Dell Technologies Inc. (NYSE:DELL)

The financial ratios exhibit varied trends over the periods analyzed, revealing fluctuations in market valuation relative to earnings, operating profit, sales, and book value.

Price to Earnings (P/E)

This ratio shows a significant degree of volatility. Starting at 6.21 in early May 2020, it escalated to a peak of 26.87 in November 2023. Prior to that peak, values generally ranged between 5 and 25, with notable troughs around May 2022 and July 2022 (5.08 and 6.44 respectively). After reaching the highest point, the ratio decreased yet remained elevated above 15 in most periods, indicating fluctuating investor sentiment about earnings relative to price.

Price to Operating Profit (P/OP)

This ratio also reflects fluctuations, with initial values around 10.93 in May 2020, which increased to a peak of 18.28 by August 2024. There was a notable decline to as low as 4.98 in February 2023 following a steady downward trend from earlier peaks in late 2020 and early 2021. The values after this low point show a recovery trend, rising towards the higher teens by late 2024. This pattern indicates variable market optimism relative to operating profitability, with periods of both significant undervaluation and overvaluation.

Price to Sales (P/S)

This ratio exhibited a general upward trend over the timeline. It started at a low of 0.31 in May 2020 and steadily rose to a peak of 1.04 in August 2024, more than tripling from its initial value. There are slight decreases at certain points (notably around April 2022 and May 2022), but the overall direction is an increase, implying enhanced investor valuation of sales over time.

Price to Book Value (P/BV)

Data for this ratio is sparse, available only for specific periods around late 2020 to early 2022. In those periods, it declined sharply from a very high 59.76 to 4.99, indicating a rapid correction in market valuation relative to book value. The absence of subsequent data prohibits trend analysis beyond this interval, but the steep decrease suggests significant revaluation during that time frame.

In summary, the ratios collectively illustrate a fluctuating investor assessment of the company’s earnings, operating profit, sales, and book value across the observed periods. The P/E and P/OP ratios show marked volatility with peaks and troughs, while the P/S ratio generally trends upward, reflecting growing valuation relative to sales. The limited P/BV data points to a sharp market adjustment. These patterns suggest dynamic market conditions and shifting perceptions of the company's financial performance and asset base over time.

The share price exhibits significant volatility over the periods analyzed. Beginning at $54.20, it rose to a peak of $102.84 in April 2021 before experiencing a pronounced decline to around $37.65 by July 2022. Post that dip, the share price recovered and showed a notable uptrend, reaching a new peak of $131.64 in May 2024, followed by some fluctuations but maintaining relatively high levels above $98 up to August 2025.

Earnings per share (EPS) data, available from January 2020 onwards, display variability but a somewhat stable upward trajectory in recent years. The EPS started at 6.24, dropped to a low of 2.56 in February 2023, then gradually increased to 7.19 by August 2025. This pattern suggests varying profitability with some periods of strain, particularly in early 2023, followed by recovery and improvement.

The Price-to-Earnings (P/E) ratio reflects fluctuations largely driven by changes in EPS and share price. Initially, the ratio was low (around 6.21 to 8.57) but increased sharply, peaking above 26 in November 2023. This rise coincides with relatively low EPS and elevated share prices. Subsequently, the P/E ratio declined, stabilizing between 15 and 20 in the later periods, indicating a normalization of valuation relative to earnings.

Share Price

Shows cycles of growth and decline with peaks in April 2021 and May 2024, and a trough around mid-2022; recovery after the trough is strong, indicating renewed market confidence.

Earnings per Share (EPS)

Demonstrates fluctuation with a notable dip in early 2023 followed by a steady increase towards August 2025, implying variable earnings performance with recent improvements.

Price-to-Earnings (P/E) Ratio

Varies widely, reflecting market adjustments to earnings changes; early low ratios give way to a peak in late 2023, then a more moderate range thereafter, suggesting valuation recalibration.

The data reveals several notable trends and fluctuations in the share price and operating profit per share over the observed periods. The share price exhibits significant volatility, with periods of both substantial growth and decline. Initially, there is an upward movement from May 2019, reaching a peak around April 2021. This is followed by a sharp decline toward the end of 2021 and early 2022. Subsequently, the share price recovers and demonstrates an upward trend again from mid-2022 through early 2025, achieving new peaks in the early months of 2024.

The operating profit per share shows a general upward trajectory starting from early 2020, suggesting consistent improvement in operational profitability. After an initial increase, the values stabilize around the mid to high single-digit level, maintaining slight fluctuations but generally trending upward toward 2025.

The price-to-operating-profit ratio (P/OP) reflects the changing relationship between the share price and operational earnings. Early on, the ratio remains relatively stable with values mostly above 10, indicating a higher share price relative to operating profit. Around late 2021, the P/OP ratio decreases markedly, suggesting that the share price declined faster than operating profits or that profits improved relative to the stock price. This ratio then fluctuates moderately but tends to increase again toward 2024, corresponding with renewed share price increases. Notably, the P/OP reaches high levels during the latter part of the dataset, indicating potentially heightened market valuation relative to operating profits during this period.

Share Price Trends

Experienced volatility with peaks around April 2021 and early 2024, interspersed with significant drops in late 2021 and early 2022.

Operating Profit Per Share

Demonstrates a steady upward trend from early 2020, evidencing improving operational efficiency and profitability over time.

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

Shows a decrease in late 2021 followed by a gradual increase into 2024, reflecting shifts in market valuation relative to earnings.

Overall, the period analyzed shows an improving operational profitability underpinning the share price movements, while the valuation metric reflects market sentiment and fluctuates in response to changing investor perceptions and earnings outlooks.

The analysis of the quarterly financial data reveals several notable trends in share price, sales per share, and the price-to-sales (P/S) ratio over the observed periods.

Share Price

The share price exhibited considerable volatility throughout the periods. Initially, it declined from $54.20 in May 2019 to a low of $38.75 in January 2020. Following this trough, the share price trended upward reaching a peak of $102.84 in April 2021. Subsequently, it experienced a significant decline, dropping to $37.65 by July 2022. From that point, a recovery phase ensued, with the share price rising sharply to $131.64 in May 2024 before moderating slightly to $123.00 in August 2024. This pattern indicates cyclical fluctuations with periods of robust growth interspersed with sharp corrections.

Sales Per Share

Sales per share were unavailable in the initial periods but became consistently reported starting May 2020 at $124.62. From that point, sales per share showed a steady upward trend, increasing from $122.54 in October 2020 to $150.88 by August 2024. This growth represents an overall increase in sales efficiency or business expansion over time, with occasional minor fluctuations such as a slight dip from $146.98 in February 2023 to $139.91 in May 2023. The continuous growth suggests improved revenue generation per share on a long-term basis.

Price-to-Sales (P/S) Ratio

The P/S ratio displayed significant oscillations reflecting the interplay between share price and sales per share. Initially, it rose sharply from 0.31 in May 2020 to a high of 0.83 by July 2021, coinciding with share price appreciation. After this peak, the ratio declined to 0.26 in July 2022, paralleling the share price downturn despite rising sales per share. Notably, the P/S ratio surged again to 1.04 in May 2024, the highest value in the dataset, driven by a rapid increase in share price outpacing sales growth. The subsequent decrease to 0.80 and 0.82 in later months suggests a slight normalization. Overall, fluctuations in the P/S ratio highlight changing market valuations relative to sales performance and may indicate varying investor sentiment or market conditions during these periods.

In summary, the data reflect a growing sales base per share accompanied by fluctuating share prices, resulting in a volatile P/S ratio. Periods of strong market confidence are marked by elevated share prices and P/S ratios, while phases of decline suggest market corrections or shifts in investor expectations. The steady increase in sales per share remains a positive indicator of the underlying business health despite market variability.

Share Price Trend

The share price initially declined from $54.20 in May 2019 to a low point of $38.75 in January 2020. This was followed by a notable upward trajectory, peaking at $102.84 in April 2021. After this peak, the share price experienced significant volatility, dropping to as low as $37.65 in October 2022 before rebounding sharply to reach $131.64 in January 2025. The price showed strong growth overall from mid-2023 onwards, maintaining levels mostly above $100 through early 2025.

Book Value per Share (BVPS) Trend

BVPS was negative throughout most of the periods, starting at -$9 in May 2019 and improving gradually to positive territory at $11.72 in October 2021. However, subsequent data shows a reappearance of negative BVPS values, fluctuating between approximately -$2 to -$4.84 from early 2022 to mid-2025. This indicates recurring challenges in equity value relative to the number of shares outstanding, with brief improvement phases but lacking sustained positive equity.

Price-to-Book Ratio (P/BV) Trend

P/BV ratios are only available for select periods in early 2021, where extremely high values are observed (59.76 in January 2021, falling progressively to 4.99 by April 2021). These elevated ratios reflect the low or negative BVPS during those periods, inflating the price relative to book value. The absence of P/BV data in other periods is likely due to negative or unreliable BVPS values which make this ratio less meaningful.

Overall Insights

The share price exhibits a generally positive long-term trend with periods of volatility and downturns coinciding with low or negative book values. The intermittent positive BVPS figures did not sustain, signaling potential underlying issues with the company's equity base. The high P/BV ratios during early 2021 suggest significant investor optimism or overvaluation relative to book value in that period. The data indicates volatility in financial health and market perception, with share price more resilient despite recurring negative book value metrics.