NYSE: HPE · Technology Hardware, Storage & Peripherals
Hewlett Packard Enterprise
Hewlett Packard Enterprise, based in Spring, Texas, sells servers, networking, storage and hybrid cloud (GreenLake) infrastructure and financing to businesses and governments. In fiscal 2025 (ended October 31, 2025) revenue rose 13.8% to $34,296 million: Server $17,639 million, Networking $6,837 million, Hybrid Cloud $5,544 million and Financial Services $3,507 million. Networking grew 51% after HPE closed the $13.6 billion acquisition of Juniper Networks on July 2, 2025, settling the DOJ’s challenge by agreeing to divest its Instant On business and license Juniper’s Mist AIOps code. Net earnings fell to $57 million on acquisition, integration and other costs. In fiscal 2026 HPE divested its H3C equity interest ($444 million gain), won a roughly $1.24 billion U.K. judgment against the estate of former Autonomy CEO Michael Lynch, and grew Q3 revenue 34% to $12,213 million.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 08:59 (SEC EDGAR) · Source 10-K filed: December 18, 2025
Built on10-K FY2025 · filed 2025-12-1810-Q (quarter ended 2026-07-31) · filed 2026-09-03Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 4.9%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- -1.3%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -9.6 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 8.9x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 51.21x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 24.3x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.45
Higher than 25% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 5% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 4% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 97% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 99% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-07-31
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$51.36close on 2026-11-04
Market cap$67.71B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 24.3x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 38.4x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 0.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.0%
At FY2025 year-end: —
Earnings: trailing 12 months to 2026-07-31
At FY2025 year-end: 1.3x
Book value at FY2025 year-end
At FY2025 year-end: 22.9x
EBITDA for FY2025
At FY2025 year-end: 1.9%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jul 31, 2026.
- Revenue$9.14B → $12.21B (vs. a year earlier)↑ +33.7%$9.14B → $12.21B (vs. a year earlier)
- Operating margin2.7% → 11.4% (vs. a year earlier)↑ +8.7 pts2.7% → 11.4% (vs. a year earlier)
- Net income$305M → $1.54B (vs. a year earlier)↑ +404.9%$305M → $1.54B (vs. a year earlier)
- Diluted EPS$0.21 → $1.06 (vs. a year earlier)↑ +404.8%$0.21 → $1.06 (vs. a year earlier)
- Cash$5.29B → $6.22B (vs. previous quarter-end)↑ +17.5%$5.29B → $6.22B (vs. previous quarter-end)
- Long-term debt$20.49B → $19.48B (vs. previous quarter-end)↓ −4.9%$20.49B → $19.48B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Sep 2, 2026.
Management outlook ↑ Raised
Raised FY26 revenue growth outlook to 34%–37%. Source sentence
HPE is raising its FY26 revenue growth outlook range to 34% to 37%.
Key changes
Record Q3 revenue $12.2B, up 34%. Source sentence
Record revenue of $12.2 billion, up 34% year-over-year
Free cash flow $1.0B, up $0.2B. Source sentence
Free cash flow (1)(2) : $1.0 billion, an increase of $0.2 billion from the prior-year period
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Hewlett Packard Enterprise Co
- Headquarters
- SPRING, TX
- Incorporated in
- Delaware
- Fiscal year end
- 10/31
- Exchange & ticker
- NYSE: HPE
- Industry
- Technology Hardware, Storage & Peripherals
- CIK
- 1645590
- Website
- https://www.hpe.com/ ↗
- IR page
- https://investors.hpe.com/ ↗
Workforce (as of FY2025 year-end)
Employees
67,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: October 2026. In past years, Q4 results were released 28–35 days after quarter end (Dec 4, 2025; Dec 5, 2024; Nov 28, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around October 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 28–37 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Jul 31, 2026 | Sep 2, 2026 (+33 days) | Sep 3, 2026 10-Q (+34 days) |
| Q2 FY2026 | Apr 30, 2026 | Jun 1, 2026 (+32 days) | Jun 2, 2026 10-Q (+33 days) |
| Q1 FY2026 | Jan 31, 2026 | Mar 9, 2026 (+37 days) | Mar 10, 2026 10-Q (+38 days) |
| Q4 FY2025 | Oct 31, 2025 | Dec 4, 2025 (+34 days) | Dec 18, 2025 10-K (+48 days) |
| Q3 FY2025 | Jul 31, 2025 | Sep 3, 2025 (+34 days) | Sep 4, 2025 10-Q (+35 days) |
| Q2 FY2025 | Apr 30, 2025 | Jun 3, 2025 (+34 days) | Jun 4, 2025 10-Q (+35 days) |
| Q1 FY2025 | Jan 31, 2025 | Mar 6, 2025 (+34 days) | Mar 7, 2025 10-Q (+35 days) |
| Q4 FY2024 | Oct 31, 2024 | Dec 5, 2024 (+35 days) | Dec 19, 2024 10-K (+49 days) |
| Q3 FY2024 | Jul 31, 2024 | Sep 4, 2024 (+35 days) | Sep 5, 2024 10-Q (+36 days) |
| Q2 FY2024 | Apr 30, 2024 | Jun 4, 2024 (+35 days) | Jun 5, 2024 10-Q (+36 days) |
| Q1 FY2024 | Jan 31, 2024 | Feb 29, 2024 (+29 days) | Mar 5, 2024 10-Q (+34 days) |
| Q4 FY2023 | Oct 31, 2023 | Nov 28, 2023 (+28 days) | Dec 22, 2023 10-K (+52 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Server
HPE ProLiant, AI and HPC systems
General-purpose, AI, high-performance supercomputing and exascale compute solutions.
Networking
HPE Aruba Networking and Juniper
Campus & branch, data center networking, security and routing; Q3 FY2026 networking revenue $2,893M.
Hybrid Cloud
Storage and GreenLake
Storage, GreenLake Flex and cloud management software.
Financial Services
HPE Financial Services
Leasing and financing for IT investments.
From the Form 10-K, FY2025, year ended 2025-10-31.
U.S. and worldwide share of flagship products/services
The 10-K gives no market share or rank for HPE.
Reviewed: Form 10-K (FY2025, year ended 2025-10-31) · Form 10-Q (quarter ended 2026-07-31)
07
Recent strategic focusSite analysis
Recent developments.
Fiscal 2025 results
Revenue $34,296M (+13.8%); operating loss $437M; net earnings $57M.
Source: Form 10-K (FY2025, year ended 2025-10-31)
Q3 FY2026
Revenue $12,213M versus $9,136M; net earnings attributable to HPE $1,540M versus $305M, including a $444M gain on the sale of its H3C equity interest.
Source: Form 10-Q (quarter ended 2026-07-31)
Juniper
Acquired July 2, 2025 for $13.6B; on August 12, 2026 the court found the DOJ settlement in the public interest and entered final judgment.
Source: Form 10-Q (quarter ended 2026-07-31)
Autonomy judgment
U.K. High Court entered about $1.24B against the Lynch Estate on March 24, 2026; the Estate sought permission to appeal on April 14, 2026.
Source: Form 10-Q (quarter ended 2026-07-31)
Capex ÷ D&A (FY2025)
0.84x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$2,292M ÷ $2,737M = 0.84x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
7.3%
formularesearch & development expense ÷ revenue × 100
e.g.$2,518M ÷ $34,296M × 100 = 7.3%
M&A spend (6-year total)
$14.56B
Latest year: $12.28B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $2.38B in FY2020 to $2.29B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-18
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$34.3B
As reported in the 10-K
Revenue CAGR (5 years)
+4.9%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($34,296M ÷ $26,982M) ^ (1÷5) − 1 = 4.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
-1.3%
-0.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$-437M ÷ $34,296M × 100 = -1.3%
ROE (FY2025)
0.2%▼caution
6-year average: 7.1%
As reported in the 10-K
P/B (FY2025 end)
1.30x
formulafiscal year-end closing price ÷ book value per share
e.g.$24.42 ÷ $18.73 = 1.30x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
22.9x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($32,193M + $26,357M − $5,773M) ÷ ($-437M + $2,737M) = 22.9x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +4.9% a year over 5 years (modest growth)
From $26.98B in FY2020 to $34.3B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Operating margin held roughly flat: -1.2% → -1.3%
How much operating profit is left per $100 of revenue. It moved -0.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 32.5% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 5 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 7.1% over 6 years (latest: 0.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Juniper Networks
07 · what it does
Key activities
- Servers incl. AI and high-performance systems
- Campus, branch, data center networking, security and routing
- Hybrid cloud storage and GreenLake
- IT financing
06 · what it draws on
Key resources
- About 67,000 employees (October 31, 2025)
- Server, networking (incl. Juniper) and storage technology
- Global sales and channel partners
02 · why customers buy
Value propositions
- Servers, networking and storage with software and services, increasingly as-a-service (GreenLake); a global manufacturing footprint.
04 · how it keeps them
Customer relationships
- Consumption-based and multi-year service contracts.
03 · how it reaches them
Channels
- Direct sales and channel partners.
01 · who it serves
Customer segments
- Businesses from small to large enterprises, service providers, governments
09 · where money goes
Cost structure
FY2025, share of revenue ($34.3B)
- Research & development7.3%
- Selling, general & administrative16.6%
- Other operating costs (incl. cost of goods sold)77.3%
Revenue here is reported net of interest expense, so these lines overlap and add up to more than 100%.
Operating profit left: -1.3% of revenue. Depreciation & amortization (inside the costs above): $2.74B. Capital spending: $2.29B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Server $17,639M
- Networking $6,837M
- Hybrid Cloud $5,544M
- Financial Services $3,507M (FY2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Sells and leases servers, networking and storage hardware with software and services, increasingly as consumption-based GreenLake offerings, and provides IT financing through HPE Financial Services.
01 what it draws on
Inputs & resources
- About 67,000 employees (October 31, 2025)
- Server, networking (incl. Juniper) and storage technology
- Global sales and channel partners
02 what it does
Activities
- Servers incl. AI and high-performance systems
- Campus, branch, data center networking, security and routing
- Hybrid cloud storage and GreenLake
- IT financing
03 who it serves
Customers
- Businesses from small to large enterprises, service providers, governments
04 how money comes in
How it earns
- Server $17,639M
- Networking $6,837M
- Hybrid Cloud $5,544M
- Financial Services $3,507M (FY2025)
How the business makes money
- U.S. revenue rose 23.1% to $13.4B in fiscal 2025; outside the U.S. $20.9B.
- Server and networking products each exceeded 10% of revenue in fiscal 2025.
- Quarterly dividend raised to $0.1425 in December 2025 from $0.13.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
HPE’s public-sector contracts follow procurement laws; environmental laws apply.
Government as customer
Government customers
Contracts with federal, state and local government customers are subject to procurement laws and regulations.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Environmental rules
Environmental laws
May be involved in CERCLA proceedings by U.S. or state environmental agencies.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025 (year ended Oct 31, 2025))
Unit: $M — bar length = revenue, (%) = share of total company revenue
Server
17,639 (51%)Networking
6,837 (20%)Hybrid Cloud
5,544 (16%)Financial Services
3,507 (10%)Corporate Investments and Other
769 (2%)
Source: Form 10-K (FY2025, year ended 2025-10-31) — Note 2, Segment Information External net revenue by segment; total $34,296M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025 (year ended Oct 31, 2025))
United States — 39% of revenue
Revenue by country / region (FY2025 (year ended Oct 31, 2025))
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
13,402 (39%)Americas excluding U.S.
2,446 (7%)Europe, Middle East and Africa
11,510 (34%)Asia Pacific and Japan
6,938 (20%)
Source: Form 10-K (FY2025, year ended 2025-10-31) Net revenue by region.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Juniper Networks
Acquired July 2, 2025 for total consideration of $13,625M.
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Enterprises, service providers, SMBs and governments worldwide, often through channel partners.
Named by the company
No customer is named as material; one distributor was 10% of accounts receivable at October 31, 2025.
Suppliers
Component suppliers and contract manufacturers.
Named by the company
No single supplier is named as material.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K names primary competitors by business.
Competitors named in the 10-K
Data center and HPC servers
- Dell Technologiessite ↗
- Super Micro Computersite ↗
- Cisco Systemssite ↗
- Lenovosite ↗
Hybrid cloud
Networking
Peer group the company chose
Fiscal 2025 peer companies (19), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Peer group unchanged after the HRC Committee’s annual review, selected by industry and size.
- Accenturesite ↗
- HP Inc.site ↗
- NetAppsite ↗
- Automatic Data Processingsite ↗
- IBMsite ↗
- Qualcommsite ↗
- Cisco Systemssite ↗
- Intelsite ↗
- Seagate Technologysite ↗
- Cognizantsite ↗
- Jabilsite ↗
- Western Digitalsite ↗
- DXC Technologysite ↗
- Juniper Networkssite ↗
- Xeroxsite ↗
- Flex Ltd.site ↗
- Kyndrylsite ↗
- Honeywellsite ↗
- Micron Technologysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-18
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-18
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-18
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-18
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 26,982 | 27,784 | 28,496 | 29,135 | 30,127 | 34,296 |
| Operating income | -329 | 1,132 | 782 | 2,089 | 2,190 | -437 |
| Pretax income | -442 | 3,587 | 876 | 2,230 | 2,953 | -285 |
| Net income (attributable) | -322 | 3,427 | 868 | 2,025 | 2,579 | 57 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 3.0% | 2.6% | 2.2% | 3.4% | 13.8% |
| Operating margincalcoperating income ÷ revenue × 100 | -1.2% | 4.1% | 2.7% | 7.2% | 7.3% | -1.3% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -1.2% | 12.3% | 3.0% | 7.0% | 8.6% | 0.2% |
| Balance sheet ($M) | ||||||
| Total assets | 54,015 | 57,699 | 57,123 | 57,153 | 71,262 | 75,906 |
| Total equity | 16,096 | 20,017 | 19,909 | 21,238 | 24,880 | 24,754 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 18,552 | 16,009 | 16,555 | 16,562 | 22,402 | 26,357 |
| Equity ratio | 29.7% | 34.6% | 34.8% | 37.1% | 34.8% | 32.5% |
| ROE | -2.0% | 19.0% | 4.4% | 9.9% | 11.2% | 0.2% |
| Cash flow ($M) | ||||||
| Operating CF | 2,240 | 5,871 | 4,593 | 4,428 | 4,341 | 2,919 |
| Investing CF | -2,578 | -2,796 | -2,087 | -3,284 | -53 | -13,190 |
| Financing CF | 883 | -3,364 | -1,796 | -1,362 | 6,283 | 1,046 |
| Free cash flowcalccash flow from operations − capital expenditures | -143 | 3,369 | 1,471 | 1,600 | 1,974 | 627 |
| Cash and equivalents | 4,233 | 3,996 | 4,163 | 4,270 | 14,846 | 5,773 |
| Per share & other | ||||||
| EPS ($) | -0.25 | 2.58 | 0.66 | 1.54 | 1.93 | -0.04 |
| BVPS ($) | 12.47 | 15.42 | 15.51 | 16.51 | 19.13 | 18.73 |
| Dividend per share ($) | 0.48 | 0.48 | 0.48 | 0.48 | 0.52 | 0.52 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 18.6% | 72.7% | 31.2% | 26.9% | — |
| P/E (x) | — | 5.7 | 21.6 | 10.0 | 10.1 | — |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 11.1 | 8.3 | 9.4 | 6.8 | 6.9 | 22.9 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 0.69 | 0.95 | 0.92 | 0.93 | 1.02 | 1.30 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Periods below 1x are shown in red. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-07-31 | $12.21B+33.7% | $1.39B+464.0% | $1.54B+404.9% | $1.06 |
| 2026-04-30 | $10.68B+40.0% | $747M | $624M | $0.44 |
| 2026-01-31 | $9.3B+18.4% | $470M+8.5% | $452M-27.9% | $0.31 |
| 2025-10-31 † | $9.68B+14.4% | −$8M-101.2% | $175M-87.2% | — |
| 2025-07-31 | $9.14B | $247M | $305M | $0.21 |
| 2025-04-30 | $7.63B | −$1.11B | −$1.05B | $-0.82 |
| 2025-01-31 | $7.85B | $433M | $627M | $0.44 |
| 2024-10-31 † | $8.46B | $693M | $1.37B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
-0.8%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$-437M × (1 − 9.5%) ÷ $49,197M × 100 = -0.8%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.80%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $32.19B ÷ ($32.19B + $26.36B) = 55.0%
e.g.Debt weight: $26.36B ÷ ($32.19B + $26.36B) = 45.0%
e.g.WACC: 12.9% × 55.0% + 4.2% × (1 − 9.5%) × 45.0% = 8.80%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.5%–10.3% and ROIC − WACC runs −11.1 to −8.3 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 8.80% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.45 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 12.93%
- Cost of debt
- 4.17%
- Tax rate
- 9.5% (effective rate, FY2022–FY2024)
- Capital structure (equity : debt)
- 55% : 45%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.80%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.45 (price-derived adjusted beta. Raw β 1.68, R² 0.24, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.676 + 0.33 = 1.453
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.45 × 5.5% = 12.9%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
8.1%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.8% − 0.7%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+4.9%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $627M (operating CF − capex); enterprise value $88.29B = market cap $67.71B (latest close, 2026-11-04) + debt $26.36B − cash and short-term investments $5.77B; r = WACC of 8.8% using this page’s default assumptions (β 1.45, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$89.57B
FCF $627M ÷ (8.8% − 8.1%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.8% | 7.8% | 8.8% | 9.8% | 10.8% |
|---|---|---|---|---|---|
| 0% | 0.10x | 0.09x | 0.08x | 0.07x | 0.07x |
| 2% | 0.15x | 0.12x | 0.10x | 0.09x | 0.08x |
| 4% | 0.25x | 0.19x | 0.15x | 0.12x | 0.10x |
| 6% | 0.89x | 0.39x | 0.25x | 0.19x | 0.15x |
| 8% | — | — | 0.89x | 0.39x | 0.25x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 12.42x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.9%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 46 → 47 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-18
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-18
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,919M ÷ $57M = 51.21x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($3,550M + $5,290M) ÷ 2 ÷ $34,296M × 365 = 47 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 89.4%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 10.6%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 200 of 416
- Beta (adjusted)
- 1.45
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 48% of covered companies have more
above 1 = swings more than the market
- 1,183.4M shares reported by 1,441 13F filers ÷ 1,324.2M shares outstanding on 2026-05-26. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-02-11 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-05-26)
20
Strengths & weaknessesSite analysis
Strengths
1. AI server demand
Server revenue rose 10.2% in fiscal 2025 and Q3 FY2026 server revenue reached $6,766M versus $5,000M.
Evidence: Form 10-Q (quarter ended 2026-07-31)
2. Networking scale
Juniper raised networking revenue 51% in fiscal 2025; Routing revenue jumped to $788M in Q3 FY2026 from $213M.
Evidence: Form 10-Q (quarter ended 2026-07-31)
3. Legal recovery
U.K. High Court judgment of about $1.24B against the Lynch Estate (March 24, 2026).
Evidence: Form 10-Q (quarter ended 2026-07-31)
Weaknesses
1. Thin profits
Fiscal 2025 operating loss of $437M and net earnings of $57M.
Evidence: Form 10-K (FY2025, year ended 2025-10-31)
2. Server margins
Server segment earnings fell to $1,343M from $1,804M despite higher revenue.
Evidence: Form 10-K (FY2025, year ended 2025-10-31)
3. Higher debt
Interest-bearing debt rose to about $26.4B after Juniper financing.
Evidence: Form 10-K (FY2025, year ended 2025-10-31)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
—
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.13%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
1.9%
(Operating CF − capex) ÷ market cap
1. AI infrastructure
Server and networking growth from AI demand.
- What has to hold
- Margins recover.
- The other side
- Price competition.
Evidence: Form 10-Q (quarter ended 2026-07-31)
2. Networking mix
Juniper adds higher-margin networking.
- What has to hold
- Synergies are delivered.
- The other side
- Integration costs.
Evidence: Form 10-K (FY2025, year ended 2025-10-31)
Fiscal years end October 31. FY2020 dividend per share is based on dividends paid ($618M), as the XBRL declared figure ($0.36) does not match. FY2025 EPS is after $116M of preferred dividends.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
1.3x
$5.77B vs. $4.61B
Interest coverage (operating income ÷ interest expense)
-0.4x
−$437M vs. $1.1B
Free cash flow ÷ dividends paid
0.9x
$627M vs. $684M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -120.0% in FY2025 ($2.19B → −$437M) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash generation
Operating cash flow stayed between $2.2B and $5.9B in every year 2020–2025.
Source: Form 10-K (FY2025, year ended 2025-10-31)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
HPE’s main disclosed matters are the DOJ settlement allowing the Juniper acquisition, its U.K. judgment against the Lynch Estate over Autonomy, an IRS audit settlement offer and long-running India customs disputes.
3 open matters (1 flagged as major) · 1 settled or closed
Autonomy claims against Michael Lynch’s estate
On appealLawsuitMajorAutonomy Corporation Ltd and other HPE subsidiaries v. Lynch Estate (U.K. High Court)
HPE subsidiaries won a 2022 liability judgment over improper Autonomy transactions; the July 2025 damages ruling found the Lynch estate owed £740M and the March 24, 2026 judgment totals about $1.24B with interest. The Estate asked the Court of Appeal for permission to appeal on April 14, 2026.
- Amounts
- About $1.24 billion awarded to HPE
Source: Form 10-Q (quarter ended 2026-07-31) — Litigation and Contingencies
IRS audit of fiscal 2020–2022
PendingTax disputeIRS v. HPE
HPE submitted a formal settlement offer in Q2 FY2026 and raised unrecognized tax benefit reserves by $318M; up to $366M of reserves may be reduced within 12 months.
Source: Form 10-Q (quarter ended 2026-07-31) — Litigation and Contingencies
India customs disputes
PendingTax disputeHP India v. Indian Customs Department
HP India’s appeals against customs orders, cross-appealed by the Customs Department, began hearings at the Customs Tribunal on April 21, 2025.
Source: Form 10-Q (quarter ended 2026-07-31) — Litigation and Contingencies
DOJ action on the Juniper Networks acquisition
ResolvedAntitrustU.S. DOJ (and intervening state AGs) v. HPE and Juniper Networks (N.D. Cal.)
The DOJ sued in January 2025 to block the merger; under a June 2025 settlement HPE agreed to divest its Instant On business and license Mist AIOps source code. Twelve states and D.C. intervened in the Tunney Act review; on August 12, 2026 the court approved the settlement and entered final judgment.
Source: Form 10-Q (quarter ended 2026-07-31) — Litigation and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-07-31) — Litigation and Contingencies, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Intense competition
- Company disclosure (summarized from the 10-K)
- Competes with Dell, Supermicro, Lenovo, Cisco, Arista, public clouds and many others.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2M&A & integration
Juniper integration
- Company disclosure (summarized from the 10-K)
- Expected synergies from Juniper may not be realized; state AGs intervened in the Tunney Act review.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Supply chain
Component costs and supply
- Company disclosure (summarized from the 10-K)
- AI server components such as GPUs and memory may be scarce or costly.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Tax and legal matters
- Company disclosure (summarized from the 10-K)
- Submitted an IRS settlement offer for fiscal 2020–22 and raised tax reserves by $318M; India customs and other disputes.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Geopolitics & supply chain
Trade policy
- Company disclosure (summarized from the 10-K)
- Tariffs and trade restrictions affect costs and demand.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
• Our success depends on our ability to successfully execute our go-to-market strategy, including offering solutions as-a-Service, effectively planning and managing our resources, and continuing to develop and manage our offerings to integrate new features and solutions.
Our success depends on our ability to successfully execute our go-to-market strategy, including offering solutions as-a-Service, effectively planning and managing our resources, and continuing to develop and manage our offerings to integrate new features and solutions.
• Supply Chain Disruption. Any disruptions to our supply chain, significant increase in component costs or logistics costs, or shortages of critical components, could decrease our sales, earnings, and liquidity or otherwise adversely affect our business and result in increased costs. Disruptions could occur as a result of any number of events, including, but not limited to: an extended closure of, or any slowdown at our suppliers' plants or shipping delays; market shortages due to the surge in demand from other purchasers for critical components; increases in prices (including fuel prices and increases in prices due to inflation); the imposition of regulations, quotas, embargoes, or tariffs on components; labor stoppages; transportation delays, including due to labor strikes; third-party interference in the integrity of the products sourced through the supply chain; cyberattacks; the…
• Alternative Sources of Supply . The development of alternate sources for components is time-consuming, complex, and costly. Read more
For some components, such as customized components, alternative sources may not exist, we may not be able to locate alternative sources in a timely manner, or we may be unable to secure quantities of those components necessary to satisfy our production requirements. As a result, if an existing source of supply is unable to provide components in quantities sufficient to meet our requirements on a timely basis, we may not be able to deliver, or be delayed in delivering, products and services to our customers, which may affect present and future sales. If we are unable to buy components in quantities sufficient to meet our requirements on a timely basis, we will not be able to deliver products and services to our customers, which would seriously affect present and…
Our suppliers, vendors, partners, and other third parties with whom we do business also face similar cybersecurity threats, risks, and concerns as those set forth above, which introduces vulnerabilities to our business and operations, including our manufacturing supply chain. Although HPE requires strict cybersecurity and data controls through its contractual agreements with third parties, if these third parties do not have adequate safeguards or their safeguards fail, it may result in breaches of their systems, networks, or applications, potentially leading to breaches of our networks and systems or unauthorized access to or disclosure of our and/or our customers' confidential data, thereby compromising us and our customers. While HPE relies on independent audit reports, in addition to our own security assessments and diligence of third parties with whom we do business as part of our…
Our business, financial condition, and operating results depend significantly on general macroeconomic conditions and the demand for our solutions and offerings. Read more
Economic weakness or uncertainty has contributed, and may contribute, to customer financial difficulties, thereby constraining customer spending on IT projects or upgrades, including through reduced, postponed, or cancelled orders. Such dynamics have resulted in, and may result in, decreased revenue and earnings. These factors could
Long sales and implementation cycles for our offerings and dynamics related to large orders may cause our revenues and operating results to vary significantly from quarter-to-quarter.
We have experienced, and may continue experiencing, lengthy sales cycles because our customers' decisions to purchase certain of our products, particularly new products, involve a significant commitment of their resources and a lengthy evaluation and product qualification process. Customers design and implement large IT deployments following lengthy procurement processes, which may impact expected future orders. Following a purchase, customers may also deploy our products and offerings slowly and deliberately. Furthermore, larger orders, including some orders for our AI systems, have typically required, and may continue to require, greater commitments of working capital, such as for purchases of key components, which could introduce variability in our quarterly cash flow and results of operations more generally. While we have seen the customer base for our AI systems offerings expand…
No longer in the text (4)
• The stock distribution in either or both of the completed separations of our former Enterprise Services business and our former Software segment could result in significant tax liability, and DXC Technology Company or Micro Focus International plc (as applicable) may in certain cases be obligated to indemnify us for any such tax liability imposed on us.
Public health crises, such as the COVID-19 pandemic, and the measures taken in response to such events have in the past negatively impacted, and may again in the future negatively impact, our operations and workforce, as well as those of our partners, customers and suppliers. Additionally, concerns over the economic impact of such events have, from time to time, caused increased volatility in financial and other capital markets, adversely impacting our stock price, our ability to access the capital markets, and our ability to fund liquidity needs, and may do so again in the future. The negative impacts of any such events on business operations and demand for our offerings will depend on future developments and actions taken in response to such events, which may be outside our control, highly uncertain, and cannot be predicted at this time.
Failure to complete the Merger with Juniper Networks may adversely affect our business and our stock price.
In January 2024, we entered into a definitive agreement to acquire Juniper Networks, Inc., a leader in AI-native networks. Read more
Consummation of the Merger is subject to the satisfaction or waiver of certain conditions, including but not limited to (i) the adoption of the Agreement and Plan of Merger (the “Merger Agreement”), by and among Juniper Networks, HPE and Jasmine Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary of HPE (“Merger Sub”), by Juniper Networks’ stockholders (which was completed on April 2, 2024); (ii) the absence of any injunction, order or law preventing, prohibiting or making illegal the consummation of the Merger; (iii) the expiration or termination of the waiting period (or extension thereof) under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, and the receipt of all other required approvals, consents or clearances under…
25 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Dec 18, 2025 ↗ with the 10-K filed Dec 19, 2024 ↗.
26
What to watch going forwardSite analysis
- AI server orders and margins.
- Juniper integration and synergy delivery.
- Collection of the Autonomy judgment and the Lynch Estate appeal request.
- Use of proceeds from the H3C divestiture.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 08:59 (SEC EDGAR) · Source 10-K filed: December 18, 2025
Built on10-K FY2025 · filed 2025-12-18Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Hewlett Packard Enterprise’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.