Price to FCFE (P/FCFE)
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Dell Technologies Inc. pages available for free this week:
- 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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Free Cash Flow to Equity (FCFE)
Dell Technologies Inc., FCFE 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).
- Change in cash from operating activities
- The cash generated from operating activities shows a fluctuating trend over the analyzed periods. From January 31, 2020, to January 29, 2021, there was an increase from $9,291 million to $11,407 million, indicating improved operational cash flow. However, in the following year ending January 28, 2022, it declined to $10,307 million and dropped significantly further to $3,565 million by February 3, 2023. Although there was a partial recovery to $8,676 million by February 2, 2024, the figure decreased once again to $4,521 million by January 31, 2025. Overall, this indicates volatility in cash flows from operations, with a notable dip around 2023.
- Free cash flow to equity (FCFE)
- Free cash flow to equity exhibited a general declining trend throughout the periods. Starting at $5,079 million on January 31, 2020, it slightly decreased to $4,797 million by January 29, 2021. This was followed by a more pronounced reduction to $1,213 million as of January 28, 2022. A moderate rebound occurred by February 3, 2023, when FCFE rose to $3,216 million, but the figure then steadily declined again to $2,449 million by February 2, 2024, and further dropped to $557 million on January 31, 2025. This pattern suggests challenges in generating equity-available cash flow, reflecting potential increases in capital expenditure, financial obligations, or operational constraints.
- Overall observations
- The data reveals volatility and downward pressures in both operational cash generation and free cash flow to equity over the five-year span. The fluctuations in operating cash flow may be driven by variable business conditions or changes in working capital. The sustained decline in free cash flow to equity, especially the steep drop toward the last period, could indicate tightening liquidity available to shareholders, possibly linked to increased investments, changes in financing structure, or lower profitability. These trends warrant further analysis into the drivers of operational efficiency and capital allocation decisions.
Price to FCFE Ratio, Current
Dell Technologies Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Apple Inc. | |
| Arista Networks Inc. | |
| Cisco Systems Inc. | |
| Super Micro Computer Inc. | |
| P/FCFE, Sector | |
| Technology Hardware & Equipment | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2025-01-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Dell Technologies Inc., historical P/FCFE calculation, comparison to benchmarks
| Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | Jan 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | |||||||
| FCFE per share3 | |||||||
| Share price1, 4 | |||||||
| Valuation Ratio | |||||||
| P/FCFE5 | |||||||
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| Apple Inc. | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| P/FCFE, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| P/FCFE, 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Dell Technologies Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the analyzed periods. Starting at $38.75 in early 2020, it rose sharply to $88.99 by early 2021. Following this peak, the price declined to $53.51 in early 2022 and further to $39.86 by early 2023. Subsequently, a substantial increase occurred, with the price reaching $113 in early 2024, before a slight decrease to $98.86 in early 2025. This pattern indicates periods of rapid growth interspersed with notable declines, suggesting fluctuating investor sentiment or market conditions.
- Free Cash Flow to Equity (FCFE) per Share Pattern
- FCFE per share showed a downward trend throughout the periods under review. Beginning at $6.87 in 2020, it decreased to $6.29 in 2021, followed by a sharper decline to $1.60 in 2022. Although there was a moderate recovery to $4.40 in 2023, this was not sustained, with values falling again to $3.43 in 2024 and further down to $0.80 in 2025. The overall decline suggests weakening free cash flow generation relative to the number of shares outstanding, which could imply operational challenges or increased capital expenditures.
- Price to FCFE (P/FCFE) Ratio Dynamics
- The P/FCFE ratio experienced substantial fluctuations, reflecting a combination of changes in share price and FCFE per share. Initially, the ratio was relatively low at 5.64 in 2020, indicating a potentially undervalued position or strong cash flow. This ratio sharply increased to 14.15 in 2021 and then surged to 33.54 in 2022 despite the declining share price, driven primarily by the significant drop in FCFE per share. In 2023, the ratio decreased to 9.06, indicating a more balanced valuation relative to cash flow. However, the ratio then escalated to 32.94 in 2024 and dramatically rose to 123.86 in 2025, signaling that the share price remained high while FCFE per share was at its lowest. This indicates a notable disconnect between valuation and free cash flow, potentially reflecting investor expectations for future growth or other factors unrelated to current cash flows.