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Makes personal computers and printers sold to consumers and businesses worldwide.
Makes personal computers and printers sold to consumers and businesses worldwide.
Personal Systems, the PCs, brings most of the revenue, but Printing makes most of the profit, because ink and toner bought for installed printers carry high margins. Instant Ink and other subscriptions that bill for supplies automatically are a push to lock this in. HP split from Hewlett Packard Enterprise in 2015, which took the servers and services.
Moat: narrow (brand, scale, installed base). Large installed printer base drives recurring high-margin ink/toner supplies revenue; scale in low-margin PCs.
Headquarters: Palo Alto, California, US · Founded: 2015 · Employees: 55,000
Size HP Inc. (HPQ) is a United States Information Technology company (Information Technology Services) with a market value of $25.7B, the 415th largest of 3,117 United States companies the cockpit tracks. Shares closed at $28.46 on 6 Nov 2026.
Performance Over six months the shares gained 27.0%, against +26.5% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 8.7% over the last twelve months (peer median +10.5%); the operating margin is 6.9% (peer median 12.1%).
Valuation It trades at 9.5× forward earnings against a peer median of 18.3× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 44.2 points above its cost of capital (9.2% WACC).
Backlog Backlog (remaining performance obligations) was $4.20B at 31 Jul 2026, up 5% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit HP Inc. has 10 bonds outstanding ($8.38B), rated BBB by the agencies and trading like BBB at a weighted spread of 105 bp.
Short interest Short interest is 8.4% of the free float (15 Oct 2026).
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $59.3B | $55.3B | $53.2B | $53.5B | $62.0B |
| Revenue growth | — | +4% | -1% | -14% | — |
| Gross profit | $11.7B | $11.3B | $11.2B | $11.1B | $11.3B |
| EBITDA | $5.04B | $4.65B | $4.76B | $4.99B | $5.11B |
| Net income | $2.45B | $2.53B | $2.77B | $3.26B | $3.13B |
| Free cash flow | $3.88B | $2.80B | $3.16B | $2.96B | $3.67B |
| Capital expenditure | $787M | $897M | $592M | $609M | $791M |
| Total debt | $10.3B | $10.9B | $10.9B | $10.7B | $12.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| HP Inc. HPQ | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% |
| Dell Technologies DELL | $209B | +26% | +49% | 10% | 11.6× | 10.1% |
| Lenovo 0992.HK | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% |
| Canon 7751.T | $28.4B | +18% | +4% | 10% | 12.2× | -0.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HPQ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.3% | +10.0% | 5th lowest of 21 |
| 6-month return | +27.0% | +26.5% | 10th highest of 21 |
| Distance from 52-week high | -21.4% | -21.8% | 11th highest of 21 |
| Revenue growth (TTM) | +8.7% | +10.5% | 10th lowest of 21 |
| Operating margin | 6.9% | 12.1% | 5th lowest of 21 |
| Forward P/E | 9.5× | 18.3× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -7.0% | 7.3% | 2nd least demanding of 20 |
| Growth delivered (Del g) | -0.4% | +8.5% | 2nd lowest of 20 |
| Hurdle (Req g minus delivered) | -6.6 pp | +0.3 pp | 5th least demanding of 20 |
| ROIC minus cost of capital | +44.2 pp | +5.3 pp | highest of 20 |
| EV / EBITDA | 6.3× | 15.2× | cheapest of 16 |
| Net debt / EBITDA | 1.2× | 0.0× | 5th most indebted of 17 |
| Bond spread | 105 bp | 101 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HP Inc. HPQ | United States | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% | -0.4% |
| Capgemini CAP.PA | France | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% | +7.2% |
| Cognizant CTSH | United States | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% | +4.9% |
| Credo Technology CRDO | United States | $22.7B | -36% | +165% | 32% | 16.5× | 47.4% | +86.8% |
| Rubrik RBRK | United States | $21.9B | +70% | +42% | -18% | 215.0× | 36.2% | +27.7% |
| Wipro WIPRO.NS | India | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% | +8.4% |
| Nomura Research Institute 4307.T | Japan | $20.2B | +40% | +8% | 19% | 26.4× | 0.7% | +8.2% |
| CDW CDW | United States | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% | +4.0% |
| Tech Mahindra TECHM.NS | India | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% | +8.5% |
| Fujitsu 6702.T | Japan | $35.4B | +1% | +4% | 10% | 18.0× | 4.1% | -0.5% |
| Nec 6701.T | Japan | $36.3B | +5% | +7% | 12% | 18.6× | 5.5% | +3.7% |
| CGI GIB-A.TO | Canada | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% | +5.5% |
| OBIC 4684.T | Japan | $16.6B | +46% | +13% | 67% | 30.3× | 4.6% | +10.0% |
| HCL Technologies HCLTECH.NS | India | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% | +11.5% |
| Workday WDAY | United States | $46.5B | +51% | +14% | 13% | 16.0× | 19.7% | +17.3% |
| CACI International CACI | United States | $13.6B | +27% | +10% | 10% | 17.6× | 7.3% | +9.6% |
| Bentley Systems BSY | United States | $13.5B | +36% | +13% | 24% | 31.4× | 22.8% | +13.4% |
| Guidewire Software GWRE | United States | $13.3B | +17% | +23% | 10% | 38.5× | 39.4% | +14.7% |
| iflytek 002230.SZ | China | $13.2B | -20% | +11% | -4% | 106.3× | n/a | n/a |
| Infosys INFY.NS | India | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% | +12.2% |
| Samsung Sds 018260.KS | South Korea | $12.4B | +31% | +2% | 5% | 24.9× | 13.0% | +4.8% |
HP Inc. has 10 bonds outstanding with $8.38B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.69%, a spread of 105 bp over government bonds.
HP Inc. reported $4.20B of remaining performance obligations at 31 Jul 2026, up 5% from a year earlier and flat from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.