Price to Operating Profit (P/OP)
since 2019
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Dell Technologies Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2019
- Return on Equity (ROE) since 2019
- Aggregate Accruals
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Calculation
Dell Technologies Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 16, 2026 | = | ÷ | = | ÷ | |||||||
| Mar 25, 2025 | = | ÷ | = | ÷ | |||||||
| Mar 25, 2024 | = | ÷ | = | ÷ | |||||||
| Mar 30, 2023 | = | ÷ | = | ÷ | |||||||
| Mar 24, 2022 | = | ÷ | = | ÷ | |||||||
| Mar 26, 2021 | = | ÷ | = | ÷ | |||||||
| Mar 27, 2020 | = | ÷ | = | ÷ | |||||||
| Mar 29, 2019 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2026-01-30), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Dell Technologies Inc. Annual Report.
The Price to Operating Profit (P/OP) ratio exhibits considerable fluctuation between 2020 and 2026. Initial values show a significant increase in the ratio followed by periods of decline and subsequent recovery. A detailed examination of the trend reveals key observations regarding the relationship between market valuation and operational performance.
- Overall Trend
- The P/OP ratio demonstrates volatility over the analyzed period. Starting with a value of 10.93 in 2020, it increased to 13.19 in 2021, then decreased to 8.73 in 2022, reaching a low of 5.05 in 2023. A substantial increase to 15.48 is observed in 2024, followed by a decrease to 11.06 in 2025, and a further increase to 12.40 in 2026.
- 2020-2021
- From 2020 to 2021, the P/OP ratio increased from 10.93 to 13.19. This rise coincided with an increase in operating profit per share, suggesting that the market was willing to pay a higher premium for each dollar of operating profit. The increase in share price was also a contributing factor.
- 2021-2023
- Between 2021 and 2023, the P/OP ratio experienced a notable decline, falling from 13.19 to 5.05. This decrease occurred despite a continued increase in operating profit per share. The decline in the ratio suggests that the share price decreased at a faster rate than operating profit, potentially indicating investor concerns or a shift in market sentiment.
- 2023-2026
- From 2023 to 2026, the P/OP ratio showed a recovery, increasing from 5.05 to 12.40. This increase was driven by a combination of a rising share price and continued growth in operating profit per share. The most significant increase occurred between 2023 and 2024, with the ratio nearly tripling. The subsequent fluctuations in 2025 and 2026 suggest a period of stabilization after the initial recovery.
The observed fluctuations in the P/OP ratio indicate a dynamic relationship between market valuation and operational performance. The ratio’s sensitivity to changes in both share price and operating profit per share highlights the importance of considering both factors when assessing the company’s investment potential.
Comparison to Competitors
Dell Technologies Inc., P/OP, long-term trends, comparison to competitors
| Dell Technologies Inc. | Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|
| Mar 16, 2026 | |||||
| Mar 25, 2025 | |||||
| Mar 25, 2024 | |||||
| Mar 30, 2023 | |||||
| Mar 24, 2022 | |||||
| Mar 26, 2021 | |||||
| Mar 27, 2020 | |||||
| Mar 29, 2019 |
Based on: 10-K (reporting date: 2026-01-30), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).