Post-Q2 FY27 forward earnings valuation for Dell Technologies (ISG AI servers, traditional servers/storage, CSG PCs, and DFS financing). Capitalizes company-guided FY27 non-GAAP diluted EPS at a target forward P/E. Prefer consolidated forward P/E over FCF yield because DFS financing receivables and AI working-capital swings heavily distort GAAP free cash flow (Q2 FY27 GAAP FCF $0.99B vs adjusted FCF $8.1B). Prefer consolidated P/E over full SOTP for the primary mark because the Street prices DELL on earnings and the shared balance sheet/net debt complicate clean segment EV bridges; use segment OI only as a sanity check in refresh notes.
as of 2026-09-02
Fair value per share
$510.00
Upside or downside
3.7%
Forward normalized net income
16.6
Implied equity value
332.0
Implied enterprise value
354.9
Market-implied forward P/E
19.3
Current share price
$492.00
Capitalization
0.651billions
22.9$B
Earnings
$25.50USD/share
Market
$492.00USD/share
Valuation
20
Sources
Q2 FY27 record results and raised FY27 guidance to $192B revenue and $25.50 non-GAAP diluted EPS; diluted shares ~651M in guide. — sec.gov