Dell Technologies Inc (DELL) is overvalued and Western Digital Corp (WDC) is overvalued.
Both trade above our estimate of their intrinsic value. WDC is the closer of the two: -34%, 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
A 9.6x revenue multiple, adjusted for growth and margin, values the shares at $347.40; the price of $464.60 is 34% above that value.
Leak Score 58/100 on 10 of 12 signals
| Metric | DELL | WDC |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $548.92 | $464.60 |
| Intrinsic value | $288.54 | $347.40 |
| Margin of safety | -90% | -34% |
| Leak Score | 57/100 (8/12) | 58/100 (10/12) |
| Market cap | $349.0B | $167.5B |
| Revenue growth, 5 years | 5.6% | -5.3% |
| Operating margin | 9.9% | 35.6% |
| Net margin | 7.5% | 72.0% |
| Return on equity | — | 131.4% |
| Debt to equity | — | 0.13 |
| P/E | 31.9x | 19.2x |
| Forward P/E | 17.8x | 14.3x |
| P/B | — | 18.9x |
| Dividend yield | 0.5% | 0.1% |