DELL vs SMCI
Dell Technologies Inc. and Super Micro Computer, Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | DELL | SMCI |
|---|---|---|
| Revenue | $113.5B | $39.1B |
| Net income | $5.9B | $2.2B |
| Gross margin | 20.0% | 10.8% |
| Net margin | 5.2% | 5.7% |
| Return on equity | · | 21.5% |
| Diluted EPS | $8.68 | $3.26 |
| Dividend / share | $2.10 | · |
| Payout ratio | 24.6% | · |
| Free cash flow | $8.6B | $-7.0B |
| Equity | $-2.5B | $14.5B |
| Net debt / equity | · | · |
| Current ratio | 0.91× | 3.87× |
| Revenue CAGR 5y | 5.5% | 61.5% |
| Profit CAGR 5y | 12.8% | 81.9% |
DELL bills 2.9× the revenue of SMCI, and SMCI keeps more of each dollar of revenue as profit (5.7% against 5.2%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | DELL | SMCI |
|---|---|---|
| FY2025 | $113.5B | $39.1B |
| FY2024 | $95.6B | $22.0B |
| FY2023 | $88.4B | $15.0B |
| FY2022 | $102.3B | $7.1B |
| FY2021 | $101.2B | $5.2B |
| FY2020 | $86.7B | $3.6B |
| FY2019 | $84.8B | $3.3B |
| FY2018 | $90.6B | $3.5B |
| FY2017 | $79.0B | $3.4B |
| FY2016 | $61.6B | $2.5B |
Bottom line
| Fiscal year | DELL | SMCI |
|---|---|---|
| FY2025 | $5.9B | $2.2B |
| FY2024 | $4.6B | $1.0B |
| FY2023 | $3.4B | $1.2B |
| FY2022 | $2.4B | $640.0M |
| FY2021 | $5.6B | $285.2M |
| FY2020 | $3.2B | $111.9M |
| FY2019 | $4.6B | $84.3M |
| FY2018 | $-2.3B | $71.9M |
| FY2017 | $-2.8B | $46.2M |
| FY2016 | $-1.7B | $66.9M |
12 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$74,474,928,000 | DELL |
| FY2024 | +$73,594,958,000 | DELL |
| FY2023 | +$73,435,749,000 | DELL |
| FY2022 | +$95,177,518,000 | DELL |
| FY2021 | +$96,000,901,000 | DELL |
| FY2020 | +$83,112,578,000 | DELL |
| FY2019 | +$81,475,719,000 | DELL |
| FY2018 | +$87,120,640,000 | DELL |
| FY2017 | +$75,679,508,000 | DELL |
| FY2016 | +$59,157,071,000 | DELL |
| FY2015 | +$48,685,978,000 | DELL |
| FY2014 | +$52,187,647,000 | DELL |
DELL has reported the higher revenue in every one of these 12 fiscal years. The gap has widened since the earliest year compared.
12 of 17 comparable fiscal years — a year missing data on either side is not counted.
12 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −0.5 pp | SMCI |
| FY2024 | +0.0 pp | DELL |
| FY2023 | −3.9 pp | SMCI |
| FY2022 | −6.6 pp | SMCI |
| FY2021 | +0.2 pp | DELL |
| FY2020 | +0.9 pp | DELL |
| FY2019 | +4.0 pp | DELL |
| FY2018 | −4.5 pp | SMCI |
| FY2017 | −5.1 pp | SMCI |
| FY2016 | −5.5 pp | SMCI |
| FY2015 | −5.4 pp | SMCI |
| FY2014 | −7.0 pp | SMCI |
The higher net margin has changed hands between DELL and SMCI over this period.
12 of 17 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
DELL's net margin has been more volatile than SMCI's over the 12 comparable fiscal years — 3.7 percentage points of standard deviation against 2.2.
12 of 17 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between DELL and SMCI over these 12 fiscal years — DELL led in 4 and SMCI in 8.
12 of 17 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
DELL's return on equity has been more volatile than SMCI's over the 4 comparable fiscal years — 11.6 percentage points of standard deviation against 4.1.
4 of 17 comparable fiscal years — a year missing data on either side is not counted.
Year by year
SMCI led in return on equity in every one of the 4 comparable fiscal years — a structural lead, not a recent swing.
4 of 17 comparable fiscal years — a year missing data on either side is not counted.