Dell Technologies Inc. (NYSE:DELL)

Net Fixed Asset Turnover

The net fixed asset turnover ratio exhibits a relatively stable trend from January 31, 2020, through January 28, 2022, fluctuating between approximately 14.3 and 15.2, indicating consistent efficiency in utilizing fixed assets to generate revenue. Beginning April 29, 2022, the ratio experiences a notable increase, peaking near 18.99, suggesting improved asset utilization during this period. However, after this peak, the ratio gradually declines from October 28, 2022, through February 2, 2024, dropping back toward levels closer to 14.4 to 16.5. From May 3, 2024, onward, the ratio stabilizes in the range of approximately 14.4 to 15.2.

Total Asset Turnover

The total asset turnover ratio shows moderate variation across the periods presented. Initially, around the early 2020 periods, the ratio remains steady between roughly 0.73 and 0.79, indicating stable overall asset efficiency in revenue generation. A significant increase is observed starting April 30, 2021, with the ratio rising to between 1.09 and 1.24 through February 3, 2023, suggesting enhanced effectiveness in asset management or revenue growth relative to total assets. Following this peak phase, the ratio slightly declines and stabilizes around 1.08 to 1.15 in subsequent quarters up to May 2, 2025. This pattern implies consistent asset utilization with a period of improved performance in mid-2021 to early 2023.

Equity Turnover

Equity turnover data is limited, with values available only for select periods from January 29, 2021, through May 1, 2022. Initially, on January 29, 2021, the ratio is extraordinarily high at 104.35, followed by sharp decreases in subsequent quarters: 38.01, 27.22, 19.97, and finally 11.09 by May 1, 2022. This steep decline suggests a rapid reduction in revenue generated per unit of equity or a change in equity valuation or capital structure that significantly impacted this ratio. The absence of data beyond this point precludes further trend analysis.

Net revenue

The net revenue exhibits a generally fluctuating yet broadly stable pattern over the observed periods. Starting from approximately 21.9 billion USD in May 2019, revenue shows moderate increases and decreases across subsequent quarters. Peaks are noticeable around early 2022 with revenue approaching 28 billion USD, followed by some decline and variability in later quarters. The revenue dips again around mid-2023 but appears to stabilize close to 23-25 billion USD by early 2025. This pattern may indicate periodic market or operational influences impacting sales, with no sustained long-term growth trend observed.

Property, plant, and equipment, net

The net value of property, plant, and equipment shows gradual growth from 5.5 billion USD in May 2019 to over 6.3 billion USD by early 2025. There is a small dip in the value around early 2022 but overall the trend is upward, reflecting ongoing investment or acquisition of fixed assets. The steady increase suggests that the company maintains or expands its physical asset base moderately over time despite some fluctuations.

Net fixed asset turnover ratio

The net fixed asset turnover ratio, available from early 2020 onwards, ranges mostly between approximately 13.75 and 18.99. Initially around 15.2 in early 2020, the ratio rises substantially to peak near 19 during early to mid-2022, indicating improved efficiency in utilizing fixed assets to generate revenue during that phase. Subsequently, this ratio declines gradually to around 15 by early 2023 and stabilizes near this level through early 2025. This pattern suggests that asset utilization efficiency improved significantly for a period, then moderated but remained stable.

Overall analysis

Combining these observations, the company experiences fluctuating revenue without a consistent growth trajectory while increasing its fixed assets steadily. The temporary improvement in fixed asset turnover suggests periods of enhanced operational efficiency or revenue generation relative to asset base, followed by normalization. The divergence between stable asset growth and varying revenue highlights areas where capital deployment efficiency could be critical for future performance optimization.

The analysis of the quarterly financial data reveals several notable trends in revenues, assets, and asset efficiency ratios over the observed periods.

Net Revenue

The net revenue demonstrated variability with an overall fluctuating trend throughout the periods. Initial quarters show moderate revenue levels around the 21,000 to 24,000 million USD range. Peaks are observable around January 2021 (26,112 million USD) and October 2021 (26,424 million USD), followed by a general decline approaching mid-2023, bottoming near 20,922 million USD in May 2023. Subsequently, revenues exhibit a slight recovery towards the later periods, approaching approximately 23,378 million USD by May 2025. This pattern indicates cyclical factors or seasonal influences alongside possible underlying market or operational impacts affecting revenue generation.

Total Assets

Total assets maintained a broadly stable trajectory with modest fluctuations. From a starting point near 109,892 million USD, assets increased gradually to peak at 135,677 million USD in October 2021. Afterwards, a considerable decrease occurs, with assets dropping below 90,000 million USD by mid-2022 and remaining within a lower band for subsequent periods, fluctuating roughly between 79,746 and 86,869 million USD. This significant asset base reduction suggests possible asset disposals, write-downs, or restructuring activities taking place during this timeframe.

Total Asset Turnover Ratio

The total asset turnover ratio, representing efficiency in generating revenue from assets, was unavailable for initial periods but was recorded starting January 2020. It settled near 0.75 - 0.79 values initially, indicating moderate efficiency. From April 2022 onwards, a marked improvement in turnover ratios is observed, with values rising above 1.0 and reaching up to 1.24 in February 2023. Although some fluctuation occurs thereafter, the ratio remains generally above 1.0 through the final periods. This improvement signals enhanced effectiveness in utilizing asset resources to generate revenue despite the decline in total asset values.

In summary, the data points toward a dynamic business environment with revenue fluctuations and a noticeable contraction in total asset values in the later periods. However, the improved asset turnover ratio suggests that the company has managed to increase operational efficiency in revenue generation relative to its asset base during the later years.

Net Revenue

The net revenue exhibits notable fluctuations over the reported quarters. Initially, revenue increased gradually from approximately $21.9 billion in May 2019 to a peak around $26.1 billion in January 2021. This was followed by a period of variability, with revenues oscillating between approximately $20.9 billion and $27.9 billion over subsequent quarters. Notable peaks include $27.9 billion in January 2022 and $26.4 billion in October 2021. Following early 2022, a downward trend is observed, with revenues generally declining towards the latter periods, reaching approximately $23.4 billion in May 2025. This pattern suggests a cyclical revenue generation with intermittent growth phases and some recent declines. Overall, revenue demonstrates seasonality and volatility consistent with market conditions and operational factors affecting sales volume and pricing.

Total Stockholders’ Equity (Deficit)

The total stockholders’ equity shows significant volatility and shifts throughout the period. Beginning with a substantial deficit of about -$6.5 billion in May 2019, the equity position improved consistently until October 2021, peaking at approximately $8.9 billion, indicating a strong recovery and positive net asset position during this interval. However, this positive trend reversed sharply post-October 2021, with equity deteriorating back into negative figures, reaching deficits close to -$3.0 billion by May 2025. This trend reflects underlying changes in the company's capital structure, results, or accounting adjustments impacting retained earnings and other equity components. The fluctuation from large deficit to positive equity and back to negative signals episodic financial stress or capital management strategies affecting shareholder value.

Equity Turnover

Equity turnover data is sparse, with values reported only in certain periods ranging from January 2021 to April 2022. The turnover shows a pronounced decreasing trend starting at an extremely high ratio of about 104.35, falling dramatically to 11.09 over multiple quarters. This sharp decline indicates diminishing revenue generation efficiency per equity unit during this period. The high initial values could imply minimal equity base relative to revenue, while the subsequent reduction suggests the equity base increased or revenue growth slowed, resulting in a lower turnover ratio. The absence of data in adjacent periods limits comprehensive trend analysis, but where available, the equity turnover ratios highlight significant shifts in asset utilization efficiency relative to shareholders’ equity.