Analysis of Inventory
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Dell Technologies Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2019
- Return on Equity (ROE) since 2019
- Aggregate Accruals
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Inventory Disclosure
Dell Technologies Inc., balance sheet: inventory
US$ in millions
| Jan 30, 2026 | Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Production materials | |||||||||||||
| Work-in-process | |||||||||||||
| Finished goods | |||||||||||||
| Inventories |
Based on: 10-K (reporting date: 2026-01-30), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29).
The composition of inventories exhibits significant fluctuations over the observed period. Overall inventory levels demonstrate an initial increase followed by a decline and subsequent resurgence. A detailed examination of the individual components reveals distinct patterns.
- Production Materials
- Production materials experienced a substantial increase from 2021 to 2022, nearly doubling in value. This was followed by a decrease in 2023 and a further decline in 2024. However, a marked increase is observed in 2025 and 2026, with the 2026 value significantly exceeding the 2022 peak. This suggests potential shifts in procurement strategies or anticipated increases in production demand in later periods.
- Work-in-Process
- Work-in-process inventory generally tracked the trend of production materials, increasing from 2021 to 2022, decreasing in 2023 and 2024, and then increasing substantially in 2025 and 2026. The increase from 2025 to 2026 is particularly pronounced, indicating a potential buildup of partially completed goods. This could be due to production bottlenecks or a strategic decision to increase work-in-process levels.
- Finished Goods
- Finished goods inventory showed a moderate increase from 2021 to 2022, followed by a consistent decline through 2024. A slight recovery is noted in 2025, but the 2026 value remains below the 2022 level. This pattern suggests effective inventory management of completed products, with a potential adjustment to align with demand in the later years.
- Total Inventories
- Total inventories mirrored the combined trends of its components. A significant increase occurred between 2021 and 2022, reaching a peak in 2022. Subsequent years saw a decline, reaching a low in 2024. A substantial increase is then observed in both 2025 and 2026, with the 2026 total inventory value considerably higher than any previous period. This suggests a strategic build-up of inventory across all stages of production towards the end of the observed timeframe.
The fluctuations in inventory levels warrant further investigation to understand the underlying drivers. The significant increases in 2025 and 2026, particularly in production materials and work-in-process, should be examined in the context of sales forecasts, production plans, and supply chain dynamics.