Hewlett Packard Enterprise

HPE · NYSE · Information Technology · Financials, fiscal 2016 to 2025

HPE · Last close · October 26, 2026

$58.72

Value Hewlett Packard Enterprise yourself

Hewlett Packard Enterprise's revenue rose 13.8% to $34.3 billion in fiscal 2025. Its operating margin was −1.3%, down from 7.3% a year earlier. Free cash flow was $627 million, down 68.2%. It paid out $886 million in dividends and buybacks, 141% of free cash flow. The diluted share count fell 1.0%.

HEWLETT PACKARD ENTERPRISE COMPANY Latest fiscal year ended October 31, 2025 10-K filed December 18, 2025 · 0001645590-25-000130 Updated October 9, 2026

Revenue

$34.3B

13.8%

Operating margin

−1.3%

8.5 pts

Net income

$57M

97.8%

Free cash flow

$627M

68.2%

Return on capital

−0.9%

6.7 pts

Market cap

$85.1B

Oct 26 close

P/E

30.4x

On $1.93 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Hewlett Packard Enterprise does

Hewlett Packard Enterprise sells computing, networking and cloud technology to businesses and governments, from small companies to large global enterprises. Its products include servers, networking equipment, and software and services for running data and artificial intelligence workloads across company data centers, the edge and the cloud.

It reports five segments: Server, Hybrid Cloud, Networking, Financial Services, and Corporate Investments and Other. The Server segment sells general-purpose servers and systems for high-performance computing and AI. Financial Services offers customers financing for technology purchases. In fiscal 2025 its server and networking products were the product categories that each brought in more than a tenth of net revenue.

HPE says one distributor accounted for about a tenth of its revenue in fiscal 2025, mainly in Server and Networking. It describes a shift toward a platform model with more software and services, and says it competes in an intensely competitive industry. Its roots go back to a partnership founded in 1939 by William Hewlett and David Packard.

Its biggest risks, as it describes them

Intense competition in the technology industry that could hurt its sales and margins.
Long sales cycles and large orders that make quarterly revenue swing widely.
Supply chain problems that make planning and inventory harder to manage.
Not achieving the expected benefits of its cost reduction actions.
Its debt, and uncertainty about whether it will keep paying dividends.

From Hewlett Packard Enterprise's annual report on Form 10-K, filed December 18, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share grew 0.7% a year and net income fell 2.5% a year, as buybacks cut the share count by 23%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Hewlett Packard Enterprise yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Hewlett Packard Enterprise says to expect

Fiscal 2026: revenue growthHPE is raising its FY26 revenue growth outlook range to 34% to 37%. HPE is raising revenue growth expectations for the Networking segment to 73% to 74%.
Fiscal 2026: free cash flowHPE is also raising its free cash flow (1)(2)(4) guidance and now expects free cash flow to be at least $3.75 billion.
Fiscal 2027: growth frameworkHPE is raising its revenue growth outlook range to 13% to 17%. HPE is raising expectations for non-GAAP diluted net EPS growth to be in the range of 16% to 20% (1)(4) . HPE estimates non-GAAP operating margin rate to be in the range of 14% to 15% (1)(4) .
Fiscal 2027: free cash flowHPE is also raising its free cash flow guidance and now expects free cash flow to be at least $5.0 billion (1)(2)(4) .

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed September 2, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Hewlett Packard Enterprise's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Hewlett Packard Enterprise's fiscal 2025 free cash flow of $627M, net cash of −$20.6B at October 31, 2025 and 1,324 million diluted shares, from its filings. The scenarios are fitted to Hewlett Packard Enterprise: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 6.4% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Technology Hardware, Storage & Peripherals); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Hewlett Packard Enterprise's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at October 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Hewlett Packard Enterprise's own revenue growth, as above. Cautious: growth of 3% then 2.5% a year, 2% after year 10, a 10% discount rate. Base: growth of 6.5% then 4.5% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 9.5% then 6% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $58.72
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Hewlett Packard Enterprise's earnings per share of $1.93 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 30.4×, the middle of Hewlett Packard Enterprise's own P/E today, its peers' median and its sector's median (Hewlett Packard Enterprise's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to July 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Supermicro, HP, Sandisk, Western Digital.

Earnings growth in the years ahead (% a year) Starts at Hewlett Packard Enterprise's revenue growth over the last 3 years, 6.4% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $58.72
Value at this multiple, against the last close: —
Hewlett Packard Enterprise's P/E at the last close: 30.4×

Company	Last close	Earnings per share	P/E today
Hewlett Packard EnterpriseHPE	$58.72	$1.93	30.4×
SandiskSNDK	$1,255.58	$73.76	17.0×
Western DigitalWDC	$356.13	$25.79	13.8×
HPHPQ	$34.09	$2.61	13.1×
SupermicroSMCI	$32.69	$3.26	10.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	4.0	4.2	4.3	14.8	5.8
Debt incl. finance leases	16.1	16.6	16.6	22.4	26.4
Net debt (negative means net cash)	12.1	12.4	12.3	7.6	20.6
Net debt to EBITDA	3.2x	3.8x	2.6x	1.6x	9.0x
Debt to equity	0.8x	0.8x	0.8x	0.9x	1.1x
Interest coverage	2.3x	1.7x	3.0x	2.8x	−0.4x
Current ratio	0.9x	0.9x	0.9x	1.3x	1.0x
Quick ratio	0.7x	0.7x	0.7x	1.0x	0.8x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Hewlett Packard Enterprise shares on the open market, and 12 insiders sold $73.1 million, $70.3 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 21, 2026	rami rahimEVP, Pres GM Networking	Sold plan	34,443	$58.04	$2.0 million	Form 4
Oct 5, 2026	Antonio F NeriPresident and CEO, Director	Sold plan	250,000	$68.31	$17.1 million	Form 4
Sep 29, 2026	rami rahimEVP, Pres GM Networking	Sold plan	34,456	$61.42	$2.1 million	Form 4
Sep 14, 2026	Gary M ReinerDirector	Sold	17,000	$56.91	$967,470	Form 4
Sep 11, 2026	Antonio F NeriPresident and CEO, Director	Sold plan	250,000	$60.44	$15.1 million	Form 4
Jul 22, 2026	Kirt P KarrosSVP, Treasurer, Corp Dev	Sold plan	23,675	$47.02	$1.1 million	Form 4
Jun 22, 2026	Kirt P KarrosSVP, Treasurer, Corp Dev	Sold plan	18,785	$48.50	$911,072	Form 4
Jun 3, 2026	Gary M ReinerDirector	Sold	20,000	$54.77	$1.1 million	Form 4
May 5, 2026	Marie MyersEVP & CFO	Sold plan	93,583	$30.01	$2.8 million	Form 4
May 5, 2026	Bethany MayerDirector	Sold plan	6,482	$29.10	$188,626	Form 4
Apr 21, 2026	Fidelma RussoEVP, Gm, Hybrid Cloud & CTO	Sold plan	17,001	$27.97	$475,518	Form 4
Apr 20, 2026	Neil B MacDonaldEVP, Gm, Server	Sold plan	24,251	$27.01	$655,020	Form 4

The latest 12 of 27 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	6 of 8	6 of 8	4 of 8
Accruals ratio	−4.2%	−2.7%	−3.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Hewlett Packard Enterprise side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Hewlett Packard Enterprise	FY25	13.8%	−1.3%	1.8%	−0.9%	9.0x	4
Supermicro	FY26	77.8%	7.1%	−17.9%	—	—	—	Compare
HP	FY25	3.2%	5.7%	5.1%	55.3%	1.5x	6	Compare
Sandisk	FY26	175.3%	61.2%	56.8%	105.9%	−0.4x	7	Compare
Western Digital	FY26	35.7%	34.5%	27.2%	52.2%	−0.1x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	30.3	28.9	30.9	29.1	27.0	27.8	28.5	29.1	30.1	34.3
Revenue growth	−2.6%	−4.7%	6.9%	−5.6%	−7.4%	3.0%	2.6%	2.2%	3.4%	13.8%
Gross profit	17.2	16.2	16.8	—	—	—	—	—	—	—
Research and development	1.7	1.5	1.7	1.8	1.9	2.0	2.0	2.3	2.2	2.5
Operating income	3.9	0.6	1.7	1.3	−0.3	1.1	0.8	2.1	2.2	−0.4
Net income	3.2	0.3	1.9	1.0	−0.3	3.4	0.9	2.0	2.6	0.1
Diluted EPS (US$)	1.82	0.21	1.23	0.77	−0.25	2.58	0.66	1.54	1.93	−0.04
Diluted shares (millions)	1,739	1,674	1,553	1,366	1,294	1,330	1,322	1,316	1,337	1,324
Cash flow
Cash from operations	5.1	1.3	3.0	4.0	2.2	5.9	4.6	4.4	4.3	2.9
Capital expenditure	3.3	3.1	3.0	2.9	2.4	2.5	3.1	2.8	2.4	2.3
Free cash flow	1.8	−1.8	0.0	1.1	−0.1	3.4	1.5	1.6	2.0	0.6
Dividends paid	0.4	0.4	0.6	0.6	0.6	0.6	0.6	0.6	0.7	0.7
Share buybacks	2.7	2.6	3.6	2.2	0.4	0.2	0.5	0.4	0.1	0.2
Acquisitions	0.0	2.2	0.2	1.5	0.9	0.5	0.0	0.8	0.1	12.3
Stock-based compensation	0.6	0.4	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.6
Balance sheet at fiscal year end
Cash and short-term investments	13.0	9.6	4.9	3.8	4.2	4.0	4.2	4.3	14.8	5.8
Debt incl. finance leases	14.9	13.2	11.3	17.3	18.6	16.1	16.6	16.6	22.4	26.4
Total assets	79.6	61.4	55.5	51.8	54.0	57.7	57.1	57.2	71.3	75.9
Total liabilities	48.1	37.9	34.2	34.7	37.9	37.7	37.2	35.9	46.4	51.2
Shareholders' equity	31.4	23.5	21.2	17.1	16.0	20.0	19.9	21.2	24.8	24.7
Margins and ratios
Gross margin	56.9%	56.0%	54.4%	—	—	—	—	—	—	—
Operating margin	12.9%	1.9%	5.6%	4.4%	−1.2%	4.1%	2.7%	7.2%	7.3%	−1.3%
Net margin	10.4%	1.2%	6.2%	3.6%	−1.2%	12.3%	3.0%	7.0%	8.6%	0.2%
Free cash flow margin	5.9%	−6.2%	0.0%	3.9%	−0.5%	12.1%	5.2%	5.5%	6.5%	1.8%
Return on capital	9.0%	1.9%	6.3%	3.0%	−0.8%	3.5%	2.4%	5.8%	5.8%	−0.9%
Return on equity	9.7%	1.2%	8.5%	5.5%	−1.9%	19.0%	4.4%	9.9%	11.2%	0.2%
Return on assets	4.0%	0.5%	3.3%	2.0%	−0.6%	6.1%	1.5%	3.5%	4.0%	0.1%
Net debt to EBITDA	0.2x	1.0x	1.5x	3.5x	6.3x	3.2x	3.8x	2.6x	1.6x	9.0x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Hewlett Packard Enterprise's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Hewlett Packard Enterprise.