Dell Technologies Inc. (NYSE:DELL)

An examination of the financial information reveals significant fluctuations in total debt and stockholders’ equity between 2019 and 2026. The debt-to-equity ratio, while not consistently reported, demonstrates a volatile pattern over the observed period.

Total Debt

Total debt decreased from $53.521 billion in 2019 to $47.984 billion in 2021. A substantial reduction occurred between 2021 and 2022, falling to $26.954 billion. Debt levels experienced a slight increase in 2023 to $29.588 billion, followed by a further decrease to $25.994 billion in 2024. A continued downward trend was observed in 2025, reaching $24.567 billion, before increasing to $31.503 billion in 2026.

Total Stockholders’ Equity

Stockholders’ equity began as a deficit of $5.765 billion in 2019 and improved to a deficit of $1.574 billion in 2020. The company transitioned to positive equity of $2.479 billion in 2021. However, equity reverted to a deficit of $1.685 billion in 2022, which deepened to $3.122 billion in 2023 and $2.404 billion in 2024. A modest improvement to a deficit of $1.482 billion was noted in 2025, followed by a worsening to a deficit of $2.470 billion in 2026.

Debt-to-Equity Ratio

The debt-to-equity ratio was first reported in 2021 at 19.36. The ratio was not calculated for subsequent years until 2026, where it is reported as not available. The initial value suggests a highly leveraged position in 2021, with debt significantly exceeding equity. The absence of reported values for intervening years limits the ability to assess the trajectory of this ratio and the company’s evolving financial risk profile.

The interplay between decreasing debt and fluctuating equity suggests a dynamic financial structure. The significant volatility in equity, moving between positive and negative values, warrants further investigation. The lack of consistent debt-to-equity ratio reporting hinders a comprehensive assessment of the company’s leverage over the entire period.