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Held by 2,058 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 20%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $11.53B (at 2026-01-30) covers the $9.84B due within a year 1.2× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-07-31 (10-Q). The cash figure is from 2026-01-30, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~5.0% on $31.50B of debt.
Cash of $11.53B fully covers short-term debt of $7.99B.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 17% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.46B dividends + $6.01B buybacks = $7.47B returned on $8.55B FCF.
4 consecutive years of dividend increases · -4%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
EOD close · as of 2026-10-14
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE -240% against ROIC 20% — -261% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2020 | FY2021 | FY2022 | FY2024 | FY2025 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 72.4 | 75.7 | 76.8 | 78.4 | 77.8 | 76.2 | 77.8 | 80.0 |
| Gross Profit | 27.6 | 24.3 | 23.2 | 21.6 | 22.2 | 23.8 | 22.2 | 20.0 |
| R&D | 5.1 | 2.9 | 2.8 | 2.5 | 2.7 | 3.2 | 3.2 | 2.8 |
| SG&A | 22.8 | 18.7 | 16.2 | 14.5 | 13.8 | 14.5 | 12.5 | 10.1 |
| Operating Income | -0.2 | 2.8 | 4.3 | 4.6 | 5.6 | 6.1 | 6.5 | 7.2 |
| Income Tax | -0.2 | -0.7 | 0.1 | 1.0 | 0.8 | 0.8 | 0.5 | 1.2 |
| Net Income | -2.5 | 5.4 | 3.7 | 5.6 | 2.4 | 3.8 | 4.8 | 5.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DELL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2025, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $507.93 today, the market must believe free cash flow compounds 29.2%/yr for a decade (off $5.45B on the 3-yr avg basis).
On the basis ($4.65B) the requirement is 31.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 29.2% is more optimistic than its 9-yr track record.
Default is 12.6% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.64B shares (market data) · net debt $19.98B
mean 158.5% · volatility σ 332% · implied rate exceeded in 4/9 yrs
Central path = implied 29.2%/yr growth; shaded band = ±1σ (332%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 35 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AAPL | $4.98T | 45.8× | 34.8× | 12.0× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.4× | 5,963 |
| CSCO | $453.7B | 34.6× | 29.6× | 7.2× | 11.8% | 64.5% | 21.0% | 26.4% | 16.6% | 1.4× | 3,939 |
| DELL | $364.0B | 66.0× | 34.4× | 3.2× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 1.8× | 2,058 |
| PANW | $324.8B | — | — | 28.3× | 24.5% | 70.4% | 2.7% | 1.1% | 1.1% | -1.6× | 2,859 |
| ANET | $257.9B | 74.4× | 65.2× | 28.6× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | -0.5× | 2,177 |
| IBM | $217.4B | 20.7× | 21.4× | 3.2× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | 3.9× | 3,544 |
| SNDK | $214.2B | 20.1× | 16.7× | 10.6× | 175% | 71.5% | 56.5% | 72.7% | 72.7% | -0.4× | 1,763 |
| STX | $169.9B | 53.8× | 39.3× | 13.9× | 34.1% | 45.6% | 26.1% | 147% | 55.5% | 0.4× | 1,888 |
| WDC | $142.5B | 15.7× | 29.6× | 11.0× | 35.7% | 48.9% | 72.9% | 106% | 85.9% | 0.1× | 1,791 |
| FTNT | $140.0B | 78.8× | 61.9× | 20.6× | 14.2% | 80.5% | 27.3% | 150% | 83.0% | -0.7× | 1,531 |
| HPE | $91.3B | — | 46.9× | 2.7× | 13.8% | — | 0.2% | 0.2% | 0.1% | 7.2× | 1,400 |
| P | $52.3B | 285.4× | — | 14.3× | 15.6% | 70.4% | 5.1% | 13.0% | 13.0% | -3.4× | — |
| NTAP | $46.9B | 37.6× | 25.6× | 7.5× | 5.6% | 78.5% | 20.5% | 94.4% | 33.2% | 0.2× | 931 |
| HPQ | $27.6B | 11.6× | 8.2× | 0.5× | 3.2% | 20.6% | 4.6% | -731% | 27.1% | 1.5× | 1,047 |
| FFIV | $27.0B | 40.4× | 29.9× | 8.7× | 9.7% | 81.4% | 22.4% | 19.3% | 19.3% | -1.6× | 800 |
| SMCI | $25.7B | 12.0× | 7.9× | 0.7× | 77.8% | 10.8% | 5.7% | 15.4% | 12.0% | -1.2× | 771 |
| LOGI | $14.7B | 21.4× | 15.5× | 3.0× | 6.3% | 43.2% | 14.7% | 32.2% | 32.2% | -2.1× | 377 |
| NATL | $3.4B | 21.5× | 7.6× | 0.8× | 1.1% | — | 3.7% | 40.2% | 5.1% | 3.0× | 347 |
| EXTR | $3.1B | 75.8× | 38.9× | 2.4× | 12.6% | 61.5% | 3.3% | 47.5% | 16.7% | -0.6× | 331 |
| DGII | $2.8B | 69.1× | 32.9× | 6.6× | 1.5% | 62.9% | 9.5% | 6.4% | 5.1% | 1.5× | 263 |
| DBD | $2.2B | 25.7× | 7.5× | 0.6× | 1.5% | 25.3% | 2.5% | 8.6% | 4.6% | 1.5× | 207 |
| ATEN | $2.1B | 50.0× | 35.8× | 7.1× | 11.0% | 79.3% | 14.5% | 19.9% | 9.8% | 2.4× | 298 |
| OMCL | $1.7B | — | 17.4× | 1.4× | 6.5% | 42.5% | 0.2% | 0.2% | 0.2% | -2.3× | 292 |
| CRSR | $1.5B | — | 98.1× | 1.1× | 11.9% | 28.9% | -1.1% | -2.6% | -2.1% | 1.5× | 215 |
| VYX | $994M | 24.0× | 7.3× | 0.4× | -4.6% | — | 2.3% | 6.5% | 3.0% | 3.4× | 290 |
Peers = companies sharing DELL's sector (Electronic Computers) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Earns 19.09pts above its cost of capital, but margins are compressing.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2018 | 22.0% | -3.8% | -1.9% |
| FY2019 | 26.0% | -3.1% | -3.6% |
| FY2020 | 27.6% | -0.2% | -2.5% |
| FY2020 | 24.3% | 2.8% | 5.4% |
| FY2021 | 23.2% | 4.3% | 3.7% |
| FY2022 | 21.6% | 4.6% | 5.5% |
| FY2024 | 22.2% | 5.6% | 2.4% |
| FY2025 | 23.8% | 6.1% | 3.8% |
| FY2025 | 22.2% | 6.5% | 4.8% |
| FY2026 | 20.0% | 7.2% | 5.2% |
ROIC ex-goodwill is 290.15% against 31.71% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2025 | FY2024 | FY2022 | FY2021 | FY2020 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $113.54B 100.0% | $95.57B 100.0% | $88.42B 100.0% | $102.30B 100.0% | $101.20B 100.0% | $86.67B 100.0% | $84.81B 100.0% | $90.62B 100.0% | $79.04B 100.0% | $62.16B 100.0% |
| Cost of Revenue | $90.83B 80.0% | $74.32B 77.8% | $67.36B 76.2% | $79.61B 77.8% | $79.31B 78.4% | $66.53B 76.8% | $64.18B 75.7% | $65.57B 72.4% | $58.50B 74.0% | $48.52B 78.0% |
| Cost of Products | — | — | — | — | — | — | — | — | $51.43B 65.1% | $43.39B 69.8% |
| Cost of Services | — | — | — | — | — | — | — | — | $7.07B 8.9% | $5.13B 8.2% |
| Gross Profit | $22.71B 20.0% | $21.25B 22.2% | $21.07B 23.8% | $22.69B 22.2% | $21.89B 21.6% | $20.14B 23.2% | $20.64B 24.3% | $25.05B 27.6% | $20.54B 26.0% | $13.65B 22.0% |
| Research & Development | $3.14B 2.8% | $3.06B 3.2% | $2.80B 3.2% | $2.78B 2.7% | $2.58B 2.5% | $2.46B 2.8% | $2.45B 2.9% | $4.60B 5.1% | $4.38B 5.5% | $2.64B 4.2% |
| Selling, General & Admin | $11.42B 10.1% | $11.95B 12.5% | $12.86B 14.5% | $14.14B 13.8% | $14.65B 14.5% | $14.00B 16.2% | $15.82B 18.7% | $20.64B 22.8% | $18.57B 23.5% | $13.40B 21.6% |
| Total Operating Expenses | $14.56B 12.8% | $15.01B 15.7% | $15.66B 17.7% | $16.91B 16.5% | $17.23B 17.0% | $16.45B 19.0% | $18.27B 21.5% | $25.24B 27.9% | $22.95B 29.0% | $16.04B 25.8% |
| Operating Income | $8.15B 7.2% | $6.24B 6.5% | $5.41B 6.1% | $5.77B 5.6% | $4.66B 4.6% | $3.69B 4.3% | $2.37B 2.8% | -$191.0M -0.2% | -$2.42B -3.1% | -$2.39B -3.8% |
| Interest Expense | $1.56B 1.4% | $1.39B 1.5% | $1.50B 1.7% | $1.22B 1.2% | $1.54B 1.5% | $2.05B 2.4% | $2.33B 2.8% | $2.49B 2.7% | $2.41B 3.0% | $1.75B 2.8% |
| Other Income (Expense), net | -$886.0M -0.8% | -$1.19B -1.2% | -$1.32B -1.5% | -$2.55B -2.5% | $1.26B 1.2% | -$1.34B -1.5% | -$2.42B -2.8% | -$2.17B -2.4% | -$2.35B -3.0% | -$2.10B -3.4% |
| Pretax Income | $7.26B 6.4% | $5.05B 5.3% | $4.09B 4.6% | $3.23B 3.2% | $5.92B 5.9% | $2.35B 2.7% | -$51.0M -0.1% | -$2.36B -2.6% | -$4.77B -6.0% | -$4.49B -7.2% |
| Income Tax Expense | $1.33B 1.2% | $472.0M 0.5% | $715.0M 0.8% | $803.0M 0.8% | $981.0M 1.0% | $101.0M 0.1% | -$572.0M -0.7% | -$180.0M -0.2% | -$1.84B -2.3% | -$1.42B -2.3% |
| Net Income | $5.94B 5.2% | $4.58B 4.8% | $3.37B 3.8% | $2.42B 2.4% | $5.71B 5.6% | $3.25B 3.7% | $4.62B 5.4% | -$2.31B -2.5% | -$2.85B -3.6% | -$1.17B -1.9% |
| Per Share | ||||||||||
| EPS (Basic) | $8.79 | $6.51 | $4.71 | $3.33 | — | $4.37 | $6.38 | — | — | — |
| EPS (Diluted) | $8.68 | $6.38 | $4.60 | $3.24 | — | $4.22 | $6.03 | — | — | — |
| Weighted Avg Shares (Basic) | 675.0M | 705.0M | 720.0M | 734.0M | 762.0M | 744.0M | 724.0M | — | — | — |
| Weighted Avg Shares (Diluted) | 684.0M | 720.0M | 736.0M | 753.0M | 791.0M | 767.0M | 751.0M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
$19.4B of goodwill — 89% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 4.5% | 12.6% (today's — no rate published for this year) | -8.1pts |
| FY2021 | 8.9% | 12.6% (today's — no rate published for this year) | -3.7pts |
| FY2022 | 21.0% | 7.2% | 13.8pts |
| FY2024 | 23.6% | 9.2% | 14.4pts |
| FY2025 | 24.2% | 11.6% | 12.6pts |
| FY2025 | 23.9% | 11.6% | 12.3pts |
| FY2026 | 33.8% | 12.9% | 20.8pts |
| Now | 20.4% | 12.6% | 7.8pts |
Converts 1.04x of reported profit into cash — adequate, without much margin.
| Step | Amount | Running total |
|---|---|---|
| Net income | $5.94B | $5.94B |
| Share-based comp | $723M | $6.66B |
| Other non-cash & working capital | $4.53B | $11.19B |
| Operating cash flow | $11.19B | $11.19B |
| Capex | −$2.63B | $8.55B |
| Free cash flow | $8.55B | $8.55B |
| FCF after SBC | $7.83B | $7.83B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 2.2% | -14.0% | -16.2 points |
| FY2022 | 16.8% | 20.3% | 3.6 points |
| FY2024 | 1.1% | -3.3% | -4.4 points |
| FY2025 | -13.6% | -25.1% | -11.6 points |
| FY2025 | 8.1% | 10.2% | 2.1 points |
| FY2026 | 18.8% | 70.8% | 52.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 53.7 days | 18.7 days | 114.1 days | -41.7 days |
| FY2021 | 45.2 days | 18.7 days | 118.3 days | -54.5 days |
| FY2022 | 46.6 days | 27.1 days | 124.9 days | -51.2 days |
| FY2024 | 44.5 days | 21.9 days | 85.3 days | -18.8 days |
| FY2025 | 38.6 days | 19.6 days | 104.2 days | -46 days |
| FY2025 | 39.3 days | 33 days | 102.3 days | -30 days |
| FY2026 | 56.5 days | 41.9 days | 135.1 days | -36.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -3.9 percent |
| FY2021 | -6.6 percent |
| FY2022 | -5.1 percent |
| FY2024 | -1.3 percent |
| FY2025 | -6.4 percent |
| FY2025 | 0.1 percent |
| FY2026 | -5.2 percent |
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Covers interest 3.7x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.22x |
| 5% | 4.96x |
| 10% | 4.70x |
| 15% | 4.44x |
| 20% | 4.18x |
| 25% | 3.92x |
| 30% | 3.66x |
| 35% | 3.40x |
| 40% | 3.13x |
| 45% | 2.87x |
| 50% | 2.61x |
| 55% | 2.35x |
| 60% | 2.09x |
Ladder as of 2026-07-31 (10-Q); cash from the 2026-01-30 balance sheet; FCF from FY2026.
Balance sheet at 2026-01-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 5.2x today but falls to 3.7x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $572.47, free cash flow must compound 30.9%/yr for 10 years. It has done 4.11%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 38.9% | 30.9% |
| FY2022 | −19.5% | 30.9% |
| FY2024 | −92.5% | 30.9% |
| FY2025 | 953.4% | 30.9% |
| FY2025 | −68.4% | 30.9% |
| FY2026 | 357.6% | 30.9% |
The implied rate has been matched or beaten in 3 of the last 6 years.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.