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STOCK COMPARISON

Dell vs HPE: Fair Value & Quality

Both stocks run through our valuation models. Here is how Dell (DELL) and HPE (HPE) compare, as of Oct 30, 2026.

As of Oct 30, 2026, Fair Value Calculator sees Dell as the less overvalued of the two: Dell trades at $424 versus a fair value of $196 (−53.9%), while HPE trades at $55.09 versus $3.83 (−93.0%). The fair value of HPE carries the note "Structural break": read it with caution.
Dell
DELL · USD · Information Technology
−53.9%
upside to fair value
overvalued
Price$424
Fair Value$196
Quality66/100
Fair ValueQualityUptrend
HPE
HPE · USD · Information Technology
−93.0%
upside to fair value
overvalued
Structural break
Price$55.09
Fair Value$3.83
Quality35/100
Fair ValueQualityUptrend
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

DellHPE
Valuation
26.3×P/E (TTM)28.4×
15.8×Forward P/E (FY2028)n/a
13.2×Median P/E at FY-end (reported earnings)16.9×
1.92×P/S (TTM)1.91×
Negative equityP/B3.23× · book value is mostly goodwill
17.1×EV/EBITDA13.3×
0.65×PEG0.50×
−53.9%Fair value upside−93.0%
0.5%Dividend yield1.0%
$2.31Dividend per share$0.56
Profitability
12.0%Operating margin12.6%
1.72×EBIT margin trend (5Y)0.83×
Negative equityReturn on equity10.9%
5.9%Return on assets0.1%
Growth
57.7%Revenue growth (YoY)33.7%
3.5%Avg. growth/yr (3Y)6.9%
5.5%Avg. growth/yr (5Y)4.9%
+15.9%Value creation/yr−4.4%
Balance & size
5.4×Interest coverage (EBIT/interest)9.4×
Negative equityDebt / equity0.72×
$290BMarket cap$80B
healthyGrowth qualitymixed
Dell, median P/E at fiscal year-end, 5 fiscal years (2022 to 2026), reported earnings: 13.2. HPE, median P/E at fiscal year-end, 8 fiscal years (2017 to 2025), reported earnings: 16.9.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

Even match: 7 to 7 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Dell HPE
ProfitabilityHow much profit the company makes from its sales and capital
51
20
Quality GrowthAre margins and returns getting better?
45
33
CashflowDo the profits arrive as real cash?
61
40
Financial strengthDebt, balance sheet and risk of trouble
59
46
InvestmentDoes it invest with discipline instead of growing at any price?
89
62
Low VolatilityHow calm the share price moves, does not count
14
17
Price momentumPrice momentum of the last 3 to 12 months, does not count
83
88
Near the 52-week highDistance to the 52-week high, does not count
83
83
New sharesBuys back shares or issues new ones?
100
25

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyDellPrice $424HPEPrice $55.09
DCF Models−54.4%below the price$193−80.0%below the price$11.00
Earnings-Based−78.8%below the price$89.85−97.8%below the price$1.19
Dividend Discount−93.0%below the price$29.57−89.1%below the price$6.00
Multiples−42.7%below the price$243−95.8%below the price$2.31
Growth DCF−59.1%below the price$174−93.0%below the price$3.83
Economic Profit−77.7%below the price$94.51−88.2%below the price$6.50
Growth Earnings−53.9%below the price$196−98.4%below the price$0.90
Matching families7 of 7
Minimum−93.0%below the price$29.57−98.4%below the price$0.90
Maximum−42.7%below the price$243−80.0%below the price$11.00
Median−59.1%below the price$174−93.0%below the price$3.83
Geometric mean−71.3%below the price$122−94.1%below the price$3.28
Ahead family by family6 of 71 of 7

Minimum, maximum, median and geometric mean only use the families both stocks have (matching families: 7 of 7), so a family without a value on one side does not distort the comparison. Ahead in a family is the stock whose fair value there sits higher relative to its price. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Family by family: Dell is ahead in 6 of 7 shared families, HPE in 1.

Dell: 22 of 22 models see the stock below the current price.

HPE: 17 of 17 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Dell
Price $424
Fair Value $196
Bear $131Bull $258
HPE
Price $55.09
Fair Value $3.83
Bear $3.83Bull $7.14

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Dell · Information Technology

Quality score66 · Top 25%
Fair value upside−53.9% · below median

HPE · Information Technology

Quality score35 · bottom 25%
Fair value upside−93.0% · bottom 25%

Bottom line

As of Oct 30, 2026, Fair Value Calculator sees Dell as the less overvalued of the two: Dell trades at $424 versus a fair value of $196 (−53.9%), while HPE trades at $55.09 versus $3.83 (−93.0%). The fair value of HPE carries the note "Structural break": read it with caution.

Dell has the higher quality score (66/100).

Open Dell live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.