# HP Inc. (HPQ)

> Source: Nexqual · https://nexqual.com/HPQ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, HP Inc. (HPQ), nexqual.com/HPQ" · informational, not investment advice.

**Price:** USD 33.76 (+7.79% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 31.32 · day 31.07–33.86 · 52w 17.56–36.23 · market cap $30.4B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $59.2B, net income $2.45B (4.1% margin), free cash flow $3.88B (SEC filings).
- Valuation: P/E 12.4x (avg 10.4x at the last 3 fiscal year-ends), EV/EBITDA 8.5x, net debt $4.99B.
- 2 of 80 tracked superinvestors hold HPQ (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $2.8M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.33 on a 1–5 scale) (18 analysts), mean target USD 27.52 (range 19–33.8).
- Total return with dividends: 1Y +27.5% vs S&P 500 +14.9%; 5Y +33.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-24, EPS estimate USD 0.75, revenue estimate $15.3B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $63.5B | $62.9B | $53.7B | $53.6B | $55.3B | $59.2B |
| Gross profit | $13.4B | $12.3B | $11.5B | $11.8B | $11.4B | — |
| Operating income | $5.36B | $4.56B | $3.46B | $3.82B | $3.17B | $3.22B |
| Net income | $6.54B | $3.13B | $3.26B | $2.77B | $2.53B | $2.45B |
| EPS (diluted) | $5.36 | $2.98 | $3.26 | $2.81 | $2.65 | — |
| Free cash flow | $5.83B | $3.70B | $2.98B | $3.16B | $2.80B | $3.88B |
| Gross margin | 21.1% | 19.5% | 21.4% | 22.1% | 20.6% | — |
| Operating margin | 8.4% | 7.2% | 6.4% | 7.1% | 5.7% | 5.4% |
| Net margin | 10.3% | 5.0% | 6.1% | 5.2% | 4.6% | 4.1% |
| Revenue growth | +12.0% | -0.9% | -14.6% | -0.3% | +3.2% | — |
| Cash + short-term investments | $4.30B | — | — | $3.24B | $3.69B | — |
| Total debt | $7.57B | $11.2B | $9.61B | $9.75B | $9.72B | — |
Fiscal years end Oct. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 12.4x · P/S 0.5x · EV/EBITDA 8.5x · EV/Sales 0.6x · P/FCF 7.8x · FCF yield 12.75% · Earnings yield 8.05% · Dividend yield (paid, TTM) 3.60% · Buyback yield (TTM) 4.02% · Net debt $4.99B · EV $35.4B
P/E at fiscal year-ends: Oct 2025 10.4x, Oct 2024 12.7x, Oct 2023 8.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold HPQ. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | 0.49% | $935M | Added +2.5% |
| Francis Chou | Chou Associates | 0.27% | $581K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 5 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 |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | McQuarrie David P. | Chief Commercial Officer | 31,572 | $1.0M | 79.8% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-07 | McQuarrie David P. | Chief Commercial Officer | 21,048 | $631K | 34.7% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-03…2026-08-04 | McQuarrie David P. | Chief Commercial Officer | 21,048 | $588K | 25.8% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-28 | McQuarrie David P. | Chief Commercial Officer | 10,524 | $294K | 11.4% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-12 | McQuarrie David P. | Chief Commercial Officer | 10,524 | $260K | 10.2% | Yes | Too little history (no open-market trades in 2023 or 2025) |
% 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 Hold (mean 3.33 on a 1–5 scale), 18 analysts; mean target USD 27.52 (low 19, high 33.8).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-11 | RBC Capital | Initiated | Sector Perform | $33 |
| 2026-08-28 | Barclays | Target raised | Underweight | $19 → $23 |
| 2026-08-27 | TD Cowen | Target raised | Hold | $26 → $30 |
| 2026-08-27 | UBS | Target raised | Neutral | $26 → $28 |
| 2026-08-27 | Morgan Stanley | Target raised | Underweight | $17 → $19 |
| 2026-08-24 | Morgan Stanley | Target lowered | Underweight | $19 → $17 |
| 2026-08-24 | Evercore ISI Group | Target raised | In-Line | $25 → $32 |
| 2026-08-12 | Goldman Sachs | Target raised | Sell | $19 → $21 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +27.5% | +33.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +27.6% | +6.0% |
| Volatility (annualized) | 45.5% | 34.1% |
| Max drawdown | -34.4% (Oct 2025→Feb 2026) | -48.8% (Nov 2024→Apr 2026) |

## Peers (Computer Hardware)
SMCI (Super Micro Computer, Inc.) USD 33.72 -5.20% · P (Everpure, Inc.) USD 121.2 -7.43% · LOGI (Logitech International S.A. - R) USD 112.52 +1.98% · IONQ (IonQ, Inc.) USD 31.16 -3.47% · WDC (Western Digital Corporation) USD 354.19 -6.43% · STX (Seagate Technology Holdings PLC) USD 642.14 -7.86%

## More
Full page: https://nexqual.com/HPQ · 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 HPQ's own 10-K filed 2025-12-10 (https://www.sec.gov/Archives/edgar/data/47217/000004721725000071/hpq-20251031.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | CANON INC (CAJPY) | "For example, we rely on Canon for certain laser printer engines and laser toner cartridges and certain key suppliers for application specific integrated circuits ("ASICs")." |
| Supplier | Intel (INTC) | "We also rely on Intel, AMD, and NVIDIA, or other suppliers to provide us with a sufficient supply of processors for the majority of our PCs and workstations." |
| Supplier | AMD (AMD) | "We also rely on Intel, AMD, and NVIDIA, or other suppliers to provide us with a sufficient supply of processors for the majority of our PCs and workstations." |
| Supplier | NVIDIA (NVDA) | "We also rely on Intel, AMD, and NVIDIA, or other suppliers to provide us with a sufficient supply of processors for the majority of our PCs and workstations." |
| Competitor | Apple (AAPL) | "Our primary competitors are Acer Inc., Apple Inc., ASUSTeK Computer Inc., Dell Inc., Huawei Technologies Co., Ltd., Lenovo Group Limited, Logitech International S.A., Microsoft Corporation, Samsung Electronics Co., Ltd.,…" |
| Competitor | Dell Technologies (DELL) | "Our primary competitors are Acer Inc., Apple Inc., ASUSTeK Computer Inc., Dell Inc., Huawei Technologies Co., Ltd., Lenovo Group Limited, Logitech International S.A., Microsoft Corporation, Samsung Electronics Co., Ltd.,…" |
| Competitor | Huawei | "Our primary competitors are Acer Inc., Apple Inc., ASUSTeK Computer Inc., Dell Inc., Huawei Technologies Co., Ltd., Lenovo Group Limited, Logitech International S.A., Microsoft Corporation, Samsung Electronics Co., Ltd.,…" |
| Competitor | Lenovo | "Our primary competitors are Acer Inc., Apple Inc., ASUSTeK Computer Inc., Dell Inc., Huawei Technologies Co., Ltd., Lenovo Group Limited, Logitech International S.A., Microsoft Corporation, Samsung Electronics Co., Ltd.,…" |
| Competitor | Microsoft (MSFT) | "Our primary competitors are Acer Inc., Apple Inc., ASUSTeK Computer Inc., Dell Inc., Huawei Technologies Co., Ltd., Lenovo Group Limited, Logitech International S.A., Microsoft Corporation, Samsung Electronics Co., Ltd.,…" |
| Competitor | Samsung Electronics | "Our primary competitors are Acer Inc., Apple Inc., ASUSTeK Computer Inc., Dell Inc., Huawei Technologies Co., Ltd., Lenovo Group Limited, Logitech International S.A., Microsoft Corporation, Samsung Electronics Co., Ltd.,…" |

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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | LOGITECH INTERNATIONAL S.A. (LOGI) | 10-K 2026-05-21 | "Competitors for our gaming products include Razer Inc. ("Razer"), Corsair Gaming, Inc., SteelSeries (owned by GN Store Nord A/S ("GN")), Turtle Beach Corporation, HyperX (owned by HP Inc. ("HP")) and …" |
| supplier | Tungray Technologies Inc (TRSG) | 20-F 2026-04-23 | "Our top 2 customers, HP Group and Goertek, Inc, accounted for 48.8% and 5.0% of revenues for the fiscal year ended December 31, 2025, respectively, and the amount due from these customers included in …" |
| customer | MATERIALISE NV (MTLS) | 20-F 2026-04-23 | "Our programs interface with machines manufactured by leading original equipment manufacturers, or OEMs, including but not limited to EOS GmbH, HP Inc., Renishaw PLC, Nikon SLM Solutions AG, Stratasys …" |
| competitor | Xerox Holdings Corp (XRX) | 10-K 2026-03-17 | "The larger competitors in our print business include Brother, Canon, FUJIFILM Business Innovations Corp., HP Inc., Konica Minolta, Kyocera and Ricoh." |
| 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 …" |
| competitor | NCR Voyix Corp (VYX) | 10-K 2026-02-26 | "Key competitors include Aptos, Inc., Block Inc., Diebold Nixdorf, Inc., Fiserv Inc., Flooid, Fujitsu Limited, GK Software SE, Global Payments Inc., HP Inc., Lightspeed, Olo Inc., Oracle Corporation, P…" |
| customer | PC CONNECTION INC (CNXN) | 10-K 2026-02-24 | "Products manufactured by Microsoft Corporation, HP Inc., and Dell Inc. represented approximately 16%, 13%, and 12%, respectively, of our total product purchases in 2025." |
| customer | CDW Corp (CDW) | 10-K 2026-02-20 | "A significant portion of our sales are derived from products manufactured by Apple, Cisco, Dell Technologies, HP Inc., Lenovo, and Microsoft." |
| competitor | INSIGHT ENTERPRISES INC (NSIT) | 10-K 2026-02-12 | "We sometimes compete directly with publisher and manufacturer partners for many of these offerings, including Microsoft, Cisco Systems, Dell, HP Inc. and Adobe Systems." |
| partner | InterDigital, Inc. (IDCC) | 10-K 2026-02-05 | "In April 2025, we signed a new multi-year license agreement with HP Inc. The agreement licenses HP personal computers to InterDigital's Wi-Fi and video decoding technologies." |
| customer | TD SYNNEX CORP (SNX) | 10-K 2026-01-27 | "We have distribution agreements with most of our suppliers, including Apple Inc. and HP Inc. These agreements usually provide for nonexclusive distribution rights and pertain to specific geographic te…" |
| partner | Hewlett Packard Enterprise Co (HPE) | 10-K 2025-12-18 | "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 potenti…" |

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

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Personal Systems | $11.77B | 75.1% | +18.5% | $537.0M | 4.6% |
| Printing | $3.91B | 25.0% | -2.2% | $709.0M | 18.1% |
| Total revenue | $15.68B | 100% | — | $1.22B | 7.8% |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Products | $14.82B | 94.6% | +13.0% |
| Services | $852.0M | 5.4% | +4.2% |
| Total revenue | $15.68B | 100% | — |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $6.49B | 41.4% | +6.2% |
| Europe, Middle East and Africa | $5.18B | 33.0% | +15.1% |
| Asia-Pacific and Japan | $4.01B | 25.6% | +20.7% |
| Total revenue | $15.68B | 100% | — |

## Customer concentration

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

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.75 | $0.67 | +11.3% | $15.32B | 13 |
| Next quarter (ends 2027-01-31) | $0.70 | $0.68 | +3.1% | $14.66B | 12 |
| Current fiscal year (ends 2026-10-31) | $3.25 | $3.02 | +7.5% | $59.86B | 18 |
| Next fiscal year (ends 2027-10-31) | $3.15 | $3.01 | +4.9% | $60.14B | 18 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-27 (includes earnings 2026-11-24): ±13.8%; earnings reaction alone ±7.1%; last 8 reports averaged ±3.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 48.7% | ±5.8% |
| 2026-11-06 | 14 | 47.0% | ±7.9% |
| 2026-11-13 | 21 | 48.3% | ±9.5% |
| 2026-11-20 | 28 | 47.6% | ±10.8% |
| 2026-11-27 | 35 | 54.8% | ±13.8% |
| 2026-12-04 | 42 | 58.9% | ±16.2% |
| 2026-12-18 | 56 | 52.7% | ±16.8% |
| 2027-01-15 | 84 | 47.2% | ±18.2% |