Dell Technologies Inc. vs Seagate Technology Holdings plc, two Computer Hardware stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both prices bet on AI infrastructure demand, and neither is shy about it: Dell at 31.4 times trailing earnings for servers and storage systems, Seagate at 85.1 times for the drives inside them. Seagate's economics currently read better, a 32.1% operating margin against Dell's 8.3%, though its 217% return on equity is leverage arithmetic (3.5 to equity) rather than operating magic. Dell's own balance sheet runs on negative equity, so its return ratios need the same asterisk. On honest ground, returns on assets, Seagate leads 26.7% to 6.8%. The premium multiple on the component maker over the systems integrator says the market believes the scarce thing in this cycle is capacity, not distribution.
Comparison updated 2026-07-10.
| Metric | DELL | STX |
|---|---|---|
| Price | $394.31 | $896.74 |
| Market cap | $258.7B | $205.4B |
| Sector | Computer Hardware | Computer Hardware |
| Stage | Growth | Growth |
| P/E | 31.4 | 85.1 |
| P/B | — | 187.54 |
| P/S | 1.93 | 18.65 |
| EV/EBITDA | 25.1 | 65.5 |
| Revenue growth | +39.2% | +29.1% |
| Gross margin | 17.8% | — |
| Operating margin | 8.3% | 32.1% |
| Net margin | 5.8% | 21.6% |
| Return on equity | — | 217.2% |
| Return on assets | 6.8% | 26.7% |
| Return on invested capital | 24.8% | 54.2% |
| FCF yield | 3.6% | 1.2% |
| Dividend yield | 0.5% | 0.3% |
| Debt / equity | — | 3.53 |
| Current ratio | 0.95 | 1.33 |
| Altman Z (solvency) | 2.64 | 6.66 |
| Piotroski F (quality) | 7 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.