DELL vs WDC: Dell Technologies and Western Digital compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Dell Technologies is the larger company, worth $371.2B, about 2.8 times Western Digital.
- Dell Technologies grew revenue faster over the last year (+57.8% vs +43.8%).
- Western Digital keeps more of each dollar of revenue as operating profit (34.5% vs 9.4%).
- On earnings, Western Digital is the cheaper stock (23.4x vs 65.7x).
- Dell Technologies's price assumes faster free cash flow growth: about 15% a year, against 14% for Western Digital (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | DELL | WDC |
|---|---|---|
| Market cap | $371.2B | $134.8B |
| Share price | $586.06 | $397.28 |
| Revenue (last fiscal year) | $113.5B | $12.9B |
| Free cash flow (last fiscal year) | $8.6B | $3.5B |
| Revenue growth, last year | +57.8% | +43.8% |
| Revenue growth per year, last 5 fiscal years | +2.9% | -8.9% |
| Operating margin | 9.4% | 34.5% |
| Net margin | 7.5% | 73.0% |
| Return on equity | — | 106.3% |
| P/E (trailing) | 65.7x | 23.4x |
| Price / free cash flow | 43.4x | 105.0x |
| EV / EBITDA | 22.0x | 21.9x |
| FCF growth the price implies | 15.1% | 13.5% |
| Dividend yield | 0.36% | 0.12% |
| Debt / equity | — | 0.56x |
| Fundamental grade | C | B |
| Superinvestors holding it | 6 | 6 |
| Insider purchases, last 12 months | 0 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Dell Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $101.2B | $7.5B | 4.6% |
| 2023 | $102.3B | $562M | 5.6% |
| 2024 | $88.4B | $5.9B | 6.1% |
| 2025 | $95.6B | $1.9B | 6.5% |
| 2026 | $113.5B | $8.6B | 7.2% |
Western Digital
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $18.8B | $758M | 12.7% |
| 2023 | $6.3B | -$1.2B | -8.8% |
| 2024 | $6.3B | -$781M | -6.4% |
| 2025 | $9.5B | $1.3B | 24.5% |
| 2026 | $12.9B | $3.5B | 34.5% |
Where the revenue comes from
Dell Technologies · by segments, 2026
Infrastructure Solutions Group$60.8B54%
Client Solutions Group$51.0B46%
Western Digital · by segments, 2024
Flash$6.7B51%
HDD$6.3B49%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open DELL in InvestinglyQuestions
Which is bigger, Dell Technologies or Western Digital?
Dell Technologies (DELL), at $371.2B against $134.8B.
Is DELL or WDC cheaper?
By trailing P/E, Western Digital (23.4x) is cheaper than Dell Technologies (65.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, DELL or WDC?
Dell Technologies: revenue grew +57.8% over the last year, against +43.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.