Dell Technologies Inc. (DELL) Stock Price & How to Invest

Dell Technologies sells computing hardware to enterprises and consumers. The business has two main segments. Infrastructure Solutions Group (ISG) sells servers (including AI-optimized PowerEdge servers), storage (PowerStore, PowerMax), and data center networking; ISG has become a major AI infrastructure beneficiary because Dell is one of the largest assemblers of NVIDIA GPU-based AI servers for hyperscaler, neocloud and enterprise customers. Client Solutions Group (CSG) sells laptops, desktops, monitors, and peripherals to consumer and commercial markets.

The scale of the AI ramp shows up in the numbers. Dell's fiscal 2026 (ended January 30, 2026) revenue was about $113.5 billion; trailing twelve-month revenue through July 2026 reached about $151 billion, with net income of about $11.4 billion. In the quarter ended July 31, 2026, reported September 1, revenue was about $47.0 billion, up about 58%, and adjusted EPS was $7.04, and management lifted full-year guidance to about $192 billion of revenue and $25.50 of adjusted EPS, from a prior revenue range of $165-169 billion. Dell spun off its stake in VMware in 2021. Founded in 1984 by Michael Dell as a PC company, headquartered in Round Rock, Texas. Michael Dell is the chairman, CEO, and largest shareholder.

AI server margins are structurally thinner than other Dell business, so headline revenue growth doesn't translate to proportional earnings growth. Barclays, in downgrading Dell to equal weight in October 2026 with a $574 target, argued that much of the recent revenue growth reflects higher memory prices passed through to customers rather than enterprise AI adoption, and that infrastructure revenue could weaken if memory prices stabilize or fall. Demand depends on AI buyers continuing to fund large data center buildouts, and rising interest rates and doubts about AI customers' revenues make debt-financed projects harder: Dell fell about 19% in the month to October 16, 2026 alongside HPE and Supermicro. The stock is far more volatile than in early 2026, with a 52-week range of roughly $110 to $596. PC market cyclicality and competition from Apple and Lenovo remain, and Dell carries about $35 billion of debt.

25 analysts publish price targets on DELL, averaging $593.00 against a $451.71 price as of October 2026, or +31.3%. The published targets run from $480.00 to $735.00, a moderate spread, and the ratings split 19 buy, 10 hold, 0 sell. Over the last six months there have been 10 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full DELL forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Dell Technologies Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. AI server assembly as the headline growth driver. Dell is one of the largest assemblers of NVIDIA GPU-based AI servers in the world. The most optimistic published target, $735.00, assumes this works close to its best case.

The case against. AI server margins are structurally thinner than other Dell business, so headline revenue growth doesn't translate to proportional earnings growth. The most pessimistic target, $480.00, is roughly what DELL is worth if this bites instead.

Read the full bull and bear case on DELL, including what would have to change to break either one. Walnut is not an investment adviser.

Yes. Dell Technologies Inc. (DELL) has had 2 share splits in the last 10 years:

• 1806:1000 on December 28, 2018, so every share held became 1.806 shares.
• 1973:1000 on November 2, 2021, so every share held became 1.973 shares.

A split changes the share count and the price per share and leaves the value of a holding unchanged. Someone holding $1,000 of DELL the day before the 1973:1000 split held $1,000 the day after, in more shares at a proportionally lower price. Historical prices from before the date are normally shown split-adjusted, which is why a long-run chart shows no cliff.

Splits matter mainly because they make older price figures confusing to compare by hand, and because a board choosing to split is usually signalling that the price has run up far enough to feel awkward for smaller buyers. Neither is a reason to buy or sell.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Dell Technologies Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$151 billion (quarter ended July 2026 ~$47.0B, up ~58% YoY)
• Net income (TTM): ~$11.4 billion
• EPS: Latest quarter adjusted $7.04 vs $4.92 estimate; trailing ~$17.20; FY2027 guidance ~$25.50 adjusted
• Margins (TTM): Gross ~20%, operating ~12%, net ~7.5%
• P/E: ~27x trailing, ~15x forward
• Dividend yield: ~0.5% ($2.52 annual rate; payout ~13%)
• Free cash flow (TTM): ~$6.0 billion
• Market cap: ~$292 billion (shares ~$459, Oct 16, 2026)

Dell's valuation has rerated with its earnings: the forward P/E of about 15x is similar to early 2026, but it now applies to estimates that have roughly tripled, and the market cap has gone from about $95 billion to about $292 billion. The multiple compresses if AI server margins disappoint, if memory-driven pricing fades, or if PC end markets weaken. The next quarterly report is expected around November 27, 2026, with consensus EPS of about $6.56 on ~$49.2 billion of revenue.

If you want DELL exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

These are the investment theses DELL naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that sit close to DELL: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get DELL exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (VLUE, BLOK, FDVV), which spreads the position across many companies. Or build it into a focused thematic portfolio, so DELL sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where DELL fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Dell (DELL) offers AI-server exposure with founder Michael Dell aligned as the largest shareholder, balanced against structurally thin AI-server margins, cyclical PC demand, and, after a 2026 run that took its market cap to about $292 billion, a share price that now carries much higher expectations. Its latest quarter beat badly (EPS $7.04 against $4.92), yet the stock dropped sharply in mid-October 2026 when Barclays downgraded it and argued that much of the hardware revenue growth came from memory price increases passed through to customers rather than enterprise AI adoption. In a portfolio it behaves as an AI-infrastructure and hardware holding (more diversified than pure-play Supermicro), with a growing dividend, competing with HPE, Supermicro, Lenovo, and NetApp.

Whether DELL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is DELL a buy or a sell?, and where the stock could go from here in the DELL stock forecast.

For income investors, whether DELL pays a dividend and how the payout looks is covered in does DELL pay a dividend? And to weigh DELL against a peer, read the full side-by-side comparisons: DELL vs AVGO and DELL vs NVDA.