Compare · Computer hardware and systems
Apple vs Dell
Apple vs Dell: which one is bigger, grows faster and keeps more of each dollar of revenue?
Apple earns 3.7× Dell’s revenue
Method and sources
- Revenue growth (1 year): Apple 6.4% (FY2025), Dell 18.8% (FY2026)
- Revenue growth (3-year CAGR): Apple 1.8% (FY2025), Dell 3.5% (FY2026)
- Operating margin: Apple 32.0% (FY2025), Dell 7.2% (FY2026)
- Gross margin: Apple 46.9% (FY2025), Dell 20.0% (FY2026)
- Net margin: Apple 26.9% (FY2025), Dell 5.2% (FY2026)
- FCF margin: Apple 23.7% (FY2025), Dell 7.5% (FY2026)
Latest fiscal year per company: Apple FY2025, Dell FY2026. Fiscal years end on different dates, so years are not calendar-aligned.
Both report in USD. Amounts are as filed, not converted.
Why this pair: same peer group, revenue within 4x in the same currency. Peer groups are curated by hand from each company's business as described in its own 10-K/20-F (what it sells, not its SIC code). A company can sit in more than one group. Within a group, a pair is listed when both companies report in the same currency and the larger company's latest fiscal-year revenue is at most 4x the smaller one's; each company keeps its 4 nearest peers by revenue ratio. Companies reporting in different currencies are never size-matched (amounts are not converted); a short list of obvious same-industry pairs across currencies is added by hand, with the reason, as are two direct competitor pairs outside the size rule (AMD vs NVIDIA, Intel vs NVIDIA).
Derived = calculated by Hollsteen from reported SEC values; reported = as tagged in the filing. SEC filings only, no market data.
Side by side: all values with filing links
| Metric | Apple FY2025 | Dell FY2026 |
|---|---|---|
| Revenue | $416.2B10-K · Oct 31, 2025 | $113.5B10-K · Mar 16, 2026 |
| Revenue growth (1 year) | 6.4% derived10-K · Oct 31, 2025 | 18.8% derived10-K · Mar 16, 2026 |
| Revenue growth (3-year CAGR) | 1.8% derived10-K · Oct 31, 2025 | 3.5% derived10-K · Mar 16, 2026 |
| Gross margin | 46.9% derived10-K · Oct 31, 2025 | 20.0% derived10-K · Mar 16, 2026 |
| Operating margin | 32.0% derived10-K · Oct 31, 2025 | 7.2% derived10-K · Mar 16, 2026 |
| Net margin | 26.9% derived10-K · Oct 31, 2025 | 5.2% derived10-K · Mar 16, 2026 |
| Free cash flow | $98.8B derived10-K · Oct 31, 2025 | $8.6B derived10-K · Mar 16, 2026 |
| FCF margin | 23.7% derived10-K · Oct 31, 2025 | 7.5% derived10-K · Mar 16, 2026 |
| R&D as % of revenue | 8.3% derived10-K · Oct 31, 2025 | 2.8% derived10-K · Mar 16, 2026 |
| Stock-based compensation as % of revenue | 3.1% derived10-K · Oct 31, 2025 | 0.6% derived10-K · Mar 16, 2026 |
Definitions: Revenue = Total revenue; Revenue growth (1 year) = Revenue FYt ÷ revenue FYt−1 − 1; Revenue growth (3-year CAGR) = (Revenue FYt ÷ revenue FYt−3)^(1/3) − 1; Gross margin = Gross profit ÷ revenue; Operating margin = Operating income ÷ revenue; Net margin = Net income ÷ revenue; Free cash flow = Operating cash flow − capital expenditures (one formula for all companies); FCF margin = Free cash flow ÷ revenue; R&D as % of revenue = Research and development expense ÷ revenue; Stock-based compensation as % of revenue = Stock-based compensation ÷ revenue.
More on each company
Apple
Dell
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