HP

0J2E.L

Computer Hardware · Technology

Price

30.22 GBp

+0.38 (+1.27%)

Market Cap

£28.21B

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 10, 2026 · filings through Apr 30, 2026

Share count falling — buybacks

−21.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.22B (2021) → 953.0M (2025)

HP Inc. makes personal computers and printers. Its main products include laptops, desktops, and inkjet and laser printers sold to everyday consumers, students, and businesses around the world. HP is one of the largest PC makers globally and owns well-known printer brands used in homes and offices everywhere.

The company makes money by selling hardware and, importantly, by selling ink and toner cartridges on a recurring basis — that supplies business is a key profit driver. HP operates worldwide, with significant revenue from the Americas, Europe, and Asia, and generates roughly $50 billion in annual revenue. Its installed base of printers creates a reliable stream of repeat consumables purchases, which acts as a competitive cushion, but the PC market is mature and faces pressure from slowing consumer demand and competition from lower-cost manufacturers, which remains the central risk to long-term growth.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+14.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$1.6B/ year

→ Flat (-2% vs prior year)

2.9% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

2.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.9B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

HP is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

20.3%

Thin — 20.3% gross margin

Operating Margin

6.8%

Modest — 6.8% operating margin

ROCE

9.9%

Below par — 9.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+6.5%

Slow sales growth (+6.5% YoY)

EPS YoY

+4.6%

Modest earnings growth (+4.6% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

180%

Turns 180% of profit into real cash

FCF Margin

6.6%

Modest free cash flow (6.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

8.54x

Comfortably covers interest (8.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

0.1x

Attractive valuation — P/E 0.1

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-9.9

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

3.93%

Moderate income — 3.93% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+3.7%

Dividend growing modestly (3.7% YoY)

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