Dell Technologies Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $8.5B normalized FCF base (actual FY2026 free cash flow on $113.5B revenue, $5.9B net income); 15% annual FCF growth years 1-5 (AI-server infrastructure buildout, ISG backlog ~$95B); 6% years 6-10 as the buildout matures; 10% discount rate; 3% terminal growth; $23.63B net debt (total debt $35.3B, cash $11.6B); 635.81M diluted shares.

Reasoning: Dell's FCF has historically been volatile even before the AI server ramp, so FCF growth was assumed well below the ~70% consensus revenue growth (AI servers are lower-margin and working-capital intensive), giving a more defensible normalized valuation than extrapolating peak hype growth for a full decade.