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HP Inc.
S&P 500
🏹 Trader: 🚀 Stage 2 + Near High 📈 Stage 2 🎯 Near 52W High | BRS 85 Ready View all →
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$31.0B
Market Cap
10.4
P/E
4.63
PEG
25.4%
ROCE
N/M
ROE
-27.94
D/E
5.7%
OPM
0.0%
% from 52W High
85
α RS
🔍 HPQ is showing a high-conviction setup because it matches 8 of 39 tracked screener presets, Sector RRG has Technology in the Leading quadrant with the trail still strengthening, and RS Rating is 85. Net: Broad signal stack, not a recommendation. ? Conviction RRG RS Rating
Sources
Conviction 8/39 · Technology in Leading quadrant · RS Rating 85
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🌏 Global Investor Returns
Currency-adjusted total returns for HPQ including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

HP Inc. provides personal computing, printing, 3D printing, hybrid work, gaming, and other related technologies 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 desktops and notebooks, workstations, thin clients, retail point-of-sale systems, displays, software, hybrid systems, and endpoint security and services, as well as lifecycle services, including support and deployment, configurations, and extended warranty services. The Printing segment provides consumer and commercial printer hardware, supplies, and solutions, as well as office and home printing solutions; and focuses on graphics, 3D printing, and personalization solutions for the commercial and industrial markets. The Corporate Investments segment is involved in the business incubation and investment projects. It serves small- and medium-sized businesses, public sector, and enterprises. 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.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding HPQ
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 7.43M $142.7M 0.22% Mar 2026
Cathie Wood ARK Investment Management 122.8K $2.4M 0.02% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$14.4B
+9% YoY
Non-GAAP Operating Margin
7.5%
+0.2pp YoY
Non-GAAP Diluted EPS
$0.86
+21% YoY
Free Cash Flow
$0.8B
vs. $(0.1)B YoY
What Went Right
  • Non-GAAP EPS of $0.86 beat guidance of $0.70-$0.76
  • Personal Systems revenue grew 13% YoY, with AI PC mix reaching 44% of shipments
  • Industrial Graphics delivered 11th consecutive quarter of revenue growth with double-digit growth in 3D printing
  • Free cash flow of $0.8B exceeded expectations on strength of Personal Systems
What to Watch
  • Memory and storage costs expected to increase in Q3 and Q4, with Q4 expected to be a trough in Personal Systems margins
  • Print operating margin declined to 18.3% due to trade-related costs and promotional investment in Smart Tanks
  • PC unit TAM projected to decline at a rate in the high teens in the second half of calendar year 2026
Management Guidance
  • Q3 FY26 non-GAAP diluted EPS guidance: $0.61 - $0.71
  • Full year FY26 non-GAAP diluted EPS guidance raised to $2.90 - $3.10 (previously expected closer to lower end of original range)
  • Full year free cash flow guidance maintained at $2.8 - $3.0 billion, now expected to be solidly in the range
  • Personal Systems operating margins expected below long-term range for balance of year; Print operating margins near lower end of long-term range in Q3, but solidly in range for full year
Investor Lens
The thesis is stronger after this call. HP delivered a clear beat on Q2 EPS and free cash flow, raised full-year EPS guidance, and demonstrated that its four-pillar mitigation strategy is effectively managing commodity cost headwinds (memory, storage, and oil-related inputs). While headwinds persist in the second half, management's confidence in achieving higher EPS and maintaining free cash flow despite a projected decline in PC unit TAM suggests resilient execution. The continued ramp in AI PCs (44% of mix) and industrial/3D printing momentum provide structural growth vectors. However, near-term margin compression—particularly in Q4—and the uncertain demand elasticity from higher pricing remain watchpoints.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong Q2 beat; FY EPS guidance raised despite H2 headwinds
Revenue
Total net revenue was $14.4 billion, up 9% YoY (6% in constant currency). Growth was led by Personal Systems (+13% YoY) with double-digit gains in both commercial and consumer; Print revenue was flat YoY as expected.
Profitability
Non-GAAP net earnings were $0.79 billion, up 17% YoY, and non-GAAP diluted EPS was $0.86, up 21% YoY, beating the guidance range of $0.70-$0.76. GAAP EPS was $0.49 (up 17% YoY) but below GAAP guidance due to restructuring and other charges.
Margins
Non-GAAP operating margin improved 20 basis points YoY to 7.5%, driven by favorable pricing and key growth area contributions, partly offset by higher commodity costs and mix shift to Personal Systems. Personal Systems operating margin was 5.2% (above expectations due to mitigation actions); Print operating margin was 18.3% (down YoY due to trade costs and promotions).
Balance Sheet
Ended Q2 with $3.7 billion in gross cash, generated $0.9 billion in operating cash flow and $0.8 billion in free cash flow, above expectations. Returned $374 million to shareholders ($274M dividends, $100M buybacks). Leverage target maintained.
Key Risks
Management flagged: (1) rising memory, storage, and oil-related input costs that will pressure margins in H2, with Q4 expected to be the trough; (2) potential demand pull-in in Q2 may reduce Q3 seasonality; (3) tariff refund uncertainty persists—government not processing refunds for complex multinationals currently.
Outlook
For Q3 FY26, non-GAAP diluted EPS guided at $0.61-$0.71, implying sequential decline due to cost headwinds and demand pull-forward. For full year FY26, non-GAAP EPS guidance raised to $2.90-$3.10, with free cash flow expected solidly in the $2.8-$3.0 billion range. Management expects Print margins to remain solidly in long-term range for the year.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-05-27
Q2 2026 saw 9% revenue growth and strong Personal Systems performance, with AI PCs rising to 44% of shipments. Margins face pressure from rising input costs, but mitigation actions and innovation support a confident FY outlook, with EPS guidance raised to $2.90–$3.10.
Q1 2026 Q1 2026 2026-02-24
Revenue grew 7% year-over-year to $14.4B, led by Personal Systems and AI PC momentum, with non-GAAP EPS up 9%. Memory costs are rising sharply, pressuring margins, but mitigation actions and pricing are underway. Guidance remains intact but is expected near the lower end.
Q4 2025 Q4 2025 2025-11-25
Revenue grew 4% in Q4 and 3% for the year, led by personal systems and key growth areas. FY26 guidance reflects memory cost headwinds, with EPS expected at $2.90–$3.20 and free cash flow of $2.8–$3.0 billion. AI-driven cost savings and recurring revenue expansion remain strategic priorities.
Q3 2025 Q3 2025 2025-08-27
Q3 saw 3% revenue growth year-over-year, led by strong personal systems and AITC momentum, while print declined as expected. Operating margins were within guidance, and most tariff-related costs were mitigated. Q4 guidance anticipates continued PC growth and stable print margins.
Q2 2025 Q2 2025 2025-05-28
Revenue grew 5% year-over-year in constant currency, led by commercial personal systems, but operating profit and EPS were impacted by tariffs. Supply chain diversification accelerated, and AI PCs and print innovation drove growth. FY2025 EPS guidance was moderated, with full tariff mitigation expected by Q4.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Information Sources:
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