Dell Technologies Inc. (NYSE:DELL)

The financial data reveals several notable trends related to the company's debt and equity structure over the analyzed periods.

Total debt

The total debt shows a declining trend from 53,521 million USD in early 2019 to 24,567 million USD projected for early 2025. This represents a significant reduction in debt levels over the six-year span, nearly halving the company's leverage. Notably, the most substantial decrease occurs between the 2021 and 2022 fiscal years, where debt drops sharply from 47,984 million USD to 26,954 million USD. After this drop, the debt remains relatively stable, with slight fluctuations but continuing a modest downward trajectory.

Total stockholders’ equity (deficit)

The equity figures display considerable volatility and persistently negative values throughout most periods, indicating a deficit situation. Starting at a negative 5,765 million USD in early 2019, the deficit improves in 2020 and notably turns positive in 2021 with 2,479 million USD, reflecting a brief recovery in equity. However, this positive moment is short-lived as equity plunges back into negative territory in the following years, reaching a negative 3,122 million USD in early 2023. By early 2025, the deficit lessens slightly but remains negative at 1,482 million USD. This fluctuation suggests ongoing challenges in maintaining positive equity, which could impact financial stability and investor confidence.

Debt to equity ratio

The data on the debt to equity ratio is incomplete with only a single available value of 19.36 (no unit, but interpretable as a multiplier ratio) during one period. Given the predominance of negative equity values across periods, the ratio likely exhibits significant volatility or undefined outcomes at various points, impacting the ability to accurately assess leverage through this metric. The high ratio figure indicates a substantial reliance on debt relative to equity during the observed period.

Overall, the company has been actively reducing its debt load over the years, which is a positive sign in terms of leverage management. Conversely, the equity position remains unstable and predominantly negative, which raises concerns about financial solvency and balance sheet strength. The very high and volatile debt to equity ratio underscores a potentially risky capital structure that warrants attention.