Dell Technologies Inc. (NYSE:DELL)

The analysis of the quarterly financial ratios reveals distinct trends in asset and equity turnover over the observed periods.

Net Fixed Asset Turnover

This ratio generally declined from May 2020 through Jan 2022, starting at 15.11 and falling to 14.34, with a notable peak in Jan 2022 at 18.69 followed by a brief increase reaching 18.99 in Apr 2022. Afterward, it demonstrated a gradual downward trend until Feb 2023, decreasing to 14.48, before fluctuating slightly and showing some recovery towards the end of the timeline, finishing at 15.71 in Aug 2025. The pattern suggests fluctuating efficiency in the utilization of net fixed assets, with periods of both improvement and deterioration.

Total Asset Turnover

This ratio experienced a general increase from mid-2021, rising from 0.73 in Oct 2021 to a peak of 1.24 in Oct 2022, indicating improved overall asset utilization. Post-peak, it slightly declined before stabilizing between 1.08 and 1.20 in subsequent quarters. The initial low values around 0.75 point to restrained asset productivity, but the subsequent elevation reflects enhanced operational efficiency and potentially better asset management in recent periods.

Equity Turnover

Data on equity turnover is incomplete, observed only for a few periods beginning in Oct 2020 with an extremely high value of 104.35, then sharply decreasing to 38.01 in Jan 2021, and continuing downward to 11.09 by Jul 2021. This steep decline suggests a significant reduction in the frequency of equity turnover or changes in how equity is managed or leveraged during these quarters. However, the absence of later data limits comprehensive interpretation.

Overall, asset turnover ratios show phases of improvement, particularly in total asset turnover, signaling better asset use efficiency in recent years. The net fixed asset turnover reveals more volatility, indicating variable performance in fixed asset utilization. Equity turnover figures, though incomplete, imply a declining trend during the periods where data is available, warranting further investigation to understand underlying causes.

The financial data reveals several notable patterns across the presented periods.

Net Revenue Trends

Net revenue exhibits some fluctuations over time with an overall upward tendency towards the end of the period. Starting from approximately 21.9 billion USD, revenue generally increased, reaching peaks around 27.9 billion USD and 29.8 billion USD in the later quarters. However, intermittent periods show declines or stabilization, such as a dip near 20.9 billion USD, followed by recoveries. This cyclical pattern suggests seasonal or market-driven variations while maintaining a positive growth trajectory in the long term.

Property, Plant, and Equipment, Net (PP&E)

The net value of property, plant, and equipment remains relatively stable with moderate increases and occasional decreases. Initial values hover around 6.1 to 6.9 billion USD, with a noticeable drop to approximately 5.4 billion USD at one point, possibly indicating disposals, impairments, or revaluations. Subsequently, the asset base regains stability, progressing toward 6.4 billion USD in the most recent quarters. This stability suggests consistent investment levels and asset management over time.

Net Fixed Asset Turnover Ratio

This ratio, reflecting efficiency in utilizing fixed assets to generate revenue, varies considerably. Initially ranging between 14.34 and 15.11, the ratio spikes sharply to almost 18.99, indicating a period of improved asset utilization. Following this peak, a gradual decline occurs, returning toward the mid-teens range. Such fluctuation may reflect changes in operational efficiency, capacity utilization, or shifts in the asset base relative to revenue generated.

Overall, the data indicates a company managing steady revenue growth accompanied by stable asset investments. Variability in fixed asset turnover underscores dynamic operational factors influencing asset productivity. The interplay of these metrics suggests a responsive adaptation to market conditions while maintaining a focus on leveraging assets for revenue generation.

The financial data reveals key trends in net revenue, total assets, and total asset turnover over the examined periods. The analysis covers patterns indicating growth, fluctuations, and operational efficiency changes.

Net Revenue

Net revenue demonstrates overall growth with some volatility. Starting at approximately $21.9 billion in May 2020, it increases gradually with peaks at various intervals, notably reaching around $26.4 billion in January 2022. A decline is observed in mid-2023, bottoming near $20.9 billion in May 2023, followed by a recovery trend elevating revenues to a peak near $29.8 billion by August 2025. The fluctuations suggest sensitivity to market conditions but an underlying upward trajectory in sales or contractual income.

Total Assets

Total assets show a declining trend from the initial $120.2 billion in May 2020 down to a lower level near $79.7 billion by August 2024. Despite this decline, a moderate rebound occurs, with assets rising back to approximately $89.2 billion by August 2025. This pattern indicates possible asset divestment or restructuring earlier in the period, followed by asset re-acquisition or growth strategies in later quarters. The shrinkage and partial recovery may reflect changes in capital investment, asset management, or balance sheet optimization efforts.

Total Asset Turnover

The total asset turnover ratio, an efficiency metric, shows a distinctive shift. Initially stable near 0.75–0.79 between mid-2020 and late 2021, the ratio jumps significantly starting in early 2022, peaking around 1.24 in October 2022. This increase reflects improved utilization of assets to generate revenue, possibly due to asset base reduction coupled with steady or growing revenue. Post-2022, the ratio stabilizes but remains elevated above 1.0, oscillating between approximately 1.08 and 1.20 through 2025, indicating sustained efficiency gains relative to the earlier periods.

The quarterly financial data reveals several notable trends for the company over the examined periods. Net revenue shows a general pattern of fluctuations with some periods of growth and contraction. Starting from approximately $21.9 billion, net revenue rises steadily through 2021 and early 2022, peaking around $27.9 billion in January 2022. After this high point, there is a noticeable decline through mid-2023, reaching roughly $20.9 billion in May 2023. In the subsequent quarters, net revenue demonstrates a recovery, culminating in a significant increase to nearly $29.8 billion by August 2025. This pattern indicates cyclical revenue behavior with strong recovery and growth towards the end of the timeline.

Stockholders’ equity exhibits a highly volatile trend and fluctuates between deficit and positive values. Initially, the equity starts at a negative $1.6 billion, improving to positive territory by October 2020 and continuing to increase substantially, reaching a high of approximately $9 billion in October 2021. However, after this peak, the equity sharply declines again, sliding back into a deficit position starting in early 2022 and broadly staying negative through the remainder of the timeline. The equity deficit shows some variation but generally remains within a range of negative $3.4 billion to negative $1.5 billion, suggesting ongoing challenges in restoring positive equity levels post-2021 peak.

The equity turnover ratio data, available only for select earlier quarters, portrays a significant downward trend. Starting at an extremely high level of 104.35 in October 2020, it decreases steadily through early 2022 to 11.09. This sharp decline reflects a decreasing efficiency in using equity to generate revenue over the sampled periods, which corresponds with the fluctuations observed in stockholders' equity and revenue dynamics.

Net Revenue

Displayed an upward trend through 2021 and early 2022, followed by a decline in mid-2023, and a strong recovery leading to a notable peak in August 2025.

Stockholders’ Equity

Exhibited significant volatility with a transition from negative to positive equity up to late 2021, then reverted to a sustained negative equity position with minor fluctuations thereafter.

Equity Turnover Ratio

Recorded only in a subset of early periods, it shows a marked decline, indicating decreasing effectiveness in generating revenue from equity during that time.