ATLAS
DELL

Dell Technologies

Cyclical AI Beneficiary
Servers & rack systems·US·Round Rock, TX·#1 / 8 in segment·38.7% of segment mcap
$242.93
89.9% vs S&P 12m

Server and PC platform vendor with large AI-server backlog tied to xAI and hyperscaler builds.

Cleanest large-cap AI server exposure with backlog visibility; ISG margins remain the swing factor.

Products
  • PowerEdge XE9680
  • Liquid-cooled rack
  • PowerStore
  • Latitude PCs
Customers (3)
  • xAI
  • Hyperscalers
  • Enterprises
Competitors (3)

Composite score

Higher = stronger overall research case

70
Fundamental64
Technical82
Valuation72
AI relevance75
Risk-adjusted (higher = safer)65
Segment-relative fundamental percentile: 100

Synthetic 1Y price action

Deterministic price series; 50d (yellow) and 200d (orange) MAs shown

3M RS: 95.7%6M RS: 87.0%12M RS: 89.9%Vol30d: 67%DD52w: -6.7%

Financial summary

Curated, illustrative

Revenue
$113.54B
Growth (YoY)
39.5%
Gross margin
20.1%
Operating margin
9.6%
FCF
$6.61B
Capex
$4.58B
Net cash / (debt)
$-20.73B
ROIC
6.0%
Customer conc.
Medium

Valuation

Market cap
$157.80B
Enterprise value
$178.53B
P/E (TTM)
28.0x
Forward P/E
16.4x
EV / Sales
1.6x
EV / EBITDA
15.6x
P / FCF
23.9x
PEG
1.0x
Rule of 40

Risks

Severity 1 (low) to 5 (severe)

  • 3
    AI server margin compression
  • 2
    PC cyclicality

Score components

What drove the composite

Growth94
Profitability43
Cash generation38
Balance sheet72
Moat / AI relevance75
Capital intensity (higher = lighter)75
Customer diversification60
Valuation discipline (dilution)65
Trend (MA50/MA200)95
Momentum (3/6/12m)80
Relative strength100
Realized vol (higher = lower vol)28