DELLDell Technologies Inc.
Electronic Computers
- Revenue
- $113.5B
- 19% YoY
- Operating margin
- 7.2%
- 10.0% YoY
- EBITDA
- $11.2B
- 19% YoY
- Market cap
- $271.6B
- Employees
- 97,000
- $1M revenue each
- Net debt / EBITDA
- 2.0×
- $22.9B net debt
- AI in 10-K
- 12.8
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo188% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo67% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo15% of assetsOver 40% of assets
- Shareholder dissentNo89% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$1M · 88th pctBottom quartile of its SIC industry
- Quiet on AINo12.8 per 10K words · 95th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.0× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$271.6B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes2 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$3.6B netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $101.2B | $102.3B | $88.4B | $95.6B | $113.5B | 19% |
| Operating income | $4.7B | $5.8B | $5.4B | $6.2B | $8.1B | 31% |
| Net income | $5.7B | $2.4B | $3.4B | $4.6B | $5.9B | 30% |
| Operating cash flow | $10.3B | $3.6B | $8.7B | $4.5B | $11.2B | 147% |
| Capex | $2.8B | $3.0B | $2.8B | $2.7B | $2.6B | 0.7% |
| Stock-based comp | $1.6B | $931M | $878M | $785M | $723M | 7.9% |
| Buybacks | $1.5B | $2.9B | $2.1B | $2.6B | $6.0B | 132% |
| Dividends | $0 | $964M | $1.1B | $1.3B | $1.5B | 14% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 11, 2026 | Silver Lake Group, L.L.C. | SCHEDULE 13D/A | 6.7% | Active |
| Jun 5, 2026 | Silver Lake Group, L.L.C. | SCHEDULE 13D/A | 5.2% | Active |
| Mar 19, 2026 | Silver Lake Group, L.L.C. | SCHEDULE 13D/A | 5.7% | Passive |
| Oct 3, 2025 | Silver Lake Group, L.L.C. | SCHEDULE 13D/A | 5.8% | Passive |
| Jul 17, 2025 | Silver Lake Group, L.L.C. | SCHEDULE 13D/A | 14.7% | Passive |
| Jan 13, 2025 | Silver Lake Group, L.L.C. | SCHEDULE 13D/A | 5.7% | Passive |
| Jul 10, 2024 | Silver Lake Group, L.L.C. | SC 13D/A | 9.5% | Passive |
| Jun 5, 2024 | Silver Lake Group, L.L.C. | SC 13D/A | 8.4% | Passive |
| Mar 22, 2024 | Silver Lake Group, L.L.C. | SC 13D/A | 9.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $3.6B · 2709
- Net
- −$3.6B
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $3M | $3M | 340 | 256 |
| FY2025 | $3M | $3M | 302 | 204 |
| FY2024 | $3M | $3M | 248 | 164 |
| FY2023 | $3M | $3M | 118 | 111 |
| FY2022 | $3M | $3M | 153 | 123 |