HP Inc. (HPQ) is a publicly traded company in the Technology — Computer Hardware industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
HP Inc. is a global technology company specializing in personal computing devices, imaging and printing solutions, and a variety of related technologies, software, and support services, serving clients both in the United States and worldwide. Its operations are structured into three main divisions: Personal Systems, Printing, and Corporate Investments.
Is HP Inc. stock overvalued or undervalued in 2026?
HP Inc. (HPQ) trades at 10.9× earnings (P/E), below the median of the 317 technology companies over $2bn in Kaplio's universe. At the decade median (10.2×) $27 (-6 %); at its sector median (31.5×) $83 (+190 %).
Kaplio overview: HP Inc.
Market cap $26B · 52 weeks $18 – $35 (20 % below the high) · P/E 10.9× · 2027 est. P/E 8.9× · Dividend 4.2 % · 8 years rising · Next earnings November 24, 2026 · expected EPS $0.75 · Closing price, Nov 2 · accounts published Aug 26.
- Valuation: TTM P/E 10.9× (fairly priced).
- Business: ROIC 22 % (solid).
- Balance sheet: Net debt/EBITDA 1.8× (solid).
- Earnings: 5 of 8 (uneven).
What would it be worth at its usual multiples?
At the decade median (10.2×) $27 (-6 %); at its sector median (31.5×) $83 (+190 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in technology: 4 of 7 pass
- 3y revenue growth −1.2 %, fails.
- Gross margin 20.0 %, fails.
- FCF / Revenue 5.1 %, fails.
- ROIC 21.8 %, passes.
- SBC / Revenue 0.9 %, passes.
- Net debt / EBITDA 1.8×, passes.
- EV/EBITDA vs own 5y 7.7×, passes.
Against its peers (reference peers) — HP Inc.: P/E 10.8×; EV/EBITDA 7.7×; ROIC 21.8 %; $25.6B. Dell Technologies Inc. (P/E 22.8×; EV/EBITDA 14.8×; ROIC 22.8 %; $250B), Super Micro Computer, Inc. (P/E 9.3×; EV/EBITDA 6.2×; ROIC 9.7 %; $20.0B), NetApp, Inc. (P/E 26.1×; EV/EBITDA 17.4×; ROIC 21.1 %; $36.4B).
Expensive or cheap against its last ten years?
P/E at each close: today 10.8× · median 10.2× · minimum 4.9× · maximum 19.4× · cheap below 8.9× · expensive above 14.4×. It has been cheaper than today 58% of the time over its last ten years.
Dividend
solid · Yield (last 12 months) 4.2 % · $1.16 per share in 2025 · Years raising it 8 · 5-year growth +10 % a year · Free cash flow coverage 2.8× (last three fiscal years) · With $1,000 invested today you'd collect $42.20 a year ($3.52 a month).
Kaplio's reading: HP Inc.
Updated on October 15, 2026 · accounts published on August 26, 2026
Reading of October 14, 2026: A highly efficient hardware business with thin margins and stalled growth
HP trades at a P/E of 11.6 over the last 12 months, 65 % below its sector median of 33.0, with a 12.7 % free cash flow yield.
- Is HP expensive or cheap? At 11.6× earnings, HP sits 15 % above its 10-year median P/E and 65 % below its sector median.
- How is the business doing? Operating margin is 5.6 % over the last 12 months, below the 7.0 % average of fiscal 2014-2025.
- How strong is the balance sheet? Net debt was $8.14 per share in fiscal 2025, 27 % of the price, while the dividend has risen nine years in a row.
- What to expect from the next earnings? HP reports on November 24, 2026; analysts expect EPS of $0.75 after last quarter's 25 % beat.
- Does HP grow with real cash or by diluting shareholders? Stock pay is just 0.9 % of fiscal 2025 revenue, yet revenue per share fell 1.2 % a year in fiscal 2022-2025.
Is HP expensive or cheap?
Over the last 12 months HP trades at a P/E of 11.6, against a ten-year median of 10.1. The stock has been cheaper than today 65 % of the time in the past decade, within a range that went from 4.9 to 19.4. Against technology peers the gap is wide: the sector median P/E is 33.0, so HP sits 65 % below it. EV/EBITDA of 8.2× is above its five-year average of 7.3×, beyond the 110 % mark that flags it as expensive against its own history. A free cash flow yield of 12.7 % shows how much cash the current price still buys.
How is the business doing?
Revenue grew 3.2 % over the last 12 months, while EPS fell 5.7 %, so sales growth is failing to reach the bottom line. The operating margin of 5.6 % trails both fiscal 2025, at 6.6 %, and the 7.0 % average of the last twelve fiscal years: profit on each dollar sold is slipping. The bright spot is capital efficiency. ROIC stands at 21.8 % over the last 12 months, 13.6 points above the sector median of 8.2 %, and it has stayed above 10 % in each of the last ten fiscal years. HP earns thin margins on a lean capital base, and that combination has proved durable.
How strong is the balance sheet?
Net debt equals 1.8× EBITDA in fiscal 2025, inside the 2.0× that hardware makers can tolerate. Short-term liquidity is tighter: the current ratio is 0.79 over the last 12 months, and the Altman Z-score of 1.7 sits in the danger zone, a signal worth tracking even though it is no forecast. The Piotroski score of 6 out of 9 points to average financial health. Shareholders are well paid: the dividend yields 3.9 % over the last 12 months, has risen for nine consecutive fiscal years and absorbed 43 % of fiscal 2025 earnings, which leaves room to keep paying it.
What to expect from the next earnings?
In the quarter reported on August 26, 2026, HP earned $0.83 per share against $0.66 expected, a 25.0 % surprise and the largest of the last eight quarters. It has beaten EPS estimates in 5 of those 8 quarters, a decent record. The fiscal 2026 EPS consensus has held at $3.26 over the last 30 days, and revenue estimates have also stayed put, so analysts have not chased the beat. Of 52 analysts covering the stock, 15 recommend buying, 28 holding and 8 selling. For November 24, 2026, the bar is $0.75 per share.
Does HP grow with real cash or by diluting shareholders?
In technology, generic ratios miss what drives value: growth, pricing power and dilution from stock-based pay. HP passes on dilution, with stock-based pay at 0.9 % of fiscal 2025 revenue, far under the 10 % healthy ceiling. Growth and pricing power are where it falls short. Revenue per share shrank 1.2 % a year over fiscal 2022-2025, against a 15 % bar for healthy growth. The fiscal 2025 gross margin of 20.0 % is well short of the 35 % that signals pricing power in hardware, and free cash flow was 5.1 % of revenue, against a 20 % threshold. HP returns cash without diluting, but it is barely growing.
How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.
Investor methods verdict
Would Buffett approve HP today?
The Buffett Method would not approve HP today: it fails its quality rules. Business quality: 60 out of 100 (price not included). Kaplio assessment with data from the week of November 2, 2026; not investment advice.
Would Peter Lynch approve HP today?
The Lynch Method would wait for a better price for HP. Business quality: 41 out of 100 (price not included). Lynch classifies it as a cyclical. Kaplio assessment with data from the week of November 2, 2026; not investment advice.
Profitability
| Return on Equity | -727.30% |
| Return on Invested Capital | 21.78% |
| Return on Assets | 5.36% |
| Gross Margin | 19.78% |
| Operating Margin | 5.64% |
| Net Margin | 4.14% |
Financial Health
| Debt / Equity | -112.38 |
| Current Ratio | 0.79 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.72 |
Price Performance
| 1 month | -11.49% |
| 3 months | -0.32% |
| Year-to-date | +27.60% |
| 1 year | +5.26% |
| 3 years | +3.68% |
| 5 years | -9.26% |
| 10 years | +93.27% |
Dividend History
Paid in the last 12 months: $1.20 per share in 4 payments.
| Date | Amount |
|---|---|
| September 9, 2026 | $0.30 |
| June 10, 2026 | $0.30 |
| March 11, 2026 | $0.30 |
| December 11, 2025 | $0.30 |
| September 10, 2025 | $0.2894 |
| June 11, 2025 | $0.2894 |
| March 12, 2025 | $0.2894 |
| December 11, 2024 | $0.2894 |
| September 11, 2024 | $0.2756 |
| June 12, 2024 | $0.2756 |
Amounts adjusted for stock splits.
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Explore sector: Technology · Computer Hardware
More sections of HPQ: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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