Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2019
- Net Profit Margin since 2019
- Price to Sales (P/S) since 2019
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Dell Technologies Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a noticeable fluctuation throughout the observed periods. Beginning at 15.11, the ratio experienced a steady slight decline until January 28, 2022, where it peaked sharply at 18.99. Following this peak, the ratio displayed a downward trend, diminishing steadily to a value of 13.75 by February 2, 2024. Subsequently, there was a moderate recovery with values rising gradually to 15.92 by October 31, 2025. Overall, the ratio reflects periods of increased efficiency in utilizing fixed assets around early 2022, followed by a decline and gradual recovery towards the end of the timeline.
- Total Asset Turnover
- Total asset turnover started at 0.77 and maintained a relatively stable pattern with minor fluctuations until July 30, 2021, when it stood at 0.79. A significant jump was observed starting October 29, 2021, reaching a high of 1.24 by October 28, 2022, indicating improved efficiency in the use of total assets during this phase. After this peak, the ratio experienced a slight decline and hovered near 1.08 to 1.20 from early 2023 to late 2025, suggesting a stabilization at an enhanced efficiency level compared to the initial periods.
- Equity Turnover
- The equity turnover ratio data is sparse and only available for a few periods between October 30, 2020, and July 30, 2021. Within this brief window, a declining trend is evident, with the ratio dropping markedly from 104.35 to 11.09. The considerable decrease in this limited data span may indicate either an adjustment in equity base, significant changes in revenue, or other extraordinary financial events. Due to insufficient data beyond July 2021, no further trend analysis can be conducted for this metric.
Net Fixed Asset Turnover
Dell Technologies Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 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. | ||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01).
1 Q3 2026 Calculation
Net fixed asset turnover
= (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
÷ Property, plant, and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenue
- Net revenue exhibited fluctuations across the reported quarters. Beginning with $21.9 billion in May 2020, there was a general upward trend reaching a peak of approximately $28.0 billion by January 2022. Subsequently, the revenue showed volatility, with decreases and increases observed in the following quarters. Notably, after dipping to around $20.9 billion in May 2023, revenue rebounded to nearly $29.8 billion by October 2025, indicating potential cyclical behavior or the impact of market conditions influencing sales during these periods.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment remained relatively stable with minor fluctuations. Starting at about $6.1 billion in May 2020, it increased gradually to approximately $6.9 billion by October 2021, followed by a drop to around $5.4 billion in January 2022. Afterward, a gradual upward trend resumed, rising steadily to roughly $6.5 billion by October 2025. This pattern suggests periodic asset disposals or revaluations followed by reinvestment or acquisition of assets, reflecting ongoing capital expenditure management.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio started at a relatively high level of 15.11 in May 2020, indicating efficient use of fixed assets in generating revenue. This ratio declined gradually over the next several quarters to a low of around 14.34 by October 2021. A marked increase occurred thereafter, reaching a peak near 18.99 in April 2022, likely due to the decreased asset base or increased revenue. However, following this peak, the ratio declined steadily to approximately 13.75 by February 2024, then showed a moderate recovery, ending near 15.92 by October 2025. The variations in turnover ratio suggest changes in operational efficiency, asset utilization, or timing differences between asset investments and revenue realizations.
Total Asset Turnover
Dell Technologies Inc., total asset turnover calculation (quarterly data)
| Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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. | ||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01).
1 Q3 2026 Calculation
Total asset turnover
= (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenue
- The net revenue shows a generally fluctuating trend over the periods analyzed. Initially, revenue increases steadily from approximately 21,897 million US dollars to a peak near 27,992 million US dollars around early 2022. After this peak, revenue experiences a decline with some variability, reaching a low point near 20,922 million US dollars in mid-2023. Subsequently, revenue recovers slightly but remains below early 2022 highs, with values fluctuating in the 22,000 to 25,000 million US dollars range. Toward the latest periods, a significant increase is observed, with revenue rising sharply to approximately 29,776 million US dollars before slightly decreasing again.
- Total Assets
- Total assets display a downward trend overall with notable variability. Beginning around 120,236 million US dollars, the asset base remains relatively stable until a sharp decline occurs around early 2022, dropping below 90,000 million US dollars. This represents a substantial reduction in asset scale. Following this, total assets fluctuate mostly in the range of 80,000 to 90,000 million US dollars, without any significant upward recovery. The data concludes with stable but diminished asset levels compared to the beginning of the period analyzed.
- Total Asset Turnover
- Total asset turnover demonstrates a marked improvement over the period. Early ratios are relatively low, around 0.75 to 0.79, indicating a moderate efficiency in using assets to generate revenue. Starting from early 2022, a sharp increase in turnover ratio is evident, with values exceeding 1.0, reaching peaks above 1.2. This elevated turnover persists in subsequent quarters, maintaining levels generally between 1.08 and 1.20, reflecting enhanced asset utilization and increased revenue generation efficiency relative to asset base size.
- Overall Insights
- The analysis reveals that while total assets have contracted substantially, the company has managed to improve its asset utilization markedly. The increasing total asset turnover ratio suggests an operational efficiency boost in generating revenues from fewer assets. Net revenue shows volatility but ends with an upward trend, indicating resilience and possible growth despite asset base shrinkage. These patterns may reflect strategic asset management, divestitures, or operational shifts aimed at higher efficiency. Continuous monitoring of asset base trends alongside turnover ratios is recommended to assess sustainability of this improved efficiency.
Equity Turnover
Dell Technologies Inc., equity turnover calculation (quarterly data)
| 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 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 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. | ||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01).
1 Q3 2026 Calculation
Equity turnover
= (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
÷ Total Dell Technologies Inc. stockholders’ equity (deficit)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenue
- The net revenue demonstrates a generally upward trend with fluctuations across the observed periods. Starting at approximately $21.9 billion, revenue increased steadily to peak around early 2022 at near $28 billion. Following this peak, a decline is observed through mid-2023, dropping to approximately $20.9 billion, then recovering again in subsequent quarters, reaching highs near $29.8 billion towards late 2025. This pattern suggests cyclical influences or seasonality, alongside possible impacts from market conditions or business initiatives affecting sales performance.
- Total Stockholders' Equity (Deficit)
- The total stockholders’ equity displays significant volatility and persistent negative values throughout the periods. Initially, the deficit narrows from approximately -$1.6 billion in mid-2020 to positive territory near $8.9 billion by late 2021. However, a sharp reversal begins thereafter, with equity falling back into negative territory and continuing to decline through the subsequent quarters, fluctuating around -$2.5 to -$3.0 billion toward the end of the data set. This volatility could indicate substantial changes in retained earnings, dividend payouts, share repurchases, or other equity-related adjustments impacting the company's net worth.
- Equity Turnover Ratio
- The equity turnover ratio is reported for a limited number of quarters, showing a marked decline from an extremely high level of 104.35 down to around 11.09. A declining equity turnover ratio suggests that the company is generating less revenue per dollar of equity over time during these periods, potentially signaling lower efficiency in utilizing equity capital to generate revenues. Due to data limitations, a comprehensive trend analysis is constrained but the available data points to diminishing returns on equity utilization during the recorded periods.