Dell Technologies Inc. (DELL): return on invested capital, 10 filed years
ROIC at Dell Technologies Inc. was 36.5% in FY2026, the newest filed year. Across the 7 computed years from FY2019 it ranged from -0.5% (FY2019) to 36.5% (FY2026), with a median of 23.1%.
Tonight's figure on the company page: 36.5%, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.
Year by year
| Fiscal year | ROIC | Read from |
|---|---|---|
| FY2017 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2017-03-31 |
| FY2018 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2018-03-29 |
| FY2019 | -0.5% | 10-K, filed 2019-03-29 |
| FY2020 The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed. | n/a | 10-K, filed 2020-03-27 |
| FY2021 | 10.6% | 10-K, filed 2021-03-26 |
| FY2022 | 23.1% | 10-K, filed 2022-03-24 |
| FY2023 | 23.1% | 10-K, filed 2023-03-30 |
| FY2024 | 25.9% | 10-K, filed 2024-03-25 |
| FY2025 | 28.0% | 10-K, filed 2025-03-25 |
| FY2026 | 36.5% | 10-K, filed 2026-03-16 |
How each year is computed
Operating income x (1 - effective tax rate) / (equity + total debt - cash) x 100
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
Read further
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.