 3.1 bn | SEC (XBRL)· 16 Mar 2026verified |
| SG&A | 14.0 bn | 14.7 bn | 14.1 bn | 12.9 bn | 12.0 bn | 11.4 bn | SEC (XBRL)· 16 Mar 2026verified |
| Operating income | 3.7 bn | 4.7 bn | 5.8 bn | 5.4 bn | 6.2 bn | 8.1 bn | SEC (XBRL)· 16 Mar 2026verified |
| Depreciation & amortisation | 5.4 bn | 4.6 bn | 3.2 bn | 3.3 bn | 3.1 bn | 3.0 bn | SEC (XBRL)· 16 Mar 2026verified |
| EBITDA | 9.1 bn ≈ | 9.2 bn ≈ | 8.9 bn ≈ | 8.7 bn ≈ | 9.4 bn ≈ | 11.2 bn ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Interest expense | 2.1 bn | 1.5 bn | 1.2 bn | 1.5 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 16 Mar 2026verified |
| Pre-tax income | 2.3 bn | 5.9 bn | 3.2 bn | 4.1 bn | 5.0 bn | 7.3 bn | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | 101.0 m | 981.0 m | 803.0 m | 715.0 m | 472.0 m | 1.3 bn | SEC (XBRL)· 16 Mar 2026verified |
| Net income | 3.3 bn | 5.6 bn | 2.4 bn | 3.4 bn | 4.6 bn | 5.9 bn | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | 4.22 | — | 3.24 | 4.60 | 6.38 | 8.68 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 767.0 m | 791.0 m | 753.0 m | 736.0 m | 720.0 m | 684.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividend per share | — | — | 1.32 | 1.48 | 1.78 | 2.10 | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 9.5 bn | 9.5 bn | 8.6 bn | 7.4 bn | 3.6 bn | 11.5 bn | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | 10.7 bn | 12.9 bn | 12.5 bn | 9.3 bn | 10.3 bn | 17.6 bn | SEC (XBRL)· 16 Mar 2026verified |
| Inventories | 3.4 bn | 5.9 bn | 4.8 bn | 3.6 bn | 6.7 bn | 10.4 bn | SEC (XBRL)· 16 Mar 2026verified |
| Current assets | 43.6 bn | 45.0 bn | 42.4 bn | 36.0 bn | 36.2 bn | 57.6 bn | SEC (XBRL)· 16 Mar 2026verified |
| Property, plant & equipment, net | 4.8 bn | 5.4 bn | 6.2 bn | 6.4 bn | 6.3 bn | 6.7 bn | SEC (XBRL)· 16 Mar 2026verified |
| Goodwill | 20.0 bn | 19.8 bn | 19.7 bn | 19.7 bn | 19.1 bn | 19.5 bn | SEC (XBRL)· 16 Mar 2026verified |
| Intangibles (excl. goodwill) | 9.1 bn | 7.5 bn | 6.5 bn | 5.7 bn | 5.0 bn | 4.5 bn | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 123.4 bn | 92.7 bn | 89.6 bn | 82.1 bn | 79.7 bn | 101.3 bn | SEC (XBRL)· 16 Mar 2026verified |
| Accounts payable | 21.6 bn | 27.1 bn | 18.6 bn | 19.2 bn | 20.8 bn | 33.6 bn | SEC (XBRL)· 16 Mar 2026verified |
| Short-term debt | 6.4 bn | 5.8 bn | 6.6 bn | 7.0 bn | 5.2 bn | 8.0 bn | SEC (XBRL)· 16 Mar 2026verified |
| Long-term debt | 32.9 bn | 21.1 bn | 23.0 bn | 19.0 bn | 19.4 bn | 23.5 bn | SEC (XBRL)· 16 Mar 2026verified |
| Current liabilities | 54.1 bn | 56.2 bn | 51.7 bn | 48.4 bn | 46.5 bn | 63.3 bn | SEC (XBRL)· 16 Mar 2026verified |
| Total liabilities | 115.4 bn | 94.3 bn | 92.6 bn | 84.3 bn | 81.1 bn | 103.8 bn | SEC (XBRL)· 16 Mar 2026verified |
| Equity | 7.6 bn | -1.6 bn | -3.0 bn | -2.1 bn | -1.4 bn | -2.5 bn | SEC (XBRL)· 16 Mar 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 11.4 bn | 10.3 bn | 3.6 bn | 8.7 bn | 4.5 bn | 11.2 bn | SEC (XBRL)· 16 Mar 2026verified |
| Capex | 2.1 bn | 2.8 bn | 3.0 bn | 2.8 bn | 2.7 bn | 2.6 bn | SEC (XBRL)· 16 Mar 2026verified |
| Free cash flow | 9.3 bn ≈ | 7.5 bn ≈ | 562.0 m ≈ | 5.9 bn ≈ | 1.9 bn ≈ | 8.6 bn ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Investing cash flow | -460.0 m | 1.3 bn | -3.0 bn | -2.8 bn | -2.2 bn | -2.1 bn | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | -6.0 bn | -16.6 bn | -1.6 bn | -7.1 bn | -5.8 bn | -1.5 bn | SEC (XBRL)· 16 Mar 2026verified |
| Dividends paid | 0 | 0 | 964.0 m | 1.1 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 16 Mar 2026verified |
| Share repurchases | 241.0 m | 1.5 bn | 2.9 bn | 2.1 bn | 2.6 bn | 6.0 bn | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 238.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Growth26
- Returns100
- Balance sheet33
- Valuation88
- Quality33
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 176.62 – 299.49 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)176.62 – 299.49 (Mid 223.41)WACC 8.7% · starting FCFF 9.9 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 24.8%
- Peers: EV/Salesunavailable · not enough peers
- Peers: EV/EBITDAunavailable · not enough peers
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 19.8% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 9.4% | 83 (vs peers) | 9% |
| FCF margin · Quality | 5.7% | 23 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 3.5% | 14 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 18.8% | 50 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 1.3x | 56 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.0x | 10 (on a fixed band) | 6% |
| EV/Sales · Valuation | 1.7x | 100 (on a fixed band) | 17% |
| FCF yield · Valuation | 3.6% | 72 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.2% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet33/100 · 2/2 factors with a value
- Growth26/100 · 2/2 factors with a value
- Quality33/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation88/100 · 2/2 factors with a value
Memo
Dell Technologies Inc. (DELL). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 113.5 bn USD in 2026; YoY growth 18.8%; net margin 7.5%; net debt/EBITDA 1.3x.
The estimated value range is 176.62–299.49 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 223.41 USD, the price of 372.36 USD leaves a potential of -40.0% (value / price − 1) and a margin of safety of -66.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 9.4%
- EV/Sales: 1.7x
- FCF yield: 3.6%
- Shareholder yield (distributions): 4.2%
What contradicts it
- Gross margin: 19.8%
- FCF margin: 5.7%
- Revenue CAGR 3Y: 3.5%
- Current ratio: 1.0x
- The price is above the estimated value range
Versus the vertical median
Electronic Computers (SIC 3571) · same industry (4-digit SIC) · compared with 6 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AAPLApple Inc. | 5,079.1 bn | 38.9 | 142.3% | 27.6% | +15.1% | +25% / +84% |
| DELLDell Technologies Inc. | 238.3 bn | 21.6 | — | 7.5% | +18.8% | +141% / +436% |
| SMCISuper Micro Computer, Inc. | 19.4 bn | 9.1 | 21.5% | 5.7% | +77.8% | −13% / +8% |
| OMCLOmnicell, Inc | 1.7 bn | 39.4 | 3.5% | 3.6% | +6.5% | +4% / +14% |
| OSSOne Stop Systems, Inc. | 98.1 m | 310.5 | 1.3% | 1.0% | +31.2% | −36% / +90% |
| SCKTSocket Mobile, Inc. | 2.3 m | — | -155.7% | -107.5% | −19.6% | −79% / −81% |
| ZEPPZepp Health Corp | 0 | — | -17.2% | -15.5% | +41.8% | −92% / −60% |
1- and 3-year price returns: for DELL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 224.81 Total return -39% · Per year -39% | 397.63 Total return 7% · Per year 7% | 599.20 Total return 62% · Per year 62% |
| 3 years | 213.97 Total return -41% · Per year -16% | 426.24 Total return 17% · Per year 5% | 705.85 Total return 92% · Per year 24% |
| 5 years | 203.65 Total return -43% · Per year -11% | 456.91 Total return 26% · Per year 5% | 831.48 Total return 128% · Per year 18% |
- Exit P/E± 106.56
- Net margin± 74.59
- Annual revenue growth± 61.80
- Annual dilution± 6.27
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Dell Technologies delivers technology solutions for the data and artificial intelligence era, from client devices and peripherals to servers, networking and storage. In the second quarter of fiscal 2027 revenue reached a record 47.0 billion USD 3, and full-year guidance was raised substantially, making the company an important reference point for AI infrastructure demand 3.
SWOT
Strengths
Weaknesses
Opportunities
- Demand for AI infrastructure and data center modernization could support growth over several years 13.
- Broadening the AI customer base beyond the largest cloud providers could reduce dependence on a few customers 1.
- Consumption and recurring models could create more stable revenue if they remain widely adopted 1.
Risks
- Dependence on AI demandhigh
Revenue from AI servers depends on large orders and a small number of customers, which can produce sudden fluctuations 1.
- Component cost pressurehigh
Memory capacity limits and cost inflation could reduce margins if prices cannot be adjusted quickly 2.
- Supply chainmedium
Single-source suppliers and production concentrated in a few locations could delay shipments or raise costs 1.
- Risks from artificial intelligencemedium
Using AI in products and processes brings reputational, legal and data-security risks, and regulation is changing quickly 1.
- Economic and trade conditionsmedium
Tariffs, trade disputes and economic instability could slow demand and raise production costs 1.
Investment thesis
What would need to be true (bull case)
- If demand for AI infrastructure stays strong, the order backlog could support revenue growth over several quarters 3.
- The raised guidance for fiscal 2027 shows management's confidence in the company's competitive advantages 3.
- Consumption and financing models could strengthen customer relationships and create long-term recurring revenue 1.
What to watch
- Trend in gross margin amid memory component inflationQ3 2027
- Delivery against full-year fiscal 2027 revenue guidance of 192 billion USD2027
- Development of commercial PC demand during the refresh cycleQ4 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Dell Technologies presents itself as a global technology leader, with an offering that runs from client devices and peripherals to server, networking and storage infrastructure, all aimed at the needs of the data and AI era 1. The company operates in over 170 countries, and its operational advantages include a direct sales force, a global network of channel partners, its own services and a large-scale supply chain 1. Flexible payment models such as utility, subscription, as-a-Service, leases and loans let customers pay upfront or over time, and these multiyear agreements generate recurring revenue 1.
The reportable segments are the Infrastructure Solutions Group, covering AI-optimized servers, traditional servers and networking, and storage 1. The Client Solutions Group includes commercial and consumer PCs, peripherals and services such as configuration and extended warranties 1. Resold VMware offerings and other divested businesses are reported separately under Corporate and other 1.
The company invests continuously in research and development, with a focus on software that automates infrastructure and on solutions incorporating artificial intelligence and edge computing 1. Strategic investments through Dell Technologies Capital target emerging technologies in storage, security, cloud and AI, while Dell Financial Services manages a financing portfolio that supports sales 1.
Segments
Infrastructure Solutions Group (ISG)
ISG produced the most dynamic revenue, at 31.8 billion USD in the second quarter of fiscal 2027, up 89% year over year 3. AI-optimized servers generated 16.4 billion USD in the same quarter, and the order backlog reached 95 billion USD, which shows strong demand but also notable variability in shipment timing 3.
Market context
The market Dell operates in includes IT infrastructure for AI, cloud and security, as well as personal computers, where replacement cycles have lengthened in recent years 1. Demand for AI servers has grown quickly, but the company says the pace of demand and shipments can be non-linear because customers are at different stages of readiness 2. Component cost pressures, especially in memory, have raised input prices and could affect margins if inflation persists 2.
Dell notes that its geographic revenue is concentrated in the Americas, with about 65% of ISG revenue and 60% of CSG revenue there in fiscal 2026 1. The remaining sales come from EMEA and the Asia-Pacific and Japan region, and seasonality differs across regions and segments 1.
Trends
- Demand for AI infrastructuretailwind
Customers are adopting and integrating artificial intelligence, which has built a significant backlog for AI-optimized servers. The pace depends on each customer's readiness, so the timing of revenue can be uneven 12.
- Data center modernizationtailwind
Customers are consolidating and modernizing data centers, supporting demand for traditional servers, networking and storage. This trend could continue if IT investment stays elevated 12.
- Rising component costsheadwind
Capacity limits at memory manufacturers have produced shortages and inflation in component costs. If this pressure persists, margins could decline despite higher volumes 2.
- Concentration of AI customersmixed
AI sales have gone mainly to a small number of large customers and cloud providers, which can create fluctuations and pricing pressure. Broadening the customer base is seen as essential for durable growth 1.
Competitive position
Dell faces product and price competition in all its business lines, from both branded and generic competitors 1. Infrastructure-as-a-Service providers that buy directly from original design manufacturers add further competition, and moving workloads to them could intensify pressure 1.
The company's competitive advantages include its integrated solutions portfolio, direct and partner go-to-market capabilities, supply chain and global services 1. Strategic partnerships can at some point turn allies into competitors in other product categories, adding pressure 1.
- Large Infrastructure-as-a-Service providers
These providers buy infrastructure directly from original design manufacturers and can move workloads away from existing customers, creating competitive pressure in servers 1.
- On-premises server and storage competitors
Companies specialized in one product or service line compete intensely in on-premises infrastructure, and pricing and share pressure is constant 1.
- Branded and generic PC manufacturers
Competition in personal computers comes from both branded and generic makers, and longer replacement cycles can reduce volumes 1.
- Strategic partners that become competitors
Allies in some categories may become competitors in others, which makes the competitive landscape more dynamic and harder to anticipate 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Bare metal boom: On-prem server sales for HPC and AI up 20% this yearThe Register · 04 Nov 2026 · EN
- Windows pushed AI PCs, but now it's hit a wall of RAM pricesThe Register · 04 Nov 2026 · EN
- Microsoft's AI PC push meets a wall of RAM prices, but Redmond is still beating the drumThe Register · 04 Nov 2026 · EN
- Connecticut bakers are bringing joy back to election day, one cake at a timeNPR News · 03 Nov 2026 · EN
- Microsoft improves Windows 11 performance on 8 GB PCs as RAM prices keep climbingThe Register · 03 Nov 2026 · EN
- Morgan Stanley Offers $2.3 Billion Debt for Dell Family DealBloomberg Markets · 03 Nov 2026 · EN
- СПБ Биржа расширила перечень торгуемых неоактивовKommersant (RU) · 02 Nov 2026 · RU
- СПБ Биржа запустит фьючерсы на акции NVIDIA, Alphabet и McDonald’sRBC News (RU business+politics) · 02 Nov 2026 · RU
- Индексы S&P 500 и Nasdaq снизились по итогам 3-й недели подряд впервые с мартаInterfax Russia (RU) · 02 Nov 2026 · RU
- Backbone of a beast – charting Nvidia's rise to networking titanThe Register · 31 Oct 2026 · EN
- Wall Street încheie săptămâna cu scăderi puternice. Acțiunile companiilor tehnologice se prăbușesc pe fondul îngrijorărilor privind investițiile în inteligența artificială - Capital.roCapital.ro · 30 Oct 2026 · RO
- 📈 ⚡️ — Chinese and US stock markets are crashing without stopping. Shares of all…Telegram — Intel Slava Z (pro-RU OSINT EN) · 30 Oct 2026 · EN
- Perfume bottle and child’s necklace among treasures found in Pompeii wardrobeThe Guardian World · 30 Oct 2026 · EN
- Intel says it’s selling every affordable laptop chip it can makeThe Verge · 29 Oct 2026 · EN
- VIDEO Statul să elimine birocrația prin digitalizare, nu să o mute pe calculator. Valentin Stănescu, director regional Dell Technologies: Sistemele administrației nu comunică între ele. Acum vor AI, pentru că au început și alții - Maratonul digitalizăriiProfit.ro · 29 Oct 2026 · RO
- Anduril now says its BlueChip laptop will meet Buy American standards at launchThe Verge · 29 Oct 2026 · EN
- 5-year outcomes of chemotherapy de-escalation in HER2-positive early breast cancer and exploratory circulating tumor DNA analyses from the randomized phase 2 PHERGain trialNature Medicine · 29 Oct 2026 · EN
- Foreign gadget bans: all the news about the FCC’s clampdown on Chinese techThe Verge · 28 Oct 2026 · EN
- O carte poştală trimisă în 1944 dintr-o închisoare din Germania a ajuns, în sfârșit, la destinațieAntena 3 CNN · 28 Oct 2026 · RO
- „Eu voi privi de sus întreaga lume”. Recunoaștere pentru cel mai scund baschetbalist din istoria NBAMediafax · 28 Oct 2026 · RO
SEC filings
- Current report21 Oct 2026Departure or appointment of officers
- Current report15 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report10 Sept 2026Other events · Financial statements and exhibits
- Quarterly report08 Sept 2026
- Current report01 Sept 2026Results of operations · Financial statements and exhibits
- Current report06 Jul 2026Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
- Current report01 Jul 2026Item 3.03 · Shareholder vote · Other events · Financial statements and exhibits
- Current report17 Jun 2026Item 3.02
- Current report16 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report12 Jun 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-01-30 · SEC / Dell Technologies Inc. · 16 Mar 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Dell Technologies Inc. · 08 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Dell Technologies Inc. · 01 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.