Dell Technologies Inc. (DELL) intrinsic value & 10-year financials
Dell Technologies Inc. (DELL) has a Graham intrinsic value of $157.41 per share. At $451.71 on Oct 17, 2026, the stock trades 187% above that value. Over the last 10 fiscal years revenue grew 6.9% a year to $113.5B, with an average return on invested capital of 20.6%.
- Graham intrinsic value
- $157.41
- Share price (Oct 17, 2026)
- $451.71
- Price vs Graham value
- 187% above
- Market cap
- $309.0B
- Revenue (FY2026)
- $113.5B
- Revenue growth (10-yr CAGR)
- 6.9%
- ROIC (10-yr avg)
- 20.6%
- Free cash flow (FY2026)
- $8.6B
DELL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $113.5B | $5.9B | $8.68 | $8.6B | 7.2% | 53.8% |
| FY2025 | $95.6B | $4.6B | $6.38 | $1.9B | 6.5% | 46.0% |
| FY2024 | $88.4B | $3.2B | $4.60 | $5.9B | 5.9% | 39.5% |
| FY2023 | $102.3B | $2.4B | $3.24 | $562.0M | 5.6% | 38.4% |
| FY2022 | $101.2B | $5.6B | — | $7.5B | 4.6% | 18.7% |
| FY2021 | $94.2B | $3.2B | $4.22 | $9.3B | 5.5% | 14.7% |
| FY2020 | $92.2B | $4.6B | $6.03 | $7.0B | 2.8% | 3.8% |
| FY2019 | $90.6B | -$2.3B | — | $5.8B | -0.2% | -0.5% |
| FY2018 | $79.0B | -$3.7B | — | $5.6B | -4.2% | -5.2% |
| FY2017 | $62.2B | -$1.7B | — | $1.5B | -5.2% | -3.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Dell Technologies has demonstrated mature, steady growth, with revenue compounding at 6.9% annually over the past decade.
Dell Technologies has earned high returns on invested capital, averaging 20.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Dell Technologies has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Dell Technologies is modeled at 6.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $157.41 per share.