HP Inc (HPQ) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of HP Inc stock $52.85, price $29.44, upside +79.5%, quality 60 out of 100. Rating: strongly undervalued. Calculated from audited financials with 21 of our 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $17.52 – $35.93 · fair‑value band $34.71 – $72.06 · the $29.44 price screens below the $52.85 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
Follow HP in your weekly email
Every Wednesday you see whether HP is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
HP Inc. provides personal computing, printing, 3D printing, hybrid work, gaming, and other related technologies in the United States and internationally. The company operates through three segments: Personal Systems, Printing, and Corporate Investments.
Show moreShow less
The Personal Systems segment offers commercial and consumer desktops and notebooks, workstations, thin clients, retail point-of-sale systems, displays, software, hybrid systems, and endpoint security and services, as well as lifecycle services, including support and deployment, configurations, and extended warranty services.
The Printing segment provides consumer and commercial printer hardware, supplies, and solutions, as well as office and home printing solutions; and focuses on graphics, 3D printing, and personalization solutions for the commercial and industrial markets.
The Corporate Investments segment is involved in the business incubation and investment projects. It serves small- and medium-sized businesses, public sector, and enterprises. The company was formerly known as Hewlett-Packard Company and changed its name to HP Inc. in October 2015.
HP Inc. was founded in 1939 and is headquartered in Palo Alto, California.
Stock analysis
HP Inc (HPQ) currently trades at $29.44, while our model-based Fair Value estimate is $52.85, implying the stock looks roughly 44% undervalued today.
Show more
Valuation
Bull case: the Multiples group reads highest at a median of $78.52 per share, and 18 of the 21 models we run sit above the $29.44 price.
Bear case: the Dividend Discount group reads lowest at $14.00, and 3 of the 21 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $34.71 (bear) to $72.06 (bull), the price of $29.44 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
HP Inc reported revenue of $55.3B in FY2025 versus $63.5B in FY2021, a compound −3.4%/yr. Reported net income was $2.5B in FY2025, compounding −21.1%/yr from FY2021.
Key figures
Market cap $27.3B Large · P/E ratio 11.2 · P/S ratio 0.46 · EPS (TTM) $2.62 · Dividend yield 4.0% · Net margin 4.1% · Return on assets (EBIT) 10.7% · Operating margin 5.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 68% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 1% fair-value upside, at 80%, HPQ screens cheaper than that median.
Fair Value models
Bear$34.71Fair Value $52.85Bull$72.06
Price $29.44 · Upside +79.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($1.43 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 2 officers or directors sold shares worth $3.4M and none bought.
SaleAnneliese OlsonPres Imaging Prtng & Solutions2× since Dec 9, 2025: 35,723 shares, avg. $28.94$1.0MOct 29, 202610b5-1 plan
SaleDavid P. McQuarrieChief Commercial Officer5× since Jun 12, 2026: 94,716 shares, avg. $29.43$2.8MOct 2, 202610b5-1 plan
SaleMary Anne CitrinoDirector45,172 shares at $18.47$834,327Mar 11, 2026
SaleKetan M PatelPresident, Personal Systems33,321 shares at $23.19$772,714Dec 26, 2025
SaleEnrique LoresPresident and CEO, Director41,922 shares at $26.01$1.1MDec 5, 202510b5-1 plan
Plus 5 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+3.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.5%
Start year 2020 (pandemic). Over 10 years: +0.7% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.5%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+9.1%
Earnings growth per share plus dividend.
From 2014 to 2025, about 225% of the growth in earnings per share came from share buybacks, and equity is negative: the buybacks are partly paid with debt. That cannot be repeated indefinitely.
Earnings per share, growth per year+5.1%
Dividend (yield on the price)4.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5.1% vs 0.7%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 7%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
0.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −2.4% a year for the price and +1.4% for the forecasts.
AI conclusion: AI PC demand driving Personal Systems growth stands as the main strength while thin margins, limited differentiation and the structural printing decline form the central weakness.
Main risk: Aggressive third-party and compatible ink cartridges from rivals could continue to capture share in the aftermarket and erode HP's high-margin printing supplies revenue that subsidizes thinner hardware margins.
Bull case: HP could leverage its AI workstation push and on-device intelligence layers like HP IQ to differentiate premium devices, expand managed services and subscriptions, and offset any print or core PC weakness with higher-value offerings.
Bear case: Elevated memory costs together with continued erosion from third-party alternatives and rivals undercutting on PCs could shrink HP's printing annuity further and compress personal systems margins, limiting overall profitability and growth.
HP's Personal Systems growth is fueled by AI PC demand while its printing business faces long-term structural decline. The key uncertainty is whether AI initiatives and cost efforts can deliver durable margins or if competitive and segment pressures will limit the upside. Will hardware momentum offset the secular headwinds in supplies?
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Computer Hardware · 213 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+79.5% · Top 25%
Profitability
Return on equity (12 months)Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets6.1% · Above median
Net margin (12 months)4.1% · Below median
Operating margin (12 months)5.4% · Above median
Growth and dividend
Revenue growth (quarter YoY)12.5% · Below median
Dividend yield (12 months)4.0% · Above median
Balance sheet
Debt / equityNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Valuation Multiplesvs Computer Hardware median · lower = cheaper
P/E (12 months)11.2× · Cheaper than median
P/BNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "HP Inc Fair Value". https://www.fairvalue-calculator.com/stock/HPQ
Frequently asked questions
Is HP Inc (HPQ) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $52.85 versus a price of $29.44, about +80% upside (undervalued).
What is the fair value of HPQ?
Our model-based fair value for HP Inc is $52.85 (as of Nov 6, 2026), built from audited fundamentals. The current price: $29.44.
What is the quality score of HPQ?
HP Inc has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for HP Inc (HPQ)?
Our model-based price target is the fair value of $52.85 (as of Nov 6, 2026) from 21 valuation models. Cautious scenario $34.71, optimistic scenario $72.06. It is a calculation from audited fundamentals, not an analyst target.
What is the HP Inc stock forecast for 2026?
Our models put fair value at $52.85, about +80% upside versus a price of $29.44 (undervalued). Cautious scenario $34.71, optimistic scenario $72.06. The calculation is refreshed regularly with new filings.
What is the revenue of HP Inc (HPQ)?
HP Inc reported trailing-twelve-month revenue of about $59.2B (latest available figure, as of Nov 6, 2026).
Does HP Inc pay a dividend?
HP Inc currently shows a dividend yield of 4.04% relative to its recent price (as of Nov 6, 2026).
What growth is priced into HP Inc (HPQ)?
For today's price to be fair in a discounted-cash-flow model, HP Inc would have to grow free cash flow by 0.0 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.5 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of HPQ use?
Our models discount HP Inc at 9.7 %: a base by market capitalisation (large), damped by beta 1.19, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For HP Inc that is 0.0 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has HP Inc (HPQ) delivered so far?
Over the past 5 years revenue at HP Inc grew -0.5 % a year. The price currently implies 0.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of HP Inc (HPQ) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into HP Inc (0.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of HP Inc (HPQ)?
The free-cash-flow yield on the price is 10.26 %: that much free cash flow HP Inc produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HP Inc (HPQ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HP Inc it is $52.85 per share (as of Nov 6, 2026), against a price of $29.44. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is HP Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, HPQ trades below its calculated fair value: price $29.44, fair value $52.85, a gap of about +80% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HPQ?
No. The price is what the market pays today ($29.44); the fair value is what the company's own numbers justify ($52.85). For HP Inc the two are $23.41 per share apart. That gap is exactly why we show both numbers side by side.
How much is HP Inc worth?
The market values HP Inc at about $27.3B (market capitalisation, as of Nov 6, 2026). Per share that is $29.44; our models calculate a fair value of $52.85 per share.
What do the bullish and bearish scenarios say about HPQ?
Our models span a range for HP Inc: cautious scenario $34.71, base $52.85, optimistic $72.06 per share (as of Nov 6, 2026, price $29.44). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HPQ?
HP Inc trades at a price-to-earnings ratio of 11.2 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $52.85 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 9.4 (reported for FY2025: 11.0). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 9.0. Other multiples: PEG 3.4, P/S 0.5, EV/EBITDA 7.0.
What is the PEG ratio of HPQ?
The PEG ratio of HP Inc is 3.42 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of HP Inc (HPQ)?
Balance-sheet figures for HP Inc (as of Nov 6, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is HPQ from its 52-week high?
HP Inc trades at $29.44, about 17% below its 52-week high of $35.48 and 68% above the low of $17.52 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $52.85 is for.
Which stocks are comparable to HP Inc?
From the same area (Technology) we also value Dell Technologies Inc, Arista Networks, Inc, Sandisk Corporation, Seagate Technology Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is HP Inc stock attractive at the current price?
The data as of Nov 6, 2026: price $29.44, calculated fair value $52.85 (+80%), Quality Score 60/100, from 21 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HPQ calculated?
We run HP Inc through 21 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $52.85, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. HP Inc currently trades 44% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of HP Inc (HPQ)?
The closing price on Nov 5, 2026 was $29.44. Our model-based fair value is $52.85, about +80% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HP Inc right now?
The price is below even our cautious bear case ($34.71). The market is more pessimistic than our downside scenario. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($34.71 to $72.06) leaves room in how you read the outcome.
Where does the earnings growth of HP Inc (HPQ) come from?
Earnings per share at HP Inc grew +3.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.6 %, EBIT margin −1.2 %, tax rate +1.2 %, residual (interest, one-offs) −4.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of HP Inc
How large is the market capitalisation of HP Inc (HPQ)?
The market capitalisation of HP Inc is $27.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of HP Inc (HPQ)?
The price-to-sales ratio of HP Inc is 0.46 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of HP Inc (HPQ)?
Earnings per share at HP Inc are $2.62 (price ÷ EPS = P/E 11.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HP Inc (HPQ)?
The dividend yield of HP Inc is 4.0% (payout 38.8%, on adjusted earnings, reported 45.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of HP Inc (HPQ)?
The net margin of HP Inc is 4.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of HP Inc (HPQ)?
On an EBIT basis the return on assets of HP Inc is 10.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of HP Inc (HPQ)?
The operating margin of HP Inc is 5.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HP Inc (HPQ)?
Revenue at HP Inc is growing +12.5% versus a year earlier (3y avg −4.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at HP Inc (HPQ)?
Earnings per share at HP Inc are growing −11.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HP Inc (HPQ) carry?
The net debt of HP Inc is $7.2B (fiscal year 2025, ≈ 2.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch HP Inc in the live analysis
One click puts HP Inc on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 6, 2026