Dell Technologies Inc - Ordinary Shares - Class C
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+ FollowMarket Cap$240.35B
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Earnings Call Q2 2027
September 1, 2026 - AI Summary
Blowout quarter + strong EPS growth (good): Dell reported Q2 FY27 revenue of ~$47B (+58% YoY) and non-GAAP diluted EPS of $7.04 (+203% YoY). The company highlighted modernization-driven operating leverage, enabling earnings to grow far faster than revenue.
Demand picture is extremely strong and AI-led (good/surprising):
- AI: $60.9B AI server orders in the quarter (record) and $16.4B AI server revenue. Ending AI backlog ~$95B, and pipeline grew sequentially.
- Traditional servers & networking: Revenue +122% YoY (management says demand outstrips supply and growth is largely from existing enterprise modernization; they also see some incremental AI/agentic-driven CPU demand).
- Storage: Revenue +26% YoY with strong demand for Dell IP; management claims 6 consecutive quarters of Dell IP storage demand growth above market and continued margin improvement from Dell IP mix.
- CSG (PCs/consumer + commercial): Revenue +20% YoY, with commercial +22% (8th straight quarter up) and consumer +7% (4th straight quarter up).
Guidance raised; second half expected to accelerate (key forecast): Management expects Q3 revenue ~$49B (+~80% YoY at midpoint) and raised full-year expectations:
- Full-year FY27 revenue guide: ~$192B (+~70% YoY at midpoint)
- Full-year non-GAAP diluted EPS guide: ~$25.50 (+~150% YoY at midpoint)
- ISG growth: ~120% full-year, driven by AI server revenue ~3x YoY to ~$74B; traditional servers >100%, storage mid-teens, CSG mid-teens.
- Operating leverage: OpEx ~8% of revenue (management says this is the lowest in 42 years) and operating income +~120% in FY27.
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$70.16
81.2% downside
Current Fair Value
81.2% downsideOvervalued by 81.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $240.35 Billion |
|---|---|
| Enterprise Value | $278.01 Billion |
| Annual dividend | $2.42 |
| Dividend yield | 0.57% |
| Earnings per Share | $8.96 |
| Beta | 1.44 |
| Outstanding Shares | 645,000,000 |
Return
| Return on Equity | -797.34% |
|---|---|
| Return on Assets | 8.93% |
| Return on Invested Capital | 31.95% |
Valuation & Multiples
| P/E Ratio | 24.25 |
|---|---|
| PEG | 9.51 |
| Price to Sales | 1.59 |
| Price to Book Ratio | -124.21 |
| Enterprise Value to Revenue | 1.84 |
| Enterprise Value to EBIT | 19.92 |
| Enterprise Value to Net Income | 24 |
| Total Debt to Enterprise | 0.18 |
| Debt to Equity | -34.5 |
Revenue Sources
No data
Last Earnings Call
Report Date
September 3, 2026
EPS Estimate
$4.88
Consensus analyst estimateRevenue Estimate
$44.86 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 24, 2026
EPS Estimate
$6.57
Consensus analyst estimateRevenue Estimate
$49.28 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.71, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.7105▼ 53.39% |
|---|---|
| Total Calls | 116,401▼ 99.45% |
| Total Puts | 82,700▼ 99.69% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.04%▼ 35.13% |
|---|---|
| Total Invested | $6.94B▼ 93.22% |
| Investors Holding | 975▼ 1296.00% |
About Dell Technologies Inc
97,000 employees
CEO: Michael Dell
Dell Technologies Inc. operates as a holding company, providing extensive information technology hardware, software, and service solutions through its various subsidiaries. The company is based in Round Rock, Texas, and employs 157,000 f...