Enterprise Value (EV)
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Dell Technologies Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2019
- Return on Equity (ROE) since 2019
- Aggregate Accruals
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Current Enterprise Value (EV)
Dell Technologies Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Non-controlling interests (per books) | |
| Total equity | |
| Add: Short-term debt (per books) | |
| Add: Long-term debt (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2026-01-30).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Dell Technologies Inc., EV calculation
Based on: 10-K (reporting date: 2026-01-30), 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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Dell Technologies Inc. Annual Report.
3 2026 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
An analysis of the provided financial information reveals fluctuations in key metrics over a five-year period. Enterprise value exhibited considerable volatility, while relationships between market capitalization, total equity, and total debt suggest shifts in the company’s capital structure and investor perception.
- Enterprise Value Trend
- Enterprise value decreased from US$106,727 million in 2021 to US$50,224 million in 2023, representing a substantial decline. A recovery began in 2024, with enterprise value reaching US$99,381 million, and continued into 2025 at US$90,018 million. Further growth was observed in 2026, with enterprise value increasing to US$121,060 million. This indicates a period of contraction followed by a rebound and subsequent expansion.
- Equity and Debt Composition
- Total equity generally mirrored the trends in common equity market value, decreasing from US$72,944 million in 2021 to US$29,243 million in 2023, then increasing to US$80,753 million in 2024 and US$69,084 million in 2025, before reaching US$101,085 million in 2026. Total equity and debt demonstrated a similar pattern of decline and recovery, falling from US$120,928 million in 2021 to US$58,831 million in 2023, then rising to US$106,747 million in 2024, US$93,651 million in 2025, and US$132,588 million in 2026. The difference between total equity and debt and total equity suggests an increasing reliance on debt financing during the period of growth from 2024 to 2026.
- Market Value vs. Total Equity
- The difference between common equity market value and total equity remained relatively small throughout the period, suggesting that a significant portion of the company’s equity is reflected in its market capitalization. However, the market value experienced a more pronounced decline in 2022 and 2023 compared to total equity, potentially indicating investor concerns not fully captured by book value.
The observed trends suggest a dynamic financial situation. The initial decline in enterprise value and equity metrics may reflect challenging market conditions or company-specific issues. The subsequent recovery and growth, particularly the increase in both equity and debt, could be attributed to improved performance, strategic initiatives, or favorable market conditions. The increasing debt levels alongside equity growth warrant further investigation to assess the company’s leverage and financial risk.