Side by sideDell (DELL) and IBM (IBM)Memos of October 11, 2026 and October 13, 2026
Dell vs IBM stock: the numbers side by side (October 2026)
How do Dell and IBM compare?
| Dell DELL | IBM IBM | |
|---|---|---|
| Revenue growth | 18.8%Jan 2026 | 7.6%2025 |
| Operating margin | 7.2%Jan 2026 | 15.3%2025 |
| Free cash flow | 8,552US$ millions · Jan 2026 | 11,455US$ millions · 2025 |
| Free cash flow yield | 2.3%Today (Oct 11, 2026) | 5.4%Today (Oct 13, 2026) |
| Dividend yield | 0.4%Today (Oct 11, 2026) | 3.0%Today (Oct 13, 2026) |
| P/E, last 12 months | 34.0xToday (Oct 11, 2026) | 20.2xToday (Oct 13, 2026) |
| P/E, next 12 months | 22.6xToday (Oct 11, 2026) | 17.3xToday (Oct 13, 2026) |
| Weighted price forecast, about 1 year | 513.55 (-12 %)October 2027 | 197.81 (-10 %)October 2027 |
| Weighted price forecast, about 3 years | 470.75 (-18 %)October 2029 | 212.75 (+3 %)October 2029 |
Who leads on what?
| Leads | The lead is | |
|---|---|---|
| Revenue growth | Dell | The higher figure |
| Operating margin | IBM | The higher figure |
| Free cash flow | IBM | The higher figure |
| Free cash flow yield | IBM | The higher figure |
| Dividend yield | IBM | The higher figure |
| P/E, last 12 months | IBM | The lower figure |
| P/E, next 12 months | IBM | The lower figure |
| Weighted price forecast, about 1 year | IBM | The higher weighted return |
| Weighted price forecast, about 3 years | IBM | The higher weighted return |
What does each company do?
Dell sells AI and traditional servers, storage, networking, PCs, workstations, peripherals, and support to businesses, governments, institutions, and consumers.
Dell (DELL), from our memo of October 11, 2026 · Dell stock forecast
IBM sells software, consulting, computing systems and financing to organizations that depend on technology for essential work.
IBM (IBM), from our memo of October 13, 2026 · IBM stock forecast