Dell Technologies Inc. (NYSE:DELL)

The analysis of the quarterly financial data reveals several important trends concerning the composition of liabilities and stockholders' equity over the observed periods.

Current Liabilities

Current liabilities as a percentage of total liabilities and stockholders’ equity have generally increased from approximately 39.57% in May 2019 to a range around 58–63% in the most recent quarters. This indicates a rising proportion of short-term obligations relative to the total financing structure. Notably, there is a peak at 62.93% around August 2024, albeit followed by a slight decline.

Short-term Debt

Short-term debt shows some volatility, fluctuating between 4.44% and 12%, with an observable peak at 12% in October 2021. However, the latter periods show a trend towards stabilization around 5.5–8.5%. This suggests intermittent increases in reliance on short-term borrowings but no sustained upward trend.

Accounts Payable

Accounts payable have demonstrated a generally increasing trend from approximately 16.47% in mid-2019 to about 29.18% by May 2025, with some fluctuations. The significant jump from about 19.73% in October 2021 to near 29% in recent quarters highlights an increasing obligation to suppliers and may reflect changes in purchasing practices or supplier terms.

Accrued and Other Current Liabilities

These liabilities have remained relatively stable with slight fluctuations mostly within 6.3% to 9.9%. The peak at around 9.9% in early 2023 indicates higher accrued expenses or other obligations temporarily but no consistent trend of increase or decrease.

Short-term Deferred Revenue

Short-term deferred revenue shows a gradual increase from about 11.87% in May 2019 to a peak around 18.75% in mid-2024, reflecting possibly an increase in customer prepayments or advance billing for products and services to be delivered within a year.

Long-term Debt

The proportion of long-term debt has exhibited a downward trend overall, starting at about 44.26% in May 2019 and decreasing to around 21.54%-27.55% in the most recent quarters, suggesting a reduced dependence on long-term borrowings or successful debt repayments or refinancing activities.

Long-term Deferred Revenue and Other Non-current Liabilities

Long-term deferred revenue has gradually increased from about 10.13% in mid-2019 to a range near 14.29%-16.85% in later periods, reinforcing the trend seen with deferred revenues overall. Other non-current liabilities have slightly decreased from near 5.94% to around 3.34%-3.7%, representing a minor reduction in other longer-term obligations.

Total Liabilities

Total liabilities as a percentage of total financing have stayed generally above 90%, fluctuating around 95% to 103%, which indicates that liabilities dominate the capital structure. The value slightly exceeds 100% in some quarters, reflecting possible accounting nuances or reporting changes.

Stockholders’ Equity

The data show considerable fluctuations in total stockholders’ equity including deficits. Early periods reveal negative to modest positive values trending to more positive percentages near 10.46% in late 2021 but followed by sharp declines into negative territory around -3.48% by May 2025. This volatility indicates ongoing challenges in equity generation or capital structure shifts.

Treasury Stock and Accumulated Deficit

Treasury stock at cost as a percentage has progressively increased its negative impact, deepening from about -0.06% to nearly -12.07%, which points to significant share repurchases or treasury stock holdings increasing over time. The accumulated deficit has improved substantially, moving from around -19.16% in May 2019 to about -0.65% in May 2024, but then shows some reversal. This trend suggests ongoing efforts to reduce historical losses, partially offset by recent negative swings.

Non-controlling Interests

This component remains fairly stable throughout the period, generally between 0.11% and 4.8%, indicating a minor and consistent minority ownership stake presence in the overall capital structure.

In summary, the company’s liabilities remain the primary component of the financial structure, with rising current liabilities and declining long-term debt proportions. The increasing accounts payable and deferred revenues imply changing operating or revenue collection dynamics. Significant fluctuations in equity and growing treasury stock denote ongoing equity management activities and potential capital restructuring. The accumulated deficit trend suggests progress in reducing losses, though recent volatility calls for cautious interpretation.