Dell Technologies Inc. (NYSE:DELL)

Price to Earnings (P/E) Ratio

The Price to Earnings ratio exhibits notable fluctuations over the observed periods. Starting at a relatively low level of 6.21 in early 2020, it sharply increased to 20.88 by early 2021. This was followed by a decline to 7.31 in early 2022, then an upward movement to 11.94 in early 2023. The ratio peaked again substantially at 25.12 in early 2024, before dropping to 15.02 in early 2025. The pattern indicates periods of variable market valuation relative to earnings, suggesting fluctuating investor sentiment or changes in earnings performance.

Price to Operating Profit (P/OP) Ratio

The Price to Operating Profit ratio shows a somewhat volatile trend as well. It began at 10.93 in early 2020, rose mildly to 13.19 in early 2021, then decreased significantly to 8.73 in early 2022. The lowest point was reached in early 2023 at 5.05, indicating a much lower valuation relative to operating profit at that time. Subsequently, the ratio surged to 15.48 in early 2024 and decreased again to 11.06 in early 2025. This pattern suggests fluctuations in how the market prices the company’s operating profitability, possibly reflecting changes in profitability or investor expectations.

Price to Sales (P/S) Ratio

The Price to Sales ratio follows a varied trajectory with considerable fluctuations. It started at 0.31 in early 2020, more than doubled to 0.72 in early 2021, then declined sharply to 0.40 in early 2022. The ratio reached its lowest value of 0.28 in early 2023. However, it rose substantially again to 0.91 in early 2024 before tapering off to 0.72 in early 2025. This irregular pattern may reflect shifts in revenue growth or valuation multiples applied by the market over the years.

Price to Book Value (P/BV) Ratio

Data for the Price to Book Value ratio is largely incomplete, with only one data point available at 27.38 in early 2021. This single figure is relatively high, indicating that at that point the market valued the company at a substantial premium over its book value. However, due to the absence of data from other years, no trend analysis is feasible for this metric.

Share Price

The share price exhibited notable volatility over the examined periods. It started at 38.75 USD and increased sharply to 88.99 USD by January 2021. This was followed by a decline to 53.51 USD in early 2022 and a further decrease to 39.86 USD in early 2023. Subsequently, the share price rebounded significantly to peak at 113 USD in early 2024 before experiencing a slight decline to 98.86 USD in early 2025.

Earnings per Share (EPS)

The EPS showed fluctuations throughout the periods analyzed. There was a decrease from 6.24 USD in 2020 to 4.26 USD in 2021. A strong recovery occurred in 2022 with EPS rising to 7.32 USD, followed by a sharp drop to 3.34 USD in 2023. It improved moderately in the last two periods, increasing to 4.5 USD in 2024 and further to 6.58 USD in 2025.

Price-to-Earnings (P/E) Ratio

The P/E ratio displayed considerable variation, reflecting both changes in share price and earnings. Starting at a low 6.21 in 2020, it surged to 20.88 in 2021 amid lower EPS and a higher share price. It then declined to 7.31 in 2022 before rising again to 11.94 in 2023. The ratio peaked at 25.12 in 2024, coinciding with the highest share price, and then decreased to 15.02 by 2025.

Overall Insights

The data reveals cyclicality in the financial performance and market valuation. Share price and EPS demonstrate periods of decline and recovery, while the P/E ratio amplifies the fluctuations in valuation relative to earnings. Notably, high P/E ratios in 2021 and 2024 suggest periods where the market price may have been elevated relative to earnings. The recovery in EPS towards the latter years indicates improving profitability, though the corresponding P/E ratios reflect ongoing investor uncertainty or shifts in market expectations.

The annual financial data reveals several notable trends concerning the share price, operating profit per share, and the price-to-operating profit ratio over the analyzed periods.

Share Price

The share price exhibited considerable volatility throughout the periods. It experienced a substantial increase from $38.75 in early 2020 to a peak of $88.99 by early 2021. However, this was followed by a sharp decline to $53.51 in 2022 and a further decline to $39.86 in 2023. Subsequently, the share price surged dramatically to $113 by early 2024 before slightly decreasing to $98.86 in early 2025, indicating significant market fluctuations and investor sentiment changes.

Operating Profit Per Share

Operating profit per share showed a consistent upward trajectory throughout the periods. Starting from $3.55 in 2020, it nearly doubled to $6.74 in 2021. There was a marginal dip to $6.13 in 2022, followed by continued growth reaching $7.89 in 2023. Although there was a slight decrease to $7.30 in 2024, the figure rebounded to a peak of $8.94 in 2025, reflecting overall strengthening operational profitability per share over time.

Price-to-Operating Profit (P/OP) Ratio

The price-to-operating profit ratio fluctuated significantly. It started at 10.93 in 2020, rose slightly to 13.19 in 2021, then declined to 8.73 in 2022 and further dropped to 5.05 in 2023. This decrease suggests improved valuation relative to operating profits during this period. However, the ratio escalated sharply to 15.48 in 2024, possibly due to the high share price relative to operating profit. In 2025, the ratio moderated to 11.06, indicating a partial alignment between market valuation and profitability.

In summary, despite share price volatility, the operating profit per share has generally increased, signaling improving operational performance. The fluctuating P/OP ratio reflects varying market perceptions of value relative to profitability, influenced by significant movements in the share price over these years.

Share Price

The share price experienced significant fluctuations over the observed periods. It more than doubled from $38.75 in early 2020 to a peak of $88.99 in early 2021. Subsequently, it declined sharply to $39.86 by early 2023 before rising again to reach a high of $113 in early 2024. The latest figure, in early 2025, shows a moderate decrease to $98.86 but remains substantially higher than the initial value in 2020.

Sales Per Share

Sales per share displayed a generally increasing trend over the period. Starting at $124.62 in early 2020, the value slightly decreased to $123.55 in early 2021 but then increased steadily to $139.91 by early 2023. After a minor dip to $123.88 in early 2024, it rose again to $136.95 in early 2025, indicating relative stability with intermittent growth and occasional declines.

Price-to-Sales (P/S) Ratio

The P/S ratio mirrored the volatility seen in the share price. It began at a low 0.31 in 2020, more than doubling to 0.72 in 2021. Following this peak, it declined to 0.28 in early 2023, marking its lowest point in the timeline. This was followed by a sharp increase to 0.91 in early 2024 and a subsequent decrease to 0.72 in early 2025. These fluctuations reflect market valuation changes relative to the company’s sales, with notable peaks and troughs corresponding to share price movements.

Overall Insights

The data illustrates a company with a share price that experienced pronounced volatility over the six-year span, while sales per share generally increased with some minor fluctuations. The P/S ratio variations suggest changing market sentiment and valuation relative to sales. Peaks in the share price and P/S ratio occurred around early 2021 and early 2024, with troughs notably in early 2023. The relatively stable sales per share underpin the earnings base, while market valuations have been more dynamic in response to external factors or investor perceptions.

The financial data reveals significant volatility in the share price over the analyzed periods, with values ranging from a low of $38.75 in early 2020 to a peak of $113 in early 2024. After reaching this peak, the share price shows a slight decline to $98.86 in early 2025. This fluctuations indicate varying market sentiment and potential external influences affecting investor perception.

The book value per share (BVPS) exhibits a persistently negative trend throughout most of the periods, with a brief positive value observed in early 2021 at $3.25. The negative BVPS values in the majority of periods, including -$2.13 in 2020, -$2.22 in 2022, -$4.27 in 2023, -$3.37 in 2024, and -$2.12 in 2025, suggest that the company's liabilities have exceeded its assets on a per-share basis during these years. The temporary positive spike in 2021 may indicate a momentary improvement in the balance sheet.

Price to book value (P/BV) ratio is provided only for the early 2021 period, where it is notably high at 27.38. This elevated ratio reflects a market valuation substantially exceeding the book value per share at that time, which aligns with the positive BVPS and elevated share price. However, the absence of comparative P/BV ratios for other periods limits further trend analysis in this area.

Overall, the data shows considerable instability in both market valuation and underlying book value, with an overarching trend of negative net asset value despite fluctuating market prices. The disparity between high market valuation peaks and negative or low book values potentially underscores investor optimism that is not fully supported by the company's accounting fundamentals during most periods analyzed.