Dell Technologies Inc (DELL) is overvalued and HP Inc (HPQ) is undervalued.
Against our estimates of intrinsic value, HPQ trades at the wider discount: a margin of safety of +29%, against -90% for DELL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.9% (average of 3 methods) values the shares at $288.54; the price of $548.92 is 90% above that value, and 70% of that value comes from beyond year five.
Leak Score 57/100 on 8 of 12 signals
Discounting its cash flows at 9.4% (average of 3 methods) values the shares at $44.97; the price of $32.04 is 29% below that value, and 74% of that value comes from beyond year five.
Leak Score 71/100 on 8 of 12 signals
| Metric | DELL | HPQ |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $548.92 | $32.04 |
| Intrinsic value | $288.54 | $44.97 |
| Margin of safety | -90% | +29% |
| Leak Score | 57/100 (8/12) | 71/100 (8/12) |
| Market cap | $349.0B | $28.9B |
| Revenue growth, 5 years | 5.6% | -0.4% |
| Operating margin | 9.9% | 6.9% |
| Net margin | 7.5% | 4.1% |
| P/E | 31.9x | 12.2x |
| Forward P/E | 17.8x | 10.0x |
| Dividend yield | 0.5% | 3.7% |