1、Morningstar Equity Company Report|Report as of 29 Aug 2025 17:07,UTC|Reporting Currency:USD|Trading Currency:USD|Exchange:NEW YORK STOCK EXCHANGE,INC.Page 1 of 27?Dell Technologies Inc Ordinary Shares-Class C DELL QQQ 29 Aug 2025 17:03,UTCLast Price134.05 USD28 Aug 2025Fair Value Estimate135.00 USD2

2、9 Aug 2025 16:59,UTCPrice/FVE0.99Market Cap83.23 USD Bil29 Aug 2025Economic MoatTMNoneEquity Style Box1 Large ValueUncertaintyHighCapital AllocationExemplaryESG Risk Rating Assessment1;4 Jun 2025 05:00,UTCEric Compton,CFADirectorMorningstar312 384 Jivyaa VaidyaAssociate Equity AnalystMContentsAnalys

3、t Note(29 Aug 2025)Business DescriptionBusiness Strategy&Outlook(29 Aug 2025)Bulls Say/Bears Say(29 Aug 2025)Fair Value and Profit Drivers(29 Aug 2025)Economic Moat(29 Aug 2025)Risk and Uncertainty(29 Aug 2025)Financial Strength(29 Aug 2025)Capital Allocation(29 Aug 2025)FinancialsESG RiskRecent Ana

4、lyst NotesResearch Methodology for Valuing CompaniesImportant DisclosureThe conduct of Morningstars analysts is governed by Code of Ethics/Code of Conduct Policy,Personal Security Trading Policy(or an equivalent of),and Investment Research Policy.For information regarding conflicts of interest,pleas

5、e visit:http:/ primary analyst covering this company does not own its stock.Reporting Currency:USD|Trading Currency:USDCurrency amounts expressed with$are in U.S.dollars(USD)unless otherwise denoted.1The ESG Risk Rating Assessment is a representation of Sustainalytics ESG Risk Rating.Dell Earnings:A

6、I Server Sales Outperform Again,but Margin Dilution Worse Than ExpectedAnalyst Note Eric Compton,CFA,Director,29 Aug 2025Dell reported solid fiscal second-quarter results on the top line,largely driven by AI server sales,which exceeded$8 billion in the quarter;however,gross margins declined from 21.