# Hewlett Packard Enterprise Company (HPE)

> Source: Nexqual · https://nexqual.com/HPE · data as of 2026-10-22 20:04 UTC · cite as "Nexqual, Hewlett Packard Enterprise Company (HPE), nexqual.com/HPE" · informational, not investment advice.

**Price:** USD 55.47 (-4.64% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 58.17 · day 53.91–56.78 · 52w 19.84–73.56 · market cap $73.6B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $41.9B, net income $2.79B (6.7% margin), free cash flow $4.16B (SEC filings).
- Valuation: P/E 26.4x (avg 195.8x at the last 3 fiscal year-ends), EV/EBITDA 14.4x, net debt $14.0B.
- 3 of 80 tracked superinvestors hold HPE (13F, Q2 2026): 1 new, 0 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $46.5M; 2 not under a Rule 10b5-1 plan ($2.1M); 1 by opportunistic insiders (0 outside 10b5-1 plans), 6 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.25 on a 1–5 scale) (24 analysts), mean target USD 71.74 (range 52.59–92).
- Total return with dividends: 1Y +143.5% vs S&P 500 +14.9%; 5Y +313.6% vs S&P 500 +80.3%.
- Next earnings: 2026-09-02, EPS estimate USD 1.27, revenue estimate $14.4B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $27.8B | $28.5B | $29.1B | $30.1B | $34.3B | $41.9B |
| Operating income | $1.13B | $782M | $2.09B | $2.19B | -$437M | $2.60B |
| Net income | $3.43B | $868M | $2.02B | $2.58B | $57.0M | $2.79B |
| EPS (diluted) | $2.58 | $0.66 | $1.54 | $1.93 | -$0.04 | — |
| Free cash flow | $3.37B | $1.47B | $1.60B | $1.97B | $627M | $4.16B |
| Operating margin | 4.1% | 2.7% | 7.2% | 7.3% | -1.3% | 6.2% |
| Net margin | 12.3% | 3.0% | 7.0% | 8.6% | 0.2% | 6.7% |
| Revenue growth | +3.0% | +2.6% | +2.2% | +3.4% | +13.8% | — |
| Cash + short-term investments | $4.00B | $4.16B | $4.27B | $14.8B | $5.77B | — |
| Total debt | $13.4B | $12.5B | $12.4B | $17.7B | $21.7B | — |
Fiscal years end Oct. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 26.4x · P/S 1.8x · EV/EBITDA 14.4x · EV/Sales 2.1x · P/FCF 17.7x · P/B 2.8x · FCF yield 5.64% · Earnings yield 3.79% · Dividend yield (paid, TTM) 1.00% · Buyback yield (TTM) 0.74% · Net debt $14.0B · EV $87.7B
P/E at fiscal year-ends: Oct 2025 567.2x, Oct 2024 10.1x, Oct 2023 10.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold HPE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 0.34% | $33.9M | Reduced -54.7% |
| Lee Ainslie | Maverick Capital | 0.01% | $803K | New position |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $2.9M | Reduced -17.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
10 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-05 | Neri Antonio F | President and CEO | 250,000 | $17.1M | 17.4% | Yes | Routine (sold in Sep each year 2023–2025; this trade is outside those months) |
| 2026-09-29 | Rahim Rami | EVP, Pres GM Networking | 34,456 | $2.1M | 3.8% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-14 | Reiner Gary M | Director | 17,000 | $967K | 20.7% | No | Too little history (no open-market trades in 2023) |
| 2026-09-11 | Neri Antonio F | President and CEO | 250,000 | $15.1M | 14.8% | Yes | Routine (sold in Sep each year 2023–2025) |
| 2026-07-22 | Karros Kirt P | SVP, Treasurer, Corp Dev | 23,675 | $1.1M | 100% | Yes | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-22 | Karros Kirt P | SVP, Treasurer, Corp Dev | 18,785 | $911K | 100% | Yes | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-03 | Reiner Gary M | Director | 20,000 | $1.1M | 19.8% | No | Too little history (no open-market trades in 2023) |
| 2026-05-05 | Myers Marie | EVP & CFO | 93,583 | $2.8M | 31.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Mayer Bethany | Director | 6,482 | $189K | 18.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-21 | Russo Fidelma | EVP, GM, Hybrid Cloud & CTO | 17,001 | $476K | 100% | Yes | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-04-20 | Macdonald Neil B | EVP, GM, Server | 24,251 | $655K | 42.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-17 | Neri Antonio F | President and CEO | 150,000 | $4.0M | 8.2% | Yes | Routine (sold in Sep each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.25 on a 1–5 scale), 24 analysts; mean target USD 71.74 (low 52.59, high 92).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Barclays | Downgrade | Overweight → Equal-Weight | $83 → $77 |
| 2026-10-02 | Daiwa Capital | Upgrade | Neutral → Outperform | $65 → $75 |
| 2026-10-01 | Citigroup | Target raised | Buy | $76 → $92 |
| 2026-10-01 | Morgan Stanley | Target raised | Overweight | $67 → $72 |
| 2026-10-01 | Evercore ISI Group | Target raised | In-Line | $65 → $67 |
| 2026-10-01 | UBS | Target raised | Neutral | $59 → $66 |
| 2026-10-01 | Truist Securities | Target raised | Buy | $70 → $75 |
| 2026-10-01 | Barclays | Target raised | Overweight | $79 → $83 |
| 2026-10-01 | Wells Fargo | Target raised | Equal-Weight | $54 → $63 |
| 2026-09-14 | Evercore ISI Group | Downgrade | Outperform → In-Line | $65 |
| 2026-09-04 | Argus Research | Reiterated | Buy | $70 |
| 2026-09-03 | Raymond James | Target raised | Outperform | $74 → $86 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +143.5% | +313.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +144.3% | +32.7% |
| Volatility (annualized) | 57.7% | 42.4% |
| Max drawdown | -26.4% (Jun 2026→Jul 2026) | -47.1% (Jan 2025→Mar 2025) |

## Peers (Communication Equipment)
MSI (Motorola Solutions, Inc.) USD 477.81 +2.21% · LITE (Lumentum Holdings Inc.) USD 752.54 -11.54% · NOK (Nokia Corporation Sponsored) USD 7.88 -14.81% · CIEN (Ciena Corporation) USD 322.64 -10.71% · UI (Ubiquiti Inc.) USD 595.62 -2.25% · ERIC (Ericsson) USD 10.38 -0.48%

## More
Full page: https://nexqual.com/HPE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HPE's own 10-K filed 2025-12-18 (https://www.sec.gov/Archives/edgar/data/1645590/000164559025000130/hpe-20251031.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Juniper Networks | "To better align the calculation of ARR with Juniper Networks' business and offerings, beginning with the quarter ended July 31, 2025, we also included revenue from software licenses support and maintenance in our ARR cal…" |
| Partner | HP Inc. (HPQ) | "During fiscal 2019, we executed a Termination and Mutual Release Agreement which terminated our Tax Matters Agreement with HP Inc. Because we now have limited indemnity rights from HP Inc., we potentially bear more econo…" |
| Competitor | Dell Technologies (DELL) | "Our primary competitors in data center infrastructure are technology vendors, such as Dell Technologies Inc., Super Micro Computer, Inc., Cisco Systems, Inc., and Lenovo Group Ltd. In certain regions, we also experience …" |
| Competitor | Cisco (CSCO) | "Our primary competitors in data center infrastructure are technology vendors, such as Dell Technologies Inc., Super Micro Computer, Inc., Cisco Systems, Inc., and Lenovo Group Ltd. In certain regions, we also experience …" |
| Competitor | Broadcom (AVGO) | "In some instances, our single-source suppliers (e.g., Intel and AMD as suppliers of certain x86 processors Broadcom and others for industry standard Application-Specific Standard Product, or NVIDIA for Graphics Processin…" |
| Competitor | NVIDIA (NVDA) | "In some instances, our single-source suppliers (e.g., Intel and AMD as suppliers of certain x86 processors Broadcom and others for industry standard Application-Specific Standard Product, or NVIDIA for Graphics Processin…" |
| Competitor | Super Micro Computer (SMCI) | "Our primary competitors in data center infrastructure are technology vendors, such as Dell Technologies Inc., Super Micro Computer, Inc., Cisco Systems, Inc., and Lenovo Group Ltd. In certain regions, we also experience …" |
| Competitor | Lenovo | "Our primary competitors in data center infrastructure are technology vendors, such as Dell Technologies Inc., Super Micro Computer, Inc., Cisco Systems, Inc., and Lenovo Group Ltd. In certain regions, we also experience …" |
| Competitor | IBM (IBM) | "Our primary competitors are other infrastructure and cloud management software technology vendors, such as Broadcom, Cisco Systems Inc., Dell Technologies Inc., IBM, NetApp Inc., Nutanix, and Pure Storage and public clou…" |
| Competitor | Intel (INTC) | "In some instances, our single-source suppliers (e.g., Intel and AMD as suppliers of certain x86 processors Broadcom and others for industry standard Application-Specific Standard Product, or NVIDIA for Graphics Processin…" |
| Competitor | AMD (AMD) | "In some instances, our single-source suppliers (e.g., Intel and AMD as suppliers of certain x86 processors Broadcom and others for industry standard Application-Specific Standard Product, or NVIDIA for Graphics Processin…" |
| Competitor | Amazon (AMZN) | "Our primary competitors are other infrastructure and cloud management software technology vendors, such as Broadcom, Cisco Systems Inc., Dell Technologies Inc., IBM, NetApp Inc., Nutanix, and Pure Storage and public clou…" |
| Competitor | Alphabet (Google) (GOOGL) | "Our primary competitors are other infrastructure and cloud management software technology vendors, such as Broadcom, Cisco Systems Inc., Dell Technologies Inc., IBM, NetApp Inc., Nutanix, and Pure Storage and public clou…" |
| Competitor | Microsoft (MSFT) | "Our primary competitors are other infrastructure and cloud management software technology vendors, such as Broadcom, Cisco Systems Inc., Dell Technologies Inc., IBM, NetApp Inc., Nutanix, and Pure Storage and public clou…" |

Other companies that name HPE in their own reports (relationship from HPE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | Nutanix, Inc. (NTNX) | 10-K 2026-09-18 | "traditional IT systems vendors, such as Dell, Everpure, Inc., Fujitsu, HPE, Hitachi Vantara, Lenovo, Inc., NetApp, Inc., and Huawei Technologies Co., Ltd., many of which offer integrated systems that …" |
| competitor | Ubiquiti Inc. (UI) | 10-K 2026-08-21 | "In the enterprise WLAN and switching markets, we primarily compete with Cisco, Fortinet, Hewlett Packard Enterprise (Aruba Networks and Juniper Networks), and Ruckus (Belden)." |
| customer | SCANSOURCE, INC. (SCSC) | 10-K 2026-08-20 | "We provide products and services from approximately 500 suppliers, including key suppliers AT&T, Avaya, Axis, Cisco, Comcast Business, Dell, Elo, Extreme, Five9, Fortinet, Hanwha, Honeywell, HP Poly, …" |
| competitor | EXTREME NETWORKS INC (EXTR) | 10-K 2026-08-17 | "However, the market for network switching solutions is dominated by a few large companies, particularly Cisco Systems, Inc., Hewlett Packard Enterprise Company, and Huawei Technologies Co. Ltd. To a l…" |
| competitor | QUANTUM CORP /DE/ (QMCO) | 10-K 2026-06-25 | "Our backup storage systems primarily compete with products sold by Dell, Hewlett Packard Enterprise Company and Veritas Technologies LLC." |
| partner | Kyndryl Holdings, Inc. (KD) | 10-K 2026-05-29 | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and Servi…" |
| customer | EPLUS INC (PLUS) | 10-K 2026-05-28 | "Products manufactured by NetApp, Hewlett Packard Enterprise, Juniper Networks, Dell, and Arista Networks, collectively represented approximately 23% to 28% of net sales for the last three years." |
| partner | DXC Technology Co (DXC) | 10-K 2026-05-08 | "In connection with the HPES Merger, the Company entered into a tax matters agreement with HPE." |
| supplier | Soluna Holdings, Inc (SLNH) | 10-K 2026-03-30 | "The other changes in assets and liabilities of approximately $1.7 million mainly related to increase in accounts receivable and other current assets related to timing and billing amounts of invoices, …" |
| partner | Bit Digital, Inc (BTBT) | 10-K 2026-03-27 | "exclusive distributor in Iceland, Advania), an official partnership with Hewlett Packard Enterprise and a commercial relationship with" |
| partner | WhiteFiber, Inc. (WYFI) | 10-K 2026-03-26 | "CSP with Dell (through Dell's exclusive distributor in Iceland, Advania), an official partnership with Hewlett Packard Enterprise" |
| customer | Ingram Micro Holding Corp (INGM) | 10-K 2026-03-03 | "Our suppliers are the world's most trusted technology leaders, along with emerging technology brands, which include the industry's premier hyperscalers, computer hardware suppliers, mobility hardware …" |
| partner | ACI WORLDWIDE, INC. (ACIW) | 10-K 2026-02-26 | "We have alliances with our technology partners Microsoft Corporation, Amazon, HPE, IBM, Red Hat, and Oracle, whose industry-leading hardware, software, and cloud-based infrastructure services are util…" |
| competitor | Vistance Networks, Inc. (VISN) | 10-K 2026-02-26 | "Major competitors by segment include the following: RUCKUS segment – Cisco Systems, Inc., Extreme Networks, Inc., Hewlett Packard Enterprise Development LP, Huawei Technologies Co., Ltd., and Ubiquiti…" |
| competitor | NVIDIA CORP (NVDA) | 10-K 2026-02-25 | "•networking products consisting of switches, network adapters (including DPUs), and cable solutions (including optical modules) include such as AMD, Arista Networks, Broadcom, Cisco Systems, Inc., Hew…" |

## Revenue by business segment (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Cloud & AI | $9.04B | 74.0% | +25.4% | $1.54B | 17.0% |
| — Server (part of Cloud & AI) | $6.77B | 55.4% | +35.3% | — | — |
| — Storage (part of Cloud & AI) | $1.29B | 10.6% | +10.2% | — | — |
| — Financial Services (part of Cloud & AI) | $883.0M | 7.2% | -0.3% | — | — |
| — Other (part of Cloud & AI) | $102.0M | 0.8% | -34.2% | — | — |
| Networking | $2.89B | 23.7% | +74.9% | $637.0M | 22.0% |
| — Campus & Branch (part of Networking) | $1.44B | 11.8% | +31.0% | — | — |
| — Routing (part of Networking) | $788.0M | 6.5% | +270.0% | — | — |
| — Data Center Networking (part of Networking) | $382.0M | 3.1% | +112.2% | — | — |
| — Corporate Investments and Other (part of Networking) | $278.0M | 2.3% | +3.0% | -$67.0M | -24.1% |
| Security | $281.0M | 2.3% | +75.6% | — | — |
| Total revenue | $12.21B | 100% | — | $2.11B | 17.3% |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $8.73B | 71.5% | +44.3% |
| Service | $3.29B | 26.9% | +13.7% |
| Total revenue | $12.21B | 100% | — |
The lines above cover 98.4% of total revenue.

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Americas | $5.35B | 43.8% | +12.7% |
| — United States (part of Total Americas) | $4.79B | 39.2% | +11.9% |
| — Americas excluding United States (part of Total Americas) | $561.0M | 4.6% | +20.9% |
| Europe, Middle East and Africa | $4.20B | 34.4% | +53.4% |
| Asia Pacific and Japan | $2.67B | 21.8% | +61.1% |
| Total revenue | $12.21B | 100% | — |

## Customer concentration

Period ended 2025-10-31: 10% of revenue from unnamed direct customers (10-K, filed 2025-12-18).

## Company outlook (8-K filed 2026-09-02)

- "Fiscal 2026 Full Year Outlook HPE is raising its FY26 revenue growth outlook range to 34% to 37%."
- "HPE is raising revenue growth expectations for the Networking segment to 73% to 74%."
- "HPE is also raising its free cash flow (1)(2)(4) guidance and now expects free cash flow to be at least $3.75 billion."
- "HPE is raising its revenue growth outlook range to 13% to 17%."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $1.27 | $1.06 | +20.5% | $14.37B | 19 |
| Next quarter (ends 2027-01-31) | $1.04 | $0.92 | +13.3% | $12.74B | 14 |
| Current fiscal year (ends 2026-10-31) | $3.83 | $3.42 | +11.8% | $46.48B | 20 |
| Next fiscal year (ends 2027-10-31) | $4.71 | $4.04 | +16.6% | $54.70B | 20 |