Dell Technologies management check
DELL · Information Technology · Technology Hardware, Storage & Peripherals · CEO Michael S. Dell
Filings as of
5 good · 2 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2022 grew to $340, against $256 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.32 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.06% of net income$3.4m of reported pay in fiscal 2026, against $5.9bn of net income.
- Watch
Do they own the stock?
Insiders are selling15 insiders sold $2.5bn in the last six months and none bought. 4 of 2360 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -3.6% a year over the last three fiscal years. Stock-based pay was 0.6% of revenue in the latest year.
- Good
Is leadership stable?
7 leadership filings in 3 yearsCEO in the pay table: Michael S. Dell. 7 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2024.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 91 | 33 | |
| Pay for performance | 66 | 87 | |
| CEO cost | 100 | 35 | |
| Skin in the game | — | — | 47 |
| Dilution | 95 | 56 | |
| Stable leadership | 90 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Technology Hardware, Storage & Peripherals, by management score. Dell Technologies is 2nd of 73 in its sector.
- 3SNDKSandisk94
- 7DELLDell Technologies90
- 24STXSeagate Technology85
- 178WDCWestern Digital70
- 195PEverpure69
- 204AAPLApple Inc.68
- 295SMCISupermicro62
- 348NTAPNetApp58
- 387HPQHP Inc.55
- 403HPEHewlett Packard Enterprise53
Pay versus performance
From the proxy statement filed May 15, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2026 | Michael S. Dell | $3.4m | $3.4m | $38.2m | $340 | $256 | $5.9bn |
| 2025 | — | $3.1m | $3.1m | $14.2m | $302 | $204 | $4.6bn |
| 2024 | — | $3.0m | $3.0m | $10.2m | $248 | $164 | $3.4bn |
| 2023 | — | $2.8m | $2.8m | $11.6m | $118 | $111 | $2.4bn |
| 2022 | — | $3.5m | $3.5m | $22.5m | $153 | $123 | $5.7bn |
The board says pay is tied most to non-GAAP operating income. Its other key measures: Non-GAAP Operating Income, Non-GAAP Net Revenue, Relative TSR.
Insiders and the CEO's stake
15 insiders sold $2.5bn in the last six months and none bought. 4 of 2360 sales ran on pre-arranged 10b5-1 plans.
- SoldSilver Lake Partners IV, L.P.Director$1.0bnOct 9, 2026
- SoldSL SPV-2, L.P.Director$888.6mOct 9, 2026
- SoldSilver Lake Partners V DE (AIV), L.P.Director$462.6mOct 9, 2026
- SoldPeter TrizzinoPresident, Global Sales$21.1mSep 11, 2026
Leadership and governance on file
- Oct 21, 2026Leadership change8-K 5.02
- Nov 25, 2025Leadership change8-K/A 5.02
- Oct 17, 2025Leadership change8-K/A 5.02
- Oct 2, 2025Leadership change8-K/A 5.02
- Oct 2, 2025Leadership change8-K 5.02
- Sep 8, 2025Leadership change8-K 5.02
- Aug 12, 2025Leadership change8-K 5.02
Latest shareholder vote results: Jul 1, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $19.8bn returned to owners in buybacks and dividends, 90% of net income, and $4.9bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $101.2bn | $102.3bn | $88.4bn | $95.6bn | $113.5bn |
| Net income | $5.7bn | $2.4bn | $3.4bn | $4.6bn | $5.9bn |
| Stock-based pay | $1.6bn | $931.0m | $878.0m | $785.0m | $723.0m |
| Buybacks | $1.5bn | $2.9bn | $2.1bn | $2.6bn | $6.0bn |
| Dividends | $0 | $964.0m | $1.1bn | $1.3bn | $1.5bn |
| Diluted shares | 791m | 753m | 736m | 720m | 684m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.