Analysis of Geographic Areas
Dell Technologies Inc. operates in 2 regions: United States and Foreign countries.
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- Balance Sheet: Assets
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2019
- Return on Equity (ROE) since 2019
- Price to Book Value (P/BV) since 2019
- Price to Sales (P/S) since 2019
- Aggregate Accruals
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Area Asset Turnover
Dell Technologies Inc., asset turnover by geographic area
| Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Foreign countries |
Based on: 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).
- United States Asset Turnover Ratio
- The asset turnover ratio for the United States exhibited some fluctuations over the analyzed periods. Starting at 10.14 in early 2020, the ratio slightly decreased to 10.1 in early 2021. This was followed by a substantial increase to 12.75 in early 2022, indicating an improvement in the company's efficiency in using assets to generate sales domestically during that time frame. However, the ratio decreased to 11.82 in early 2023 and further declined sharply to 10.16 in early 2024. The most recent data point shows a rebound to 11.6 by early 2025. Overall, the domestic asset turnover ratio has experienced moderate variability, with a notable peak in 2022 and some recovery after a decline in subsequent years.
- Foreign Countries Asset Turnover Ratio
- The asset turnover ratio in foreign countries shows a generally downward trend with greater volatility compared to the domestic ratio. Beginning at a notably higher value of 27.89 in early 2020, the ratio decreased steadily to 25.46 by early 2021. This was followed by a rebound to 31.15 in early 2022, marking the highest point observed in the dataset and suggesting a period of enhanced asset utilization abroad. However, after this peak, there was a pronounced decline to 25.95 in early 2023 and a continued decrease to 21.14 in early 2024. The ratio slightly increased to 22.97 in early 2025, indicating a marginal recovery. These fluctuations suggest variability in operational efficiency across international markets, with a general tapering off after the 2022 high.
- Comparative Insights
- Throughout the observed periods, foreign countries consistently exhibit a substantially higher asset turnover ratio compared to the United States. Despite both segments experiencing fluctuations, the international ratio's volatility is more pronounced, with sharper rises and declines. The domestic ratio remains relatively stable with less extreme variations but demonstrates sensitivity to changing operational or market conditions. The marked peak in 2022 for both geographies might indicate a period of heightened asset productivity, potentially driven by external factors or company initiatives. The subsequent declines could reflect challenges in maintaining that efficiency or changes in asset base or sales volume. In recent periods, both regions show signs of recovery, though neither has returned to their respective peaks fully.
Area Asset Turnover: United States
Dell Technologies Inc.; United States; area asset turnover calculation
| Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| 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: 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).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Property, plant, and equipment, net
= ÷ =
- Net Revenue
- The net revenue exhibits a generally increasing trend over the analyzed periods, rising from $43,829 million in 2020 to $51,014 million in 2025. Notably, there was a peak in 2023 at $49,201 million, followed by a decline in 2024 to $43,986 million, before increasing again in 2025. This indicates some variability during the mid-period but a positive overall growth trajectory.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment demonstrates moderate fluctuations across the years. It increased slightly from $4,322 million in 2020 to $4,524 million in 2021, then declined to $3,667 million in 2022. Subsequently, it recovered and rose steadily to $4,396 million in 2025. Despite some volatility, the asset base was maintained near initial levels by the end of the period.
- Area Asset Turnover
- The area asset turnover ratio, which measures revenue generated per unit of asset, shows variability. It started at 10.14 in 2020 and remained relatively stable through 2021 at 10.1. A sharp increase occurred in 2022 reaching 12.75, followed by a slight decrease in 2023 to 11.82 and a further drop to 10.16 in 2024. The ratio then improved again to 11.6 in 2025. This pattern suggests fluctuations in asset efficiency, with the highest operational efficiency observed in 2022.
Area Asset Turnover: Foreign countries
Dell Technologies Inc.; Foreign countries; area asset turnover calculation
| Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Property, plant, and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 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).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Property, plant, and equipment, net
= ÷ =
- Net Revenue
- The net revenue exhibits a fluctuating trend over the analyzed periods. Starting at 48,325 million US dollars in early 2020, it showed a minor increase in 2021 to 48,553 million. This was followed by a more significant rise in 2022 to 54,445 million. However, from 2022 onward, net revenue declined sharply in 2023 to 53,100 million and further decreased in 2024 to 44,439 million. In 2025, net revenue marginally increased to 44,553 million. Overall, the data indicates a peak in 2022, succeeded by a notable downward trend through 2024, with a stabilization occurring in 2025.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment reflects moderate growth with some variability. Beginning at 1,733 million US dollars in 2020, it increased to 1,907 million in 2021 before dipping slightly to 1,748 million in 2022. The value then rose again, reaching a peak of 2,102 million in 2024, and declined to 1,940 million in 2025. This pattern suggests ongoing investment in fixed assets with some adjustments, possibly reflecting asset disposals or revaluations.
- Area Asset Turnover Ratio
- The area asset turnover ratio demonstrates a generally declining trend over the period analyzed, indicating decreasing efficiency in generating revenue from property, plant, and equipment. From a high of 27.89 in 2020, the ratio fell to 25.46 in 2021 before rising sharply to 31.15 in 2022. After this peak, a pronounced decline occurred to 25.95 in 2023 and continued downward to 21.14 in 2024, with a slight recovery to 22.97 in 2025. This volatility suggests fluctuating operational efficiency, with a general weakening trend after 2022.
Net revenue
Dell Technologies Inc., net revenue by geographic area
US$ in millions
| Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Foreign countries | ||||||
| Total |
Based on: 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).
The net revenue data reveals distinct trends across the United States and foreign countries over the six-year period. The total net revenue shows an overall growth trend with some fluctuations.
- United States Revenue
- The revenue from the United States shows a generally upward trend from 2020 to 2025. Starting at 43,829 million US dollars in 2020, the revenue gradually increases each year except for a noticeable decline in 2024 to 43,986 million from a peak of 49,201 million in 2023. However, it rebounds sharply in 2025 to reach 51,014 million, the highest value within the given timeframe.
- Foreign Countries Revenue
- The revenue from foreign countries exhibits variability over the years. Beginning at 48,325 million US dollars in 2020, it rises slowly and peaks in 2022 at 54,445 million. After this peak, revenue declines in 2023 and 2024, dropping significantly to 44,439 million in 2024. It remains relatively flat in 2025, slightly increasing to 44,553 million but not recovering to prior highs.
- Total Revenue
- Total revenue across both segments increases from 92,154 million US dollars in 2020 to a peak of 102,301 million in 2023. Subsequently, a decline occurs in 2024, with total revenue falling to 88,425 million, representing a significant drop. There is a partial recovery in 2025, with total revenue rising to 95,567 million, although it remains below the 2023 peak.
Overall, the data suggests strong revenue performance in the United States, offsetting weaker results in foreign countries during the latter years. The fluctuation in foreign revenue appears to have a pronounced impact on total revenue trends. The decline in 2024 may indicate external challenges or market dynamics affecting international sales more than domestic. The recovery in 2025, primarily driven by US revenue growth, indicates a potential stabilization or renewed expansion in core markets.
Property, plant, and equipment, net
Dell Technologies Inc., property, plant, and equipment, net by geographic area
US$ in millions
| Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Foreign countries | ||||||
| Total |
Based on: 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).
The data indicates the net value of property, plant, and equipment distributed between the United States and foreign countries over a six-year period. Observing the United States figures, there is an initial increase from 4322 million USD in 2020 to 4524 million USD in 2021, followed by a notable decline to 3667 million USD in 2022. Subsequently, the value increases steadily over the next three years, reaching 4396 million USD in 2025. This reflects a recovery trend after the 2022 dip, suggesting either asset disposals or impairments in that year, followed by reinvestment or revaluation in later periods.
In foreign countries, the net property, plant, and equipment values generally rise from 1733 million USD in 2020 to 1907 million USD in 2021. A slight decrease is observed in 2022 to 1748 million USD, mirroring the dip seen in the United States for the same year. After 2022, the value increases to a peak of 2102 million USD in 2024 but decreases slightly to 1940 million USD in 2025. These fluctuations may indicate varying investment levels or asset adjustments in international locations.
Total values, combining both geographic areas, demonstrate growth from 6055 million USD in 2020 to a peak of 6432 million USD in 2024. A minor reduction is seen in 2025 to 6336 million USD. The total trend aligns with the geographic breakdown, highlighting an overall rebound following the 2022 decrease, consistent with operational or capital expenditure strategies affecting fixed assets.
Overall, the data reveals a consistent pattern of decline in net property, plant, and equipment in 2022 across geographic segments, followed by recovery and growth through 2024, and a slight stabilization or moderate decline in 2025. This suggests a period of asset contraction or write-downs in 2022, succeeded by renewed investment or asset appreciation in subsequent years. The United States consistently holds a larger share of net property, plant, and equipment compared to foreign countries, maintaining around two-thirds of the total throughout the analyzed period.