HP Inc. (HPQ) 10-Year Financial Performance & Capital Metrics

HPQ • • Industrial / General

TechnologyComputer HardwareSpecialized Computing SystemsHigh-Performance Servers

AboutHP Inc. provides personal computing and other access devices, imaging and printing products, and related technologies, solutions, and services in the United States and internationally. The company operates through three segments: Personal Systems, Printing, and Corporate Investments. The Personal Systems segment offers commercial and consumer desktop and notebook personal computers, workstations, thin clients, commercial mobility devices, retail point-of-sale systems, displays and peripherals, software, support, and services. The Printing segment provides consumer and commercial printer hardware, supplies, solutions, and services. The Corporate Investments segment is involved in the HP Labs and business incubation, and investment projects. It serves individual consumers, small- and medium-sized businesses, and large enterprises, including customers in the government, health, and education sectors. The company was formerly known as Hewlett-Packard Company and changed its name to HP Inc. in October 2015. HP Inc. was founded in 1939 and is headquartered in Palo Alto, California.Show more

Revenue $55.3B +3.2%
EBITDA $4.54B -2.3%
Net Income $2.53B -8.9%
EPS (Diluted) 2.65 -5.7%
Gross Margin 19.98% -9.5%
EBITDA Margin 8.21% -5.4%
Operating Margin 6.55% -8.1%
Net Margin 4.57% -11.7%
ROE -
ROIC 45.48% +2.4%
Debt/Equity -
Interest Coverage 7.16 +13.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 5.5%
✓Share count reduced 3.6% through buybacks
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

✗Weak momentum: RS Rating 16 (bottom 16%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.72%

5Y-0.48%

3Y-4.21%

TTM3.24%

Profit (Net Income) CAGR

10Y-5.71%

5Y-2.12%

3Y-6.88%

TTM-8.86%

EPS CAGR

10Y0.67%

5Y5.79%

3Y-3.84%

TTM-5.36%

ROCE

10Y Avg35.76%

5Y Avg38.4%

3Y Avg30.19%

Latest30.54%

Peer Comparison

High-Performance Servers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DELLDell Technologies Inc.	39.96B	119.66	18.76	8.08%	5.01%		4.68%
SMCISuper Micro Computer, Inc.	17.56B	29.42	17.51	46.59%	3.77%	12.15%	8.72%	0.76
HPQHP Inc.	18.92B	20.61	7.78	3.24%	4.57%		14.8%

Profit & Loss

	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024	Oct 2025
Sales/Revenue+	48.24B	52.06B	58.47B	58.76B	56.64B	63.46B	62.91B	53.72B	53.56B	55.3B
Revenue Growth %	-0.06%	0.08%	0.12%	0%	-0.04%	0.12%	-0.01%	-0.15%	-0%	0.03%
Cost of Goods Sold+	39.24B	42.48B	47.8B	47.59B	46.22B	50.05B	50.65B	42.21B	41.74B	44.25B
COGS % of Revenue	0.81%	0.82%	0.82%	0.81%	0.82%	0.79%	0.81%	0.79%	0.78%	0.8%
Gross Profit+	9B	9.58B	10.67B	11.17B	10.42B	13.41B	12.26B	11.51B	11.82B	11.05B
Gross Margin %	0.19%	0.18%	0.18%	0.19%	0.18%	0.21%	0.19%	0.21%	0.22%	0.2%
Gross Profit Growth %	-0.09%	0.06%	0.11%	0.05%	-0.07%	0.29%	-0.09%	-0.06%	0.03%	-0.07%
Operating Expenses+	5.45B	6.21B	6.84B	7.29B	6.98B	8.05B	7.7B	8.05B	8B	7.42B
OpEx % of Revenue	0.11%	0.12%	0.12%	0.12%	0.12%	0.13%	0.12%	0.15%	0.15%	0.13%
Selling, General & Admin	3.83B	4.53B	5.1B	5.37B	4.9B	5.73B	5.26B	5.36B	5.66B	5.82B
SG&A % of Revenue	0.08%	0.09%	0.09%	0.09%	0.09%	0.09%	0.08%	0.1%	0.11%	0.11%
Research & Development	1.21B	1.19B	1.4B	1.5B	1.48B	1.85B	1.65B	1.58B	1.64B	1.6B
R&D % of Revenue	0.03%	0.02%	0.02%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
Other Operating Expenses	407M	488M	335M	426M	601M	473M	787M	1.12B	702M	0
Operating Income+	3.55B	3.37B	3.83B	3.88B	3.44B	5.36B	4.56B	3.46B	3.82B	3.62B
Operating Margin %	0.07%	0.06%	0.07%	0.07%	0.06%	0.08%	0.07%	0.06%	0.07%	0.07%
Operating Income Growth %	-0.09%	-0.05%	0.14%	0.01%	-0.11%	0.56%	-0.15%	-0.24%	0.1%	-0.05%
EBITDA+	3.88B	3.72B	4.36B	4.62B	4.23B	6.14B	5.34B	4.31B	4.65B	4.54B
EBITDA Margin %	0.08%	0.07%	0.07%	0.08%	0.07%	0.1%	0.08%	0.08%	0.09%	0.08%
EBITDA Growth %	-0.51%	-0.04%	0.17%	0.06%	-0.08%	0.45%	-0.13%	-0.19%	0.08%	-0.02%
D&A (Non-Cash Add-back)	332M	354M	528M	744M	789M	785M	780M	850M	830M	916M
EBIT	4.03B	3.58B	3.33B	2.77B	3.45B	7.82B	4.68B	3.62B	3.89B	3.17B
Net Interest Income+	-273M	-309M	-312M	-242M	-239M	-254M	-359M	-684M	-607M	-506M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	273M	309M	312M	242M	239M	254M	359M	684M	607M	506M
Other Income/Expense	212M	-92M	-818M	-1.35B	-231M	2.21B	-235M	-519M	-539M	-956M
Pretax Income+	3.76B	3.28B	3.01B	2.52B	3.21B	7.57B	4.32B	2.94B	3.28B	2.67B
Pretax Margin %	0.08%	0.06%	0.05%	0.04%	0.06%	0.12%	0.07%	0.05%	0.06%	0.05%
Income Tax+	1.09B	750M	-2.31B	-629M	396M	1.03B	1.19B	-326M	504M	139M
Effective Tax Rate %	0.66%	0.77%	1.77%	1.25%	0.88%	0.86%	0.72%	1.11%	0.85%	0.95%
Net Income+	2.5B	2.53B	5.33B	3.15B	2.81B	6.54B	3.13B	3.26B	2.77B	2.53B
Net Margin %	0.05%	0.05%	0.09%	0.05%	0.05%	0.1%	0.05%	0.06%	0.05%	0.05%
Net Income Growth %	-0.45%	0.01%	1.11%	-0.41%	-0.11%	1.32%	-0.52%	0.04%	-0.15%	-0.09%
Net Income (Continuing)	2.67B	2.53B	5.33B	3.15B	2.81B	6.54B	3.13B	3.26B	2.77B	2.53B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.43	1.48	3.26	2.07	2.00	5.36	2.98	3.26	2.81	2.65
EPS Growth %	-0.42%	0.03%	1.2%	-0.37%	-0.03%	1.68%	-0.44%	0.09%	-0.14%	-0.06%
EPS (Basic)	1.44	1.50	3.30	2.08	2.01	5.41	3.02	3.29	2.83	2.67
Diluted Shares Outstanding	1.74B	1.7B	1.63B	1.52B	1.42B	1.22B	1.05B	1B	989M	953M
Basic Shares Outstanding	1.73B	1.69B	1.61B	1.51B	1.41B	1.21B	1.04B	992M	979M	946M
Dividend Payout Ratio	0.34%	0.35%	0.17%	0.31%	0.35%	0.14%	0.33%	0.32%	0.39%	0.43%

Balance Sheet

	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024	Oct 2025
Total Current Assets+	18.47B	22.32B	21.39B	20.18B	20.65B	22.17B	19.74B	17.98B	20.76B	22.45B
Cash & Short-Term Investments	6.29B	8.15B	5.88B	4.54B	5.14B	4.3B	3.15B	3.11B	3.24B	3.71B
Cash Only	6.29B	7B	5.17B	4.54B	4.86B	4.3B	3.15B	3.11B	3.24B	3.71B
Short-Term Investments	0	1.15B	711M	0	274M	0	0	0	0	0
Accounts Receivable	6.61B	7.16B	8B	8.94B	8.44B	8.87B	6.89B	6.44B	8.32B	5.69B
Days Sales Outstanding	50.01	50.22	49.96	55.53	54.41	51.04	39.98	43.74	56.73	37.57
Inventory	4.48B	5.79B	6.06B	5.73B	5.96B	7.93B	7.61B	6.86B	7.72B	8.51B
Days Inventory Outstanding	41.71	49.72	46.29	43.98	47.09	57.83	54.87	59.34	67.51	70.22
Other Current Assets	0	0	0	0	0	-27M	-84M	1.57B	1.48B	4.54B
Total Non-Current Assets+	10.54B	10.6B	13.23B	13.29B	14.03B	16.44B	18.76B	19.03B	19.15B	19.32B
Property, Plant & Equipment	1.74B	1.88B	2.2B	2.79B	3.73B	3.74B	4.01B	4.01B	4.08B	3.05B
Fixed Asset Turnover	27.79x	27.72x	26.60x	21.03x	15.17x	16.98x	15.69x	13.38x	13.13x	18.14x
Goodwill	5.62B	5.62B	5.97B	6.37B	6.38B	6.8B	8.54B	8.59B	8.63B	8.71B
Intangible Assets	0	3M	453M	661M	540M	784M	1.93B	1.59B	1.32B	0
Long-Term Investments	55M	61M	53M	56M	58M	0	0	0	0	0
Other Non-Current Assets	2.85B	2.69B	2.13B	787M	806M	2.2B	2.11B	1.67B	1.81B	7.56B
Total Assets+	29.01B	32.91B	34.62B	33.47B	34.68B	38.6B	38.49B	37B	39.91B	41.77B
Asset Turnover	1.66x	1.58x	1.69x	1.76x	1.63x	1.64x	1.63x	1.45x	1.34x	1.32x
Asset Growth %	-0.73%	0.13%	0.05%	-0.03%	0.04%	0.11%	-0%	-0.04%	0.08%	0.05%
Total Current Liabilities+	18.81B	22.41B	25.13B	25.29B	26.22B	29.1B	26.19B	24.49B	28.69B	29.26B
Accounts Payable	11.1B	13.28B	14.82B	14.79B	14.7B	16.07B	15.3B	14.05B	16.9B	18.05B
Days Payables Outstanding	103.28	114.1	113.13	113.47	116.13	117.22	110.28	121.46	147.81	148.9
Short-Term Debt	78M	1.07B	1.46B	357M	674M	1.11B	218M	230M	1.41B	845M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	759M	894M	1.14B	7.67B	8.09B	8.73B	7.52B	7.15B	6.96B	10.36B
Current Ratio	0.98x	1.00x	0.85x	0.80x	0.79x	0.76x	0.75x	0.73x	0.72x	0.77x
Quick Ratio	0.74x	0.74x	0.61x	0.57x	0.56x	0.49x	0.46x	0.45x	0.45x	0.48x
Cash Conversion Cycle	-11.56	-14.17	-16.88	-13.96	-14.62	-8.36	-15.43	-18.38	-23.57	-41.11
Total Non-Current Liabilities+	14.07B	13.91B	10.13B	9.37B	10.69B	11.19B	15.33B	13.59B	12.54B	12.86B
Long-Term Debt	6.74B	6.75B	4.52B	4.78B	5.54B	6.39B	10.8B	9.25B	8.26B	8.82B
Capital Lease Obligations	0	0	0	0	904M	936M	875M	825M	787M	0
Deferred Tax Liabilities	1.12B	1.41B	100M	60M	25M	57M	121M	44M	31M	0
Other Non-Current Liabilities	5.35B	4.83B	4.5B	3.46B	3.15B	2.71B	2.37B	2.14B	1.98B	4.04B
Total Liabilities	32.9B	36.32B	35.26B	34.66B	36.91B	40.25B	41.52B	38.07B	41.23B	42.12B
Total Debt+	6.81B	7.82B	5.99B	5.14B	7.4B	8.78B	12.29B	10.74B	10.9B	9.67B
Net Debt	525M	822M	821M	600M	2.53B	4.48B	9.15B	7.63B	7.66B	5.96B
Debt / Equity	-	-	-	-	-	-	-	-	-	-
Debt / EBITDA	1.76x	2.10x	1.37x	1.11x	1.75x	1.43x	2.30x	2.49x	2.34x	2.13x
Net Debt / EBITDA	0.14x	0.22x	0.19x	0.13x	0.60x	0.73x	1.71x	1.77x	1.65x	1.31x
Interest Coverage	13.00x	10.90x	12.28x	16.02x	14.40x	21.10x	12.70x	5.05x	6.29x	7.16x
Total Equity+	-3.89B	-3.41B	-639M	-1.19B	-2.23B	-1.64B	-3.02B	-1.07B	-1.32B	-346M
Equity Growth %	-1.14%	0.12%	0.81%	-0.87%	-0.87%	0.26%	-0.84%	0.65%	-0.24%	0.74%
Book Value per Share	-2.23	-2.00	-0.39	-0.78	-1.57	-1.35	-2.88	-1.07	-1.34	-0.36
Total Shareholders' Equity	-3.89B	-3.41B	-639M	-1.19B	-2.23B	-1.64B	-3.02B	-1.07B	-1.32B	-346M
Common Stock	17M	16M	16M	15M	13M	11M	10M	10M	9M	0
Retained Earnings	-3.5B	-2.39B	-473M	-818M	-1.96B	-2.47B	-4.49B	-2.36B	-2.68B	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.44B	-1.42B	-845M	-1.23B	-1.24B	-245M	285M	-223M	-434M	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024	Oct 2025
Cash from Operations+	3.23B	3.68B	4.53B	4.65B	4.32B	6.41B	4.46B	3.57B	3.75B	3.7B
Operating CF Margin %	0.07%	0.07%	0.08%	0.08%	0.08%	0.1%	0.07%	0.07%	0.07%	0.07%
Operating CF Growth %	-0.5%	0.14%	0.23%	0.03%	-0.07%	0.48%	-0.3%	-0.2%	0.05%	-0.01%
Net Income	2.5B	2.53B	5.33B	3.15B	2.84B	6.5B	3.2B	3.26B	2.77B	2.53B
Depreciation & Amortization	332M	354M	528M	744M	789M	785M	780M	850M	830M	916M
Stock-Based Compensation	182M	224M	268M	297M	278M	330M	343M	438M	452M	522M
Deferred Taxes	401M	238M	-3.65B	133M	70M	-605M	574M	-923M	-122M	-6M
Other Non-Cash Items	156M	496M	451M	529M	849M	537M	553M	407M	98M	521M
Working Capital Changes	-337M	-161M	1.61B	-201M	-514M	-1.14B	-990M	-464M	-284M	-785M
Change in Receivables	565M	-453M	-491M	-761M	575M	-80M	1.26B	278M	-929M	-524M
Change in Inventory	-291M	-1.35B	-136M	-68M	-386M	-2.16B	233M	668M	-852M	-828M
Change in Payables	928M	2.16B	1.43B	-53M	-35M	1.26B	-928M	-1.24B	2.84B	1.14B
Cash from Investing+	48M	-1.72B	-716M	-438M	-1.02B	-1.01B	-3.55B	-590M	-646M	-1.18B
Capital Expenditures	-433M	-402M	-546M	-671M	-580M	-582M	-791M	-609M	-592M	-897M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	6M	69M	386M	691M	-163M	148M	40M	16M	4M	-198M
Cash from Financing+	-14.42B	-1.25B	-5.64B	-4.84B	-2.97B	-5.96B	-2.07B	-2.89B	-3.08B	-2.06B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-858M	-894M	-899M	-970M	-997M	-938M	-1.04B	-1.04B	-1.07B	-1.09B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-10.34B	48M	52M	-61M	-128M	-51M	184M	-302M	-74M	-120M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.8B	3.27B	3.98B	3.98B	3.74B	5.83B	3.67B	2.96B	3.16B	2.8B
FCF Margin %	0.06%	0.06%	0.07%	0.07%	0.07%	0.09%	0.06%	0.06%	0.06%	0.05%
FCF Growth %	-0.03%	0.17%	0.22%	0%	-0.06%	0.56%	-0.37%	-0.19%	0.07%	-0.11%
FCF per Share	1.60	1.92	2.44	2.61	2.63	4.78	3.50	2.96	3.19	2.94
FCF Conversion (FCF/Net Income)	1.29x	1.46x	0.85x	1.48x	1.53x	0.98x	1.42x	1.09x	1.35x	1.46x
Interest Paid	318M	322M	329M	240M	227M	261M	305M	548M	441M	0
Taxes Paid	587M	438M	951M	89M	464M	1.55B	749M	398M	649M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	20.58%	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC)	20.42%	-	1578.71%	-	849.18%	256.08%	76.33%	40.86%	44.39%	45.48%
Gross Margin	18.65%	18.4%	18.25%	19.01%	18.4%	21.13%	19.49%	21.42%	22.07%	19.98%
Net Margin	5.17%	4.85%	9.11%	5.36%	4.97%	10.31%	4.98%	6.07%	5.18%	4.57%
Interest Coverage	13.00x	10.90x	12.28x	16.02x	14.40x	21.10x	12.70x	5.05x	6.29x	7.16x
FCF Conversion	1.29x	1.46x	0.85x	1.48x	1.53x	0.98x	1.42x	1.09x	1.35x	1.46x
Revenue Growth	-6.27%	7.91%	12.33%	0.49%	-3.6%	12.04%	-0.87%	-14.61%	-0.3%	3.24%

Revenue by Segment

	2014	2015	2016	2018	2019	2020	2021	2022	2023	2024
Personal Systems Group	34.3B	31.47B	29.99B	37.66B	38.69B	39B	43.36B	44.08B	35.68B	36.2B
Personal Systems Group Growth	-	-8.26%	-4.71%	25.59%	2.74%	0.78%	11.19%	1.67%	-19.05%	1.43%
Printing	22.98B	21.23B	18.26B	20.8B	20.07B	17.64B	20.13B	18.9B	18.03B	17.34B
Printing Growth	-	-7.60%	-14.00%	13.94%	-3.55%	-12.09%	14.10%	-6.09%	-4.62%	-3.83%
Corporate Investments	302M	27M	7M	5M	2M	2M	3M	2M	7M	25M
Corporate Investments Growth	-	-91.06%	-74.07%	-28.57%	-60.00%	0.00%	50.00%	-33.33%	250.00%	257.14%
Enterprise Group	27.81B	27.91B	-	-	-	-	-	-	-	-
Enterprise Group Growth	-	0.33%	-	-	-	-	-	-	-	-
Enterprise Services	22.4B	19.81B	-	-	-	-	-	-	-	-
Enterprise Services Growth	-	-11.57%	-	-	-	-	-	-	-	-
Software Services	3.93B	3.46B	-	-	-	-	-	-	-	-
Software Services Growth	-	-12.08%	-	-	-	-	-	-	-	-
Financial Services	3.5B	3.22B	-	-	-	-	-	-	-	-
Financial Services Growth	-	-8.06%	-	-	-	-	-	-	-	-

Revenue by Geography

	2014	2015	2016	2018	2019	2020	2021	2022	2023	2024
Americas	-	-	18.04B	20.6B	25.24B	24.41B	27.52B	26.6B	23.09B	23.25B
Americas Growth	-	-	-	14.19%	22.53%	-3.29%	12.71%	-3.34%	-13.18%	0.68%
EMEA	-	-	-	-	20.27B	19.62B	22.22B	21.32B	17.82B	18.04B
EMEA Growth	-	-	-	-	-	-3.21%	13.21%	-4.05%	-16.41%	1.26%
Asia Pacific	-	-	-	-	13.24B	12.6B	13.75B	15.07B	12.8B	12.26B
Asia Pacific Growth	-	-	-	-	-	-4.80%	9.14%	9.55%	-15.01%	-4.22%
Non-US	-	-	30.2B	37.87B	-	-	-	-	-	-
Non-US Growth	-	-	-	25.41%	-	-	-	-	-	-
Non U S	72.65B	65.68B	-	-	-	-	-	-	-	-
Non U S Growth	-	-9.60%	-	-	-	-	-	-	-	-
U	38.8B	37.68B	-	-	-	-	-	-	-	-
U Growth	-	-2.90%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

HP Inc. (HPQ) has a price-to-earnings (P/E) ratio of 7.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

HP Inc. (HPQ) reported $55.30B in revenue for fiscal year 2025. This represents a 54% decrease from $120.36B in 2012.

HP Inc. (HPQ) grew revenue by 3.2% over the past year. Growth has been modest.

Yes, HP Inc. (HPQ) is profitable, generating $2.53B in net income for fiscal year 2025 (4.6% net margin).

Dividend & Returns

Yes, HP Inc. (HPQ) pays a dividend with a yield of 5.54%. This makes it attractive for income-focused investors.

HP Inc. (HPQ) generated $2.80B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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