What is DELL's intrinsic value?

TickerWorth's blended fair value for Dell Technologies Inc. (DELL) is $304.40 per share, versus a market price of $451.71 (48% above fair value).

Is DELL overvalued or undervalued?

On our blended fair value DELL looks overvalued vs fair value at $451.71. This is an educational estimate, not advice.

What discount rate is used for DELL?

A WACC of 12.0% and a terminal growth rate of 2.5%.

Is Dell Technologies stock undervalued?

TickerWorth's fair value for Dell Technologies Inc. (DELL) is $304.40 against a market price of $451.71. Our read: 48% above fair value. This is a model estimate, not investment advice.

Dell Technologies (DELL) DCF valuation and fair value

Our fair value for Dell Technologies Inc. (DELL) is $304.40, built on a 12.0% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.

Dell Technologies (DELL) insider trading

The most recent insider filing (SEC Form 4) for Dell Technologies Inc. (DELL): Silver Lake Technology Investors V, L.P., Director, 10% owner, option exercise on 2026-10-09. The latest filings are listed on this page. A disclosure, not a signal to trade.

DELL · Intrinsic value

Is Dell Technologies Inc. (DELL) overvalued or undervalued?

Name: Dell Technologies Inc. (DELL) DCF intrinsic value
Creator: TickerWorth

Dell Technologies Inc. (DELL) trades at the delayed market price of $451.71 a share. That price already implies revenue growth of more than 25%/yr. TickerWorth's fair value is $304.40 a share (48% above fair value), as of Oct 19, 2026. It is a model estimate, and every input behind it is sourced below.

Model by Miraaj Patel · generated from a hand-researched model · Updated Oct 19, 2026 · How these pages are made

Open full DELL analysis

Is DELL overvalued?

Fair value: $304.40
Market price: $451.71
Downside to fair value: 32.6%
Verdict: 48% above fair value

Price as of 19 Oct 2026, 13:16 UTC · Prices are delayed.

Fair value against the delayed market price: 48% above fair value.

Reverse DCF: Today's price implies revenue growth of more than 25%/yr. Above about 25% a year the reverse-DCF stops being informative. It solves for revenue growth alone — holding margins, capital intensity and the forecast horizon fixed — so a price well above our cash-flow model's value has nowhere to go but growth, and the solver returns a rate the model can't reconcile. Read it as "the price implies growth we can't justify", not as a forecast.

What is DELL's TickerWorth Score?

C47/100

Middle of the pack — real strengths and real weaknesses

Compared with Technology companies in US

Its strongest point: growing quickly. Its weakest: balance sheet looks stretched.

Value · 62 of 100
Cheaper than 62% of Technology companies in US
Price vs worth · 24 of 100
Quality · 31 of 100
More profitable than 31% of Technology companies in US
Financial health · 22 of 100
Financially stronger than 22% of Technology companies in US
Growth · 71 of 100
Growing faster than 71% of Technology companies in US
Momentum · 75 of 100
Outperformed 75% of Technology companies in US over the past year

Confidence: High confidence · Scored 19 Oct 2026, 13:16 UTC

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Where the numbers come from

Hand-researched model

What the modeller flagged

THE DFS TREATMENT FLATTERS THE VALUE, AND THIS IS SIZED RATHER THAN HIDDEN. Dell books interest income on DFS leases and loans in REVENUE (inside EBIT) but DFS interest EXPENSE in 'interest and other, net' (below EBIT) — the 10-K says so in its market-risk section. Excluding DFS debt while keeping DFS income gross therefore values the finance arm as if it were debt-free. IBM avoids this because IBM's financing cost sits in cost of financing. Bounding case: counting all $20,660M of DFS-related debt lowers the value $31.69/share. Partial offset: capex here includes ~0.9% of revenue of DFS operating-lease equipment that Dell's own adjusted FCF strips out (~$28/share if removed). The two roughly net; neither was adjusted.
THE CYCLICAL CASE WAS RUN, NOT MODELLED. A forecast with a -12% revenue year in FY2029 (AI digestion plus memory-price unwind) and margin fading to 7.5% gives ~$157/share. It is not the base case because the $95B backlog covers more than FY2028's modelled AI growth, but it would trigger the site's range-only cyclical flag and is the honest downside. The base case deliberately does NOT trigger that flag: no negative growth year, and the final 8.6% margin is 83% of the 10.3% peak.
YEAR-1 FCF IS ~28% ABOVE THE LAST REPORTED FIGURE ($14.8B modeled vs FY2026 adjusted FCF $11,508M) — beyond the 20% threshold, so stated. It is not a stretch: FY2027 revenue is guided 69% higher, and TTM adjusted FCF through Q2 FY2027 was already $18,072M. The model's Year 1 is BELOW the TTM run-rate because it charges full capex including DFS lease equipment and assumes no working-capital benefit.
YEAR-1 MARGIN IS DERIVED, NOT GUIDED. Dell guides revenue and EPS, not operating income. The 10.3% is backed out of $24.37 GAAP EPS with assumptions about share count (~650M), H2 tax (17-20%) and interest (~$0.7B); the plausible band is 10.2-10.5%, which moves the value by less than $1/share (10.2% gives $204.58, 10.5% gives $205.23). What matters is the fade in Years 2-5, not where Year 1 lands inside that band.
TERMINAL VALUE IS ~62% OF ENTERPRISE VALUE — lower than most in this tracker, because a 12% WACC discounts the far future hard and the explicit years carry ~$14B of FCF a year. The implied terminal multiple is ~6.6x EBITDA, far below the ~15x the market pays on FY2027 numbers.
Beta is the published 1.41, not normalized. It makes the cost of equity 12.29% and WACC 11.98% — the single biggest reason this value is far below the price. A beta of 1.0 gives ~$258/share; the price needs a beta near 0.15.
SBC of $723M in FY2026 ($373M in H1 FY2027) stays expensed inside GAAP EBIT; dilution is captured by the weighted-diluted share count. Buybacks shrink the count faster than SBC grows it, so 652M is conservative versus the 635.8M outstanding on 2026-09-01.
CUSTOMER CONCENTRATION IS NOT MODELLED. AI-server orders are lumpy and concentrated among a small number of large AI/cloud buyers; the 10-Q calls the timing 'inherent non-linearity'. A single large order slipping or being cancelled moves a quarter by billions. The model smooths this away.

DELL DCF valuation: what the price assumes

At a recent price of $451.71, Dell Technologies Inc. (DELL) trades 48% above TickerWorth's blended fair value of $304.40 per share — a discounted-cash-flow model cross-checked against peer multiples and asset value — meaning the market currently prices DELL overvalued vs our estimate of what the business is intrinsically worth. Our fair value sits below the market, an implied -32.6% move to close the gap if the business performs in line with our assumptions. This is an educational model, not a price target or a recommendation — the value moves with the inputs, which you can test yourself using the WACC slider below.

Read the full reasoning

One of the lenses behind that blended figure is a discounted-cash-flow model, which on its own values DELL at about $204.80 per share. The rest of this page walks through that DCF — its assumptions, reverse-DCF and discount-rate sensitivity — because it is the auditable anchor of the blend.

The valuation discounts Dell Technologies Inc.'s projected free cash flows at a weighted-average cost of capital (WACC) of 12.0%, with a long-run terminal growth rate of 2.5%. About 62% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.

Running the DCF in reverse — solving for the growth the current price already assumes — DELL would need sustained revenue growth of more than 25%/yr to justify today's price, against about 14.2% a year compounded in our base case. We don't quote a precise figure here, because past about 25% a year the reverse-DCF stops being informative: it solves for revenue growth alone, holding margins, capital intensity and the forecast horizon fixed, so a price well above our fair value has nowhere to go but growth. The honest reading is that the price implies growth this model can't reconcile — not that we forecast it.

Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, DELL's modeled DCF value ranges from about $167.22 to $268.65 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.

How to read this page: the DCF fair value is what Dell Technologies Inc. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of DELL's intrinsic value. Figures update as new filings and prices come in.

Every input behind DELL's DCF

Input	Value	Source
Base-year revenueDell Technologies FY2026 10-K (accession 0001571996-26-000008, filed 2026-03-16); same figure in the Q4 FY26 earnings release, 8-K Ex-99.1 (accession 0001571996-26-000003, 2026-02-26): Total net revenue for the fiscal year ended 2026-01-30: $113,538M, +19% on FY2025's $95,567M. ISG $60,826M (+40%; AI-optimized servers $24,683M, traditional servers & networking $19,512M, storage $16,631M), CSG $50,984M (+5%). UNCHANGED as the base — FY2027's explosive growth belongs in the forecast. CROSS-CHECK, H1 FY2027 (six months to 2026-07-31): revenue $90,813M, +71% on H1 FY2026's $53,154M — the first half of this year alone is 80% of the whole of the base year.	$113,538,000,000	Dell Technologies FY2026 10-K (accession 0001571996-26-000008, filed 2026-03-16); same figure in the Q4 FY26 earnings release, 8-K Ex-99.1 (accession 0001571996-26-000003, 2026-02-26): Total net revenue for the fiscal year ended 2026-01-30: $113,538M, +19% on FY2025's $95,567M. ISG $60,826M (+40%; AI-optimized servers $24,683M, traditional servers & networking $19,512M, storage $16,631M), CSG $50,984M (+5%). UNCHANGED as the base — FY2027's explosive growth belongs in the forecast. CROSS-CHECK, H1 FY2027 (six months to 2026-07-31): revenue $90,813M, +71% on H1 FY2026's $53,154M — the first half of this year alone is 80% of the whole of the base year.
Base EBIT marginDell Q4 FY26 earnings release, 8-K Ex-99.1 (accession 0001571996-26-000003, 2026-02-26) + FY2026 10-K: GAAP operating income $8,149M / revenue $113,538M = 7.18%. GAAP, not Dell's non-GAAP $9,991M (8.8%): amortization of EMC-merger intangibles ($497M), SBC ($723M) and 'other corporate expenses' stay inside EBIT. Interest and other, net (-$886M, which includes the gain on the Secureworks sale and strategic-investment gains) sits below this line and is excluded. CROSS-CHECK, the latest quarters on the same GAAP basis: H1 FY2027 $9,041M / $90,813M = 9.96%, Q2 FY2027 alone $5,385M / $46,971M = 11.46%. The step-up is opex leverage (opex fell from 12.8% of revenue in FY2026 to 9.4% in H1 FY2027) plus a Q2 gross-margin lift the 10-Q attributes to 'disciplined pricing' during memory-cost inflation.	7.2%	Dell Q4 FY26 earnings release, 8-K Ex-99.1 (accession 0001571996-26-000003, 2026-02-26) + FY2026 10-K: GAAP operating income $8,149M / revenue $113,538M = 7.18%. GAAP, not Dell's non-GAAP $9,991M (8.8%): amortization of EMC-merger intangibles ($497M), SBC ($723M) and 'other corporate expenses' stay inside EBIT. Interest and other, net (-$886M, which includes the gain on the Secureworks sale and strategic-investment gains) sits below this line and is excluded. CROSS-CHECK, the latest quarters on the same GAAP basis: H1 FY2027 $9,041M / $90,813M = 9.96%, Q2 FY2027 alone $5,385M / $46,971M = 11.46%. The step-up is opex leverage (opex fell from 12.8% of revenue in FY2026 to 9.4% in H1 FY2027) plus a Q2 gross-margin lift the 10-Q attributes to 'disciplined pricing' during memory-cost inflation.
Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast	69% → 7% → 1% → 3% → 3%	ESTIMATEAssumption — TickerWorth's 5-year explicit forecast
Risk-free rateUS 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. House input shared by every model in this tracker.	5.2%	US 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. House input shared by every model in this tracker.
BetaYahoo Finance 5Y-monthly beta via yfinance: Published 5Y-monthly beta 1.409, used as published (rounded to 1.41). Cost of equity = 5.24% + 1.41 x 5.0% = 12.29%. NOT normalized: Dell's high measured beta is consistent with what it is — a hardware business whose revenue depends on enterprise and hyperscaler capex cycles — and there is no clean reason to move it either way. Two distortions noted, not adjusted for: the window opens just before the November 2021 VMware spin-off, and the 2026 move (roughly $110 to $595 within 52 weeks) is only a handful of monthly observations. Each 0.1 of beta is worth roughly $11/share here (1.31 gives $215.66); normalizing to 1.2 would give $229.02.	1.41	Yahoo Finance 5Y-monthly beta via yfinance: Published 5Y-monthly beta 1.409, used as published (rounded to 1.41). Cost of equity = 5.24% + 1.41 x 5.0% = 12.29%. NOT normalized: Dell's high measured beta is consistent with what it is — a hardware business whose revenue depends on enterprise and hyperscaler capex cycles — and there is no clean reason to move it either way. Two distortions noted, not adjusted for: the window opens just before the November 2021 VMware spin-off, and the 2026 move (roughly $110 to $595 within 52 weeks) is only a handful of monthly observations. Each 0.1 of beta is worth roughly $11/share here (1.31 gives $215.66); normalizing to 1.2 would give $229.02.
Terminal growthESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability. For Dell this is neither generous nor stingy: the 10-K shows revenue of $88,425M in FY2024 and $95,567M in FY2025, so the pre-AI business was not a growth business, and the AI step-up is captured in the explicit years. A 2.0% terminal rate takes ~$7/share off ($197.66). Must remain well below WACC of 11.98%; it does.	2.5%	ESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability. For Dell this is neither generous nor stingy: the 10-K shows revenue of $88,425M in FY2024 and $95,567M in FY2025, so the pre-AI business was not a growth business, and the AI step-up is captured in the explicit years. A 2.0% terminal rate takes ~$7/share off ($197.66). Must remain well below WACC of 11.98%; it does.
Diluted sharesDell Q2 FY27 10-Q (accession 0001571996-26-000046, filed 2026-09-08): Q2 FY2027 weighted-average diluted shares 652M (H1: 654M; Dell reports this line only to the million). Used per the house rule. CONSERVATIVE against the period-end count: Dell bought back $5.4B of stock in H1 (~20M shares) and shares outstanding were 635.8M on 2026-09-01, so the slice count is already ~2.5% below the weighted figure; using 636M would add ~$5/share.	652M	Dell Q2 FY27 10-Q (accession 0001571996-26-000046, filed 2026-09-08): Q2 FY2027 weighted-average diluted shares 652M (H1: 654M; Dell reports this line only to the million). Used per the house rule. CONSERVATIVE against the period-end count: Dell bought back $5.4B of stock in H1 (~20M shares) and shares outstanding were 635.8M on 2026-09-01, so the slice count is already ~2.5% below the weighted figure; using 636M would add ~$5/share.
Market priceDelayed quote · as of 2026-10-19 13:16 UTC	$451.71	Delayed quote · as of 2026-10-19 13:16 UTC

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What does Dell Technologies Inc. do?

What does it do?

Dell Technologies Inc. designs, develops, manufactures, markets, sells, and supports various comprehensive and integrated solutions, products, and services in the Americas, Europe, the Middle East, Asia, and internationally. It operates in the Computer Hardware industry (Technology sector), headquartered in United States. The company employs roughly 97,000 people.

How does it make money?

The business turns $151.2B in annual revenue into profit. Out of every $100 of sales, about $12 is left as operating profit (operating margin of 12.0%), after a 20% gross margin on the products/services it sells. After all costs, taxes and interest, 7.5% of revenue becomes bottom-line net profit.

Is it financially healthy?

Financially it looks stretched: may struggle to cover its short-term bills (1.0× current ratio), and is currently profitable.

Who at DELL filed insider trades?

Recent insider filings for Dell Technologies Inc.
Date	Insider	Relationship	What happened	Value	Filing
9 Oct 2026	Silver Lake Technology Investors V, L.P.	Director, 10% owner	Option exercise	—	Form 4 for Silver Lake Technology Investors V, L.P. (opens sec.gov in a new tab)
9 Oct 2026	Silver Lake Technology Investors V, L.P.	Director, 10% owner	Open-market sale	$11,457.40	Form 4 for Silver Lake Technology Investors V, L.P. (opens sec.gov in a new tab)
9 Oct 2026	Silver Lake Technology Investors V, L.P.	Director, 10% owner	Open-market sale	$5,172.39	Form 4 for Silver Lake Technology Investors V, L.P. (opens sec.gov in a new tab)
9 Oct 2026	Silver Lake Technology Investors V, L.P.	Director, 10% owner	Open-market sale	$29,921.84	Form 4 for Silver Lake Technology Investors V, L.P. (opens sec.gov in a new tab)
9 Oct 2026	Silver Lake Technology Investors V, L.P.	Director, 10% owner	Open-market sale	$12,679.48	Form 4 for Silver Lake Technology Investors V, L.P. (opens sec.gov in a new tab)
9 Oct 2026	Silver Lake Technology Investors V, L.P.	Director, 10% owner	Open-market sale	$14,431.25	Form 4 for Silver Lake Technology Investors V, L.P. (opens sec.gov in a new tab)

A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans

Common questions

What is DELL's intrinsic value?
TickerWorth's blended fair value for Dell Technologies Inc. (DELL) is $304.40 per share, versus a market price of $451.71 (48% above fair value).
Is DELL overvalued or undervalued?
On our blended fair value DELL looks overvalued vs fair value at $451.71. This is an educational estimate, not advice.
What discount rate is used for DELL?
A WACC of 12.0% and a terminal growth rate of 2.5%.
Is Dell Technologies stock undervalued?
TickerWorth's fair value for Dell Technologies Inc. (DELL) is $304.40 against a market price of $451.71. Our read: 48% above fair value. This is a model estimate, not investment advice.
Dell Technologies (DELL) DCF valuation and fair value
Our fair value for Dell Technologies Inc. (DELL) is $304.40, built on a 12.0% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Dell Technologies stock?
Today's price implies revenue growth of more than 25%/yr. Above about 25% a year the reverse-DCF stops being informative. It solves for revenue growth alone — holding margins, capital intensity and the forecast horizon fixed — so a price well above our cash-flow model's value has nowhere to go but growth, and the solver returns a rate the model can't reconcile. Read it as "the price implies growth we can't justify", not as a forecast. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $451.71. A model estimate, not investment advice.
Dell Technologies (DELL) insider trading
The most recent insider filing (SEC Form 4) for Dell Technologies Inc. (DELL): Silver Lake Technology Investors V, L.P., Director, 10% owner, option exercise on 2026-10-09. The latest filings are listed on this page. A disclosure, not a signal to trade.