Dell Technologies Inc. (NYSE:DELL)

The price-to-book value (P/BV) ratio exhibits significant fluctuations over the observed period. Initial values are unavailable for 2019 and 2020. A substantial P/BV ratio of 27.38 is recorded in 2021, followed by a missing value for 2022. The ratio remains absent for 2023, 2024, 2025, and 2026.

P/BV Ratio Trend

The available P/BV ratio demonstrates a peak in 2021. The subsequent absence of reported values suggests potential challenges in calculating a meaningful ratio, likely stemming from consistently negative book values per share. The lack of a positive book value per share prevents a standard P/BV calculation.

The share price demonstrates volatility, moving from US$58.69 in 2019 to US$38.75 in 2020, then increasing substantially to US$88.99 in 2021, before declining to US$53.51 in 2022. Further fluctuations are observed, reaching US$39.86 in 2023, US$113.00 in 2024, US$98.86 in 2025, and culminating in US$156.54 in 2026.

Book Value per Share (BVPS)

Book value per share is consistently negative throughout the period, starting at -US$8.02 in 2019 and remaining negative through 2026 at -US$3.83. This persistent negative equity position is a key factor influencing the availability of the P/BV ratio.

The combination of fluctuating share prices and consistently negative book values per share results in an intermittent P/BV ratio. The absence of a P/BV ratio for most years indicates that the market may not find the book value a reliable indicator of the company’s value, or that the negative book value renders the ratio meaningless for comparative analysis.