Dell Technologies Inc. (NYSE:DELL)

Debt to Equity

The debt to equity ratio shows a significant declining trend from its peak in the early 2021 period. Starting from 56.47, it decreased sharply to 19.36, then further down to 9.04, reaching 5.36 by early 2022. This substantial reduction indicates a notable decrease in the company's reliance on debt compared to shareholder equity during this period, suggesting improved financial stability and reduced risk from leverage.

Debt to Capital

This ratio exhibits fluctuations around 1.0 across the periods analyzed. It starts slightly above 1.0 in mid-2020 at 1.03, decreases to 0.84 by late 2021, then rises again above 1.0 after that. The values consistently stay near or slightly above 1.0, implying that the company's total debt nearly equals or slightly exceeds its total capital base over time. The fluctuations suggest periodic adjustments in capital structure but generally indicate sustained levels of debt relative to capital.

Debt to Assets

The debt to assets ratio shows a gradual decline from 0.47 in May 2020 to around 0.29 in early 2022, indicating a reduction in the proportion of assets financed by debt. After early 2022, the ratio experiences minor fluctuations, oscillating between 0.30 and 0.36 in subsequent quarters up to late 2025. This trend suggests that while the company has lowered its asset-related debt exposure initially, it maintains a moderately stable debt level relative to assets thereafter.

Financial Leverage

The financial leverage ratio, available only for several quarters in 2021, displays a sharp decline from a very high 134.71 to 15.15 within that timeframe. This steep decrease indicates a considerable reduction in the company's use of borrowed funds relative to equity, signifying substantial deleveraging and a move toward greater equity funding during the period analyzed.

The analysis of the quarterly financial data reveals several notable trends and fluctuations in the company's capital structure over the given periods.

Total Debt

The total debt shows an overall declining trend from May 2020 through January 2022, dropping from 56,728 million USD to a low of approximately 26,954 million USD. This suggests a significant reduction in leverage during that timeframe. However, following January 2022, the debt level stabilizes around the mid-26,000 to 29,000 million USD range with some oscillation. Towards the later periods in 2025, total debt increases again, reaching approximately 31,243 million USD by October 2025, indicating a possible uptick in borrowing or financing activities.

Total Stockholders’ Equity (Deficit)

Stockholders' equity exhibits more volatility and frequently remains negative, indicating a deficit position throughout much of the timeline. There is a temporary improvement starting in October 2020, rising steadily to a positive high of 8,954 million USD by October 2021, reflecting an improvement in the net asset base or accumulated earnings during that period. However, after October 2021, equity sharply declines back into negative territory and continues to worsen or fluctuate with values ranging roughly between -3,469 million and -1,482 million USD. The persistent negative equity suggests issues with retained earnings or other comprehensive losses that have affected the company's net worth.

Debt to Equity Ratio

The debt to equity ratio is presented for only a few dates, showing very high values initially, such as 56.47, which drastically reduce to 19.36, then to 13.39, and further down to 9.04 by the last available date. These elevated ratios coupled with the frequent negative equity underline that the company is highly leveraged with elevated financial risk during the initial quarters. The declining ratio indicates partial deleveraging or improvement in equity during these periods, but data gaps prevent a comprehensive understanding beyond these points.

In summary, the company reduced its total debt considerably between mid-2020 and early 2022, paralleled by a temporary improvement in stockholders’ equity into positive territory. However, the equity later declined back into deficit, which persisted through subsequent quarters. The debt to equity ratio data confirms a high leverage position initially that improved somewhat but still reflects elevated financial risk. Towards the most recent periods, debt levels have risen again, and equity remains negative, indicating ongoing financial challenges in strengthening the capital base.

The analysis of the financial leverage and capital structure over the periods reveals several discernible trends.

Total Debt

Total debt decreased steadily from May 2020 through July 2021, reaching a low point in the Jul 30, 2021 period. This was followed by a sharp decline by Jan 28, 2022. However, from early 2022 onward, total debt stabilized with minor fluctuations and presented a slight overall upward trend towards the end of the observed periods, ending higher in Oct 31, 2025 than in early 2022 but still generally lower than the 2020 levels.

Total Capital

Total capital followed a similar trajectory to total debt, starting with a decline from May 2020 through mid-2021. It experienced a pronounced drop by Jan 28, 2022, after which it generally stabilized with marginal changes. The capital figures fluctuated slightly around the mid-20,000 million range for the latter periods, showing some recovery and moderate growth toward the end of the timeline but remaining below the earlier 2020 figures.

Debt to Capital Ratio

The debt to capital ratio initially decreased from above 1.0 in May 2020 to a low near 0.84 by Oct 29, 2021, indicating an improvement in the capital structure with relatively less leverage. However, starting Jan 28, 2022, the ratio sharply increased above 1.0, remaining consistently above 1.1 for most periods through to Oct 31, 2025. This suggests that the company's total debt has exceeded its total capital during this latter timeframe, indicating a higher leverage position than in earlier periods.

Overall, the data imply that the company initially reduced its leverage and strengthened its capital position through mid-2021. Nonetheless, a marked shift occurred in early 2022, with total debt surpassing total capital and maintaining elevated leverage levels through the subsequent years. This increased leverage could impact financial risk and cost of capital considerations, warranting further attention in strategic planning and financial management.

The financial data exhibits discernible trends in the company's leverage and asset base over the given periods.

Total Debt

The total debt shows a general decline from May 2020 to around January 2022, decreasing from approximately $56.7 billion to about $27 billion. This decline suggests active debt reduction or repayment. However, starting February 2023, there is a slight fluctuation with debt rising and then falling, followed by a notable increase toward the latter periods, reaching around $31.2 billion by October 2025. This may indicate renewed borrowing or adjustments in capital structure in recent quarters.

Total Assets

Total assets demonstrate a somewhat volatile but overall decreasing trend from mid-2020 to early 2025. Initially, the assets remain relatively stable around $120 billion in 2020 and early 2021, with a peak near $135.7 billion in late 2021. Following this peak, assets decline sharply to a low of roughly $79.7 billion in mid-2025 before modest recovery is observed in subsequent quarters, ending around $87.5 billion by late 2025. This pattern indicates a period of asset contraction, perhaps due to disposals, depreciation, or reduced capital expenditures, with some recovery towards the end of the period.

Debt to Assets Ratio

The debt to assets ratio declines steadily from 0.47 in May 2020 to a low near 0.29 by January 2022, illustrating reduced leverage relative to the asset base during this timeframe. From early 2022 onward, the ratio fluctuates moderately between 0.30 and 0.36, signaling some variation in the relationship between debt levels and assets but remaining within a fairly narrow range. The recent upward movement towards 0.36 by late 2025 reflects an increase in leverage, consistent with the rising total debt and recovering asset values.

In summary, the company appears to have undertaken significant debt reduction efforts in the early portion of the period while maintaining a substantial asset base. More recently, there has been an uptick in borrowing or leverage, accompanied by some stabilization and modest growth in asset values. The fluctuations in the debt to assets ratio suggest strategic adjustments in financial policy, balancing debt management with asset investments or disposals.

The analysis of the quarterly financial data reveals distinct trends in total assets, stockholders' equity, and financial leverage for the company across the observed periods.

Total Assets

Total assets showed an initial steady level around 120 billion US dollars from May 2020 through October 2021, peaking notably at 135.7 billion in October 2021. Following this peak, there was a significant and sudden drop to around 92.7 billion in January 2022. Thereafter, total assets fluctuated within a narrower range between approximately 82 billion and 89 billion through to October 2025, indicating a period of reduced asset base relative to earlier years.

Total Stockholders’ Equity (Deficit)

Stockholders’ equity began with negative values near -1.6 billion in May 2020, worsening slightly before showing a marked improvement into positive territory by October 2020. Equity peaked around 8.95 billion in October 2021, coinciding with the peak in total assets. Following this peak, equity again turned negative in January 2022 and continued to decline, fluctuating between approximately -3.4 billion and -1.5 billion for the remainder of the periods. This trend suggests financial challenges in maintaining positive equity despite a temporary positive spike.

Financial Leverage

Financial leverage data is sparse and only available for selected quarters between October 2020 and January 2022. During this period, leverage ratios show a significant decreasing trend from a very high ratio of 134.71 down to 15.15. This substantial drop represents a reduction in the proportion of debt relative to equity or assets, indicating efforts or changes aimed at deleveraging the company’s financial structure.

Overall, the data indicates a period of asset growth and improved equity until late 2021, followed by a pronounced contraction in asset size and a return to negative equity levels in early 2022 and beyond. The available data on financial leverage suggests active management of debt levels during the peak asset period. Post-2021, the company appears to operate with a smaller asset base and persistent equity deficits, signaling potential ongoing financial stress or restructuring efforts.