Analysis of Geographic Areas
Dell Technologies Inc. operates in 2 regions: United States and Foreign countries.
Paying user area
Try for free
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
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Dell Technologies Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Area Asset Turnover
Dell Technologies Inc., asset turnover by geographic area
| Jan 30, 2026 | Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Foreign countries |
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).
An examination of area asset turnover reveals distinct trends between the United States and foreign countries over the observed period. The United States demonstrates a more moderate fluctuation in asset turnover, while foreign countries exhibit higher turnover rates alongside more pronounced variability.
- United States
- Asset turnover in the United States increased from 10.10 in January 2021 to 12.75 in January 2022, representing a substantial gain. A subsequent decline to 10.16 was noted in February 2024. The most recent figures indicate a recovery, with the ratio reaching 11.60 in January 2025 and further increasing to 14.20 in January 2026. This suggests improving efficiency in asset utilization within the United States towards the end of the period.
- Foreign Countries
- Foreign countries consistently maintained a higher asset turnover ratio than the United States throughout the period. The ratio began at 25.46 in January 2021, peaked at 31.15 in January 2022, and then experienced a downward trend, falling to 21.14 in February 2024. A slight recovery occurred in January 2025, reaching 22.97, followed by a further decrease to 22.60 in January 2026. While still considerably higher than the United States, the declining trend warrants attention.
- Comparative Analysis
- The difference in asset turnover between the two areas is significant. Foreign countries consistently generate more sales revenue per dollar of assets than the United States. However, the recent trend suggests a convergence, as the United States demonstrates increasing efficiency while foreign countries experience a slight decline. This could be attributable to various factors, including differing economic conditions, competitive landscapes, or operational strategies within each geographic area.
Overall, the observed trends indicate a dynamic relationship between asset utilization and geographic location. Continued monitoring of these ratios is recommended to understand the underlying drivers of these trends and inform strategic decision-making.
Area Asset Turnover: United States
Dell Technologies Inc.; United States; area asset turnover calculation
| Jan 30, 2026 | Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Property, plant, and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2026 Calculation
Area asset turnover = Net revenue ÷ Property, plant, and equipment, net
= ÷ =
The area asset turnover for the United States demonstrates a fluctuating pattern over the observed period. While generally maintaining a level above 10.0, the ratio exhibits both increases and decreases year-over-year.
- Net Revenue
- Net revenue in the United States initially increased from US$45,671 million in 2021 to US$46,752 million in 2022, followed by a further increase to US$49,201 million in 2023. A decrease was then observed in 2024, with revenue falling to US$43,986 million. This was followed by a recovery to US$51,014 million in 2025 and a substantial increase to US$63,140 million in 2026.
- Property, Plant, and Equipment, Net
- Property, plant, and equipment, net, decreased from US$4,524 million in 2021 to US$3,667 million in 2022. It then experienced a moderate increase to US$4,163 million in 2023 and continued to rise to US$4,330 million in 2024. Further incremental increases were noted in 2025 (US$4,396 million) and 2026 (US$4,446 million), though the rate of increase slowed.
- Area Asset Turnover
- The area asset turnover ratio increased from 10.10 in 2021 to 12.75 in 2022, indicating improved efficiency in asset utilization. A slight decrease to 11.82 was recorded in 2023, followed by another decrease to 10.16 in 2024. The ratio then increased to 11.60 in 2025, culminating in a significant increase to 14.20 in 2026. This final increase suggests a substantial improvement in the efficiency with which assets are used to generate revenue in the United States.
The fluctuations in area asset turnover appear to be influenced by both changes in net revenue and the value of property, plant, and equipment. The substantial increase in the ratio in 2026 is likely driven by the significant growth in net revenue combined with a relatively modest increase in fixed assets.
Area Asset Turnover: Foreign countries
Dell Technologies Inc.; Foreign countries; area asset turnover calculation
| Jan 30, 2026 | Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Property, plant, and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2026 Calculation
Area asset turnover = Net revenue ÷ Property, plant, and equipment, net
= ÷ =
The area asset turnover ratio exhibited fluctuations over the observed period. Net revenue and property, plant, and equipment, net values also changed during this time, providing context for the turnover ratio’s movements.
- Net Revenue
- Net revenue increased from US$48,553 million in January 2021 to US$54,445 million in January 2022, representing a substantial gain. A subsequent decrease to US$53,100 million in February 2023 was followed by a more significant decline to US$44,439 million in February 2024. Revenue showed a slight increase to US$44,553 million in January 2025, and then a further increase to US$50,398 million in January 2026.
- Property, Plant, and Equipment, Net
- Property, plant, and equipment, net decreased from US$1,907 million in January 2021 to US$1,748 million in January 2022. An increase was then observed, reaching US$2,046 million in February 2023 and US$2,102 million in February 2024. The value decreased to US$1,940 million in January 2025, before increasing again to US$2,230 million in January 2026.
- Area Asset Turnover
- The area asset turnover ratio increased from 25.46 in January 2021 to 31.15 in January 2022, indicating improved efficiency in asset utilization. The ratio then decreased to 25.95 in February 2023 and continued to decline to 21.14 in February 2024. A modest recovery to 22.97 was seen in January 2025, followed by a slight decrease to 22.60 in January 2026. The ratio’s movements generally mirrored the fluctuations in net revenue, though the impact of changes in property, plant, and equipment, net also contributed to the observed trends.
The highest area asset turnover ratio occurred in January 2022, while the lowest occurred in February 2024. The ratio’s decline from 2022 to 2024 suggests a decreasing ability to generate revenue from its assets in foreign countries, despite the increase in asset values during that period. The slight recovery in 2025 and 2026 indicates a potential stabilization, but the ratio remains below the peak observed in 2022.
Net revenue
Dell Technologies Inc., net revenue by geographic area
US$ in millions
| Jan 30, 2026 | Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Foreign countries | ||||||
| Total |
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).
Net revenue exhibited varied performance across geographic areas over the analyzed period. Total net revenue initially increased before experiencing a decline, followed by a recovery towards the end of the period. A closer examination of the individual geographic components reveals distinct trends.
- United States
- Net revenue from the United States demonstrated an initial increase from US$45,671 million in 2021 to US$49,201 million in 2023. However, a significant decrease was observed in 2024, with revenue falling to US$43,986 million. This was followed by a substantial recovery, reaching US$51,014 million in 2025 and further increasing to US$63,140 million in 2026. This indicates a period of volatility followed by strong growth in the latter years.
- Foreign Countries
- Net revenue from foreign countries increased notably from US$48,553 million in 2021 to US$54,445 million in 2022. A subsequent decline occurred in 2023, with revenue decreasing to US$53,100 million, and continued into 2024, falling to US$44,439 million. Revenue remained relatively stable in 2025 at US$44,553 million before increasing to US$50,398 million in 2026. The trend suggests a peak in 2022 followed by a period of contraction and eventual modest recovery.
- Total Net Revenue
- Total net revenue increased from US$94,224 million in 2021 to US$101,197 million in 2022 and reached a peak of US$102,301 million in 2023. A considerable decrease was then recorded in 2024, with total revenue dropping to US$88,425 million. A recovery began in 2025, reaching US$95,567 million, and accelerated in 2026, culminating in US$113,538 million. The overall pattern demonstrates initial growth, a significant downturn, and a subsequent strong rebound.
- Geographic Contribution
- In 2021 and 2022, revenue from foreign countries contributed approximately 51.5% and 53.8% respectively to the total revenue. This contribution decreased to 48.3% in 2023 and 50.3% in 2024. By 2025 and 2026, the contribution stabilized around 46.6% and 44.4% respectively, indicating a growing reliance on revenue generated within the United States during the latter part of the analyzed period.
The fluctuations in net revenue across both geographic areas suggest potential impacts from macroeconomic conditions, market competition, or company-specific strategies. The strong recovery observed in both regions in 2025 and 2026 warrants further investigation to understand the underlying drivers of this growth.
Property, plant, and equipment, net
Dell Technologies Inc., property, plant, and equipment, net by geographic area
US$ in millions
| Jan 30, 2026 | Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Foreign countries | ||||||
| Total |
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).
The net value of property, plant, and equipment demonstrates distinct trends across geographic regions over the observed period. Overall, a fluctuating pattern is evident, with a general increase towards the later years of the analysis. A closer examination of the United States and foreign countries reveals differing dynamics.
- United States
- The net property, plant, and equipment value in the United States experienced a decrease from US$4,524 million in 2021 to US$3,667 million in 2022. Subsequently, a recovery was observed, with values rising to US$4,163 million in 2023 and further to US$4,330 million in 2024. This upward trajectory continued, albeit at a slower pace, reaching US$4,396 million in 2025 and US$4,446 million in 2026. The trend suggests a period of initial contraction followed by sustained, moderate growth.
- Foreign Countries
- In foreign countries, the net property, plant, and equipment value initially decreased from US$1,907 million in 2021 to US$1,748 million in 2022. An increase followed, reaching US$2,046 million in 2023 and US$2,102 million in 2024. A slight decrease was noted in 2025, with the value falling to US$1,940 million, before recovering to US$2,230 million in 2026. This indicates a more volatile pattern compared to the United States, with fluctuations occurring throughout the period.
- Total
- The combined net property, plant, and equipment value mirrored the overall fluctuating pattern. A decline from US$6,431 million in 2021 to US$5,415 million in 2022 was observed, followed by increases to US$6,209 million in 2023 and US$6,432 million in 2024. The total value experienced a slight decrease in 2025 to US$6,336 million, before concluding with an increase to US$6,676 million in 2026. The total value is heavily influenced by the trends in the United States, given its larger contribution to the overall figure.
The differing trends between the United States and foreign countries suggest potentially varying investment strategies or economic conditions impacting capital assets in each region. The recovery in both regions towards the end of the period indicates a potential stabilization or renewed investment in property, plant, and equipment.