Does Dell Technologies Inc. have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores Dell Technologies Inc. (DELL) 58.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 35, returns on capital 76, balance-sheet safety 38, capital discipline 87.

Is DELL stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $86.28 per share versus a recent price of $396.40 — 359% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has DELL's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 58.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Dell Technologies Inc.

DELL · Technology · $258.5B mkt cap · FY2026 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power35

Median gross margin 22.7% over 10y, stable.

Returns on capital76

Median ROIC 17.6%, above the 9% hurdle in 60% of years.

Balance-sheet safety38

Net debt/EBITDA 1.8x, interest coverage 5x.

Capital discipline87

Owner earnings +8.4%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

359% above value

Owner earnings (normalized): $5.1B
Est. intrinsic value / share: $86.28
Recent price: $396.40
Discount to value: 359% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

13 years of fundamentals

The business, in plain English

Dell Technologies Inc. booked $113.5B of revenue in FY2026 in the Technology sector and kept 20.0% of it as gross profit — a moderate-margin business by that measure. After every other cost, 5.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $54.1B (FY2015) to $113.5B (FY2026) — about 7.0% a year compounded over 11 years.

It earned 38.0% on invested capital in FY2026, with a median of 11.0% across 11 filed years. The Returns on Capital filter above scores it 76/100.

The balance sheet carried $31.5B of total debt in FY2026 against $6.3B of owner earnings — roughly 5.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 38/100.

The share count rose 61.0% between FY2016 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 87/100.

Put together: Capital Discipline is the strongest of the four filters (87/100) and Pricing Power the weakest (35/100), which is how DELL lands at 58/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$113.5B FY2026

Gross marginRevenue kept after cost of goods20.0% FY2026

Return on invested capitalOperating profit on the capital employed38.0% FY2026

Owner earningsCash an owner could take out$6.3B FY2026

Gaps in a line mean that item isn’t in DELL’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale58.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — DELL has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#141 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#139PINS Pinterest, Inc.58.5 out of 100, Shallow moatShallow moat
#140AMKR AMKOR TECHNOLOGY, INC.58.2 out of 100, Shallow moatShallow moat
#142DIOD DIODES INC /DEL/58.1 out of 100, Shallow moatShallow moat
#143FISV FISERV INC58.1 out of 100, Shallow moatShallow moat

Compare DELL with its nearest peers →All Technology companies on the Index →

Common questions about DELL

Does Dell Technologies Inc. have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores Dell Technologies Inc. (DELL) 58.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 35, returns on capital 76, balance-sheet safety 38, capital discipline 87.
Is DELL stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $86.28 per share versus a recent price of $396.40 — 359% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has DELL's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 58.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell DELL. See the disclaimer.