The balance sheet has expanded significantly, with total debt rising to $20.2B and goodwill reaching $23.9B (28.6% of total assets) following the Juniper acquisition, pushing the debt-to-equity ratio to 0.76 and warranting close monitoring of integration execution.
Hewlett Packard Enterprise Company (HPE) balance sheet — 13-year assets, liabilities & shareholders' equity history
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 |
|---|
| Total Current Assets | 33.87B | 24.99B | 33.46B | 18.95B | 20.51B | 18.88B | 16.56B | 15.14B | 17.27B | 21.44B | 28.92B | 29.96B | 22.03B | 24.38B |
| Cash & Short-Term Investments | 6.22B | 5.77B | 14.85B | 4.27B | 4.16B | 4B | 4.62B | 3.75B | 4.88B | 9.58B | 12.99B | 9.84B | 2.32B | 2.18B |
| Cash Only | 6.22B | 5.77B | 14.85B | 4.27B | 4.16B | 4B | 4.62B | 3.75B | 4.88B | 9.58B | 12.99B | 9.84B | 2.32B | 2.18B |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 10.03B | 9.12B | 7.42B | 7.02B | 7.62B | 7.91B | 7.87B | 6.53B | 8.94B | 8.46B | 8.26B | 14.99B | 13.34B | 14.57B |
| Days Sales Outstanding | 82.54 | 97.02 | 90.07 | 88.08 | 98.99 | 103.63 | 106.57 | 82.45 | 105.71 | 106.64 | 99.4 | 105.53 | 88.32 | 92.78 |
| Inventory | 11.82B | 6.35B | 7.81B | 4.61B | 5.16B | 4.51B | 2.67B | 2.39B | 2.45B | 2.31B | 1.77B | 2.2B | 1.88B | 2.08B |
| Days Inventory Outstanding | 116.18 | 94.9 | 138.95 | 87.65 | 97.69 | 87.76 | 51.66 | 43.76 | 40.76 | 41.22 | 31.16 | 21.1 | 17.02 | 17.7 |
| Other Current Assets | 5.8B | 3.75B | 3.38B | 3.05B | 3.56B | 2.46B | 1.34B | 6.05B | 210M | 14M | 5B | 1.67B | 1.52B | 2.22B |
| Total Non-Current Assets | 49.73B | 50.91B | 37.8B | 38.2B | 36.62B | 38.82B | 37.46B | 36.66B | 38.22B | 39.96B | 50.76B | 50.1B | 43.04B | 44.4B |
| Property, Plant & Equipment | 5.64B | 6B | 7.07B | 6.97B | 6.64B | 6.5B | 6.55B | 6.05B | 6.14B | 6.27B | 6.38B | 9.89B | 8.52B | 8.51B |
| Fixed Asset Turnover | 7.24x | 5.71x | 4.25x | 4.18x | 4.23x | 4.29x | 4.11x | 4.77x | 5.03x | 4.62x | 4.76x | 5.24x | 6.47x | 6.74x |
| Goodwill | 23.91B | 23.77B | 18.09B | 17.99B | 17.4B | 18.31B | 18.02B | 18.31B | 17.54B | 17.52B | 24.18B | 27.26B | 25.96B | 25.95B |
| Intangible Assets | 5.55B | 6.37B | 510M | 654M | 733M | 1.02B | 1.1B | 1.13B | 789M | 1.04B | 1.08B | 1.93B | 2.06B | 2.94B |
| Long-Term Investments | 8.72B | 955M | 929M | 2.2B | 2.16B | 2.21B | 2.17B | 2.25B | 2.4B | 2.54B | 2.65B | 0 | 0 | 0 |
| Other Non-Current Assets | 8.71B | 13.82B | 8.81B | 8.13B | 7.56B | 8.76B | 7.84B | 7.4B | 8.96B | 7.94B | 22.12B | 6.95B | 5.76B | 6.16B |
| Total Assets | 83.6B | 75.91B | 71.26B | 57.15B | 57.12B | 57.7B | 54.02B | 51.8B | 55.49B | 61.41B | 79.68B | 81.27B | 65.07B | 68.78B |
| Asset Turnover | 0.53x | 0.45x | 0.42x | 0.51x | 0.49x | 0.48x | 0.50x | 0.56x | 0.56x | 0.47x | 0.38x | 0.64x | 0.85x | 0.83x |
| Asset Growth % | 39.52% | 6.52% | 24.69% | 0.05% | -1% | 6.82% | 4.27% | -6.65% | -9.63% | -22.93% | -1.96% | 24.89% | -5.39% | - |
| Total Current Liabilities | 30.44B | 24.64B | 25.97B | 21.88B | 23.17B | 20.69B | 18.74B | 19.16B | 17.2B | 18.92B | 22.53B | 22.15B | 19.76B | 20.91B |
| Accounts Payable | 19.91B | 7.73B | 11.06B | 7.14B | 8.72B | 7B | 5.38B | 5.59B | 6.09B | 6.07B | 4.95B | 5.83B | 4.89B | 4.33B |
| Days Payables Outstanding | 161.17 | 115.51 | 196.84 | 135.77 | 165 | 136.26 | 104 | 102.58 | 101.46 | 108.12 | 86.86 | 55.94 | 44.18 | 36.92 |
| Short-Term Debt | 2.9B | 4.61B | 4.74B | 4.87B | 4.61B | 3.55B | 3.75B | 4.42B | 2B | 3.85B | 3.2B | 691M | 894M | 1.06B |
| Deferred Revenue (Current) | 22.64B | 5.97B | 4.19B | 4.05B | 3.45B | 3.41B | 3.43B | 3.23B | 3.18B | 3.13B | 3B | 5.15B | 5.13B | 5.53B |
| Other Current Liabilities | -6.18B | 1.87B | 1.39B | 1.72B | 1.4B | 1.78B | 1.39B | 1.52B | 1.41B | 1.16B | 6.93B | 2.9B | 2.74B | 3.09B |
| Current Ratio | 1.11x | 1.01x | 1.29x | 0.87x | 0.88x | 0.91x | 0.88x | 0.79x | 1.00x | 1.13x | 1.28x | 1.35x | 1.11x | 1.17x |
| Quick Ratio | 0.72x | 0.76x | 0.99x | 0.66x | 0.66x | 0.69x | 0.74x | 0.67x | 0.86x | 1.01x | 1.20x | 1.25x | 1.02x | 1.07x |
| Cash Conversion Cycle | 37.55 | 76.42 | 32.18 | 39.96 | 31.68 | 55.13 | 54.23 | 23.64 | 45 | 39.74 | 43.7 | 70.69 | 61.17 | 73.55 |
| Total Non-Current Liabilities | 26.65B | 26.51B | 20.41B | 14.03B | 14.04B | 17B | 19.18B | 15.49B | 17.02B | 18.98B | 25.63B | 25.2B | 8.14B | 9.49B |
| Long-Term Debt | 17.34B | 17.76B | 13.5B | 7.49B | 7.85B | 9.9B | 12.19B | 9.39B | 10.14B | 10.18B | 12.17B | 15.1B | 485M | 617M |
| Capital Lease Obligations | 1.4B | 1.4B | 1.31B | 966M | 851M | 938M | 898M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 473M | 473M | 373M | 326M | 320M | 494M | 0 | 0 | 0 | 0 | 143M | 41M | 568M | 1.67B |
| Other Non-Current Liabilities | 9.3B | 1.9B | 1.65B | 1.97B | 2.06B | 2.69B | 3.31B | 3.35B | 4.24B | 6.31B | 10.94B | 5.3B | 3.98B | 4.02B |
| Total Liabilities | 57.08B | 51.15B | 46.38B | 35.91B | 37.21B | 37.68B | 37.92B | 34.65B | 34.22B | 37.9B | 48.16B | 47.35B | 27.9B | 30.4B |
| Total Debt | 20.24B | 24.08B | 19.82B | 13.52B | 13.48B | 14.58B | 17.03B | 13.82B | 12.14B | 14.03B | 15.69B | 15.79B | 1.38B | 1.68B |
| Net Debt | 14.03B | 18.3B | 4.97B | 9.24B | 9.32B | 10.58B | 12.41B | 10.07B | 7.26B | 4.45B | 2.71B | 5.95B | -940M | -507M |
| Debt / Equity | 0.76x | 0.97x | 0.80x | 0.64x | 0.68x | 0.73x | 1.06x | 0.81x | 0.57x | 0.60x | 0.50x | 0.47x | 0.04x | 0.04x |
| Debt / EBITDA | 3.65x | 5.50x | 3.96x | 2.69x | 3.12x | 3.04x | 4.07x | 2.89x | 2.45x | 2.77x | 2.52x | 2.20x | 0.17x | 0.20x |
| Net Debt / EBITDA | 2.53x | 4.18x | 0.99x | 1.84x | 2.16x | 2.21x | 2.97x | 2.11x | 1.47x | 0.88x | 0.43x | 0.83x | -0.12x | -0.06x |
| Interest Coverage | 23.17x | -0.63x | 25.63x | - | 1.84x | 26.99x | -0.73x | 5.93x | 1.92x | 1.55x | 13.95x | 51.69x | 50.87x | 72.78x |
| Total Equity | 26.58B | 24.75B | 24.88B | 21.24B | 19.91B | 20.02B | 16.1B | 17.15B | 21.27B | 23.5B | 31.52B | 33.92B | 37.17B | 38.38B |
| Equity Growth % | 12.3% | -0.51% | 17.15% | 6.68% | -0.54% | 24.36% | -6.14% | -19.39% | -9.49% | -25.42% | -7.08% | -8.75% | -3.13% | - |
| Book Value per Share | 18.34 | 18.70 | 18.61 | 16.14 | 15.06 | 15.05 | 12.44 | 12.55 | 13.70 | 14.04 | 18.12 | 18.49 | 20.36 | 21.02 |
| Total Shareholders' Equity | 26.51B | 24.69B | 24.82B | 21.18B | 19.86B | 19.97B | 16.05B | 17.1B | 21.24B | 23.47B | 31.45B | 33.53B | 36.78B | 37.99B |
| Common Stock | 13M | 13M | 13M | 13M | 13M | 13M | 13M | 13M | 14M | 16M | 17M | 38.55B | 39.02B | 39.68B |
| Retained Earnings | -948M | -2.81B | -2.07B | -3.95B | -5.35B | -5.6B | -8.38B | -7.63B | -5.9B | -7.24B | 2.78B | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.7B | -2.75B | -2.98B | -3.08B | -3.1B | -2.92B | -3.94B | -3.73B | -3.22B | -2.9B | -6.6B | -5.01B | -2.25B | -1.7B |
| Minority Interest | 62M | 66M | 64M | 56M | 45M | 46M | 47M | 51M | 35M | 39M | 70M | 383M | 396M | 387M |
Quick answers to the most common questions about buying HPE stock.
As of 2025, Hewlett Packard Enterprise Company (HPE) had total assets of $75.91B including $24.99B in current assets.
Hewlett Packard Enterprise Company (HPE) carries total debt of $24.08B, offset by $5.77B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Hewlett Packard Enterprise Company (HPE) has total shareholders' equity (book value) of $24.69B ($18.70 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Hewlett Packard Enterprise Company (HPE) reported a current ratio of 1.01x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Acquisition-driven leverage and goodwill concentration
Metrics are mathematically derived from official filings.
Balance Sheet Expands with Strategic Shift
HPE's total assets have grown 40% from $59.7B in Q2 2024 to $83.6B in Q3 2026, a trajectory driven by the strategic acquisition of Juniper Networks and the scaling of its GreenLake platform, as reflected in recent balance sheet filings.
The expansion is not organic growth but acquisition-fueled, as evidenced by the sharp jump in goodwill from $18.0B to $23.9B. This signals a deliberate, high-stakes bet on networking scale, but it also concentrates risk in intangible assets whose value is contingent on successful integration and future cash flow generation from the acquired business.
Leverage Rises to Fund Strategic Bet
Total debt has surged from $11.3B in Q2 2024 to $20.2B in Q3 2026, pushing the debt-to-equity ratio from 0.52 to 0.76, a significant increase that appears to be primarily financing the Juniper acquisition and strategic investments.
The leverage increase is strategic rather than necessity-driven, aimed at scaling the Intelligent Edge portfolio. However, the D/E ratio of 0.76, while still moderate, represents a material shift in capital structure. Investors should monitor the composition of this debt, as a significant portion is likely non-recourse to the Financial Services segment, but the core operational leverage has clearly increased.
Goodwill Dominates Asset Base Post-Acquisition
Goodwill now constitutes 28.6% of total assets at $23.9B, a substantial increase from $18.0B in Q2 2024, indicating that a large portion of HPE's asset growth is tied to acquisition premiums rather than tangible productive capacity.
This concentration in intangible assets elevates impairment risk, particularly if the acquired Juniper business fails to meet integration milestones or if the broader networking market softens. The relatively stable PPE net of $5.6B suggests the core hardware manufacturing footprint is not expanding, reinforcing the shift toward a software and services-centric model.
Cash Position Rebounds but Remains Below Peak
Cash and equivalents have recovered to $6.2B in Q3 2026 from a low of $2.7B in Q2 2024, yet remain well below the $14.8B peak in Q4 2024, suggesting the company is deploying its cash reserves for strategic purposes.
The current ratio of 1.11 indicates adequate short-term liquidity, but the trend from a peak of 1.33 shows a deliberate reduction in the cash buffer. This appears to be a calculated trade-off, using excess liquidity to fund growth initiatives like the Juniper deal, but it reduces the financial cushion against unexpected operational shocks or component cost spikes.
Financial Services Debt Masks Core Leverage
A critical nuance is that a significant portion of HPE's $20.2B total debt is non-recourse and tied to its Financial Services business to fund customer leases, meaning the headline leverage figures overstate the company's core operational indebtedness.
This accounting structure, common in hardware OEMs with financing arms, can make the balance sheet appear more leveraged than it is for the core technology business. Analysts must distinguish between 'Core Debt' and 'FS Debt' to accurately assess refinancing risk and true financial flexibility, as the FS debt is backed by the underlying leased asset portfolio.