Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2019
- Return on Assets (ROA) since 2019
- Current Ratio since 2019
- Price to Earnings (P/E) since 2019
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Dell Technologies Inc., long-term (investment) activity ratios
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio experienced fluctuations over the periods observed. It started at 15.22 in January 2020 and showed a slight decline to 14.65 in January 2021. In January 2022, there was a notable increase to 18.69, followed by a decrease to 16.48 in February 2023. The ratio further declined to 13.75 in February 2024 but rose again to 15.08 by January 2025. Overall, the metric displays variability with cyclical upward and downward movements, suggesting changes in asset utilization efficiency over time.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- This adjusted metric follows a similar pattern to the standard net fixed asset turnover but at generally lower ratios. The ratio decreased from 11.76 in January 2020 to 11.02 in January 2021, then increased significantly to 16.1 in January 2022. Subsequently, it declined to 14.75 in February 2023, dropped further to 12.39 in February 2024, and rose slightly to 13.66 by January 2025. These trends indicate that the inclusion of operating lease assets affects the turnover ratios, potentially reflecting changes in leasing activities and asset management strategies.
- Total Asset Turnover
- The total asset turnover ratio shows an overall upward trend across the reported periods. Beginning at 0.78 in January 2020, it slightly decreased to 0.76 in January 2021. Following that, the ratio rose notably to 1.09 in January 2022 and continued increasing to 1.14 in February 2023. Although there was a minor decrease to 1.08 in February 2024, the ratio rebounded to its highest point of 1.2 by January 2025. This upward progression suggests an improving efficiency in utilizing total assets to generate sales over the analyzed timeframe.
- Equity Turnover
- Data for the equity turnover ratio is incomplete, with a value reported only for January 29, 2021, at 38.01. Due to the absence of values in other periods, no trend or meaningful analysis can be concluded for this metric.
Net Fixed Asset Turnover
Dell Technologies Inc., net fixed asset turnover calculation, comparison to benchmarks
| 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 | |||||||
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | |||||||
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| Net Fixed Asset Turnover, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| Net Fixed Asset Turnover, Industry | |||||||
| Information Technology | |||||||
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
Net fixed asset turnover = Net revenue ÷ Property, plant, and equipment, net
= ÷ =
2 Click competitor name to see calculations.
- Net Revenue
- The net revenue exhibited a general upward trend from 2020 through 2023, increasing from $92,154 million in 2020 to a peak of $102,301 million in 2023. However, there was a significant decline in 2024 where revenue dropped to $88,425 million, followed by a partial recovery to $95,567 million in 2025. This indicates some volatility in revenue performance, with a strong rebound after the decline.
- Property, Plant, and Equipment, Net
- Net property, plant, and equipment values showed moderate fluctuations over the years. Starting at $6,055 million in 2020, the amount increased to $6,431 million by 2021, then decreased sharply in 2022 to $5,415 million. It rebounded again in 2023 and 2024, reaching $6,432 million, before a slight decrease to $6,336 million in 2025. These changes suggest periodic investment and possible asset disposals or revaluations.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, representing revenue generated per unit of fixed assets, showed variability across the periods. It began at 15.22 in 2020, slightly decreased to 14.65 in 2021, then sharply increased to 18.69 in 2022, indicating improved efficiency in asset use. This was followed by a decline to 16.48 in 2023 and further to 13.75 in 2024, with a rebound to 15.08 in 2025. The overall pattern suggests fluctuating operational efficiency in utilizing fixed assets to generate revenue.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Dell Technologies Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | |||||||
| Property, plant, and equipment, net | |||||||
| Operating lease right-of-use assets (included in Other non-current assets) | |||||||
| Property, plant, and equipment, net (including operating lease, right-of-use asset) | |||||||
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | |||||||
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Technology Hardware & Equipment | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Information Technology | |||||||
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
Net fixed asset turnover (including operating lease, right-of-use asset) = Net revenue ÷ Property, plant, and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Net Revenue
- The net revenue exhibited an overall increasing trend from 2020 through 2023, rising from $92,154 million in 2020 to $102,301 million in 2023. There was a notable decline in 2024, where net revenue dropped to $88,425 million, before recovering somewhat in 2025 to $95,567 million. This pattern suggests a period of growth for four years followed by a contraction and partial recovery.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment, including operating lease right-of-use assets, showed some variability and a declining trend over the period. After rising from $7,835 million in 2020 to a peak of $8,548 million in 2021, this value decreased sharply to $6,286 million in 2022. It then slightly increased to $7,139 million in 2024 before declining again a bit to $6,996 million in 2025. These fluctuations may indicate asset disposals, depreciation, or changes in lease accounting impacting the net asset base.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, which measures revenue generated per dollar of fixed assets, demonstrated significant changes. Starting at 11.76 in 2020, it declined slightly to 11.02 in 2021, then surged sharply to 16.1 in 2022. In the subsequent years, it decreased to 14.75 in 2023 and further to 12.39 in 2024, followed by a modest increase to 13.66 in 2025. The spike in 2022 corresponds with the asset base decline in that year, indicating improved efficiency or higher revenue generation relative to fixed assets during that period. Subsequent decreases suggest a normalization or changes in asset utilization efficiency.
- Overall Insights
- The data reveals an initial phase of revenue growth accompanied by an increasing or stable asset base, followed by a period marked by declines in both revenue and fixed assets. The sharp increase in asset turnover in 2022 suggests improved operational efficiency or asset utilization, but the following decrease points toward either growing asset investments or reduced efficiency. The recovery in revenue and stabilization of assets in 2025 may indicate strategic adjustments or market conditions stabilizing.
Total Asset Turnover
Dell Technologies Inc., total asset turnover calculation, comparison to benchmarks
| Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | |||||||
| Total assets | |||||||
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | |||||||
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| Total Asset Turnover, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| Total Asset Turnover, Industry | |||||||
| Information Technology | |||||||
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
Total asset turnover = Net revenue ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Net Revenue
- The net revenue showed a general increasing trend from 2020 through 2023, rising from 92,154 million US dollars in 2020 to a peak of 102,301 million US dollars in 2023. However, there was a notable decline in 2024, dropping to 88,425 million US dollars. This decline was followed by a partial recovery in 2025, with net revenue increasing to 95,567 million US dollars, which remains below the earlier peak levels.
- Total Assets
- Total assets exhibited a consistent downward trend over the period analyzed. Starting from 118,861 million US dollars in 2020, assets decreased to 79,746 million US dollars by 2025. The most significant drop occurred between 2021 and 2022, when total assets fell sharply from 123,415 million to 92,735 million US dollars. The decline continued at a slower pace in subsequent years.
- Total Asset Turnover
- The total asset turnover ratio demonstrated an overall upward trend, indicating improved efficiency in using assets to generate revenue. The ratio was 0.78 in 2020, slightly decreasing to 0.76 in 2021, but then increased substantially to 1.09 in 2022. This improving trend continued steadily through 2023 and 2024, with ratios of 1.14 and 1.08, respectively, reaching 1.20 in 2025. The increase suggests the company enhanced its ability to generate sales from its asset base despite the reduction in total assets.
- Overall Insights
- The data indicate that while total assets have been decreasing significantly over the years, the company managed to maintain and increase revenue until 2023 before experiencing a drop in 2024 with a slight rebound in 2025. Simultaneously, improving asset turnover ratios suggest enhanced operational efficiency, as the company generated higher sales relative to its asset base. This improvement in asset utilization may reflect strategic asset management or shifts toward less capital-intensive operations. The decline in net revenue in 2024 could be an area of concern, necessitating further investigation to understand the underlying causes and how the company intends to sustain revenue growth.
Equity Turnover
Dell Technologies Inc., equity turnover calculation, comparison to benchmarks
| 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 | |||||||
| Total Dell Technologies Inc. stockholders’ equity (deficit) | |||||||
| Long-term Activity Ratio | |||||||
| Equity turnover1 | |||||||
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| Equity Turnover, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| Equity Turnover, Industry | |||||||
| Information Technology | |||||||
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
Equity turnover = Net revenue ÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= ÷ =
2 Click competitor name to see calculations.
- Net Revenue
- The net revenue showed a general upward trend from 2020 to 2023, increasing from 92,154 million US dollars in 2020 to a peak of 102,301 million US dollars in 2023. This represents consistent growth over four years. However, in 2024, revenue declined substantially to 88,425 million US dollars, followed by a partial recovery in 2025 to 95,567 million US dollars. This pattern indicates some volatility in the most recent years after a period of steady growth.
- Total Stockholders’ Equity (Deficit)
- The total stockholders’ equity demonstrated significant fluctuations during the period. Starting with a negative equity of -1,574 million US dollars in 2020, it improved to a positive 2,479 million in 2021, suggesting a temporary strengthening of the equity position. However, the equity reverted to a deficit from 2022 onward, reaching its lowest point at -3,122 million US dollars in 2023 before showing some improvement but remaining negative at -1,482 million in 2025. This trend suggests ongoing challenges in maintaining a positive equity balance.
- Equity Turnover Ratio
- The equity turnover ratio was reported only in 2021 with a value of 38.01. The absence of this metric in other years limits trend analysis. For the available data point, the ratio indicates a high level of revenue generated relative to shareholders’ equity in 2021, possibly influenced by the positive equity reported in that year.