Financials Dell Technologies Inc.

Equities

DELL

US24703L2025

Computer Hardware

Real-time Estimate Cboe BZX Other stock markets 20:50:12 22/01/2026 GMT			5-day change	1st Jan Change
116.87 ^USD	+3.19%		-1.88%	-6.73%

12:16am	Surging memory chip prices dim outlook for consumer electronics makers	RE
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Projected Income Statement: Dell Technologies Inc.

Fiscal Period: January	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	94,389	101,229	102,301	88,425	95,567	111,830	124,032	132,876
Change	-	7.25%	1.06%	-13.56%	8.08%	17.02%	10.91%	7.13%
EBITDA ¹	12,747	9,660	10,779	10,148	10,985	12,260	13,481	14,864
Change	-	-24.22%	11.58%	-5.85%	8.25%	11.6%	9.97%	10.26%
EBIT ¹	10,798	7,785	8,637	7,678	8,529	9,696	10,615	11,532
Change	-	-27.9%	10.94%	-11.1%	11.08%	13.68%	9.48%	8.65%
Interest Paid ¹	-1,474	1,264	-1,465	-1,324	-1,189	-1,175	-1,276	-1,198
Earnings before Tax (EBT) ¹	3,670	5,923	3,225	3,887	5,048	6,808	7,402	8,481
Change	-	61.39%	-45.55%	20.53%	29.87%	34.86%	8.73%	14.58%
Net income ¹	3,250	5,563	2,442	3,211	4,592	5,729	6,214	7,093
Change	-	71.17%	-56.1%	31.49%	43.01%	24.76%	8.47%	14.13%
Announcement Date	25/02/21	24/02/22	02/03/23	29/02/24	27/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: January	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2	2028 Q3
Net sales ¹	26,148	24,499	26,133	28,405	28,000	26,116	26,425	24,721	25,039	20,922	22,934	22,251	22,318	22,244	25,026	24,366	23,931	23,378	29,776	27,005	31,597	29,194	31,034	31,091	32,514	29,062	31,964	32,165
Change	-	-6.31%	6.67%	8.69%	-1.43%	-6.73%	1.18%	-6.45%	1.29%	-16.44%	9.62%	-2.98%	0.3%	-0.33%	12.51%	-2.64%	-1.79%	-2.31%	27.37%	-9.31%	17%	-7.6%	6.3%	0.18%	4.58%	-10.62%	9.99%	0.63%
EBITDA ¹	3,809	3,235	3,331	3,410	2,686	2,609	2,449	2,946	2,775	2,204	2,595	2,579	2,770	2,106	2,650	2,796	3,285	2,277	2,921	3,138	3,925	2,786	3,049	3,418	3,760	2,638	2,805	3,441
Change	-	-15.07%	2.97%	2.37%	-21.23%	-2.87%	-6.13%	20.29%	-5.8%	-20.58%	17.74%	-0.62%	7.41%	-23.97%	25.83%	5.51%	17.49%	-30.68%	28.28%	7.43%	25.09%	-29.04%	9.45%	12.1%	10.02%	-29.85%	6.34%	22.68%
EBIT ¹	3,294	2,714	2,811	2,868	2,191	2,135	1,952	2,380	2,170	1,598	1,977	1,964	2,139	1,474	2,034	2,199	2,674	1,666	2,284	2,503	3,239	2,281	2,501	2,784	3,126	2,259	2,599	2,918
Change	-	-17.61%	3.57%	2.03%	-23.61%	-2.56%	-8.57%	21.93%	-8.82%	-26.36%	23.72%	-0.66%	8.91%	-31.09%	37.99%	8.11%	21.6%	-37.7%	37.09%	9.59%	29.39%	-29.58%	9.67%	11.28%	12.32%	-27.75%	15.04%	12.3%
Charge d'intérêts ¹	-545	-388	-359	3,436	-1,657	-358	-371	-353	-383	-364	-451	-306	-203	-373	-353	-276	-187	-82	-333	-178	-362.4	-350.4	-351.7	-347.6	-345.7	-283	-276	-267
Earnings before Tax (EBT) ¹	1,632	987	1,013	-	-48	-	-	454	923	705	714	1,180	1,288	547	989	1,392	1,972	1,083	1,440	1,941	2,557	2,026	2,031	1,966	2,166	-	-	-
Change	-	-39.52%	2.63%	-	-	-	-	-	103.3%	-23.62%	1.28%	65.27%	9.15%	-57.53%	80.8%	40.75%	41.67%	-45.08%	32.96%	34.79%	31.74%	-20.77%	0.25%	-3.2%	10.17%	-	-	-
Net income ¹	1,227	887	831	3,843	2	1,072	511	245	614	583	462	1,006	1,160	960	846	1,132	1,533	965	1,164	1,548	2,000	1,389	1,440	1,646	1,887	1,414	1,713	1,750
Change	-	-27.71%	-6.31%	362.45%	-99.95%	53,500%	-52.33%	-52.05%	150.61%	-5.05%	-20.75%	117.75%	15.31%	-17.24%	-11.88%	33.81%	35.42%	-37.05%	20.62%	32.99%	29.19%	-30.52%	3.63%	14.32%	14.64%	-25.06%	21.15%	2.16%
Announcement Date	25/02/21	27/05/21	26/08/21	23/11/21	24/02/22	26/05/22	25/08/22	21/11/22	02/03/23	01/06/23	31/08/23	30/11/23	29/02/24	30/05/24	29/08/24	26/11/24	27/02/25	29/05/25	28/08/25	25/11/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Dell Technologies Inc.

Fiscal Period: January	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	33,783	17,477	20,981	18,628	20,934	20,666	19,458	18,110
Change	-	-48.27%	20.05%	-11.21%	12.38%	-1.28%	-5.85%	-6.93%
Announcement Date	25/02/21	24/02/22	02/03/23	29/02/24	27/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Dell Technologies Inc.

Fiscal Period: January	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	2,082	2,796	3,003	2,753	2,563	2,749	2,995	3,118
Change	-	34.29%	7.4%	-8.33%	-6.9%	7.25%	8.97%	4.09%
Free Cash Flow (FCF) ¹	9,325	7,511	562	5,923	1,958	6,697	7,999	8,488
Change	-	-19.45%	-92.52%	953.91%	-66.94%	242.03%	19.44%	6.11%
Announcement Date	25/02/21	24/02/22	02/03/23	29/02/24	27/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Dell Technologies Inc.

Fiscal Period: January	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	13.5%	9.54%	10.54%	11.48%	11.49%	10.96%	10.87%	11.19%
EBIT Margin (%)	11.44%	7.69%	8.44%	8.68%	8.92%	8.67%	8.56%	8.68%
EBT Margin (%)	3.89%	5.85%	3.15%	4.4%	5.28%	6.09%	5.97%	6.38%
Net margin (%)	3.44%	5.5%	2.39%	3.63%	4.81%	5.12%	5.01%	5.34%
FCF margin (%)	9.88%	7.42%	0.55%	6.7%	2.05%	5.99%	6.45%	6.39%
FCF / Net Income (%)	286.92%	135.02%	23.01%	184.46%	42.64%	116.9%	128.72%	119.67%
Profitability
ROA	2.68%	5.15%	6.29%	6.11%	7.2%	6.55%	6.9%	7.4%
ROE	718.23%	1,240.05%	-	-	-	-	4,677.8%	771.03%
Financial Health
Leverage (Debt/EBITDA)	2.65x	1.81x	1.95x	1.84x	1.91x	1.69x	1.44x	1.22x
Debt / Free cash flow	3.62x	2.33x	37.33x	3.15x	10.69x	3.09x	2.43x	2.13x
Capital Intensity
CAPEX / Current Assets (%)	2.21%	2.76%	2.94%	3.11%	2.68%	2.46%	2.41%	2.35%
CAPEX / EBITDA (%)	16.33%	28.94%	27.86%	27.13%	23.33%	22.42%	22.22%	20.97%
CAPEX / FCF (%)	22.33%	37.23%	534.34%	46.48%	130.9%	41.04%	37.45%	36.73%
Items per share
Cash flow per share ¹	14.87	13.03	4.734	11.76	6.281	16.02	18.71	18.89
Change	-	-12.37%	-63.67%	148.31%	-46.57%	155%	16.79%	0.98%
Dividend per Share ¹	-	-	1.32	1.48	1.78	2.081	2.318	2.583
Change	-	-	-	12.12%	20.27%	16.89%	11.4%	11.46%
Book Value Per Share ¹	3.292	-2.211	-4.141	-3.368	-2.102	-2.124	3.542	7.234
Change	-	-167.17%	-87.25%	18.66%	37.58%	-1.02%	266.8%	104.23%
EPS ¹	4.22	7.03	3.24	4.36	6.38	8.322	9.29	10.72
Change	-	66.59%	-53.91%	34.57%	46.33%	30.45%	11.63%	15.39%
Nbr of stocks (in thousands)	749,804	763,885	716,128	706,335	697,705	662,690	662,690	662,690
Announcement Date	25/02/21	24/02/22	02/03/23	29/02/24	27/02/25	-	-	-