DELL · Dell Technologies Inc.
Price & Indicators
Up next
AI Brief
TL;DR.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Research
our published analysis of this company-
Research ThesisSuper Micro Computer's 15–17% margin guide against a 10.1% recent print makes the bear trade the heavier one
The $60B FQ4 backlog is the cleanest demand signal in AI servers, but the lifted 15–17% gross-margin guide against a 10.1% Q3 FY2026 print, an active export-control board review, and 16.2% short interest leave the bear case as the heavier of the two trades heading into the August 11 print.
-
Research ThesisSandisk's $42 billion contract floor has bought the bull case three times trailing revenue; the bear trades it for the multiple
Sandisk re-rated on one quarter of contracted datacenter revenue: three fiscal Q3 contracts carry roughly $42 billion of minimum contractual revenue, five multi-year deals are backed by over $11 billion of guarantees, and the stock still sits 45.3% off its $2,335 52-week high at 14.1× EV/Revenue, the cheapest of the three storage names on that multiple.
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from its earnings releases, calls, and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| AI server revenue recognized | $1.88B | FY2026 Q1 | — |
|
|
|||
| AI-optimized servers revenue | $1,882M | FY2026 Q1 | — |
|
|
|||
| AI-optimized servers shipped | $16.13B | FY2027 Q1 | +757.2% |
|
|
|||
| Storage revenue | $3,996M | FY2026 Q1 | +6.2% |
|
|
|||
| Total CSG net revenue | $12,509M | FY2026 Q1 | +4.5% |
|
|
|||
| Total ISG net revenue | $10,317M | FY2026 Q1 | +11.8% |
|
|
|||
| Traditional servers and networking revenue | $4,439M | FY2026 Q1 | — |
|
|
|||
| Adjusted free cash flow non-GAAP | $3,165M | Three Months Ended May 1, 2026 | — |
|
|
|||
GAAP → non-GAAP reconciliationGAAP Free cash flow $3,118M
-$263M Financing receivables
+$310M Equipment under operating leases
= Adjusted free cash flow $3,165M
|
|||
| AI orders booked | $24.4B | first quarter | — |
| Capital returned to shareholders | $2.1B | the first quarter | — |
|
|
|||
| CSG operating income | $1,170M | Three Months Ended May 1, 2026 | — |
| ISG operating income | $3,055M | Three Months Ended May 1, 2026 | — |
| Non-GAAP earnings per share — diluted non-GAAP | $4.86 | Three Months Ended May 1, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Earnings per share — diluted $5.24
+$0.14 Amortization of intangibles
+$0.29 Stock-based compensation expense
+$0.44 Other corporate (income) expenses
-$0.96 Fair value adjustments on equity investments
-$0.29 Aggregate adjustment for income taxes
= Non-GAAP earnings per share — diluted $4.86
|
|||
| Non-GAAP net income non-GAAP | $3,190M | Three Months Ended May 1, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net income $3,438M
+$97M Amortization of intangibles
+$189M Stock-based compensation expense
+$288M Other corporate (income) expenses
-$631M Fair value adjustments on equity investments
-$191M Aggregate adjustment for income taxes
= Non-GAAP net income $3,190M
|
|||
| Non-GAAP operating income non-GAAP | $4,235M | Three Months Ended May 1, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Operating income $3,656M
+$97M Amortization of intangibles
+$189M Stock-based compensation expense
+$293M Other corporate expenses
= Non-GAAP operating income $4,235M
|
|||
| AI-optimized servers orders | $64B | Full-Year Fiscal 2026 | — |
| Record backlog | $43B | Full-Year Fiscal 2026 | — |
| Shares repurchased | 54M | Full-Year Fiscal 2026 | — |
Figures exactly as the company stated them · click a metric with a to chart its history · period links open the stating document · "call" marks figures stated on the earnings call, "filing" figures stated in the 10-K/10-Q · YoY needs the prior-year figure on file
Versus peers
Computer Hardware — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
DELL
this stock
Dell Technologies Inc.
|
$262.36B | +224.4% | +18.8% | 32.3 | 2.0% |
|
ANET
Arista Networks, Inc.
|
$215.35B | +37.6% | +28.6% | 58.8 | 1.6% |
|
STX
Seagate Technology Holdings plc
|
$190.97B | +211.4% | +1.6% | 80.8 | 3.3% |
|
SNDK
Sandisk Corp
|
$189.55B | +411.8% | — | 44.5 | 5.3% |
|
WDC
Western Digital Corp
|
$187.80B | +216.4% | +50.7% | 32.5 | 6.7% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| DELL | -7.3% | +2.8% | +235.9% | -6.1% | +224.4% |
| SPY | +1.1% | +0.3% | +8.2% | +0.0% | +9.6% |
| vs SPY | -8.4% | +2.5% | +227.7% | -6.1% | +214.9% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.