Andrew Potter is comparing the cash-flow-generating ability of Dell Inc. with that of other computer manufacturers: Hewlett Packard (NYSE: HPQ) and Apple Inc. (NASDAQ: AAPL). He collects information from the companies’ annual reports and prepares the following table.

Cash Flow from Operating Activities as a Percentage of Total Net Revenue

What is Potter likely to conclude about the relative cash-flow-generating ability of these companies?

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DELL HPQ AAPL 2009 (%) 7.38 11.68 23.68 As a Percentage of Ending Total Assets 2009 (%) 11.61 11.65 21.39 DELL HPQ AAPL AAPL = Apple; HPQ = Hewlett Packard. 2008 (%) 3.10 12.33 29.55 2008 (%) 7.15 12.87 24.25 2007 (%) 6.46 9.22 22.79 2007 (%) 14.33 10.84 21.58