Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Dell Technologies Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
The solvency profile indicates a period of aggressive deleveraging followed by a prolonged phase of stabilization across key capital metrics. Early indicators show a rapid reduction in high-leverage ratios, while longer-term trends suggest a consistent management of debt relative to assets and total capital.
- Debt to Equity and Financial Leverage
- A significant downward trend is observed in the initial observation period. Between April 2021 and October 2021, the debt to equity ratio decreased from 13.39 to 5.36, while financial leverage dropped sharply from 34.92 to 15.15. This indicates a substantial reduction in reliance on debt relative to equity during this timeframe.
- Debt to Capital
- The debt to capital ratio exhibited initial volatility, declining to 0.84 in October 2021 before ascending to a peak of 1.15 in October 2022. From January 2022 through July 2026, the ratio remained remarkably stable, fluctuating within a narrow band between 1.04 and 1.13, reflecting a consistent capital structure over the long term.
- Debt to Assets
- The debt to assets ratio maintained a relatively range-bound trajectory, generally oscillating between 0.29 and 0.36. While a peak of 0.36 was reached in October 2025, a subsequent decline to 0.27 by May and July 2026 is noted, suggesting an improvement in the proportion of assets utilized to cover total debt obligations.
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Debt Ratios
Debt to Equity
Dell Technologies Inc., debt to equity calculation (quarterly data)
| Jul 31, 2026 | May 1, 2026 | Jan 30, 2026 | Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 8,481) | 7,550) | 7,990) | 7,394) | 7,154) | 4,845) | 5,204) | 5,612) | 6,711) | 6,098) | 6,982) | 6,498) | 6,961) | 5,470) | 6,573) | 6,767) | 6,647) | 5,925) | 5,823) | 16,280) | 6,427) | 8,748) | |||||||
| Long-term debt | 25,985) | 23,611) | 23,513) | 23,849) | 21,535) | 23,936) | 19,363) | 19,410) | 17,811) | 19,382) | 19,012) | 20,119) | 20,177) | 22,962) | 23,015) | 20,562) | 20,287) | 21,197) | 21,131) | 31,699) | 37,167) | 37,935) | |||||||
| Total debt | 34,466) | 31,161) | 31,503) | 31,243) | 28,689) | 28,781) | 24,567) | 25,022) | 24,522) | 25,480) | 25,994) | 26,617) | 27,138) | 28,432) | 29,588) | 27,329) | 26,934) | 27,122) | 26,954) | 47,979) | 43,594) | 46,683) | |||||||
| Total Dell Technologies Inc. stockholders’ equity (deficit) | (1,427) | (1,404) | (2,470) | (2,620) | (2,766) | (3,024) | (1,482) | (2,285) | (2,894) | (2,822) | (2,404) | (2,664) | (2,772) | (3,023) | (3,122) | (3,469) | (2,860) | (2,462) | (1,685) | 8,954) | 4,825) | 3,487) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 5.36 | 9.04 | 13.39 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 0.78 | 0.80 | 1.03 | 1.34 | 1.54 | 1.47 | 1.45 | 1.87 | 1.52 | 1.41 | 1.46 | 1.79 | 1.81 | 1.76 | 1.96 | 2.37 | 2.06 | 1.78 | 1.71 | |||||||
| Arista Networks Inc. | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| Cisco Systems Inc. | — | — | 0.59 | 0.64 | 0.63 | 0.60 | 0.60 | 0.64 | 0.68 | 0.71 | 0.68 | 0.70 | 0.25 | 0.17 | 0.19 | 0.20 | 0.21 | 0.22 | 0.24 | 0.23 | 0.29 | 0.22 | |||||||
| Lumentum Holdings Inc. | — | — | 0.35 | 1.10 | 3.88 | 4.15 | 2.27 | 2.93 | 2.95 | 2.88 | 2.61 | 2.13 | 2.21 | 2.15 | 2.07 | 1.51 | 1.50 | 1.52 | 1.00 | 0.97 | 0.60 | 0.61 | |||||||
| Super Micro Computer Inc. | — | — | 0.60 | 1.16 | 0.70 | 0.73 | 0.75 | 0.39 | 0.31 | 0.38 | 0.40 | 0.37 | 0.12 | 0.07 | 0.15 | 0.11 | 0.09 | 0.15 | 0.42 | 0.43 | 0.27 | 0.25 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Debt to equity = Total debt ÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= 34,466 ÷ -1,427 = —
2 Click competitor name to see calculations.
The financial trajectory from April 2021 through July 2026 is characterized by a significant structural shift in solvency, moving from a highly leveraged but positive equity position to a sustained stockholders' deficit.
- Total Debt Trends
- A substantial reduction in total debt occurred between October 2021 and January 2022, where obligations decreased from 47,979 million USD to 26,954 million USD. Following this contraction, debt levels remained relatively stable, fluctuating between approximately 24,500 million USD and 31,500 million USD for several years. However, a gradual upward trend emerged in the final periods, with total debt reaching a peak of 34,466 million USD by July 31, 2026.
- Stockholders' Equity Position
- Equity experienced a complete reversal in polarity. While the period began with growth—peaking at 8,954 million USD in October 2021—the company entered a deficit position by January 28, 2022, with equity falling to -1,685 million USD. This deficit persisted throughout the remainder of the analyzed period, reaching its lowest point of -3,469 million USD in October 2022 before fluctuating and eventually settling at -1,427 million USD by July 31, 2026.
- Debt to Equity Ratio Interpretation
- During the initial three quarters, the debt to equity ratio exhibited a sharp downward trend, declining from 13.39 to 5.36 as equity increased. From January 2022 onward, the ratio is no longer calculable in traditional terms due to the presence of negative stockholders' equity. The transition to a deficit indicates that total liabilities exceeded total assets, rendering the standard solvency ratio inapplicable and signaling a fundamental change in the capital structure.
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Debt to Capital
Dell Technologies Inc., debt to capital calculation (quarterly data)
| Jul 31, 2026 | May 1, 2026 | Jan 30, 2026 | Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 8,481) | 7,550) | 7,990) | 7,394) | 7,154) | 4,845) | 5,204) | 5,612) | 6,711) | 6,098) | 6,982) | 6,498) | 6,961) | 5,470) | 6,573) | 6,767) | 6,647) | 5,925) | 5,823) | 16,280) | 6,427) | 8,748) | |||||||
| Long-term debt | 25,985) | 23,611) | 23,513) | 23,849) | 21,535) | 23,936) | 19,363) | 19,410) | 17,811) | 19,382) | 19,012) | 20,119) | 20,177) | 22,962) | 23,015) | 20,562) | 20,287) | 21,197) | 21,131) | 31,699) | 37,167) | 37,935) | |||||||
| Total debt | 34,466) | 31,161) | 31,503) | 31,243) | 28,689) | 28,781) | 24,567) | 25,022) | 24,522) | 25,480) | 25,994) | 26,617) | 27,138) | 28,432) | 29,588) | 27,329) | 26,934) | 27,122) | 26,954) | 47,979) | 43,594) | 46,683) | |||||||
| Total Dell Technologies Inc. stockholders’ equity (deficit) | (1,427) | (1,404) | (2,470) | (2,620) | (2,766) | (3,024) | (1,482) | (2,285) | (2,894) | (2,822) | (2,404) | (2,664) | (2,772) | (3,023) | (3,122) | (3,469) | (2,860) | (2,462) | (1,685) | 8,954) | 4,825) | 3,487) | |||||||
| Total capital | 33,039) | 29,757) | 29,033) | 28,623) | 25,923) | 25,757) | 23,085) | 22,737) | 21,628) | 22,658) | 23,590) | 23,953) | 24,366) | 25,409) | 26,466) | 23,860) | 24,074) | 24,660) | 25,269) | 56,933) | 48,419) | 50,170) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital1 | 1.04 | 1.05 | 1.09 | 1.09 | 1.11 | 1.12 | 1.06 | 1.10 | 1.13 | 1.12 | 1.10 | 1.11 | 1.11 | 1.12 | 1.12 | 1.15 | 1.12 | 1.10 | 1.07 | 0.84 | 0.90 | 0.93 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 0.44 | 0.44 | 0.51 | 0.57 | 0.61 | 0.60 | 0.59 | 0.65 | 0.60 | 0.59 | 0.59 | 0.64 | 0.64 | 0.64 | 0.66 | 0.70 | 0.67 | 0.64 | 0.63 | |||||||
| Arista Networks Inc. | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| Cisco Systems Inc. | — | — | 0.37 | 0.39 | 0.39 | 0.37 | 0.37 | 0.39 | 0.41 | 0.41 | 0.41 | 0.41 | 0.20 | 0.14 | 0.16 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.23 | 0.18 | |||||||
| Lumentum Holdings Inc. | — | — | 0.26 | 0.52 | 0.80 | 0.81 | 0.69 | 0.75 | 0.75 | 0.74 | 0.72 | 0.68 | 0.69 | 0.68 | 0.67 | 0.60 | 0.60 | 0.60 | 0.50 | 0.49 | 0.37 | 0.38 | |||||||
| Super Micro Computer Inc. | — | — | 0.38 | 0.54 | 0.41 | 0.42 | 0.43 | 0.28 | 0.23 | 0.28 | 0.29 | 0.27 | 0.11 | 0.06 | 0.13 | 0.10 | 0.09 | 0.13 | 0.30 | 0.30 | 0.21 | 0.20 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Debt to capital = Total debt ÷ Total capital
= 34,466 ÷ 33,039 = 1.04
2 Click competitor name to see calculations.
The analysis of solvency metrics reveals a significant structural shift in capital composition starting in early 2022, characterized by a transition from a debt-to-capital ratio below 1.0 to a sustained period where total debt exceeds total capital.
- Total Debt Trends
- Total debt experienced a sharp contraction between October 2021 and January 2022, falling from $47.98 billion to $26.95 billion. Following this decline, debt levels remained relatively stable, fluctuating between approximately $24.5 billion and $29.6 billion through early 2024. A gradual upward trend emerged in the latter half of the observed period, with total debt rising to $34.47 billion by July 2026.
- Total Capital Trends
- Total capital mirrored the contraction seen in total debt, dropping from $56.93 billion in October 2021 to $25.27 billion in January 2022. This figure reached a periodic low of $21.63 billion in August 2024 before increasing steadily to reach $33.04 billion by July 2026.
- Debt to Capital Ratio Interpretation
- The ratio initially trended downward from 0.93 in April 2021 to 0.84 in October 2021. A pivot occurred in January 2022, where the ratio increased to 1.07 and eventually peaked at 1.15 in October 2022. This indicates a period where total debt exceeded total capital. For the remainder of the timeline, the ratio consistently remained above 1.0, though it exhibited a gradual downward trend from a high of 1.13 in May 2024 to 1.04 in July 2026. This suggests a slow improvement in the solvency profile, as total capital grew at a faster rate than total debt during the final quarters of the analysis.
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Debt to Assets
Dell Technologies Inc., debt to assets calculation (quarterly data)
| Jul 31, 2026 | May 1, 2026 | Jan 30, 2026 | Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 8,481) | 7,550) | 7,990) | 7,394) | 7,154) | 4,845) | 5,204) | 5,612) | 6,711) | 6,098) | 6,982) | 6,498) | 6,961) | 5,470) | 6,573) | 6,767) | 6,647) | 5,925) | 5,823) | 16,280) | 6,427) | 8,748) | |||||||
| Long-term debt | 25,985) | 23,611) | 23,513) | 23,849) | 21,535) | 23,936) | 19,363) | 19,410) | 17,811) | 19,382) | 19,012) | 20,119) | 20,177) | 22,962) | 23,015) | 20,562) | 20,287) | 21,197) | 21,131) | 31,699) | 37,167) | 37,935) | |||||||
| Total debt | 34,466) | 31,161) | 31,503) | 31,243) | 28,689) | 28,781) | 24,567) | 25,022) | 24,522) | 25,480) | 25,994) | 26,617) | 27,138) | 28,432) | 29,588) | 27,329) | 26,934) | 27,122) | 26,954) | 47,979) | 43,594) | 46,683) | |||||||
| Total assets | 127,393) | 114,913) | 101,286) | 87,479) | 89,176) | 86,869) | 79,746) | 81,951) | 82,687) | 80,190) | 82,089) | 83,264) | 85,658) | 84,094) | 89,611) | 85,172) | 88,775) | 88,406) | 92,735) | 135,677) | 122,678) | 121,752) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets1 | 0.27 | 0.27 | 0.31 | 0.36 | 0.32 | 0.33 | 0.31 | 0.31 | 0.30 | 0.32 | 0.32 | 0.32 | 0.32 | 0.34 | 0.33 | 0.32 | 0.30 | 0.31 | 0.29 | 0.35 | 0.36 | 0.38 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 0.22 | 0.23 | 0.24 | 0.27 | 0.31 | 0.30 | 0.28 | 0.29 | 0.31 | 0.31 | 0.31 | 0.32 | 0.33 | 0.33 | 0.32 | 0.34 | 0.36 | 0.34 | 0.32 | |||||||
| Arista Networks Inc. | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
| Cisco Systems Inc. | — | — | 0.23 | 0.25 | 0.24 | 0.23 | 0.23 | 0.24 | 0.26 | 0.26 | 0.25 | 0.26 | 0.11 | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.12 | 0.10 | |||||||
| Lumentum Holdings Inc. | — | — | 0.22 | 0.47 | 0.68 | 0.70 | 0.61 | 0.65 | 0.65 | 0.65 | 0.64 | 0.60 | 0.61 | 0.62 | 0.61 | 0.53 | 0.53 | 0.53 | 0.45 | 0.45 | 0.34 | 0.34 | |||||||
| Super Micro Computer Inc. | — | — | 0.29 | 0.37 | 0.17 | 0.33 | 0.34 | 0.23 | 0.20 | 0.21 | 0.22 | 0.21 | 0.07 | 0.04 | 0.08 | 0.06 | 0.06 | 0.08 | 0.19 | 0.18 | 0.12 | 0.11 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Debt to assets = Total debt ÷ Total assets
= 34,466 ÷ 127,393 = 0.27
2 Click competitor name to see calculations.
The solvency profile of the organization exhibits a significant structural shift followed by a period of relative stability and a subsequent phase of asset expansion. A primary characteristic of the balance sheet is the marked reduction in both total debt and total assets occurring between October 2021 and January 2022, which fundamentally reset the company's leverage baseline.
- Structural Balance Sheet Adjustment
- Between October 29, 2021, and January 28, 2022, a substantial contraction in the balance sheet is observed. Total debt decreased from 47,979 million US$ to 26,954 million US$, while total assets declined from 135,677 million US$ to 92,735 million US$. This simultaneous reduction resulted in the debt-to-assets ratio dropping from 0.35 to 0.29, marking the lowest point of leverage seen in the initial three years of the analyzed period.
- Mid-Term Stability and Fluctuations
- From April 2022 through February 2024, the debt-to-assets ratio remained relatively stable, fluctuating within a narrow range between 0.30 and 0.34. During this interval, total debt remained largely contained between 24,522 million US$ and 29,588 million US$, while total assets experienced a gradual decline from 88,406 million US$ to a low of 79,746 million US$ in January 2025.
- Recent Asset Growth and Leverage Optimization
- A notable trend of asset expansion emerged starting in May 2025, with total assets increasing from 86,869 million US$ to 127,393 million US$ by July 2026. Although total debt also increased during this period, rising from 24,567 million US$ to 34,466 million US$, the growth in assets significantly outpaced the growth in liabilities. Consequently, the debt-to-assets ratio declined from a peak of 0.36 in October 2025 to 0.27 by July 2026.
- Overall Solvency Trend
- The long-term trajectory indicates an improvement in solvency. The ratio began at 0.38 in April 2021 and concluded at 0.27 in July 2026. This downward trend suggests a strategic shift toward a less leveraged capital structure, as the organization has successfully increased its asset base relative to its total debt obligations.
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Financial Leverage
Dell Technologies Inc., financial leverage calculation (quarterly data)
| Jul 31, 2026 | May 1, 2026 | Jan 30, 2026 | Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Total assets | 127,393) | 114,913) | 101,286) | 87,479) | 89,176) | 86,869) | 79,746) | 81,951) | 82,687) | 80,190) | 82,089) | 83,264) | 85,658) | 84,094) | 89,611) | 85,172) | 88,775) | 88,406) | 92,735) | 135,677) | 122,678) | 121,752) | |||||||
| Total Dell Technologies Inc. stockholders’ equity (deficit) | (1,427) | (1,404) | (2,470) | (2,620) | (2,766) | (3,024) | (1,482) | (2,285) | (2,894) | (2,822) | (2,404) | (2,664) | (2,772) | (3,023) | (3,122) | (3,469) | (2,860) | (2,462) | (1,685) | 8,954) | 4,825) | 3,487) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Financial leverage1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 15.15 | 25.43 | 34.92 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 3.56 | 3.48 | 4.30 | 4.87 | 5.04 | 4.96 | 5.15 | 6.41 | 4.97 | 4.55 | 4.77 | 5.67 | 5.56 | 5.34 | 6.11 | 6.96 | 5.79 | 5.20 | 5.30 | |||||||
| Arista Networks Inc. | — | — | — | — | 1.60 | 1.61 | 1.57 | 1.52 | 1.52 | 1.43 | 1.41 | 1.39 | 1.38 | 1.34 | 1.38 | 1.39 | 1.40 | 1.42 | 1.39 | 1.41 | 1.45 | 1.47 | |||||||
| Cisco Systems Inc. | — | — | 2.58 | 2.57 | 2.59 | 2.58 | 2.61 | 2.61 | 2.67 | 2.72 | 2.74 | 2.69 | 2.19 | 2.18 | 2.30 | 2.31 | 2.31 | 2.31 | 2.36 | 2.30 | 2.39 | 2.25 | |||||||
| Lumentum Holdings Inc. | — | — | 1.57 | 2.36 | 5.68 | 5.91 | 3.72 | 4.52 | 4.55 | 4.43 | 4.11 | 3.57 | 3.64 | 3.47 | 3.42 | 2.83 | 2.86 | 2.87 | 2.22 | 2.16 | 1.79 | 1.79 | |||||||
| Super Micro Computer Inc. | — | — | 2.07 | 3.10 | 4.00 | 2.21 | 2.22 | 1.68 | 1.56 | 1.85 | 1.81 | 1.74 | 1.76 | 1.89 | 1.86 | 1.81 | 1.69 | 2.03 | 2.25 | 2.41 | 2.26 | 2.14 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Financial leverage = Total assets ÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= 127,393 ÷ -1,427 = —
2 Click competitor name to see calculations.
The financial position is characterized by a significant shift in capital structure, moving from a positive equity base to a sustained equity deficit. While total assets exhibited a period of contraction followed by a recent recovery, the persistent negative stockholders' equity indicates a reliance on liabilities to fund operations and assets.
- Asset Dynamics
- Total assets peaked at 135,677 million USD in October 2021 before experiencing a sharp decline to 92,735 million USD by January 2022. Following this drop, assets remained relatively stable, fluctuating between approximately 79,000 million USD and 89,000 million USD for several years. A notable upward trend emerged in January 2026, with assets increasing steadily to reach 127,393 million USD by July 2026.
- Equity and Solvency
- A critical transition occurred between October 2021 and January 2022, where stockholders' equity shifted from a surplus of 8,954 million USD to a deficit of 1,685 million USD. This deficit persisted throughout the remainder of the observed period, reaching a low of 3,469 million USD in October 2022. Although the deficit narrowed to 1,404 million USD by May 2026, the company continued to operate with negative equity, signifying that total liabilities exceeded total assets.
- Financial Leverage Trends
- During the initial period where equity remained positive, the financial leverage ratio showed a consistent and steep decline, dropping from 34.92 in April 2021 to 15.15 by October 2021. This indicated an initial reduction in the proportion of debt used to finance assets relative to equity. However, the subsequent shift into a negative equity position rendered the standard leverage ratio inapplicable for the remainder of the timeframe.
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