DELL vs. ON: A Head-to-Head Stock Comparison

Updated on July 16, 2025

Here’s a clear look at DELL and ON, comparing key factors like historical performance, profitability, financial strength, growth, dividend, and valuation.

Company Overview

DELL’s market capitalization of 86.10 billion USD is substantially larger than ON’s 24.96 billion USD, indicating a significant difference in their market valuations.

With betas of 1.09 for DELL and 1.38 for ON, both stocks show similar sensitivity to overall market movements.

Symbol	DELL	ON
Company Name	Dell Technologies Inc.	ON Semiconductor Corporation
Country	US	US
Sector	Technology	Technology
Industry	Computer Hardware	Semiconductors
CEO	Michael Saul Dell	Hassane S. El-Khoury
Price	126.83 USD	59.73 USD
Market Cap	86.10 billion USD	24.96 billion USD
Beta	1.09	1.38
Exchange	NYSE	NASDAQ
IPO Date	August 17, 2016	May 2, 2000
ADR	No	No

Historical Performance

This chart compares the performance of DELL and ON by tracking the growth of an initial $10,000 investment in each. Use the tabs to select the desired time period.

Data is adjusted for dividends and splits.

DELL vs. ON: Growth of a $10,000 investment over the past one year.

Profitability

Return on Equity

DELL

-189.86%

Computer Hardware Industry

Max: 123.03%
Q3: 15.78%
Median: -13.44%
Q1: -119.16%
Min: -227.95%

DELL has a negative Return on Equity of -189.86%. This indicates the company is generating a loss for its shareholders, which can be a result of unprofitability or negative shareholder equity and is often a sign of financial distress.

ON

7.51%

Semiconductors Industry

Max: 41.84%
Q3: 15.81%
Median: 6.31%
Q1: -5.54%
Min: -30.12%

ON’s Return on Equity of 7.51% is on par with the norm for the Semiconductors industry, indicating its profitability relative to shareholder equity is typical for the sector.

DELL vs. ON: A comparison of their ROE against their respective Computer Hardware and Semiconductors industry benchmarks.

Return on Invested Capital

DELL

12.89%

Computer Hardware Industry

Max: 30.37%
Q3: 20.44%
Median: 7.03%
Q1: -12.47%
Min: -31.70%

DELL’s Return on Invested Capital of 12.89% is in line with the norm for the Computer Hardware industry, reflecting a standard level of efficiency in generating profits from its capital base.

ON

4.06%

Semiconductors Industry

Max: 30.91%
Q3: 11.34%
Median: 4.08%
Q1: -2.17%
Min: -19.59%

ON’s Return on Invested Capital of 4.06% is in line with the norm for the Semiconductors industry, reflecting a standard level of efficiency in generating profits from its capital base.

DELL vs. ON: A comparison of their ROIC against their respective Computer Hardware and Semiconductors industry benchmarks.

Net Profit Margin

DELL

4.75%

Computer Hardware Industry

Max: 40.72%
Q3: 10.87%
Median: 4.33%
Q1: -378.64%
Min: -753.20%

DELL’s Net Profit Margin of 4.75% is aligned with the median group of its peers in the Computer Hardware industry. This indicates its ability to convert revenue into profit is typical for the sector.

ON

9.51%

Semiconductors Industry

Max: 51.69%
Q3: 19.67%
Median: 8.56%
Q1: -5.44%
Min: -38.60%

ON’s Net Profit Margin of 9.51% is aligned with the median group of its peers in the Semiconductors industry. This indicates its ability to convert revenue into profit is typical for the sector.

DELL vs. ON: A comparison of their Net Profit Margin against their respective Computer Hardware and Semiconductors industry benchmarks.

Operating Profit Margin

DELL

6.70%

Computer Hardware Industry

Max: 42.27%
Q3: 13.53%
Median: 4.56%
Q1: -295.01%
Min: -592.84%

DELL’s Operating Profit Margin of 6.70% is around the midpoint for the Computer Hardware industry, indicating that its efficiency in managing core business operations is typical for the sector.

ON

11.14%

Semiconductors Industry

Max: 58.03%
Q3: 22.12%
Median: 8.40%
Q1: -3.73%
Min: -36.14%

ON’s Operating Profit Margin of 11.14% is around the midpoint for the Semiconductors industry, indicating that its efficiency in managing core business operations is typical for the sector.

DELL vs. ON: A comparison of their Operating Margin against their respective Computer Hardware and Semiconductors industry benchmarks.

Profitability at a Glance

Symbol	DELL	ON
Return on Equity (TTM)	-189.86%	7.51%
Return on Assets (TTM)	5.29%	4.78%
Return on Invested Capital (TTM)	12.89%	4.06%
Net Profit Margin (TTM)	4.75%	9.51%
Operating Profit Margin (TTM)	6.70%	11.14%
Gross Profit Margin (TTM)	22.11%	39.67%

Financial Strength

Current Ratio

DELL

0.85

Computer Hardware Industry

Max: 20.73
Q3: 11.54
Median: 2.69
Q1: 1.40
Min: 0.73

DELL’s Current Ratio of 0.85 falls into the lower quartile for the Computer Hardware industry. This indicates a tighter liquidity situation and a more constrained capacity to handle short-term debt than many of its competitors.

ON

4.95

Semiconductors Industry

Max: 9.10
Q3: 5.23
Median: 3.09
Q1: 2.49
Min: 1.02

ON’s Current Ratio of 4.95 aligns with the median group of the Semiconductors industry, indicating that its short-term liquidity is in line with its sector peers.

DELL vs. ON: A comparison of their Current Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Debt-to-Equity Ratio

DELL

-9.52

Computer Hardware Industry

Max: 1.36
Q3: 0.67
Median: 0.04
Q1: 0.03
Min: 0.00

DELL has a Debt-to-Equity Ratio of -9.52, which indicates negative shareholder equity where liabilities exceed assets. This is a critical sign of financial distress.

ON

0.42

Semiconductors Industry

Max: 0.97
Q3: 0.46
Median: 0.21
Q1: 0.05
Min: 0.00

ON’s Debt-to-Equity Ratio of 0.42 is typical for the Semiconductors industry, indicating its use of leverage is in line with the sector norm. This suggests a balanced approach to its capital structure.

DELL vs. ON: A comparison of their D/E Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Interest Coverage Ratio

DELL

4.56

Computer Hardware Industry

Max: 32.50
Q3: 21.85
Median: 4.98
Q1: -7.71
Min: -34.24

DELL’s Interest Coverage Ratio of 4.56 is positioned comfortably within the norm for the Computer Hardware industry, indicating a standard and healthy capacity to cover its interest payments.

ON

25.86

Semiconductors Industry

Max: 36.25
Q3: 29.12
Median: 7.01
Q1: -1.22
Min: -18.18

ON’s Interest Coverage Ratio of 25.86 is positioned comfortably within the norm for the Semiconductors industry, indicating a standard and healthy capacity to cover its interest payments.

DELL vs. ON: A comparison of their Interest Coverage against their respective Computer Hardware and Semiconductors industry benchmarks.

Financial Strength at a Glance

Symbol	DELL	ON
Current Ratio (TTM)	0.85	4.95
Quick Ratio (TTM)	0.70	3.32
Debt-to-Equity Ratio (TTM)	-9.52	0.42
Debt-to-Asset Ratio (TTM)	0.33	0.25
Net Debt-to-EBITDA Ratio (TTM)	2.09	0.47
Interest Coverage Ratio (TTM)	4.56	25.86

Growth

The following charts compare key year-over-year (YoY) growth metrics for DELL and ON. These metrics are based on the companies’ annual financial reports.

Revenue Growth

DELL vs. ON: A comparison of their annual year-over-year Revenue Growth.

Earnings Per Share (EPS) Growth

DELL vs. ON: A comparison of their annual year-over-year Earnings Per Share (EPS) Growth.

Free Cash Flow Growth

DELL vs. ON: A comparison of their annual year-over-year Free Cash Flow Growth.

Dividend

Dividend Yield

DELL

1.82%

Computer Hardware Industry

Max: 9.24%
Q3: 1.58%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

With a Dividend Yield of 1.82%, DELL offers a more attractive income stream than most of its peers in the Computer Hardware industry, signaling a strong commitment to shareholder returns.

ON

0.00%

Semiconductors Industry

Max: 6.48%
Q3: 0.93%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ON currently does not pay a dividend, resulting in a yield of 0%. This is a common strategy for growth-focused companies that prioritize reinvesting earnings, though it may be less typical in mature, income-oriented sectors.

DELL vs. ON: A comparison of their Dividend Yield against their respective Computer Hardware and Semiconductors industry benchmarks.

Dividend Payout Ratio

DELL

29.04%

Computer Hardware Industry

Max: 193.79%
Q3: 30.72%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

DELL’s Dividend Payout Ratio of 29.04% is within the typical range for the Computer Hardware industry, suggesting a balanced approach between shareholder payouts and company reinvestment.

ON

0.00%

Semiconductors Industry

Max: 204.29%
Q3: 31.85%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ON has a Dividend Payout Ratio of 0%, indicating it does not currently pay a dividend. This is a common strategy for growth-oriented companies that reinvest all profits back into the business.

DELL vs. ON: A comparison of their Payout Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Dividend at a Glance

Symbol	DELL	ON
Dividend Yield (TTM)	1.82%	0.00%
Dividend Payout Ratio (TTM)	29.04%	0.00%

Valuation

Price-to-Earnings Ratio

DELL

19.09

Computer Hardware Industry

Max: 24.60
Q3: 24.01
Median: 20.31
Q1: 18.24
Min: 13.38

DELL’s P/E Ratio of 19.09 is within the middle range for the Computer Hardware industry. This suggests its valuation is in line with the sector average, representing neither a significant premium nor a discount compared to its peers.

ON

39.71

Semiconductors Industry

Max: 86.15
Q3: 47.38
Median: 27.87
Q1: 18.89
Min: 4.73

ON’s P/E Ratio of 39.71 is within the middle range for the Semiconductors industry. This suggests its valuation is in line with the sector average, representing neither a significant premium nor a discount compared to its peers.

DELL vs. ON: A comparison of their P/E Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Forward P/E to Growth Ratio

DELL

1.60

Computer Hardware Industry

Max: 9.77
Q3: 5.18
Median: 1.77
Q1: 1.17
Min: 0.02

The Forward PEG Ratio is often not a primary valuation metric in the Computer Hardware industry.

ON

1.15

Semiconductors Industry

Max: 4.73
Q3: 2.80
Median: 1.11
Q1: 0.68
Min: 0.01

The Forward PEG Ratio is often not a primary valuation metric in the Semiconductors industry.

DELL vs. ON: A comparison of their Forward PEG Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Price-to-Sales Ratio

DELL

0.89

Computer Hardware Industry

Max: 57.61
Q3: 47.40
Median: 3.37
Q1: 1.56
Min: 0.43

In the lower quartile for the Computer Hardware industry, DELL’s P/S Ratio of 0.89 indicates its revenue is valued more conservatively than most of its peers. This could present a compelling opportunity if the market has overlooked its sales-generating capabilities.

ON

3.74

Semiconductors Industry

Max: 21.96
Q3: 10.21
Median: 4.45
Q1: 2.32
Min: 0.48

ON’s P/S Ratio of 3.74 aligns with the market consensus for the Semiconductors industry. This suggests its valuation, based on sales, is seen as standard and is on par with its competitors.

DELL vs. ON: A comparison of their P/S Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Price-to-Book Ratio

DELL

-29.02

Computer Hardware Industry

Max: 21.21
Q3: 14.71
Median: 9.28
Q1: 3.74
Min: 0.43

DELL has a negative P/B Ratio of -29.02, indicating its liabilities exceed its assets and result in negative shareholder equity. This is a critical warning sign of financial distress.

ON

3.13

Semiconductors Industry

Max: 13.12
Q3: 6.49
Median: 3.31
Q1: 1.74
Min: 0.23

ON’s P/B Ratio of 3.13 is within the conventional range for the Semiconductors industry. This shows a balanced market view, where the stock’s price is neither at a significant premium nor a discount to the book value of its peers.

DELL vs. ON: A comparison of their P/B Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Valuation at a Glance

Symbol	DELL	ON
Price-to-Earnings Ratio (P/E, TTM)	19.09	39.71
Forward PEG Ratio (TTM)	1.60	1.15
Price-to-Sales Ratio (P/S, TTM)	0.89	3.74
Price-to-Book Ratio (P/B, TTM)	-29.02	3.13
Price-to-Free Cash Flow Ratio (P/FCF, TTM)	23.59	16.10
EV-to-EBITDA (TTM)	10.65	19.62
EV-to-Sales (TTM)	1.11	3.84