Quick verdict: ADI vs DELL in 2026

In this ADI vs DELL stock comparison for 2026, Dell Technologies Inc. (DELL) holds the overall edge, leading on 6 of 11 comparable metrics in our scorecard. DELL is the growth leader with slightly higher revenue growth and significantly more attractive valuation metrics, making it also the value leader. Analog Devices (ADI) is the clear margin leader, demonstrating superior operational efficiency, and remains the analyst favorite with a higher percentage of “Buy” ratings and a less negative price target upside. Not investment advice.

ADI vs DELL: key metrics side by side

Full side-by-side comparison of ADI and DELL across valuation, profitability, growth and analyst sentiment. Data updated 2026-05-07.

ADI vs DELL valuation comparison

When considering the ADI vs DELL valuation, Dell Technologies presents a significantly more attractive profile on traditional metrics. Dell’s P/E ratio stands at a compelling 26.21x, which is substantially lower than Analog Devices’ P/E of 75.07x. This suggests that investors are currently paying a much higher premium for ADI’s earnings compared to DELL’s, making DELL appear considerably cheaper from an earnings multiple perspective. Furthermore, Dell’s P/B ratio is reported at -62.99x, a highly unusual figure typically indicating negative shareholder equity, often a result of aggressive share buybacks or significant debt. While this can complicate direct comparison, it highlights a different capital structure and often suggests a potentially undervalued asset if the underlying business is sound.

In terms of intrinsic value, the Discounted Cash Flow (DCF) models provided offer further insight into the ADI vs DELL valuation. ADI’s DCF suggests a current valuation of $207.5, implying a notable -50.1% downside from its current price of $415.63. In contrast, DELL’s DCF stands at $167.66, indicating a -29.8% downside from its $238.72 price. While both stocks appear overvalued by their respective DCF models, DELL exhibits a less severe potential overvaluation according to this metric, reinforcing its position as the more financially conservative choice based on current valuation. Therefore, for investors prioritizing valuation, DELL appears to be the cheaper stock.

ADI vs DELL growth comparison

In the ADI vs DELL growth comparison, Dell Technologies demonstrates slightly stronger top-line momentum with a year-over-year revenue growth of +18.8%, surpassing Analog Devices’ +16.9%. This indicates that DELL is expanding its sales base at a marginally faster rate, which is a positive signal for growth-oriented investors. Dell’s substantial revenue base of $113.54 billion, compared to ADI’s $11.02 billion, also highlights its larger market presence and ability to scale. This revenue growth for DELL, particularly in the competitive technology sector, suggests a robust demand for its products and services, likely driven by its diverse portfolio including PCs, servers, and IT solutions.

However, a holistic view of growth also considers the quality of that growth, often reflected in margins. While DELL leads in revenue growth, ADI exhibits significantly higher profitability margins, with a net margin of 23.02% and an impressive EBITDA margin of 46.99%. This compares to DELL’s net margin of 5.23% and EBITDA margin of 8.07%. These higher margins for Analog Devices suggest that its revenue growth is converting into profits much more efficiently. While DELL is growing faster in terms of sales volume, ADI’s superior profitability indicates stronger pricing power and cost management, which can contribute to more sustainable and high-quality earnings growth over the long term, despite its slightly lower revenue growth rate. For investors focusing on stronger momentum primarily in top-line expansion, DELL has the edge, but for efficient, profitable growth, ADI stands out.

ADI vs DELL profitability

When analyzing ADI vs DELL profitability, Analog Devices clearly distinguishes itself with significantly higher margins, indicating superior operational efficiency. ADI boasts an impressive net margin of 23.02% and an EBITDA margin of 46.99%. This indicates that for every dollar of revenue, ADI retains a substantial portion as profit before and after taxes, showcasing its strong competitive position and cost controls in the semiconductor industry. These high margins are typical for companies with proprietary technology and high barriers to entry, suggesting that ADI’s products command premium pricing and benefit from efficient production processes.

In contrast, Dell Technologies exhibits a net margin of 5.23% and an EBITDA margin of 8.07%. While these figures are respectable for a company operating in the competitive PC and enterprise IT solutions market, they are considerably lower than ADI’s. This difference reflects the nature of their respective industries; ADI operates in a higher-margin, specialized component market, while DELL’s business often involves assembly and lower-margin hardware sales. Regarding Free Cash Flow (FCF) yield, DELL leads with 5.31% compared to ADI’s 2.25%. This suggests that while ADI is more profitable on a percentage of revenue basis, DELL generates more cash relative to its market capitalization, indicating a potentially more robust cash-generating ability from its operations that might not be fully captured by net margin alone. Neither company reported a definitive Return on Equity (ROE) figure for direct comparison (N/A%). However, based on the provided data, ADI clearly generates more profit per dollar of revenue, while DELL generates more cash relative to its market capitalization.

Analyst ratings: ADI vs DELL

Considering the analyst ratings for ADI vs DELL, Wall Street analysts appear to have a more favorable view of Analog Devices (ADI). Out of 54 analysts covering ADI, a strong 79.6% have issued a “Buy” rating, indicating widespread confidence in the company’s future performance. The consensus price target for ADI is $378.56, which, while representing an -8.9% downside from its current price of $415.63, is a relatively smaller projected decrease compared to DELL’s target. This higher percentage of “Buy” ratings and a less significant implied downside often signifies a greater belief in the company’s fundamentals and growth trajectory, or perhaps a perception that the current price is closer to fair value.

For Dell Technologies (DELL), 43 analysts provide coverage, with 60.5% recommending a “Buy.” While still a majority “Buy” rating, it is notably lower than ADI’s. The consensus price target for DELL is $182.67, implying a more substantial -23.5% downside from its current price of $238.72. This larger projected decline to the target price, coupled with a lower percentage of “Buy” ratings, suggests that analysts, while generally positive, see a greater potential for price correction or less immediate upside compared to ADI. Therefore, based on current consensus and projected target prices, analysts clearly prefer ADI, signaling more conviction in its stock performance.

Should I buy ADI or DELL stock in 2026?

Deciding whether to buy ADI or DELL stock in 2026 depends heavily on an investor’s specific priorities and risk tolerance, as both companies present a unique set of strengths and challenges. For growth investors, Dell Technologies might appear more appealing due to its slightly higher revenue growth rate of 18.8% year-over-year, compared to ADI’s 16.9%. DELL also operates on a much larger revenue scale ($113.54B vs. $11.02B), potentially offering broader exposure to the technology market. However, growth investors should also consider ADI’s significantly higher profitability margins (net margin 23.02% vs. 5.23%), which could indicate a more sustainable and high-quality growth trajectory, even if the top-line expansion is marginally slower.

For value investors, Dell Technologies certainly presents a more compelling case. Its P/E ratio of 26.21x is considerably lower than ADI’s 75.07x, suggesting DELL is trading at a much more reasonable multiple of its earnings. Additionally, DELL’s DCF indicates a less severe overvaluation (-29.8% downside) compared to ADI’s (-50.1% downside). The negative P/B ratio for DELL, while unusual, often points to a complex balance sheet that, upon deeper investigation, might reveal an undervalued asset or a company heavily relying on debt and asset efficiency over traditional equity financing. Investors seeking stocks with lower valuations and less implied downside from intrinsic value models might find DELL more attractive in the current market.

When it comes to income investors, neither Analog Devices nor Dell Technologies stands out as a strong dividend play, as both currently offer a minimal dividend yield of 0.01%. This indicates that both companies primarily reinvest their earnings back into the business for growth rather than distributing substantial dividends to shareholders. Therefore, for investors whose primary objective is generating regular income through dividends, neither ADI nor DELL would be the preferred choice in 2026. Ultimately, the decision to buy ADI or DELL stock will depend on whether you prioritize robust margins and strong analyst sentiment (ADI) or higher revenue growth and a more attractive valuation (DELL). This is not investment advice.

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FAQ: ADI vs DELL