Apple vs Dell Technologies
Apple reported revenue of $416.2 billion in fiscal 2025, 3.7 times Dell Technologies' $113.5 billion in fiscal 2026. Apple's revenue grew 6.4% in its latest year, and Dell Technologies' grew 18.8%. Apple had an operating margin of 32.0%, against 7.2% at Dell Technologies. Free cash flow was $98.8 billion at Apple and $8.6 billion at Dell Technologies. Their fiscal years end in different months (September 27 and January 30), so the periods don't line up exactly.
Side by side
| Apple | Dell Technologies | |
|---|---|---|
| Latest fiscal year | FY2025, Sep 27, 2025 | FY2026, Jan 30, 2026 |
| Revenue | $416.2B | $113.5B |
| Revenue growth | 6.4% | 18.8% |
| Revenue growth a year, last 5 years | 8.7% | 5.5% |
| Gross margin | 46.9% | 20.0% |
| Operating margin | 32.0% | 7.2% |
| Net margin | 26.9% | 5.2% |
| Free cash flow | $98.8B | $8.6B |
| Free cash flow margin | 23.7% | 7.5% |
| Return on capital | 102.9% | 36.0% |
| Net debt to EBITDA | 0.3x | 1.8x |
| Dividends and buybacks | $106.1B | $7.5B |
| Change in diluted share count | −2.6% | −5.0% |
| Last close | $343.91 | $467.09 |
| P/E at the last close | 39.5× | 27.2× |
| Insider trades, last 12 months | sold $208.2 million | sold $3.1 billion |
| Piotroski F-score | 8 of 9 | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
AppleDell Technologies
Operating margin
Percent of revenue
AppleDell Technologies
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
AppleDell Technologies
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Apple and Dell Technologies pages.