Dell Technologies Inc. (NYSE:DELL)

Price to Earnings (P/E) Ratio

The P/E ratio exhibited significant fluctuations over the observed period. Initially, it rose sharply from 8.57 to a peak of 23.01, then maintained a relatively high level around the low 20s until early 2021. Subsequently, it declined markedly to values near 5.08 by mid-2022, indicating a substantial drop in valuation relative to earnings during this period. Following this trough, the ratio rebounded and stabilized with some volatility, ranging mostly between 16 and 26 through late 2023 and 2024, before showing a slight downward trend toward early 2025.

Price to Operating Profit (P/OP) Ratio

The P/OP ratio showed a moderate increase initially, fluctuating between approximately 13 and 14.5 from mid-2020 through early 2021. A noteworthy decline followed, reaching a low near 4.98 in late 2022, which aligns with the period of the lowest P/E ratios. This low level implies a more attractive valuation relative to operating profit at that time. Thereafter, the ratio ascended steadily, peaking around 18.28 in early 2024 before decreasing again, ending at approximately 12.69 by late 2025. This pattern suggests periods of both undervaluation and premium valuation relative to operating profitability.

Price to Sales (P/S) Ratio

The P/S ratio consistently trended upward from 0.42 in early 2020 to a high of about 1.04 in early 2024, indicating increasing market valuation relative to sales revenue. Notable decreases occurred in mid-2022 when the ratio dropped to around 0.26, representing a more conservative valuation. However, the ratio quickly recovered thereafter, maintaining a level above 0.7 for the remainder of the observed period. The general increase suggests growing investor confidence or improved pricing power relative to sales.

Price to Book Value (P/BV) Ratio

Data on the P/BV ratio is sparse and incomplete. Available points show extremely high ratios early on, such as 59.76 and 27.38 in late 2020 and early 2021, which then decreased sharply to 15.4 and 4.99 by mid-2021. Due to missing data in subsequent periods, no comprehensive trend can be confirmed, although the available figures suggest a notable contraction in price relative to book value during the initial phase.

Summary of Trends

Across the various valuation metrics, a pattern of high market valuation in early phases followed by a significant correction around mid-2022 is evident. This was characterized by declines in P/E and P/OP ratios and a dip in the P/S ratio, suggesting a market reassessment of earnings, operating profitability, and sales value. Subsequently, the ratios showed recovery and in some cases surpassed previous levels, indicating renewed investor optimism or improved financial performance. The volatility observed in relative price multiples reflects changing perceptions of financial health and growth prospects over time.

The financial data reveals several notable patterns and trends in the company's market performance and profitability metrics over the observed periods.

Share Price:

The share price exhibited a general upward momentum from May 2020 through April 2021, peaking at over 102 US dollars in April 2021. This was followed by a significant decline reaching its trough in July 2022 with a price near 37.65 US dollars. Subsequently, the share price recovered sharply and showed strong growth from November 2023 onwards, achieving a notable high above 138 US dollars by October 2025. This suggests periods of volatility but an overall long-term appreciation in market value.

Earnings per Share (EPS):

EPS figures reflected variability but a generally increasing trend over the entire timeline. After an initial dip from 6.03 to below 3 US dollars within 2020, EPS values recovered and stabilized in 2021, peaking at 8.89 US dollars in October 2021. A dramatic decline occurred during late 2022 with EPS dropping to as low as 2.56 US dollars. Since then, EPS steadily increased quarter over quarter, reaching 7.86 US dollars by October 2025, indicative of an improving earnings performance post-2022 downturn.

Price-to-Earnings (P/E) Ratio:

The P/E ratio showed pronounced fluctuations that largely reflected the interplay between share price and EPS movements. Initially high values above 20 in mid-2020 declined to lows below 7 during 2021 and early 2022, corresponding to the increased EPS and share price declines during that period. Later, the P/E ratio again rose significantly, attaining levels near 26 in early 2024, before stabilizing in the range of approximately 15 to 18 toward 2025. These variations signal changes in investor expectations and valuation multiples amidst fluctuating earnings and stock price dynamics.

Overall, the data indicates a company undergoing significant market valuation shifts with correlated earnings volatility. The recovery in both share price and EPS from late 2022 through 2025 implies positive operational or market-driven changes enhancing profitability and investor confidence. Despite interim periods of elevated valuation multiples, the P/E ratio trends suggest a tendency toward normalization in later periods.

Share Price Trends

The share price showed a general uptrend from early 2020, starting at 51.66 USD and peaking at 102.84 USD in April 2021. Subsequently, there was a notable decline, reaching a low point of 37.65 USD in July 2022. After this trough, the price recovered and experienced significant growth, reaching a high of 138.22 USD by October 2025. This pattern indicates a period of volatility with substantial recovery and growth in the later periods.

Operating Profit Per Share (OPPS) Trends

Operating profit per share increased steadily from 3.74 USD in May 2020 to 7.11 USD in April 2021, reflecting improving operational profitability. After a slight dip to 6.13 USD in January 2022, OPPS resumed growth, reaching 10.89 USD by October 2025. This indicates a consistent improvement in operational efficiency and profitability over the observed timeline.

Price to Operating Profit (P/OP) Ratio Trends

The P/OP ratio began at 13.8 in May 2020 and generally declined to a low of around 4.98-5.05 in the mid-2022 period, reflecting improved valuation relative to operating profit during the share price trough. However, from late 2022 onwards, the ratio increased substantially, peaking at 18.28 in February 2024 and then moderating to 12.69 by October 2025. This suggests market re-rating and varying investor sentiment over time correlating with share price volatility.

Overall Financial Insights

The data reflects a company experiencing an initial phase of rising share price and profitability, followed by volatility likely linked to external economic or market factors. Despite share price fluctuations, operating profit per share showed steady improvement, indicating solid underlying operational performance. The P/OP ratio's decline and subsequent rise suggest changes in market valuation perspectives, possibly driven by shifts in investor expectations or risk appetite. The strong recovery and growth of share price coupled with increasing operating profit toward the end of the period underscore positive momentum in financial health and investor confidence.

Share Price Trends

The share price exhibited notable fluctuations over the observed period. Initially, the price rose from $51.66 to a peak of $102.84 between May 2020 and April 2021, signifying a strong upward momentum. Subsequently, a substantial decline occurred, with the share price dropping to a low of approximately $37.65 by July 2022. After this trough, the price showed a recovery trend, reaching a new peak of $138.22 by October 2025. This pattern indicates periods of volatility but overall long-term growth toward the end of the timeline.

Sales Per Share Development

Sales per share demonstrated a consistent upward trajectory throughout the entire timeline. Starting at $124.38 in May 2020, it gradually increased to $157.07 by October 2025. Despite minor fluctuations in the mid-period, the continuation of growth suggests improving sales efficiency or expanding revenue relative to outstanding shares.

Price-to-Sales Ratio (P/S) Behavior

The P/S ratio followed a somewhat cyclical yet generally upward trend. From a low of 0.26–0.29 during mid-2022, it climbed steadily to above 0.80 in the latter part of the period, peaking at 1.04 in February 2024. The initial rise to 0.83 in April 2021 corresponds with the peak in share price, while the subsequent decline reflects the share price drop despite increasing sales per share. The rebound in the P/S ratio aligns with the recovery in share price, indicative of improved market valuation relative to sales.

Correlation Insights

The data suggests a moderate positive correlation between share price and the P/S ratio, with both metrics generally moving in tandem, particularly during periods of significant share price changes. Sales per share growth appears steady and less volatile, implying that market valuation fluctuates more intensely than fundamental sales performance.

Overall Summary

Over the given period, financial metrics reveal an initial market exuberance followed by a correction phase and a subsequent strong recovery. The steady increase in sales per share supports a foundation of improving business performance, while share price and P/S ratio movements highlight varying investor sentiment and market revaluation over time. The long-term prospects appear positive as indicated by the eventual rise in share price and valuation multiples.

The data reveals significant fluctuations in the share price of the company over the examined periods. Initially, the share price exhibited an upward trend, rising from $51.66 in early May 2020 to reach a peak of $102.84 by April 2021. This was followed by a marked decline, with prices dropping to a low near $37.65 in July 2022. Subsequently, the price regained momentum, climbing sharply to reach a high of $138.22 towards the end of the last reported period in October 2025.

Regarding the book value per share (BVPS), the trend demonstrates considerable volatility and predominantly negative values across most periods. Starting at -$2.18 in May 2020, BVPS moved into positive territory by October 2020, reaching as high as $11.72 in October 2021. However, from early 2022 onward, the BVPS reverted consistently to negative figures, fluctuating mostly between -$2.12 and -$4.84. This persistent negativity indicates underlying challenges in net asset value on a per-share basis, despite intermittent positive spikes.

The price-to-book value (P/BV) ratio is sparsely recorded but shows very high values during the periods it is available, with P/BV ratios of 59.76, 27.38, 22.52, 15.4, and then falling to 4.99 in the last available quarter. These elevated ratios, especially when BVPS is negative or close to zero, suggest that the market valuation of the company’s shares substantially exceeds its book value, potentially reflecting investor expectations of growth or intangible asset valuation rather than net asset backing.

Share Price Trends

Sharp increase from mid-2020 to early 2021 followed by a substantial dip throughout 2022, then a strong recovery leading to record highs in late 2024 and 2025.

Book Value Per Share (BVPS)

Highly volatile with brief positive intervals in late 2020 through 2021, followed by persistent negative values indicating challenges in equity valuation per share over time.

Price-to-Book Ratio

Extremely elevated ratios in reported quarters indicate the share price consistently surpasses book value by considerable margins, which may reflect market optimism or accounting factors unrelated to tangible asset values.

Insights

The divergence between share price and book value per share, alongside volatile BVPS figures, suggests the company’s valuation is driven more by market sentiment or intangible asset expectations than by traditional net asset metrics. Additionally, the recovery in share price after mid-2022 might indicate improving market confidence or operational performance.