HPQ
HP Inc.

HP Inc.HPQ

Technology · Computer Hardware
28.46USD
-3.33%
Nov 08, 2026
HPQ overview ready
Supplier of AI-capable commercial PCs and workstations for enterprise refresh
HP is a global PC OEM that sells commercial and consumer notebooks, desktops, workstations, gaming systems, peripherals and device-lifecycle offerings, alongside its much larger legacy printing and supplies franchise.
Theme not measured
PCs & Consumer Hardware has no leadership state this session.
Price structure is giving way
Longer-term context reads early trend, with a near-term setup of pullback recovery.
Attractive valuation
Current market expectations look undemanding relative to the cash the business actually produces.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Intense competition in PC and printing markets.
Market Nov 6Filing Jul 31Price action Nov 7Research Oct 20

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction5.4BusinessPerformance5.0BusinessQuality8.0Valuation6.8ThemeMomentum—Mixed — Revenue growth has accelerated across 4 consecutive quarters, rising from +4.2% to +13% year over year. Diluted EPS fell 11% year over year to $0.71. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
PCs & Consumer Hardware — PCs & Consumer Hardware is tracked (3–4 priced members) — too few for a leadership state
Its economic family, Technology Hardware & IT Services, reads Neutral (+1.7pp vs SPY) — the family’s reading, not this theme’s.
Price
Loading price history…

Price Action

Price structure is giving way
Longer-term context reads early trend, with a near-term setup of pullback recovery.
EntryConstructive

Structure is constructive on both timeframes without excessive extension — a reasonable entry location.

Key Financials

Market Cap
$25.7B
Avg Volume (60D)
14.4M
60 sessions
Revenue Growth YoY
+3.2%
FY2025 vs FY2024
Gross Margin
+19.9%
Trailing twelve months
Operating Margin
+5.4%
Trailing twelve months
Free Cash Flow Yield
+15.1%
Distance from 200DMA
+16.5%
Next Earnings
2026-11-24
P/E
10.5x
EV / EBITDA
7.4x
EV / Sales
0.5x
Market metrics as of Nov 6, 2026
Financial results for the period ended Jul 31, 2026
Filed balance-sheet data as of Jul 31, 2026

Business Performance

Mixed

Revenue growth has accelerated across 4 consecutive quarters, rising from +4.2% to +13% year over year. Diluted EPS fell 11% year over year to $0.71.

Latest reported: Q3 FY2026, ended Jul 31
Revenue growthAccelerating
+13%
$15.7B in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +4.2%
  2. +6.9%
  3. +9.0%
  4. +13%
Earnings growthDeclining
-11%
Diluted EPS $0.71 vs $0.80 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. -9.7%
  2. -1.7%
  3. +17%
  4. -11%
Operating marginStable
5.7%
+0.6 pp YoY · gross margin 18.8% (-1.7 pp)

Business Quality

8.0 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say cheap; own history is the dissenting view.
HP Inc. has a Cheap valuation stance because current market expectations look undemanding relative to the cash the business actually produces. It trades at a 15.1% free-cash-flow yield and 7.4x EBITDA, which the underlying economics comfortably support.

Company Research

Thesis
HP is a global PC OEM that sells commercial and consumer notebooks, desktops, workstations, gaming systems, peripherals and device-lifecycle offerings, alongside its much larger legacy printing and supplies franchise.
Opportunity
Limited opportunity
Enterprise and consumer replacement demand for PCs with dedicated AI processing, higher-performance silicon and new local AI software capabilities, alongside mix and pricing shifts toward premium commercial devices.
Key risk
Intense competition in PC and printing markets.

Economic classification

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Business & Markets

Technology · Computer Hardware
What they do

HP Inc. designs, manufactures, and sells personal computing devices, printers, and related technologies globally through its Personal Systems, Printing, and Corporate Investments segments.

How it earns

Primarily transactional revenue from product sales and related device lifecycle services.

Products & services
Commercial and consumer desktops and notebooks
Workstations
Printers and printing supplies
3D printing systems
Device lifecycle services
Customers & end markets
Enterprise and commercial customers
Individual consumers
Market position

Leader in global PC and printing hardware markets with a broad product portfolio.

Demand drivers
Medium cyclicality

Demand for PCs and printers is influenced by enterprise refresh cycles and consumer spending patterns.