Dell Technologies Inc.、合併資產負債表結構：負債和股東權益（季度數據）
|
|
2026年5月1日 |
|
2026年1月30日 |
|
2025年10月31日 |
|
2025年8月1日 |
|
2025年5月2日 |
|
2025年1月31日 |
|
2024年11月1日 |
|
2024年8月2日 |
|
2024年5月3日 |
|
2024年2月2日 |
|
2023年11月3日 |
|
2023年8月4日 |
|
2023年5月5日 |
|
2023年2月3日 |
|
2022年10月28日 |
|
2022年7月29日 |
|
2022年4月29日 |
|
2022年1月28日 |
|
2021年10月29日 |
|
2021年7月30日 |
|
2021年4月30日 |
|
2021年1月29日 |
|
2020年10月30日 |
|
2020年7月31日 |
|
2020年5月1日 |
|
|
|
短期債務 |
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% | |
|
|
應付帳款 |
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% | |
|
|
因關聯方原因 |
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% | |
|
|
應計和其他 |
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% | |
|
|
短期遞延收入 |
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% | |
|
|
持有待售的流動負債 |
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% | |
|
|
流動負債 |
64.92% |
|
62.47% |
|
57.75% |
|
61.52% |
|
58.04% |
|
58.34% |
|
60.40% |
|
62.93% |
|
59.53% |
|
59.07% |
|
58.70% |
|
59.47% |
|
55.68% |
|
57.64% |
|
61.06% |
|
61.72% |
|
60.02% |
|
60.62% |
|
51.37% |
|
45.23% |
|
45.06% |
|
43.86% |
|
42.29% |
|
44.76% |
|
41.59% |
|
|
|
長期債務 |
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% | |
|
|
長期遞延收入 |
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% | |
|
|
其他非流動負債 |
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% | |
|
|
非流動負債 |
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% |
|
42.65% |
|
41.08% |
|
38.16% |
|
46.67% |
|
47.43% |
|
49.64% |
|
52.27% |
|
50.97% |
|
55.34% |
|
|
|
總負債 |
101.22% |
|
102.44% |
|
103.00% |
|
103.10% |
|
103.48% |
|
101.74% |
|
102.67% |
|
103.38% |
|
103.40% |
|
102.81% |
|
103.09% |
|
103.13% |
|
103.48% |
|
103.38% |
|
103.95% |
|
103.10% |
|
102.66% |
|
101.70% |
|
89.54% |
|
91.90% |
|
92.49% |
|
93.50% |
|
94.56% |
|
95.74% |
|
96.94% |
|
|
|
可贖回股票 |
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% | |
|
|
普通股和資本超過面值 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% | |
|
|
按成本計算的庫存股 |
-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% | |
|
|
留存收益（累計赤字） |
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% | |
|
|
累計其他綜合損失 |
-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% | |
|
|
Dell Technologies Inc. 股東權益總額（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% |
|
|
|
非控制性權益 |
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% | |
|
|
股東權益總額（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% |
|
|
|
負債總額和股東權益（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% |
|
根據報告：
10-Q (報告日期： 2026-05-01), 10-K (報告日期： 2026-01-30), 10-Q (報告日期： 2025-10-31), 10-Q (報告日期： 2025-08-01), 10-Q (報告日期： 2025-05-02), 10-K (報告日期： 2025-01-31), 10-Q (報告日期： 2024-11-01), 10-Q (報告日期： 2024-08-02), 10-Q (報告日期： 2024-05-03), 10-K (報告日期： 2024-02-02), 10-Q (報告日期： 2023-11-03), 10-Q (報告日期： 2023-08-04), 10-Q (報告日期： 2023-05-05), 10-K (報告日期： 2023-02-03), 10-Q (報告日期： 2022-10-28), 10-Q (報告日期： 2022-07-29), 10-Q (報告日期： 2022-04-29), 10-K (報告日期： 2022-01-28), 10-Q (報告日期： 2021-10-29), 10-Q (報告日期： 2021-07-30), 10-Q (報告日期： 2021-04-30), 10-K (報告日期： 2021-01-29), 10-Q (報告日期： 2020-10-30), 10-Q (報告日期： 2020-07-31), 10-Q (報告日期： 2020-05-01).
在負債結構方面，資本組成呈現出明顯從非流動負債轉向流動負債的趨勢。非流動負債佔總負債及股東權益的百分比從早期的 55.34% 逐步下降至 36.3%，其中長期債務的比例降幅最為顯著，由 40.22% 縮減至 20.55%。與此相對，流動負債的占比則從 41.59% 攀升至 64.92%，顯示資金壓力與還款義務向短期集中。
- 流動負債分析
- 應付帳款是流動負債增長的主要驅動力，其佔比從 15.33% 持續上升至 39.39%，顯示對供應商信用融資的依賴程度增加。短期遞延收入在 2023 年達到 18.88% 的峰值後回落至 11.48%。短期債務則在 5% 至 12% 之間波動，整體保持相對穩定。
- 資本結構與權益分析
- 總負債佔比長期維持在極高水平，多次超過 100%，導致股東權益總額頻繁處於赤字狀態。雖然留存收益呈現改善趨勢，從 -14.02% 的累計赤字逐步轉正至 5.52%，但此增長被庫存股的增加所抵消。庫存股佔比從 -0.25% 擴大至 -14.05%，反映出大規模的股票回購行為。最終，股東權益總額雖有所回升，但仍維持在 -1.22% 的低位。
- 遞延收入趨勢
- 長期遞延收入佔比由 10.69% 升至最高 16.85% 後，近期緩步下降至 12.41%。短期與長期遞延收入的合計占比在分析期間內維持在較高水準，顯示公司擁有穩定的預收貨款或服務合約基礎。
綜合而言，財務模式呈現高槓桿特徵，通過減少長期債務並增加短期應付帳款來優化負債組合，同時利用營運獲利（留存收益增加）來支持持續的股份回購，導致資本結構維持在低權益甚至負權益的狀態。
