Enterprise Value to EBITDA (EV/EBITDA)
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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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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Dell Technologies Inc., EBITDA calculation
US$ in millions
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 Income Attributable to Dell Technologies Inc.
- The net income shows a fluctuating pattern over the periods analyzed. It started at 4,616 million USD in early 2020, then decreased to 3,250 million USD in early 2021. Following this decline, there was a significant increase to 5,563 million USD in early 2022. However, the figure dropped sharply to 2,442 million USD in early 2023 before gradually increasing again to 3,211 million USD in early 2024 and 4,592 million USD in early 2025.
- Earnings Before Tax (EBT)
- The earnings before tax experienced a pronounced improvement from a negative value of -4 million USD in early 2020 to 3,670 million USD in early 2021. This upward trend continued with an increase to 5,923 million USD in early 2022. Subsequently, EBT decreased to 3,225 million USD in early 2023 but rebounded to 3,887 million USD in early 2024 and further to 5,048 million USD in early 2025, indicating recovery and expansion after the dip.
- Earnings Before Interest and Tax (EBIT)
- EBIT reveals a general upward trend over the period with some volatility. Starting at 2,671 million USD in early 2020, it more than doubled to 6,059 million USD in early 2021, reaching a peak of 7,465 million USD by early 2022. This was followed by a decline to 4,447 million USD in early 2023. Afterward, EBIT increased steadily to 5,388 million USD in early 2024 and 6,442 million USD in early 2025.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA follows a similar trajectory to EBIT with notable increases and decreases. From 8,814 million USD in early 2020, it rose to 11,449 million USD in early 2021 and further to 12,016 million USD in early 2022. This was followed by a substantial decline to 7,603 million USD in early 2023. Recovery is evidenced by growth to 8,691 million USD in early 2024 and 9,565 million USD in early 2025, though the figures remain below the early 2022 peak.
Enterprise Value to EBITDA Ratio, Current
Dell Technologies Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Apple Inc. | |
| Arista Networks Inc. | |
| Cisco Systems Inc. | |
| Super Micro Computer Inc. | |
| EV/EBITDA, Sector | |
| Technology Hardware & Equipment | |
| EV/EBITDA, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2025-01-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Dell Technologies Inc., historical EV/EBITDA 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) | |||||||
| Enterprise value (EV)1 | |||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | |||||||
| Valuation Ratio | |||||||
| EV/EBITDA3 | |||||||
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| EV/EBITDA, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| EV/EBITDA, 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).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibited substantial fluctuations over the analyzed periods. Initial growth was observed from US$76,138 million in early 2020 to a peak of US$106,727 million in early 2021. Following this peak, a significant decline occurred, reaching US$50,224 million in early 2023, before rebounding to US$99,381 million in early 2024. By early 2025, EV slightly decreased to US$90,018 million, indicating some volatility but overall an increase compared to the initial period.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA demonstrated a positive growth trend from US$8,814 million in early 2020 to US$12,016 million in early 2022, marking a strong operational performance improvement. However, it then declined sharply to US$7,603 million in early 2023, followed by a gradual recovery over the next two years, reaching US$9,565 million by early 2025. This pattern indicates variability in earnings generation with a notable dip during 2023.
- EV/EBITDA Ratio
- The EV/EBITDA ratio showed variability aligned with changes in enterprise value and EBITDA. It increased from 8.64 in early 2020 to a high of 9.32 in early 2021, followed by a substantial drop to 4.85 in early 2022, reflecting a relatively lower valuation compared to earnings at that time. The ratio then rose again to 6.61 in early 2023, peaked sharply at 11.43 in early 2024, and slightly decreased to 9.41 in early 2025. These fluctuations suggest varying market perceptions of value relative to earnings during the periods assessed.
- Overall Insights
- The data indicates a period marked by considerable volatility in market valuation and operational earnings. The enterprise value's rise and fall coupled with the EBITDA fluctuations suggest external and internal factors influencing financial performance. The EV/EBITDA ratio's variability highlights changing investor sentiment and valuation multiples over the span, with notable overvaluation suggested at the 2024 peak. Recovery trends in EBITDA post-2023 may signal improving operational efficiencies or market conditions.