Dell Technologies Inc.、合并资产负债表结构：负债和股东权益（季度数据）
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2026年5月1日 |
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2026年1月30日 |
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2025年10月31日 |
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2025年8月1日 |
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2025年5月2日 |
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2025年1月31日 |
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2024年11月1日 |
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2024年8月2日 |
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2024年5月3日 |
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2024年2月2日 |
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2023年11月3日 |
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2023年8月4日 |
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2023年5月5日 |
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2023年2月3日 |
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2022年10月28日 |
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2022年7月29日 |
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2022年4月29日 |
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2022年1月28日 |
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2021年10月29日 |
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2021年7月30日 |
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2021年4月30日 |
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2021年1月29日 |
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2020年10月30日 |
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2020年7月31日 |
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2020年5月1日 |
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短期债务 |
6.57% | |
7.89% | |
8.45% | |
8.02% | |
5.58% | |
6.53% | |
6.85% | |
8.12% | |
7.60% | |
8.51% | |
7.80% | |
8.13% | |
6.50% | |
7.34% | |
7.95% | |
7.49% | |
6.70% | |
6.28% | |
12.00% | |
5.24% | |
7.19% | |
5.15% | |
5.49% | |
8.53% | |
6.97% | |
|
|
应付帐款 |
39.39% | |
33.20% | |
27.20% | |
30.80% | |
29.18% | |
26.12% | |
28.55% | |
29.14% | |
25.67% | |
23.62% | |
23.39% | |
23.31% | |
21.16% | |
20.75% | |
26.43% | |
28.54% | |
28.94% | |
29.27% | |
19.73% | |
18.77% | |
17.70% | |
17.58% | |
16.64% | |
16.08% | |
15.33% | |
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因关联方原因 |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
1.50% | |
1.46% | |
0.71% | |
2.31% | |
0.84% | |
1.43% | |
0.70% | |
1.52% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
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|
应计和其他 |
7.48% | |
8.21% | |
7.63% | |
7.27% | |
7.28% | |
8.27% | |
7.92% | |
7.71% | |
7.50% | |
8.29% | |
7.75% | |
7.69% | |
8.84% | |
9.90% | |
9.29% | |
7.67% | |
7.46% | |
8.17% | |
7.43% | |
7.18% | |
6.35% | |
7.74% | |
7.33% | |
7.22% | |
6.71% | |
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短期递延收入 |
11.48% | |
13.16% | |
14.46% | |
15.43% | |
16.01% | |
17.15% | |
16.82% | |
17.96% | |
18.75% | |
18.66% | |
18.26% | |
18.88% | |
18.46% | |
17.34% | |
16.56% | |
16.59% | |
16.21% | |
15.38% | |
12.21% | |
13.86% | |
13.83% | |
13.39% | |
12.83% | |
12.65% | |
12.28% | |
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持有待售的流动负债 |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.28% | |
0.26% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.18% | |
0.00% | |
0.00% | |
0.00% | |
0.28% | |
0.30% | |
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流动负债 |
64.92% |
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62.47% |
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57.75% |
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61.52% |
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58.04% |
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58.34% |
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60.40% |
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62.93% |
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59.53% |
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59.07% |
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58.70% |
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59.47% |
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55.68% |
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57.64% |
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61.06% |
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61.72% |
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60.02% |
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60.62% |
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51.37% |
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45.23% |
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45.06% |
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43.86% |
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42.29% |
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44.76% |
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41.59% |
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长期债务 |
20.55% | |
23.21% | |
27.26% | |
24.15% | |
27.55% | |
24.28% | |
23.68% | |
21.54% | |
24.17% | |
23.16% | |
24.16% | |
23.56% | |
27.31% | |
25.68% | |
24.14% | |
22.85% | |
23.98% | |
22.79% | |
23.36% | |
30.30% | |
31.16% | |
33.73% | |
36.42% | |
35.96% | |
40.22% | |
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|
长期递延收入 |
12.41% | |
13.42% | |
14.24% | |
13.93% | |
14.29% | |
15.41% | |
15.16% | |
15.55% | |
16.36% | |
16.84% | |
16.63% | |
16.51% | |
16.85% | |
16.45% | |
15.24% | |
14.98% | |
14.79% | |
14.35% | |
10.97% | |
12.10% | |
11.94% | |
11.57% | |
11.28% | |
11.09% | |
10.69% | |
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其他非流动负债 |
3.35% | |
3.34% | |
3.74% | |
3.50% | |
3.59% | |
3.70% | |
3.43% | |
3.36% | |
3.34% | |
3.73% | |
3.59% | |
3.59% | |
3.64% | |
3.60% | |
3.51% | |
3.55% | |
3.88% | |
3.94% | |
3.83% | |
4.28% | |
4.33% | |
4.34% | |
4.57% | |
3.93% | |
4.44% | |
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非流动负债 |
36.30% |
|
39.97% |
|
45.25% |
|
41.58% |
|
45.44% |
|
43.40% |
|
42.27% |
|
40.45% |
|
43.87% |
|
43.74% |
|
44.39% |
|
43.65% |
|
47.80% |
|
45.73% |
|
42.89% |
|
41.39% |
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42.65% |
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41.08% |
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38.16% |
|
46.67% |
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47.43% |
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49.64% |
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52.27% |
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50.97% |
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55.34% |
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负债合计 |
101.22% |
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102.44% |
|
103.00% |
|
103.10% |
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103.48% |
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101.74% |
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102.67% |
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103.38% |
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103.40% |
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102.81% |
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103.09% |
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103.13% |
|
103.48% |
|
103.38% |
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103.95% |
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103.10% |
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102.66% |
|
101.70% |
|
89.54% |
|
91.90% |
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92.49% |
|
93.50% |
|
94.56% |
|
95.74% |
|
96.94% |
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可赎回股票 |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.46% | |
0.38% | |
0.44% | |
0.50% | |
0.37% | |
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普通股和资本超过面值 0.01 美元 |
7.93% | |
9.34% | |
10.61% | |
10.24% | |
10.31% | |
11.44% | |
10.92% | |
10.62% | |
10.73% | |
10.87% | |
10.50% | |
9.99% | |
9.92% | |
9.40% | |
9.65% | |
9.02% | |
8.80% | |
8.52% | |
13.15% | |
14.27% | |
13.92% | |
13.65% | |
14.06% | |
13.49% | |
13.59% | |
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按成本计算的库存股 |
-14.05% | |
-14.35% | |
-14.48% | |
-12.81% | |
-12.07% | |
-10.66% | |
-9.45% | |
-8.87% | |
-8.26% | |
-7.19% | |
-6.08% | |
-5.04% | |
-4.83% | |
-4.26% | |
-4.30% | |
-3.44% | |
-2.77% | |
-1.04% | |
-0.22% | |
-0.25% | |
-0.25% | |
-0.25% | |
-0.26% | |
-0.25% | |
-0.25% | |
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留存收益（累计赤字） |
5.52% | |
3.28% | |
1.62% | |
0.26% | |
-0.65% | |
-1.45% | |
-3.26% | |
-4.21% | |
-4.99% | |
-5.64% | |
-6.63% | |
-7.30% | |
-7.65% | |
-7.51% | |
-8.34% | |
-8.00% | |
-8.34% | |
-8.83% | |
-6.04% | |
-9.81% | |
-10.57% | |
-11.14% | |
-12.59% | |
-13.04% | |
-14.02% | |
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累计其他综合亏损 |
-0.62% | |
-0.71% | |
-0.75% | |
-0.80% | |
-1.07% | |
-1.18% | |
-1.00% | |
-1.04% | |
-1.00% | |
-0.97% | |
-0.99% | |
-0.88% | |
-1.03% | |
-1.12% | |
-1.08% | |
-0.79% | |
-0.48% | |
-0.46% | |
-0.29% | |
-0.28% | |
-0.24% | |
-0.25% | |
-0.46% | |
-0.54% | |
-0.66% | |
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Dell Technologies Inc. 股东权益总额（赤字） |
-1.22% |
|
-2.44% |
|
-3.00% |
|
-3.10% |
|
-3.48% |
|
-1.86% |
|
-2.79% |
|
-3.50% |
|
-3.52% |
|
-2.93% |
|
-3.20% |
|
-3.24% |
|
-3.59% |
|
-3.48% |
|
-4.07% |
|
-3.22% |
|
-2.78% |
|
-1.82% |
|
6.60% |
|
3.93% |
|
2.86% |
|
2.01% |
|
0.74% |
|
-0.35% |
|
-1.34% |
|
|
|
非控制性权益 |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.12% | |
0.12% | |
0.12% | |
0.12% | |
0.12% | |
0.11% | |
0.11% | |
0.12% | |
0.11% | |
0.12% | |
0.12% | |
0.12% | |
0.11% | |
3.86% | |
4.17% | |
4.19% | |
4.11% | |
4.25% | |
4.10% | |
4.04% | |
|
|
股东权益总额（赤字） |
-1.22% |
|
-2.44% |
|
-3.00% |
|
-3.10% |
|
-3.48% |
|
-1.74% |
|
-2.67% |
|
-3.38% |
|
-3.40% |
|
-2.81% |
|
-3.09% |
|
-3.13% |
|
-3.48% |
|
-3.38% |
|
-3.95% |
|
-3.10% |
|
-2.66% |
|
-1.70% |
|
10.46% |
|
8.10% |
|
7.05% |
|
6.12% |
|
4.99% |
|
3.76% |
|
2.69% |
|
|
|
负债总额和股东权益（赤字） |
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
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根据报告：
10-Q (报告日期： 2026-05-01), 10-K (报告日期： 2026-01-30), 10-Q (报告日期： 2025-10-31), 10-Q (报告日期： 2025-08-01), 10-Q (报告日期： 2025-05-02), 10-K (报告日期： 2025-01-31), 10-Q (报告日期： 2024-11-01), 10-Q (报告日期： 2024-08-02), 10-Q (报告日期： 2024-05-03), 10-K (报告日期： 2024-02-02), 10-Q (报告日期： 2023-11-03), 10-Q (报告日期： 2023-08-04), 10-Q (报告日期： 2023-05-05), 10-K (报告日期： 2023-02-03), 10-Q (报告日期： 2022-10-28), 10-Q (报告日期： 2022-07-29), 10-Q (报告日期： 2022-04-29), 10-K (报告日期： 2022-01-28), 10-Q (报告日期： 2021-10-29), 10-Q (报告日期： 2021-07-30), 10-Q (报告日期： 2021-04-30), 10-K (报告日期： 2021-01-29), 10-Q (报告日期： 2020-10-30), 10-Q (报告日期： 2020-07-31), 10-Q (报告日期： 2020-05-01).
分析显示，该实体的资本结构在观察期内发生了显著变化，主要表现为负债结构的重心从长期债务向短期经营负债转移，且整体杠杆率维持在极高水平。
- 流动负债趋势
- 流动负债占总负债和股东权益的比例呈现整体上升趋势，从2020年5月的41.59%增加至2026年5月的64.92%。其中，应付账款的增长最为显著，从早期的15%左右攀升至期末的39.39%，表明该实体对供应商信用的依赖程度大幅增加。
- 非流动负债趋势
- 非流动负债比例则呈现明显下降趋势，从2020年5月的55.34%降至2026年5月的36.3%。这一变化主要由长期债务的减少驱动，长期债务比例从40.22%下降至20.55%，显示出该实体在有意识地降低长期借款规模。
- 总负债水平
- 总负债比例长期处于高位，且在多个季度超过100%，这意味着在相当长的一段时间内，该实体的总负债超过了其总资产，导致股东权益出现赤字。
在股东权益方面，内部构成发生了剧烈波动，反映了资本管理策略的调整。
- 库存股影响
- 按成本计算的库存股比例从-0.25%大幅扩大至-14.05%，这表明该实体进行了大规模的股票回购，这是导致股东权益总额转为负值的关键因素之一。
- 留存收益改善
- 留存收益呈现出持续且稳健的改善趋势，从2020年5月的-14.02%（累计赤字）逐步转正，至2026年5月达到5.52%。这一趋势表明该实体在经营层面具有持续的盈利能力，能够通过内部利润逐步弥补历史亏损。
- 权益总额状态
- 股东权益总额在2021年曾达到10.46%的峰值，但随后在2022年初转为负值。尽管由于留存收益的增加，权益赤字在后期有所收窄（2026年5月为-1.22%），但整体仍处于低位或负值状态。
综合来看，该实体的财务特征表现为通过增加应付账款和减少长期债务来优化负债结构，同时利用经营利润改善留存收益。然而，激进的股票回购策略抵消了盈利带来的权益增长，使得整体财务杠杆维持在极高水平，资本结构具有显著的特征性。
