Dell Technologies Inc. (DELL)财务
NYSE · Technology · Computer Hardware · 员工97,000人 · CEO Michael Saul Dell
- 股价
- $424.16 -10.80%
- 市值
- $2700亿
- 企业价值
- $2930亿
- 最近财报
- Q2 '27 2026-09-08提交
- 下次财报
- 2026-11-24 EPS预期 $6.56
营收(TTM)$1510亿+49.2% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)9.6%+2.8 百分点 对比去年同期营业利润 $144亿
净利润(TTM)$114亿+137.3% 对比去年同期税后,含营业外收益
自由现金流(TTM)$85.6亿+76.1% 对比去年同期资本支出 $35.9亿
稀释EPS(TTM)$17.23+153.4% 对比去年同期最近4个季度之和
净现金-$229亿-8.1% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $2700亿 EV $2930亿
- 营收
- $1510亿 过去12个月
- 营收增速
- +71% FY2027年一致预期
- 净利润率
- 7.5% 净利润 / 营收,TTM
- P/E
- 24.3× 预期 16.4×(FY2027)
- P/S
- 1.8× 股价 / 营收,TTM
- EV / EBITDA
- 15.9× TTM
- 自由现金流
- $85.6亿 过去12个月
- 净利润
- $114亿 过去12个月
- 营收预期
- $1950亿 FY2027年一致预期
- 盈利
- 2026-11-24 营收预期 $492亿
- 股息
- $2.42 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-09-01):营收超预期4.6%,EPS 超预期43.4%营收$470亿,预期$449亿(+4.6%);EPS $7.04,预期$4.91(+43.4%)。
- 营收增长加速:同比57.7%Q2 '27营收$470亿,此前四个季度的平均值为39.4%。
- 营业利润率9.6%(TTM),较去年同期+2.8 百分点营收增长49.2%,营业利润增长111.4%。
- 资本支出占营收的2.4%(去年为2.6%)最近4个季度投入$35.9亿(同比+37.3%)。自由现金流$85.6亿,相当于净利润的75.2%。
- 股东回报$97.3亿 = 自由现金流的113.6%回购$81.6亿(去年为$44.8亿),股息$15.7亿,股权激励$5.43亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少7.1%Q2 '27稀释股数6.52亿,一年前为7.02亿。
- 净债务 $229亿现金 + 短期投资 $116亿,含租赁债务 $345亿;一年前净债务 $212亿。
上一季度:Q2 '27
截至2026-07-31的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '27 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $470亿 | $298亿 | +57.7% |
| 毛利率 | 20.9% | 18.3% | +2.6 百分点 |
| 营业利润 | $54.7亿 | $17.7亿 | +208.6% |
| 营业利润率 | 11.6% | 6.0% | +5.7 百分点 |
| 净利润 | $41.3亿 | $11.6亿 | +255.1% |
| 稀释EPS | $6.34 | $1.70 | +272.9% |
| 经营现金流 | $22.3亿 | $25.4亿 | -12.5% |
| 资本支出 | $12.4亿 | $6.75亿 | +83.6% |
| 自由现金流 | $9.86亿 | $18.7亿 | -47.2% |
| R&D | $11.1亿 | $7.85亿 | +41.3% |
| 股权激励费用 | $0 | $1.79亿 | -100.0% |
实际 vs 一致预期
2026-09-01| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $470亿 | $449亿 | +4.6% |
| EPS(一致预期口径) | $7.04 | $4.91 | +43.4% |
来自2026-09-01发布的Q2 '27财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '27 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Other Segments | $468亿 | +59.8% | 99.7% | $1500亿 | +5.6% | |
| Corporate, Non-Segment | $1.55亿 | -67.2% | 0.3% | $10.8亿 | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q2 '27分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Infrastructure Solutions Group | – | – | $47.8亿 | +225.2% | – | – | $125亿 |
| Client Solutions | – | – | $11.4亿 | +42.2% | – | – | $36.9亿 |
| All other segments | – | – | – | – | – | – | – |
| Corporate (unallocated) | – | – | $600万 | -45.5% | – | – | $3700万 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $122亿
- 资本支出
- -$35.9亿
- 股票回购
- -$81.6亿
- 股息
- -$15.7亿
- 收购
- -$8400万
- 债务净发行
- $56.8亿
- 股权激励费用
- $5.43亿
- 自由现金流
- $85.6亿
- 股东回报 / FCF
- 113.6%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 24.3× | 13.5× | 7.7× – 18.3× |
| EV / EBITDA | 15.9× | 7.8× | 5.0× – 9.7× |
| EV / 营收 | 1.9× | 0.8× | 0.5× – 1.0× |
| 股价 / FCF | 31.5× | 23.8× | 5.7× – 55.2× |
| 股价 / 净资产 | -191.7× | – | – |
| FCF收益率 | 3.2% | 8.5% | 1.8% – 17.5% |
| 投入资本回报率 | 22.8% | 11.9% | 9.2% – 15.0% |
| 净资产收益率 | -574.6% | -222.1% | -330.1% – -78.2% |
分析师
一致目标价 $564.65 (+33.1%)
区间 $289.00 – $735.00 · 评级 Buy
强烈买入0
买入24
持有19
卖出2
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $1950亿 | +71.4% | $25.91 | +198.5% | 16.4× | 15 |
| FY2028 | $2350亿 | +20.9% | $30.99 | +19.6% | 13.7× | 8 |
| FY2029 | $2640亿 | +12.1% | $35.39 | +14.2% | 12.0× | 5 |
| FY2030 | $2980亿 | +13.2% | $45.78 | +29.4% | 9.3× | 3 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Dell Technologies Inc.在近期10-Q / 10-K文件中标记的全部324项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $497亿 | $275亿 | +81.1% | $336亿 | $208亿 | +61.4% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $229亿 | $150亿 | +52.6% | $176亿 | $103亿 | +70.8% |
| Accounts Receivable, Allowance for Credit Loss | $5600万 | $8300万 | -32.5% | $7700万 | $6300万 | +22.2% |
| Accrued Liabilities, Current | $107亿 | $64.9亿 | +65.6% | $83.2亿 | $66亿 | +26.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $87.5亿 | $85.6亿 | +2.3% | $81.7亿 | $77.6亿 | +5.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7.59亿 | -$7.1亿 | -6.9% | -$7.19亿 | -$9.39亿 | +23.4% |
| Advertising Expense | – | – | – | $7亿 | $8亿 | -12.5% |
| Amortization of Intangible Assets | $1亿 | $1亿 | 0.0% | $5亿 | $7亿 | -28.6% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | – | 100万 | 0 | – |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1.84亿 | $1.79亿 | +2.8% | $7.23亿 | $7.85亿 | -7.9% |
| Assets | $1270亿 | $892亿 | +42.9% | $1010亿 | $797亿 | +27.0% |
| Assets, Current | $805亿 | $455亿 | +77.0% | $576亿 | $362亿 | +59.0% |
| Assets, Fair Value Disclosure | $74.4亿 | $48.2亿 | +54.2% | $82.9亿 | $8.81亿 | +840.9% |
| Capitalized Computer Software, Amortization | – | – | – | $2.9亿 | $3.25亿 | -10.8% |
| Capitalized Computer Software, Net | $5.26亿2026-01-30 | $6.23亿 | -15.6% | $5.26亿 | $6.23亿 | -15.6% |
| Cash and Cash Equivalents, at Carrying Value | $116亿 | $81.5亿 | +42.0% | $115亿 | $36.3亿 | +217.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $117亿 | $82.9亿 | +41.6% | $117亿 | $38.2亿 | +206.5% |
| CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectDisposalGroupIncludingDiscontinuedOperations | -$1600万 | $4.38亿 | -103.7% | $78.9亿 | -$36.9亿 | +313.9% |
| Common Stock, Dividends, Per Share, Declared | $0.63 | $0.53 | +20.0% | $2.10 | $1.78 | +18.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 88亿 | 88亿 | 0.0% | 88亿 | 88亿 | 0.0% |
| Common Stock, Shares, Issued | 8.52亿 | 8.43亿 | +1.1% | 8.44亿 | 8.34亿 | +1.2% |
| Common Stock, Shares, Outstanding | 6.4亿 | 6.75亿 | -5.2% | 6.52亿 | 6.96亿 | -6.3% |
| Common Stocks, Including Additional Paid in Capital | $92.8亿 | $91.3亿 | +1.6% | $94.6亿 | $91.2亿 | +3.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $40.8亿 | $13.8亿 | +195.9% | $61.5亿 | $44.5亿 | +38.1% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $21.9亿2026-01-30 | $14.1亿 | +55.3% | $61.5亿 | $44.4亿 | +38.6% |
| Contract with Customer, Liability | $297亿 | $262亿 | +13.5% | $269亿 | $260亿 | +3.7% |
| Contract with Customer, Liability, Current | $148亿 | $138亿 | +7.3% | $133亿 | $137亿 | -2.5% |
| Contract with Customer, Liability, Noncurrent | $150亿 | $124亿 | +20.4% | $136亿 | $123亿 | +10.6% |
| Contract with Customer, Liability, Revenue Recognized | $50.1亿 | $51.1亿 | -2.1% | $201亿 | $212亿 | -5.3% |
| Contractual Obligation, to be Paid, Remainder of Fiscal Year | $224亿 | – | – | – | – | – |
| Cost of Goods Sold, Sales-type Lease | $32.4亿 | $1.78亿 | +1,722.5% | $7.98亿 | $17亿 | -53.1% |
| Cost of Revenue | $371亿 | $243亿 | +52.7% | $908亿 | $743亿 | +22.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $2.99亿 | -$8400万 | +456.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $9.24亿 | $7.85亿 | +17.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $13.9亿 | $6.8亿 | +104.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.64亿 | -$2100万 | +881.0% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $2.81亿 | – | – | $2.28亿2024-02-02 | $2.79亿 | -18.3% |
| Debt Instrument, Unamortized Discount (Premium), Net | $1.09亿2026-05-01 | $1.13亿 | -3.5% | $1.12亿 | $1.1亿 | +1.8% |
| Debt Issuance Costs, Net | $1.43亿2026-05-01 | $1.37亿 | +4.4% | $1.48亿 | $1.11亿 | +33.3% |
| Debt Securities, Available-for-sale | $8200万 | $700万 | +1,071.4% | $7700万 | $800万 | +862.5% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $300万2026-01-30 | $2400万 | -87.5% | $300万 | $2400万 | -87.5% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $4500万2026-01-30 | $2700万 | +66.7% | $4500万 | $2700万 | +66.7% |
| Debt Securities, Available-for-sale, Amortized Cost | $1.19亿2026-01-30 | $1100万 | +981.8% | $1.19亿 | $1100万 | +981.8% |
| Debt Securities, Held-to-maturity | $8.32亿2026-01-30 | $7.39亿 | +12.6% | $8.32亿 | $7.39亿 | +12.6% |
| Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | $18亿 | $10.3亿 | +74.8% | $10.7亿 | $10.1亿 | +6.1% |
| Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | $3亿 | $2.84亿 | +5.6% | $2.63亿 | $2.61亿 | +0.8% |
| Debt Securities, Held-to-maturity, Fair Value | $25.8亿 | $15.8亿 | +64.0% | $16.4亿 | $14.9亿 | +10.3% |
| Debt, Current | $84.8亿 | $71.5亿 | +18.5% | $79.9亿 | $52亿 | +53.5% |
| DebtSecuritiesAvailableForSaleAndHeldToMaturityAmortizedCostBeforeAllowanceForCreditLoss | $9.51亿2026-01-30 | $7.5亿 | +26.8% | $9.51亿 | $7.5亿 | +26.8% |
| DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedGain | $10.7亿2026-01-30 | $10.3亿 | +4.0% | $10.7亿 | $10.3亿 | +4.0% |
| DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedLoss | $3.08亿2026-01-30 | $2.88亿 | +6.9% | $3.08亿 | $2.88亿 | +6.9% |
| DebtSecuritiesAvailableForSaleAndHeldToMaturityFairValue | $26.7亿 | $15.8亿 | +68.4% | $17.2亿 | $15亿 | +14.8% |
| Deferred Compensation Plan Assets | $2.69亿2026-05-01 | $2.38亿 | +13.0% | $2.74亿 | $2.44亿 | +12.3% |
| Deferred Costs, Current | $25.3亿2026-01-30 | $41.3亿 | -38.7% | $25.3亿 | $41.3亿 | -38.7% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$5100万 | -$2.2亿 | +76.8% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$1900万 | $2400万 | -179.2% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$6000万 | -$2.08亿 | +71.2% |
| Deferred Income Taxes and Tax Credits | -$2200万 | $1.29亿 | -117.1% | -$6000万 | -$2.08亿 | +71.2% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $1000万 | -$1200万 | +183.3% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-07-31, 10-Q 2026-05-01, 10-K 2026-01-30, 10-Q 2025-10-31, 10-Q 2025-08-01, 10-Q 2025-05-02, 10-K 2025-01-31, 10-Q 2024-11-01, 10-Q 2024-08-02
数据截至 2026-11-01