Dell vs NEC: Revenue, Profit and Business Model
Dell reported $113.5B of revenue in FY2026 and $5.9B of net income. NEC reported ~$24B of revenue in FY2026 and ~$1.8B of net income.
Latest financial snapshot
Financial summary
Dell
Dell's fiscal year ends in late January or early February. Revenue fell from $102.3 billion in fiscal 2023 to $88.4 billion in fiscal 2024 as post-pandemic PC demand faded, then recovered to $95.6 billion in fiscal 2025 and a record $113.5 billion in fiscal 2026, when net income reached $5.94 billion, operating cash flow topped $11 billion and $7.5 billion was returned to shareholders. Fiscal 2027 has accelerated: Q1 revenue was $43.8 billion (up 88%) and Q2 revenue was $47.0 billion (up 58%), with Q2 diluted EPS of $6.34. In September 2026 Dell raised full-year fiscal 2027 guidance to about $192 billion in revenue and $25.50 in non-GAAP EPS. The balance sheet still carries debt from the 2016 EMC deal, though leverage has fallen through the VMware spin-off and cash generation.
NEC
NEC's numbers show a company trading revenue for margin. Revenue moved from ~$20.2 billion (3,014.1 billion yen) in FY22/3 to ~$24 billion (3,582.7 billion yen) in FY26/3, but the bigger change was profitability: FY26/3 adjusted operating profit reached ~$2.59 billion (386.8 billion yen) (10.8% margin, up 2.4 points), net profit attributable to owners was ~$1.81 billion (270.2 billion yen), and non-GAAP net profit was ~$1.87 billion (279.8 billion yen), a record under IFRS. Momentum carried into FY27/3: first-quarter revenue rose 14.5% to ~$5.49 billion (819.8 billion yen), net profit was ~$333 million (49.7 billion yen), and NEC raised full-year guidance to ~$23.7 billion (3,540 billion yen) revenue and ~$2.88 billion (430 billion yen) adjusted operating profit.
Revenue and profit by year
Where the revenue comes from
Dell
- Client SolutionsMajor
Revenue from commercial and consumer PCs, workstations, peripherals, and related support.
- Infrastructure SolutionsMajor
Revenue from servers, storage, networking, AI infrastructure, and data-center systems.
- Services, Support, and Financing
Supporting
Revenue from warranties, support contracts, deployment, managed services, and financing tied to hardware and infrastructure sales.
NEC
- IT Services70.0%
FY26/3 revenue was ~$16.8 billion (2,508.9 billion yen), including Domestic IT and International digital government/digital finance work.
- Social Infrastructure26.1%
FY26/3 revenue was ~$6.27 billion (935.3 billion yen), including telecom services and aerospace/national security systems.
- Others3.9%
FY26/3 other revenue was ~$928 million (138.5 billion yen).
Business model and strategy
Dell
How it makes money
Dell makes money by selling hardware plus attached services and financing. The Infrastructure Solutions Group sells AI-optimized servers built around Nvidia (and some AMD) accelerators, traditional PowerEdge servers, networking and storage to enterprises, cloud service providers and governments; in Q2 fiscal 2027 ISG produced $31.8 billion of revenue and $4.8 billion of operating income.
Growth strategy
Dell's growth strategy has three parts. First, win AI infrastructure share by shipping GPU-dense, liquid-cooled rack systems (PowerEdge XE servers with Nvidia Blackwell-generation GPUs) to neoclouds, sovereign AI programs and large enterprises, packaged as the Dell AI Factory.
Competitive advantage
Dell's edge is breadth and scale in enterprise relationships. It can sell a customer everything from 10,000 laptops to a liquid-cooled GPU cluster with storage, networking, deployment and financing under one contract, and support it worldwide.
NEC
How it makes money
NEC makes money by selling technology projects and recurring services to governments, enterprises and telecom carriers. In FY26/3 (year ended March 31, 2026), IT Services produced ~$16.8 billion (2,508.9 billion yen), about 70% of revenue: system integration, managed services and the BluStellar DX offering in Japan, plus digital government and digital finance software abroad through subsidiaries such as Avaloq, KMD a…
Growth strategy
Under its 2025 Mid-term Management Plan, which NEC says it achieved in FY26/3, the company prioritized digital government and digital finance, 5G, and core DX (now branded BluStellar) as growth businesses while monitoring and pruning low-profit work.
Competitive advantage
NEC's edge comes from decades of trusted delivery to Japanese ministries, municipalities, the Ministry of Defense and NTT-group carriers, which makes it hard to displace on security-sensitive systems. Its face and fingerprint algorithms have repeatedly placed at or near the top of US NIST benchmark tests, which supports border-control and airport contracts abroad.
Questions about Dell vs NEC
Which company has higher revenue — Dell Technologies Inc. or NEC Corporation?
Dell Technologies Inc. reported $113.5B (FY2026), while NEC Corporation reported ~$24B (FY2026). By last reported revenue, Dell Technologies Inc. is the larger business, with NEC Corporation reporting a smaller revenue base.
What is the market cap of Dell Technologies Inc. vs NEC Corporation?
Dell Technologies Inc.'s market capitalisation stands at $360.0B, while NEC Corporation's is $40.2B. Dell Technologies Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to NEC Corporation.
Which is more financially efficient — Dell Technologies Inc. or NEC Corporation?
Dell Technologies Inc. generates $1.17M / employee in revenue per employee, while NEC Corporation generates $236k / employee. Dell Technologies Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Dell Technologies Inc. and NEC Corporation make money?
Dell Technologies Inc. and NEC Corporation generate revenue in fundamentally different ways. Dell Technologies Inc.: Dell makes money by selling hardware plus attached services and financing. NEC Corporation: NEC makes money by selling technology projects and recurring services to governments, enterprises and telecom carriers.
Which company is valued higher relative to revenue — Dell Technologies Inc. or NEC Corporation?
On a price-to-sales (P/S) basis, Dell Technologies Inc. trades at 3.2x P/S and NEC Corporation at 1.7x P/S. Dell Technologies Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to NEC Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Dell Technologies Inc. bigger than NEC Corporation?
By last reported revenue, Dell Technologies Inc. ($113.5B (FY2026)) is the larger company compared to NEC Corporation (~$24B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Dell vs NEC overview