Dell Technologies

TTM free cash flow is about 4.9 billion dollars, despite a negative free cash quarter in Q4 FY25 when capex spiked. H1 FY26 cash from operations totaled 5.3 billion dollars, supporting buybacks and dividends.

Debt remains sizable, including DFS securitizations, and interest and other expense was about 1.2 billion dollars in FY25. Liquidity and recurring cash generation appear adequate for downturns, but leverage and working-capital intensity temper our score.