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HP Inc.

HPQ Technology Computer Hardware

HP Inc.’s revenue for fiscal 2025 (year ended October 2025) was $55.3 billion, up 3.24% from fiscal 2024.

Revenue
+12.5%
EPS
−11.1%
Free cash flow
+7.05%
Total debt
−10.4%

Quarter to July 2026, against a year earlier

28.78 3.05 −9.58%
Market cap
$28.7B
P/E
10.9×
Fwd P/E
11.2×
Dividend yield
4.17%
F-score
5/9
Altman Z
1.68
Beneish M
−2.49
Dividend safety
81/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Personal Systems
  • Printing
  • Corporate Investments

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 6.52
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — — 1 — — 1 1 2 — 2 —
Insider Ownership 2.13%

Capital & Financial Ratios $m

Size
Market Cap 28,700.00
Revenue ttm 59,162.00
Net income ttm 2,451.00
Free cash flow ttm 3,881.00
Net debt Q 3,699.00
Valuation
P/E 10.87
Forward P/E 11.20
Price / sales 0.45
Forward P/S Powerpack
Price / FCF 6.82
Price / book 0.00
Financial health
Current ratio Q 0.79 (below 1: weak)
Debt / equity Q (85.52) (negative: negative equity)
Interest coverage Q 9.49
Growth
Revenue growth Q +12.53% (above 0%: growing)
Operating income growth Q +24.58% (above 0%: growing)
EPS, this year +4.39%
EPS, next year A −2.07% (below 0%: weak)
Revenue, next year A +8.25%
EPS, past 5 yrs +5.79%
EPS, next 5 yrs A +2.84%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, against a ten-year median of 0.6×; over the ten years it ranged from 0.3× in 2016 to 0.8× in 2024.
P/E against its own 10 years 68.86%
10-year low 10-year high
P/S against its own 10 years 22.92%
10-year low 10-year high
EV/Sales against its own 10 years 23.91%
10-year low 10-year high
EV/FCF against its own 10 years 27.47%
10-year low 10-year high

Dividends raised every year since 2016

Yield
4.17%
Annual rate
1.20
Payout ratio
45.8%
Growth, 2016–25
+9.77%/yr
  1. 0.50 ’16
  2. 0.54 ’17 +6%
  3. 0.58 ’18 +8%
  4. 0.66 ’19 +14%
  5. 0.72 ’20 +10%
  6. 0.83 ’21 +15%
  7. 1.01 ’22 +22%
  8. 1.06 ’23 +5%
  9. 1.12 ’24 +5%
  10. 1.17 ’25 +5%
  11. 1.20 ’26e +3%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,232 3,253 3,705 4,169
Receivables 4,237 5,117 5,692 7,168
Inventory 6,862 7,720 8,512 10,322
Other 3,646 4,670 4,544 5,087
17,977 20,760 22,453 26,746
2023 2024 2025 Q'26
Payables 14,046 16,903 18,051 21,383
ST’ Debt — — — —
Other 10,212 10,378 10,362 11,288
24,488 28,687 29,258 33,963

Compound Annual Growth %

10y 5y 3y
Sales 0.72% (0.48%) (4.21%)
Cash Flow (6.22%) (3.05%) (6.08%)
Earnings (5.71%) (2.12%) (6.88%)
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.75 Actual 0.83

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.91 0.93 Beat by 0.02
Q1 FY26 0.77 0.81 Beat by 0.04
Q2 FY26 0.72 0.86 Beat by 0.14
Q3 FY26 0.75 0.83 Beat by 0.08
Q4 FY26 0.75 — Reports 24 November 2026

EPS $

Jan Apr Jul Oct Year
’26 0.58 0.49 0.71 — —
’25 0.59 0.42 0.80 0.84 2.65
’24 0.62 0.61 0.65 0.93 2.81
’23 0.49 1.07 0.76 0.97 3.26
’22 0.99 0.94 1.08 0.00 3.05
’21 0.83 0.98 0.92 2.71 5.33
’20 0.46 0.53 0.52 0.49 2.00
Fiscal quarters ending in the months shown.

Revenue $m

Jan Apr Jul Oct Year
’26 14,438 14,408 15,677 — —
’25 13,504 13,220 13,932 14,639 55,295
’24 13,185 12,800 13,519 14,055 53,559
’23 13,798 12,907 13,196 13,817 53,718
’22 17,028 16,490 14,648 14,744 62,910
’21 15,646 15,877 15,289 16,648 63,460
’20 14,618 12,469 14,294 15,257 56,638
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jan Apr Jul Oct Year
’26 383 926 1,735 — —
’25 374 38 1,661 1,624 3,697
’24 121 581 1,424 1,623 3,749
’23 (16) 636 976 1,975 3,571
’22 1,657 508 394 1,904 4,463
’21 1,022 1,446 1,093 2,848 6,409
’20 1,285 (510) 1,667 1,874 4,316
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jan Apr Jul Oct Year
’26 150 756 1,548 — —
’25 72 (145) 1,446 1,427 2,800
’24 (37) 462 1,262 1,470 3,157
’23 (208) 506 839 1,841 2,978
’22 1,384 330 224 1,760 3,698
’21 891 1,325 935 2,676 5,827
’20 1,087 (656) 1,550 1,758 3,739
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to October

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jul ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 48,238 52,056 58,472 58,756 56,638 63,460 62,910 53,718 53,559 55,295 59,162 +1.5% 59,855 60,137 60,234 +2.9%
Gross margin, % 18.65 18.40 18.25 19.01 18.40 21.13 19.49 21.42 22.07 20.60 19.87 +1.9 pt
EBT 3,761 3,276 3,013 2,523 3,211 7,568 4,324 2,937 3,279 2,668 2,796 (3.7%)
EBT margin, % 7.80 6.29 5.15 4.29 5.67 11.93 6.87 5.47 6.12 4.83 4.73 (3.0) pt
Net income 2,496 2,526 5,327 3,152 2,815 6,541 3,132 3,263 2,775 2,529 2,451 +0.1%
Per share, $
Per share, $ Revenue 27.88 30.84 36.21 38.78 40.08 52.53 60.61 54.15 54.71 58.45 64.38 +8.6%
Earnings 1.44 1.50 3.30 2.08 2.01 5.38 3.09 3.29 2.83 2.67 2.65 +7.1%
Cash flow 1.88 2.18 2.80 3.07 3.05 5.31 4.30 3.60 3.83 3.91 5.08 +8.5%
Capex (0.25) (0.20) (0.23) (0.44) (0.41) (0.48) (0.74) (0.60) (0.60) (0.95) (0.86) +16.1%
Free cash flow 1.63 1.98 2.57 2.63 2.65 4.82 3.56 3.00 3.22 2.96 4.22 +6.8%
Book value (2.25) (2.02) (0.40) (0.79) (1.58) (1.36) (2.91) (1.08) (1.35) (0.37) (0.10) (18.3%)
Shares, m 1,730 1,688 1,615 1,515 1,413 1,208 1,038 992 979 946 928 (6.5%)
Valuation, ×
Valuation, × P/E 9.99 14.37 7.34 8.35 9.11 5.66 9.09 7.93 12.51 10.29 10.87 9.5
P/S 0.52 0.70 0.67 0.45 0.46 0.59 0.46 0.49 0.65 0.47 0.45 0.5
P/B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
EV/Sales 0.53 0.69 0.66 0.45 0.47 0.63 0.58 0.60 0.74 0.57 0.51 0.6
EV/FCF 9.03 10.80 9.23 6.67 7.14 6.84 9.82 10.79 12.60 11.18 7.77 9.4
Cash, $m
Cash, $m Operating cash flow 3,252 3,677 4,528 4,654 4,316 6,409 4,463 3,571 3,749 3,697 4,668 +1.4%
Capex (427) (333) (374) (671) (577) (582) (765) (593) (592) (897) (787) +8.6%
Free cash flow 2,825 3,344 4,154 3,983 3,739 5,827 3,698 2,978 3,157 2,800 3,881 (0.1%)
Balance, $m
Balance, $m Working capital (340) (94) (3,744) (5,116) (5,572) (6,893) (6,453) (6,511) (7,927) (6,805) (7,217) +39.5%
Net debt 447 (250) (642) 243 679 2,087 7,651 6,022 5,010 5,116 3,699 +31.1%
Shareholders’ equity (3,889) (3,408) (639) (1,193) (2,228) (1,644) (3,025) (1,069) (1,323) (346) (92) (23.6%)
Returns, %
Returns, % ROA 3.67 8.16 15.78 9.26 8.26 17.85 8.12 8.64 7.22 6.19 5.73 +2.5 pt
ROIC 0.00 0.00 0.00 0.00 0.00 756.07 61.59 43.61 64.72 41.59 55.83 +41.6 pt
ROE 20.58 (69.23) (263.26) (344.10) (164.57) (337.86) (134.16) (159.40) (232.02) (303.06) (493.66) (323.6) pt
People
People Employees 49,000 49,000 55,000 56,000 53,000 51,000 58,000 58,000 58,000 55,000 — +1.3%
Revenue/emp, $m 0.98 1.06 1.06 1.05 1.07 1.24 1.08 0.93 0.92 1.01 — +0.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026

Business profile

Updated

HP is a global technology company that sells devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming and related technologies. It operates in more than 170 countries and has three segments: Personal Systems, Printing and Corporate Investments.

Personal Systems sells desktop and notebook PCs, workstations, thin clients, point-of-sale systems, displays, hybrid systems, software, endpoint-security products and lifecycle services. Its commercial customers include enterprises, public-sector organizations, schools and small and medium-sized businesses; its consumer business serves people using PCs for gaming, learning, remote work, entertainment and personal tasks. Its platforms primarily use Microsoft Windows and Google Chrome, with processors from Intel and AMD and NVIDIA graphics processors for advanced workloads.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Personal Systems 38,532 69.68%
Printing 16,702 30.21%
Corporate Investments 62 0.11%
Gross margin 20.60%
Operating margin 5.74%
Pre-tax margin 4.83%

Revenue by segment since 2008

HP Inc. vs peers in Computer Hardware (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SNDK Sandisk Corporation $192.2B 14.8× 5.2× +371.59% (above 0%: growing) n/m +14,355.10% (above 0%: growing) 84.57% 78.49% Compare
STX Seagate Technology Holdings PLC $159.3B 44.5× 16.3× +48.49% (above 0%: growing) +150.00% (above 0%: growing) +163.06% (above 0%: growing) 52.30% 42.96% Compare
WDC Western Digital Corporation $148.0B 13.5× 15.1× +43.84% (above 0%: growing) +1,070.51% (above 0%: growing) +89.78% (above 0%: growing) 54.12% 41.71% Compare
P Everpure, Inc. $45.7B 168× 130× +37.73% (above 0%: growing) +57.14% (above 0%: growing) −258.26% (below 0%: shrinking) 68.42% 5.33% Compare
HPQ HP Inc. $28.7B 10.9× 11.2× +12.53% (above 0%: growing) −11.11% (below 0%: shrinking) +7.05% (above 0%: growing) 18.79% 5.69%
SMCI Super Micro Computer, Inc. $22.6B 9.2× 7.2× +93.16% (above 0%: growing) +454.55% (above 0%: growing) −12.95% (below 0%: shrinking) 17.47% 13.38% Compare
IONQ IonQ, Inc. $13.6B — (loss-making) — (loss-making) +286.83% (above 0%: growing) n/m −110.77% (below 0%: shrinking) 24.91% (421.29%) Compare
LOGI Logitech International S.A. $13.6B 17.3× — +6.93% (above 0%: growing) +65.66% (above 0%: growing) +37.82% (above 0%: growing) 49.54% 21.07% Compare
QBTS D-Wave Quantum Inc. $4.4B — (loss-making) — (loss-making) −0.61% (below 0%: shrinking) n/m −105.81% (below 0%: shrinking) 55.40% (1,732.05%) Compare
Median of peers $34.2B 16.1× 15.1× +46.17% +150.00% +12.43% 53.21% 17.23%

All 46 Computer Hardware stocks →

From the latest earnings call

Updated

  • Karen Parkhill said HP expects Personal Systems revenue to grow year over year in Q4 despite lower unit volumes, supported by pricing and higher-value categories.
  • Parkhill said higher input costs are expected to pressure Personal Systems margins in Q4 before sequential improvement in FY2027 as mitigation actions take effect.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 91.22%
Held by the ten largest 50.29%
Holder Shares Stake Change
Vanguard 127.49m 13.94% +846.89k
BlackRock 107.46m 11.75% +2.47m
State Street 52.84m 5.78% +757.96k
Dodge & Cox 42.63m 4.66% +1.04m
Geode Capital Management 30.62m 3.35% +514.78k
PRIMECAP Management 24.89m 2.72% +3.42m
Invesco 19.25m 2.11% −2.14m
DNB Asset Management AS 18.84m 2.06% −961.46k
AQR Capital Management 17.99m 1.97% +3.18m
UBS 17.91m 1.96% −3.23m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 25 February 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 23.10m 9.88m 181.93
2024 19.36m 29.85m 224.42
2023 19.46m 12.86m 160.80
2022 21.08m 11.85m 162.73
2021 20.73m 39.09m 173.59

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 14.20%
BlackRock, Inc. 9.60%
State Street Corporation 5.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

HP Inc. (HPQ) Latest News

31 Oct

Impact 3 · · StockStory

29 Oct

Impact 3 · · Stocktwits
Impact 3 · · Barchart

26 Oct

Impact 3 · · Zacks

24 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · 24/7 Wall St.

21 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · Zacks

19 Oct

Impact 4 · · Zacks

17 Oct

Impact 4 · · Simply Wall St.

16 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

15 Oct

Impact 4 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Trefis

13 Oct

Impact 3 · · Trefis

12 Oct

Impact 3 · · GlobeNewswire

9 Oct

Impact 3 · · Zacks

8 Oct

Impact 3 · · Simply Wall St.

7 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

2 Oct

Impact 3 · · Trefis

1 Oct

Impact 4 · · GlobeNewswire
Impact 3 ·

30 Sep

Impact 3 · · Zacks

28 Sep

Impact 4 · · Simply Wall St.
Impact 3 · · Trefis
Impact 3 · · Simply Wall St.

27 Sep

Impact 3 · · Barchart
Impact 3 · · 24/7 Wall St.

HPQ metrics, ten years each

stockrow.com/HPQ · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com