DELL
Dell Technologies Inc.
DELL has the edge over ONDS overall, supported by lower modeled downside and stronger modeled upside.
ONDS
Ondas Holdings Inc.
ONDS offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
DELL Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Healthy | |
| Healthy |
DELL's revenue, profitability, cash flow and balance sheet are all currently healthy.
ONDS Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Weak | |
| Weak | |
| Unavailable |
ONDS's revenue is currently strong, but its profitability and cash flow are weak. There isn't enough data to rate its balance sheet.
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.
ONDS PE Valuation
ONDS has no meaningful PE right now: it lost money over the past year.
DELL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Limited | |
| Low |
DELL has the edge over ONDS on the outlook, with more favorable earnings expectations.
ONDS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect ONDS's losses to grow, with revenue growing.
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 has the edge over ONDS on earnings quality, reporting a profit while its opponent remains loss making.
ONDS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.09 | +$0.32 |
| Q2 2026 | -$0.02 | +$0.51 |
| Q1 2026 | $0.09 | +$0.68 |
| Q4 2025 | -$0.62 | -$0.01 |
| Q3 2025 | -$0.41 | +$0.31 |
| Q2 2025 | -$0.53 | +$0.18 |
| Q1 2025 | -$0.59 | +$0.16 |
| Q4 2024 | -$0.61 | +$0.27 |
ONDS is still losing money, but far less than before: $0.09 per share over the past year, against $1.79 at its worst in early 2023.
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 has the edge over ONDS on profitability, with a higher operating margin.
ONDS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $167.5M | +1559% |
| Q2 2026 | $83.8M | +1235% |
| Q1 2026 | $50.1M | +1080% |
| Q4 2025 | $30.1M | +629% |
| Q3 2025 | $10.1M | +582% |
| Q2 2025 | $6.3M | +555% |
| Q1 2025 | $4.2M | +580% |
| Q4 2024 | $4.1M | -17% |
ONDS's revenue has grown year over year for seven quarters in a row: $167M last quarter, up 1559% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -113% | +40 points |
| Q2 2026 | -195% | -47 points |
| Q1 2026 | -85% | +158 points |
| Q4 2025 | -77% | +129 points |
| Q3 2025 | -154% | +431 points |
| Q2 2025 | -147% | +720 points |
| Q1 2025 | -243% | +1218 points |
| Q4 2024 | -206% | +49 points |
ONDS's operating margin was −113% last quarter, up 40 points from the same quarter a year ago.
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 has the edge over ONDS on cash generation, producing positive trailing cash flow while its opponent burns cash.
ONDS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$150.8M | -$139.6M |
| Q2 2026 | -$93.8M | -$85.3M |
| Q1 2026 | -$52.6M | -$45.8M |
| Q4 2025 | -$14.3M | -$6.2M |
| Q3 2025 | -$11.1M | -$2.7M |
| Q2 2025 | -$8.5M | +$1.4M |
| Q1 2025 | -$6.8M | +$1.8M |
| Q4 2024 | -$8.1M | -$2.1M |
ONDS has burned cash in almost every quarter: −$312M over the past year, against −$35M 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 ONDS 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.
ONDS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +23% | +114M shares |
| 1 year | +489% | +513M shares |
| 3 years | +1363% | +576M shares |
| 5 years | +2983% | +598M shares |
ONDS has 618M diluted shares, up 489% from a year ago.
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.
ONDS Net Leverage
ONDS's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
ONDS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.4 | Neutral |
| Stochastic | 15.5 | Oversold |
ONDS's weekly RSI is 36 (neutral) and its Stochastic is 15 (oversold).
DELL PE vs Technology Sector
| Metric | DELL | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 28x | 23% below |
| PE % | 66 | 35 | 31 pts above |
DELL is trading at 22x earnings, a 23% discount to the Technology sector's median of 28x.
ONDS PE vs Technology Sector
| Metric | ONDS | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
ONDS has no meaningful PE right now: it lost money over the past year.
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 the edge over ONDS on trend strength, trading above more of its moving averages.
ONDS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.35 | 16% below |
| 20 week MA | $7.23 | 26% below |
| 50 week MA | $8.92 | 40% below |
| 100 week MA | $6.08 | 12% below |
| 200 week MA | $3.57 | 49% above |
ONDS has fallen below most of its moving averages, though it's still 49% above its 200-week average.
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 ONDS on returns for 2026, with the stronger performance.
ONDS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2019 | $18.0 | $18.0 | 0% |
| 2020 | $18.0 | $7.65 | -57% |
| 2021 | $7.65 | $7.16 | -6.4% |
| 2022 | $7.16 | $1.69 | -76% |
| 2023 | $1.69 | $1.53 | -9.5% |
| 2024 | $1.53 | $2.59 | +69% |
| 2025 | $2.59 | $8.48 | +227% |
| 2026 YTD | $8.48 | $5.32 | -37% |
ONDS's yearly returns have swung widely, from +227% in 2025 to −76% in 2022. It's down 37% so far in 2026.