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Side-by-side financial comparison of Dell Technologies (DELL) and PDD Holdings Inc. (PDD). Click either name above to swap in a different company.
Dell Technologies is the larger business by last-quarter revenue ($27.0B vs $15.2B, roughly 1.8× PDD Holdings Inc.). PDD Holdings Inc. runs the higher net margin — 27.1% vs 5.7%, a 21.4% gap on every dollar of revenue. Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% CAGR vs 8.5%).
Dell Technologies Inc. is an American multinational technology company that has been headquartered in Round Rock, Texas since 1994. It was formed as a result of the September 2016 merger of Dell and EMC Corporation.
Pinduoduo is a Chinese online retailer, with a focus on the traditional agriculture industry. The business is the largest product of PDD Holdings, a company currently headquartered in Ireland that also owns the online marketplace Temu.
DELL vs PDD — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $27.0B | $15.2B |
| Net Profit | $1.5B | $4.1B |
| Gross Margin | 20.7% | 56.7% |
| Operating Margin | 7.8% | 23.1% |
| Net Margin | 5.7% | 27.1% |
| Revenue YoY | 10.8% | — |
| Net Profit YoY | 36.7% | — |
| EPS (diluted) | $2.28 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $27.0B | — | ||
| Q3 25 | — | $15.2B | ||
| Q2 25 | $23.4B | $14.5B | ||
| Q4 24 | $24.4B | — | ||
| Q3 24 | $25.0B | $14.2B | ||
| Q2 24 | $22.2B | — | ||
| Q1 24 | $22.3B | $12.0B | ||
| Q4 23 | $22.3B | — |
| Q4 25 | $1.5B | — | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | $965.0M | $4.3B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $846.0M | $3.6B | ||
| Q2 24 | $960.0M | — | ||
| Q1 24 | $1.2B | $3.9B | ||
| Q4 23 | $1.0B | — |
| Q4 25 | 20.7% | — | ||
| Q3 25 | — | 56.7% | ||
| Q2 25 | 21.1% | 55.9% | ||
| Q4 24 | 21.8% | — | ||
| Q3 24 | 21.2% | 60.0% | ||
| Q2 24 | 21.6% | — | ||
| Q1 24 | 23.8% | 62.3% | ||
| Q4 23 | 23.1% | — |
| Q4 25 | 7.8% | — | ||
| Q3 25 | — | 23.1% | ||
| Q2 25 | 5.0% | 24.8% | ||
| Q4 24 | 6.8% | — | ||
| Q3 24 | 5.4% | 24.5% | ||
| Q2 24 | 4.1% | — | ||
| Q1 24 | 6.7% | 29.9% | ||
| Q4 23 | 6.7% | — |
| Q4 25 | 5.7% | — | ||
| Q3 25 | — | 27.1% | ||
| Q2 25 | 4.1% | 29.6% | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 3.4% | 25.1% | ||
| Q2 24 | 4.3% | — | ||
| Q1 24 | 5.2% | 32.3% | ||
| Q4 23 | 4.5% | — |
| Q4 25 | $2.28 | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $1.37 | — | ||
| Q4 24 | $1.58 | — | ||
| Q3 24 | $1.17 | — | ||
| Q2 24 | $1.32 | — | ||
| Q1 24 | $1.82 | — | ||
| Q4 23 | $1.36 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $9.6B | $13.0B |
| Total DebtLower is stronger | $31.2B | — |
| Stockholders' EquityBook value | $-2.6B | $55.0B |
| Total Assets | $87.5B | $86.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $9.6B | — | ||
| Q3 25 | — | $13.0B | ||
| Q2 25 | $7.7B | $8.8B | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $4.5B | $9.3B | ||
| Q2 24 | $5.8B | — | ||
| Q1 24 | $7.4B | $7.7B | ||
| Q4 23 | $8.3B | — |
| Q4 25 | $31.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $28.8B | — | ||
| Q4 24 | $25.0B | — | ||
| Q3 24 | $24.5B | — | ||
| Q2 24 | $25.5B | — | ||
| Q1 24 | $26.0B | — | ||
| Q4 23 | $26.6B | — |
| Q4 25 | $-2.6B | — | ||
| Q3 25 | — | $55.0B | ||
| Q2 25 | $-3.0B | $50.5B | ||
| Q4 24 | $-2.3B | — | ||
| Q3 24 | $-2.9B | $39.7B | ||
| Q2 24 | $-2.8B | — | ||
| Q1 24 | $-2.4B | $30.3B | ||
| Q4 23 | $-2.7B | — |
| Q4 25 | $87.5B | — | ||
| Q3 25 | — | $86.2B | ||
| Q2 25 | $86.9B | $79.2B | ||
| Q4 24 | $82.0B | — | ||
| Q3 24 | $82.7B | $66.5B | ||
| Q2 24 | $80.2B | — | ||
| Q1 24 | $82.1B | $52.3B | ||
| Q4 23 | $83.3B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.2B | $6.4B |
| Free Cash FlowOCF − Capex | $503.0M | — |
| FCF MarginFCF / Revenue | 1.9% | — |
| Capex IntensityCapex / Revenue | 2.5% | — |
| Cash ConversionOCF / Net Profit | 0.76× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | — | ||
| Q3 25 | — | $6.4B | ||
| Q2 25 | $2.8B | $3.0B | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.3B | $3.9B | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.5B | $2.9B | ||
| Q4 23 | $2.2B | — |
| Q4 25 | $503.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $2.2B | — | ||
| Q4 24 | $914.0M | — | ||
| Q3 24 | $658.0M | — | ||
| Q2 24 | $447.0M | — | ||
| Q1 24 | $806.0M | — | ||
| Q4 23 | $1.4B | — |
| Q4 25 | 1.9% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 9.5% | — | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | 2.6% | — | ||
| Q2 24 | 2.0% | — | ||
| Q1 24 | 3.6% | — | ||
| Q4 23 | 6.5% | — |
| Q4 25 | 2.5% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.4% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 2.7% | — | ||
| Q1 24 | 3.3% | — | ||
| Q4 23 | 3.2% | — |
| Q4 25 | 0.76× | — | ||
| Q3 25 | — | 1.56× | ||
| Q2 25 | 2.90× | 0.70× | ||
| Q4 24 | 1.37× | — | ||
| Q3 24 | 1.58× | 1.10× | ||
| Q2 24 | 1.09× | — | ||
| Q1 24 | 1.32× | 0.75× | ||
| Q4 23 | 2.14× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DELL
| Products | $21.3B | 79% |
| Storage | $4.0B | 15% |
| Consumer | $1.9B | 7% |
PDD
Segment breakdown not available.
