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Dell vs IBM
Dell vs IBM: which one is bigger, grows faster and keeps more of each dollar of revenue?
Dell earns 1.7× IBM’s revenue
Method and sources
- Revenue growth (1 year): Dell 18.8% (FY2026), IBM 7.6% (FY2025)
- Revenue growth (3-year CAGR): Dell 3.5% (FY2026), IBM 3.7% (FY2025)
- Gross margin: Dell 20.0% (FY2026), IBM 58.2% (FY2025)
- Net margin: Dell 5.2% (FY2026), IBM 15.7% (FY2025)
- FCF margin: Dell 7.5% (FY2026), IBM 17.9% (FY2025)
Latest fiscal year per company: Dell FY2026, IBM FY2025. 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 | Dell FY2026 | IBM FY2025 |
|---|---|---|
| Revenue | $113.5B10-K · Mar 16, 2026 | $67.5B10-K · Feb 24, 2026 |
| Revenue growth (1 year) | 18.8% derived10-K · Mar 16, 2026 | 7.6% derived10-K · Feb 24, 2026 |
| Revenue growth (3-year CAGR) | 3.5% derived10-K · Mar 16, 2026 | 3.7% derived10-K · Feb 24, 2026 |
| Gross margin | 20.0% derived10-K · Mar 16, 2026 | 58.2% derived10-K · Feb 24, 2026 |
| Operating margin | 7.2% derived10-K · Mar 16, 2026 | n/a |
| Net margin | 5.2% derived10-K · Mar 16, 2026 | 15.7% derived10-K · Feb 24, 2026 |
| Free cash flow | $8.6B derived10-K · Mar 16, 2026 | $12.1B derived10-K · Feb 24, 2026 |
| FCF margin | 7.5% derived10-K · Mar 16, 2026 | 17.9% derived10-K · Feb 24, 2026 |
| R&D as % of revenue | 2.8% derived10-K · Mar 16, 2026 | 12.3% derived10-K · Feb 24, 2026 |
| Stock-based compensation as % of revenue | 0.6% derived10-K · Mar 16, 2026 | 2.5% derived10-K · Feb 24, 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
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