Price to FCFE (P/FCFE)
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- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Net Profit Margin since 2019
- Return on Assets (ROA) since 2019
- Total Asset Turnover 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: 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).
The period under review demonstrates considerable fluctuation in both cash from operating activities and free cash flow to equity. Cash from operating activities initially decreased before exhibiting a recovery, while free cash flow to equity experienced more pronounced volatility.
- Cash from Operating Activities
- Cash generated from operating activities decreased from US$11,407 million in 2021 to US$10,307 million in 2022, representing a decline of approximately 9.6%. A substantial decrease followed in 2023, falling to US$3,565 million. However, a significant recovery was observed in 2024, with cash from operations reaching US$8,676 million. This upward trend continued into 2025 with US$4,521 million, and further increased to US$11,185 million in 2026.
- Free Cash Flow to Equity (FCFE)
- Free cash flow to equity began at US$4,797 million in 2021, then experienced a significant reduction to US$1,213 million in 2022. A partial recovery occurred in 2023, with FCFE rising to US$3,216 million. Further declines were noted in 2024 (US$2,449 million) and 2025 (US$557 million), indicating a weakening trend. A dramatic increase is then observed in 2026, with FCFE reaching US$15,034 million, substantially exceeding prior levels.
The divergence between the trends in cash from operating activities and free cash flow to equity suggests that factors beyond core operational cash generation are significantly influencing FCFE. These factors could include changes in debt levels, equity issuances or repurchases, or significant capital expenditures not directly reflected in operating cash flow. The substantial increase in FCFE in 2026 warrants further investigation to determine the underlying drivers of this change.
The volatility in FCFE highlights potential challenges in forecasting future cash flows available to equity holders. The large swings suggest sensitivity to underlying business conditions or strategic financial decisions.
Price to FCFE Ratio, Current
Dell Technologies Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| 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. | |
| Lumentum Holdings Inc. | |
| Super Micro Computer Inc. | |
| P/FCFE, Sector | |
| Technology Hardware & Equipment | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2026-01-30).
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 30, 2026 | Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | ||
|---|---|---|---|---|---|---|---|
| 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. | |||||||
| Lumentum Holdings Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| P/FCFE, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| P/FCFE, Industry | |||||||
| Information Technology | |||||||
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.
3 2026 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 2026 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits significant fluctuations over the observed period. Initial values demonstrate a substantial decrease in share price coupled with a decline in FCFE per share, followed by periods of recovery and volatility. The analysis below details these observations.
- Overall Trend
- The P/FCFE ratio initially decreased from 14.15 in January 2021 to 9.06 in February 2023, before increasing dramatically to 123.86 in January 2025, and then decreasing again to 6.72 in January 2026. This indicates considerable shifts in investor valuation relative to the free cash flow available to equity holders.
- Share Price Movement
- The share price experienced a marked decline from US$88.99 in January 2021 to US$39.86 in February 2023. A substantial recovery then occurred, with the price reaching US$156.54 by January 2026. This suggests periods of negative investor sentiment followed by renewed confidence.
- FCFE per Share Movement
- FCFE per share decreased significantly from US$6.29 in January 2021 to US$1.60 in January 2022. It then recovered to US$4.40 in February 2023, but subsequently decreased to US$0.80 in January 2025, before a substantial increase to US$23.28 in January 2026. This volatility in FCFE per share likely contributes to the fluctuations observed in the P/FCFE ratio.
- P/FCFE Ratio Dynamics
- The P/FCFE ratio’s peak of 123.86 in January 2025 coincides with a relatively low FCFE per share of US$0.80 and a share price of US$98.86. This suggests that investors were willing to pay a very high premium for each dollar of FCFE, potentially anticipating future growth. Conversely, the low of 6.72 in January 2026 occurs with a high FCFE per share of US$23.28 and a share price of US$156.54, indicating a lower premium paid for FCFE, potentially reflecting increased investor confidence and a more stable valuation.
The observed patterns suggest a complex interplay between share price, FCFE per share, and investor sentiment. The significant fluctuations in the P/FCFE ratio warrant further investigation into the underlying factors driving these changes, including company performance, industry trends, and macroeconomic conditions.