DELL · Dell Technologies Inc.
Price & Indicators
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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.
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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 Strong 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 |
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| AI-optimized servers shipped | $16.13B | FY2027 Q1 | +757.2% |
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| Adjusted free cash flow non-GAAP | $3,165M | Three Months Ended May 1, 2026 | — |
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GAAP → non-GAAP reconciliationGAAP Free cash flow $3,118M
-$263M Financing receivables
+$310M Equipment under operating leases
= Adjusted free cash flow $3,165M
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| AI orders booked | $24.4B | first quarter | — |
| AI server revenue recognized | $16.1B | first quarter | +755.5% |
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| AI-optimized servers revenue | $16,132M | Three Months Ended May 1, 2026 | +757.2% |
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| Capital returned to shareholders | $2.1B | the first quarter | — |
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| 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
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| 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
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| 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
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| Storage revenue | $4,334M | Three Months Ended May 1, 2026 | +8.5% |
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| Total CSG net revenue | $14,609M | Three Months Ended May 1, 2026 | +16.8% |
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| Total ISG net revenue | $29,009M | Three Months Ended May 1, 2026 | +181.2% |
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| Traditional servers and networking revenue | $8,543M | Three Months Ended May 1, 2026 | +92.5% |
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| 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 |
|---|---|---|---|---|---|
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DELL
this stock
Dell Technologies Inc.
|
$299.88B | +270.9% | +18.8% | 36.9 | 2.0% |
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ANET
Arista Networks, Inc.
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$248.85B | +50.6% | +28.6% | 62.4 | 1.6% |
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SNDK
Sandisk Corp
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$200.00B | +468.9% | — | 47.0 | 5.3% |
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STX
Seagate Technology Holdings plc
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$189.85B | +204.9% | +1.6% | 60.3 | 3.2% |
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WDC
Western Digital Corp
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$178.95B | +201.6% | +50.7% | 31.0 | 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 | +25.2% | +7.3% | +274.4% | +14.1% | +270.9% |
| SPY | +5.5% | +3.3% | +11.3% | +3.1% | +12.9% |
| vs SPY | +19.7% | +4.0% | +263.2% | +11.1% | +258.0% |
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.