APP
AppLovin Corporation
APP has the edge over DELL overall, supported by stronger valuation and stronger fundamentals.
DELL
Dell Technologies Inc.
DELL has lower modeled downside risk, despite its lower overall score.
APP Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
APP's revenue, profitability, cash flow and balance sheet are all currently strong.
DELL Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Healthy | |
| Healthy |
DELL's revenue, profitability, cash flow and balance sheet are all currently healthy.
APP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 20x | $394 | — |
| Current | 26x | $394 | — |
| Cheap | 42x | $618 | +57% |
| Fair | 66x | $978 | +148% |
| Expensive | 137x | $2,040 | +418% |
Historical ranges are pointers, not guarantees.
APP has the edge over DELL in the historical PE scenario, which offers more potential upside but is not a forecast.
DELL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $187 | -50% |
| Forward | 12x | $371 | — |
| Fair | 18x | $313 | -16% |
| Current | 22x | $371 | — |
| Expensive | 26x | $444 | +20% |
Historical ranges are pointers, not guarantees.
DELL's PE is in its expensive range at 22x. If earnings grow as analysts expect, today's price would be 12x next year's earnings, in its cheap range.
APP Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for APP, with profitability improving.
DELL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for DELL, with profitability improving. However, they disagree widely on these estimates.
APP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $19.62 | +32% |
| Q3 2026 | $14.86 | +81% |
| Q2 2026 | $13.01 | +85% |
| Q1 2026 | $11.64 | +110% |
| Q4 2025 | $9.75 | +115% |
| Q3 2025 | $8.23 | +151% |
| Q2 2025 | $7.03 | +202% |
| Q1 2025 | $5.53 | +233% |
| Q4 2024 | $4.53 | +362% |
APP has the edge over DELL on earnings, with stronger typical year-over-year growth.
DELL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $29.83 | +74% |
| Q3 2026 | $17.19 | +153% |
| Q2 2026 | $12.55 | +100% |
| Q1 2026 | $8.68 | +40% |
| Q4 2025 | $7.50 | +33% |
| Q3 2025 | $6.80 | +25% |
| Q2 2025 | $6.27 | +28% |
| Q1 2025 | $6.22 | +43% |
| Q4 2024 | $5.65 | +55% |
DELL's earnings per share have climbed steadily: $17.19 over the past year, up 153% from the year before, and higher year over year for 12 quarters in a row.
APP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.2B | +55% |
| Q2 2026 | $1.9B | +53% |
| Q1 2026 | $1.8B | +24% |
| Q4 2025 | $1.7B | +21% |
| Q3 2025 | $1.4B | +17% |
| Q2 2025 | $1.3B | +17% |
| Q1 2025 | $1.5B | +40% |
| Q4 2024 | $1.4B | +44% |
APP has the edge over DELL on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 78% | +1.4 points |
| Q2 2026 | 78% | +1.6 points |
| Q1 2026 | 78% | +33 points |
| Q4 2025 | 77% | +33 points |
| Q3 2025 | 77% | +32 points |
| Q2 2025 | 76% | +40 points |
| Q1 2025 | 45% | +13 points |
| Q4 2024 | 44% | +16 points |
APP has the edge over DELL on profitability, with a higher operating margin.
DELL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $47B | +58% |
| Q2 2026 | $43.8B | +88% |
| Q1 2026 | $33.4B | +39% |
| Q4 2025 | $27B | +11% |
| Q3 2025 | $29.8B | +19% |
| Q2 2025 | $23.4B | +5.1% |
| Q1 2025 | $23.9B | +7.2% |
| Q4 2024 | $24.4B | +9.5% |
DELL's revenue has grown year over year for 10 quarters in a row: $47B last quarter, up 58% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | +5.5 points |
| Q2 2026 | 8.3% | +3.4 points |
| Q1 2026 | 9.3% | +0.2 points |
| Q4 2025 | 7.8% | +1 points |
| Q3 2025 | 6% | +0.6 points |
| Q2 2025 | 5% | +0.8 points |
| Q1 2025 | 9% | +2.3 points |
| Q4 2024 | 6.8% | +0.2 points |
DELL's operating margin was 11% last quarter, up 5.5 points from the same quarter a year ago, near the top of its range since 2019.
APP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +36% |
| Q2 2026 | $869M | +13% |
| Q1 2026 | $1.3B | +55% |
| Q3 2025 | $1.1B | +91% |
| Q2 2025 | $772.2M | +70% |
| Q1 2025 | $831.7M | +112% |
| Q3 2024 | $550.7M | +177% |
| Q2 2024 | $454.5M | +101% |
APP has the edge over DELL on cash flow, with more consistent year-over-year improvement.
DELL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $986M | -47% |
| Q2 2026 | $3.1B | +40% |
| Q1 2026 | $4B | +$4.1B |
| Q4 2025 | $503M | -45% |
| Q3 2025 | $1.9B | +184% |
| Q2 2025 | $2.2B | +398% |
| Q1 2025 | -$150M | -119% |
| Q4 2024 | $914M | -37% |
DELL still generates free cash flow, though less than at its 2021 peak: $8.6B over the past year.
APP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -2.3M shares |
| 1 year | -1.8% | -6.2M shares |
| 3 years | -6.2% | -22.1M shares |
| 5 years | -13% | -49.6M shares |
| Available history | +67% | +134M shares |
APP has 335M diluted shares, down 1.8% from a year ago, with $3.2B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.3B |
| Q2 2026 | $551.2M |
| Q1 2026 | $981.7M |
| Q4 2025 | $417.6M |
| Q3 2025 | $501.9M |
| Q2 2025 | $271.5M |
| Q1 2025 | $1B |
| Q4 2024 | $625,000 |
APP spent $3.2B buying back its own shares over the past year, up 82% from the year before.
DELL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -4M shares |
| 1 year | -5% | -34M shares |
| 3 years | -12% | -86M shares |
| 5 years | -58% | -899M shares |
| Available history | -56% | -828M shares |
DELL has the edge over APP on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3.8B |
| Q2 2026 | $1.6B |
| Q1 2026 | $1.8B |
| Q4 2025 | $1.2B |
| Q3 2025 | $940M |
| Q2 2025 | $2B |
| Q1 2025 | $734M |
| Q4 2024 | $429M |
DELL spent $8.5B buying back its own shares over the past year, up 109% from the year before.
APP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.1x | Very low |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 0.2x | Very low |
| Q4 2025 | 0.3x | Very low |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 1.2x | Healthy |
| Q4 2024 | 1.2x | Healthy |
APP has the edge over DELL on leverage, with a lower net debt burden relative to earnings.
DELL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.3x | Healthy |
| Q2 2026 | 1.4x | Healthy |
| Q1 2026 | 1.8x | Healthy |
| Q4 2025 | 2.1x | Moderate |
| Q3 2025 | 2.1x | Moderate |
| Q2 2025 | 2.2x | Moderate |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.3x | Moderate |
DELL's net debt is about 1.3 years of its operating earnings (EBITDA), down from 2.1 years a year ago.
APP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.4 | Neutral |
| Stochastic | 56.4 | Neutral |
APP's weekly RSI is 53 (neutral) and its Stochastic is 56 (neutral).
DELL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.4 | Neutral |
| Stochastic | 17.5 | Oversold |
DELL's weekly RSI is 45 (neutral) and its Stochastic is 18 (oversold).
APP PE vs Technology Sector
| Metric | APP | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 28x | 4.9% below |
| PE % | 7 | 42 | 35 pts below |
APP is trading at 26x earnings, in line with the Technology sector's median of 28x.
DELL PE vs Technology Sector
| Metric | DELL | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 28x | 23% below |
| PE % | 66 | 35 | 31 pts above |
DELL has the edge over APP on valuation relative to its sector.
APP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $299.5 | 31% above |
| 20 week MA | $344.0 | 14% above |
| 50 week MA | $443.5 | 11% below |
| 100 week MA | $429.4 | 8.3% below |
| 200 week MA | $250.0 | 57% above |
APP's trend is mixed: it's above three of its five weekly moving averages, and 57% above its 200-week average.
DELL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $468.0 | 21% below |
| 20 week MA | $465.7 | 20% below |
| 50 week MA | $307.3 | 21% above |
| 100 week MA | $212.9 | 74% above |
| 200 week MA | $149.7 | 148% above |
DELL has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 148% above its 200-week average.
APP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $61.0 | $93.8 | +54% |
| 2022 | $93.8 | $9.84 | -90% |
| 2023 | $9.84 | $39.9 | +305% |
| 2024 | $39.9 | $335.2 | +741% |
| 2025 | $335.2 | $714.2 | +113% |
| 2026 YTD | $714.2 | $393.7 | -45% |
APP's yearly returns have swung widely, from +741% in 2024 to −90% in 2022. It's down 45% so far in 2026.
DELL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $25.8 | $37.0 | +43% |
| 2021 | $37.0 | $55.9 | +51% |
| 2022 | $55.9 | $39.1 | -30% |
| 2023 | $39.1 | $76.5 | +96% |
| 2024 | $76.5 | $117.3 | +53% |
| 2025 | $117.3 | $129.2 | +10% |
| 2026 YTD | $129.2 | $371.2 | +187% |
DELL has the edge over APP on returns for 2026, with the stronger performance.