Dell Technologies Inc. (NYSE:DELL)

The composition of liabilities and stockholders’ equity has undergone notable shifts between January 2021 and January 2026. A general trend indicates a fluctuating, but ultimately stabilizing, proportion of total liabilities, while stockholders’ equity experienced a decline before showing signs of potential recovery.

Current Liabilities

Current liabilities as a percentage of the total initially increased significantly from 43.86% in January 2021 to a peak of 60.62% in January 2022. This was primarily driven by a substantial increase in accounts payable. While decreasing to 57.64% in February 2023, current liabilities rose again to 59.07% in February 2024 and 58.34% in January 2025 before reaching 62.47% in January 2026. Short-term deferred revenue consistently represents a significant portion of current liabilities, fluctuating between 13.39% and 18.66% over the period, and decreasing to 13.16% in January 2026. A small portion of current liabilities was classified as held for sale in January 2025 (0.28%).

Non-Current Liabilities

Non-current liabilities exhibited a more moderate fluctuation. Beginning at 49.64% in January 2021, they decreased to 41.08% in January 2022 before rising to 45.73% in February 2023. The percentage remained relatively stable at 43.74% and 43.40% in subsequent years, concluding at 39.97% in January 2026. Long-term debt and long-term deferred revenue are the primary components, consistently representing the majority of non-current liabilities.

Total Liabilities

Total liabilities initially exceeded total stockholders’ equity, representing 93.50% in January 2021, and briefly surpassed 100% in January 2022 (101.70%). The proportion remained above 100% in February 2023 (103.38) and February 2024 (102.81) before decreasing to 101.74% in January 2025 and 102.44% in January 2026. This indicates a reliance on debt financing.

Stockholders’ Equity

Stockholders’ equity experienced a consistent decline as a percentage of the total. Starting at 6.12% in January 2021, it decreased to -1.70% in January 2022 and further to -3.38% in February 2023 and -2.81% in February 2024. This trend continued to -1.74% in January 2025 and -2.44% in January 2026. This decline is largely attributable to increasing treasury stock and a growing accumulated deficit, partially offset by increases in common stock and capital in excess. Retained earnings transitioned from a negative value (-11.14% in January 2021) to a positive value (3.28% in January 2026), suggesting improving profitability in later periods. Accumulated other comprehensive loss remained consistently negative, though its impact lessened over time.

Specific Liability Accounts

Accounts payable demonstrated the most significant fluctuation, increasing from 17.58% in January 2021 to 29.27% in January 2022, before decreasing to 20.75% in February 2023 and rising again to 33.20% in January 2026. Short-term debt also increased steadily from 5.15% to 8.51% between January 2021 and February 2024, before decreasing to 6.53% in January 2025 and increasing to 7.89% in January 2026. Due to related party increased from 0% to 2.31% between January 2022 and February 2023, then disappeared from the reporting.

Overall, the balance sheet reflects a company that initially relied heavily on debt financing, with a subsequent period of stabilization and a potential shift towards improved equity positioning as evidenced by the positive retained earnings in the most recent period.