{"schemaVersion":1,"research":true,"symbol":"hpq","name":"HP","topic":"moat","path":"/stock/hpq/moat","status":"published","version":3,"updatedAt":"2026-10-18T13:56:23.089Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"HP has localized cartridge compatibility friction and a substantial patent portfolio, but the passages establish competitive weakness rather than a durable company-wide moat. Historical competitive price cuts, lower-priced alternative supplies, customer termination rights and incomplete cost recovery constrain pricing power. Recent PC selling-price increases demonstrate some pricing ability, but currency and mix contributed, unit volumes fell, and costs remained incompletely recovered. Recurring supplies demand and operating improvements do not overcome this evidence.","advantages":[{"mechanism":"switching_costs","claim":"Dynamic Security creates localized cartridge compatibility friction that can support demand for HP supplies. This is a current technical restriction, but its economic protection is insufficient to establish a narrow moat.","durability":"The disclosed Dutch appellate decision supports the restriction's legal position in that jurisdiction, but an appeal remained pending. Supplies revenue demonstrates continuing demand without establishing customer-level retention or durable pricing premiums.","risks":"Lower-priced imitation, refill and remanufactured supplies compete directly. Litigation seeks interoperability or restrictions on Dynamic Security, while service customers generally retain renewal and early termination options.","invalidation":"The localized protection would be undermined by enforceable interoperability requirements, effective widespread circumvention, or sustained supplies revenue deterioration accompanied by evidence of substitution. A company-wide moat would require sustained customer dependency and pricing resilience beyond this restriction.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5","e6","e7"]},{"mechanism":"intangible_assets","claim":"HP's portfolio of more than 16,000 patents provides a plausible source of product differentiation and freedom to operate. The passages do not demonstrate a durable economic premium attributable to those patents.","durability":"Patents have finite lives, no single patent is essential to HP or its segments, and management's differentiation assessment is an assertion rather than demonstrated customer dependency.","risks":"Competitive pricing persists despite the portfolio. Acquired customer-related and technology assets suffered actual impairment, although this does not establish impairment of the entire patent portfolio.","invalidation":"The differentiation thesis would weaken further if protected products continued to require competitive discounting or relevant intangible assets suffered further impairment. Sustained patent-linked premiums, customer dependency and resistance to substitution would warrant reassessment.","competitors":[],"evidenceIds":["e8","e9"],"counterEvidenceIds":["e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"Legal proceedings: Dynamic Security cartridge compatibility allegations","excerpt":"The core allegations in these proceedings claim misleading or inadequate consumer notifications and permissions pertaining to the use of Dynamic Security, the installation of firmware updates, or the potential inability of cartridges with clone chips or circuitry to work in HP printers with Dynamic Security."},{"id":"e2","sourceId":"filing-2","location":"Legal proceedings: Dutch appellate decision on Dynamic Security","excerpt":"On November 19, 2024, the court of appeal issued a decision rejecting competition claims against HP and providing that use of Dynamic Security by HP is not unlawful."},{"id":"e3","sourceId":"filing-2","location":"Note 2: quarterly and nine-month segment operating results","excerpt":"12 Table of Contents HP INC. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) Significant Segment Expenses and Operating Results Three months ended July 31 Nine months ended July 31 2026 2025 2026 2025 In millions Net revenue Commercial PS $ 8,579 $ 7,036 $ 23,575 $ 20,467 Consumer PS 3,188 2,895 8,656 7,712 Personal Systems 11,767 9,931 32,231 28,179 Supplies 2,536 2,609 8,089 8,166 Commercial Printing 1,101 1,113 3,374 3,424 Consumer Printing 275 280 831 889 Printing 3,912 4,002 12,294 12,479 Corporate Investments — — — — Total segment net revenue 15,679 13,933 44,525 40,658 Other (2) (1) (2) (2) Total net revenue $ 15,677 $ 13,932 $ 44,523 $ 40,656 Cost of net revenue Personal Systems $ 10,250 $ 8,421 $ 27,785 $ 24,009 Printing 2,475 2,640 7,889 8,134 Corporate Investments — — 1 2 Total segment cost of net revenue 12,725 11,061 35,675 32,145 Operating expenses Personal Systems $ 980 $ 969 $ 2,868 $ 2,713 Printing 728 681 2,164 2,059 Corporate Investments 28 24 80 67 Total segment operating expenses 1,736 1,674 5,112 4,839 Earnings before taxes Personal Systems $ 537 $ 541 $ 1,578 $ 1,457 Printing 709 681 2,241 2,286 Corporate Investments (28) (24) (81) (69) Total segment earnings from operations 1,218 1,198 3,738 3,674 Corporate and unallocated costs and other (102) (103) (258) (302) Stock-based compensation expense (95) (100) (389) (432) Restructuring and other charges (48) (110) (539) (302) Acquisition and divestiture charges (4) (8) (6) (31) Amortization of intangible assets (75) (159) (220) (287) Certain litigation charges (2) (2) (63) (105) Interest and other, net(1) (94) (92) (301) (381) Total earnings before taxes $ 798 $ 624 $ 1,962 $ 1,834 (1) The three and nine months ended July 31, 2025 includes Certain litigation benefits from a single litigation matter that does not relate to HP's ongoing business operations."},{"id":"e4","sourceId":"filing-1","location":"Risk factors: lower-priced non-original printing supplies","excerpt":"Furthermore, non-original supplies (including imitation, refill or remanufactured alternatives), which are often available at lower prices, compete with our Printing Supplies business."},{"id":"e5","sourceId":"filing-2","location":"Legal proceedings: requested injunctions and interoperability relief","excerpt":"Among other relief, Plaintiffs have sought or seek money damages and in certain cases have or may seek injunctive relief against the use or operation of Dynamic Security or relief requiring interoperability."},{"id":"e6","sourceId":"filing-1","location":"Risk factors: service agreement renewal and early termination rights","excerpt":"Our standard services agreements are generally renewable at a customer’s option and/or subject to early termination rights."},{"id":"e7","sourceId":"filing-2","location":"Legal proceedings: pending Dutch cassation appeal","excerpt":"On February 18, 2025, Digital Revolution filed a cassation appeal against the decision before the Dutch Supreme Court."},{"id":"e8","sourceId":"filing-1","location":"Business: patent portfolio size and expiration","excerpt":"As of October 31, 2025, our worldwide patent portfolio included over 16,000 patents which expire at various dates, generally 20 years from their original filing dates."},{"id":"e9","sourceId":"filing-1","location":"Business: management assessment of patent differentiation","excerpt":"We believe that our patents and patent applications are important for maintaining the competitive differentiation of our products and services, enhancing our freedom of action to sell our products and services in markets in which we choose to participate, and maximizing our return on research and development investments."},{"id":"e10","sourceId":"filing-1","location":"Business: absence of an individually essential patent","excerpt":"No single patent is essential to HP as a whole or to any of HP’s business segments."},{"id":"e11","sourceId":"filing-1","location":"Risk factors: realized aggressive price competition and price reductions","excerpt":"We have faced and expect to continue to face aggressive price competition and have lowered and may in the future need to lower the prices of many of our products and services to stay competitive, while at the same time trying to maintain or improve our market share, revenue and gross margin."},{"id":"e12","sourceId":"filing-2","location":"Supplementary financial information: Personal Systems intangible asset impairments","excerpt":"(1) During the three and nine months ended July 31, 2026, the Company incurred impairment charges of $23 million and $55 million related to acquired customer contracts, customer lists and distribution agreements and technology and patents related to the Personal Systems segment."},{"id":"e13","sourceId":"filing-4","location":"MD&A: fiscal 2024 Personal Systems unit and selling-price changes","excerpt":"The net revenue increase was primarily due to a 3.3% increase in PC unit volume driven by Commercial PS, partially offset by a 1.4% decrease in average selling price (“ASPs”)."},{"id":"e14","sourceId":"filing-4","location":"MD&A: competitive pricing explanation for fiscal 2024 ASP decline","excerpt":"The decrease in ASPs is primarily due to competitive pricing, partially offset by favorable mix shifts."},{"id":"e15","sourceId":"filing-1","location":"MD&A: fiscal 2025 Personal Systems unit and ASP growth","excerpt":"The net revenue increase was primarily due to a 4.3% increase in unit volume driven by the Windows-based PC operating system refresh, and a 3.1% increase in average selling price (“ASPs”)."},{"id":"e16","sourceId":"filing-1","location":"MD&A: fiscal 2025 ASP attribution to mix, pricing and currency","excerpt":"The increase in ASPs is primarily due to favorable mix shift towards Commercial PS and disciplined pricing, partially offset by unfavorable currency impact."},{"id":"e17","sourceId":"filing-1","location":"MD&A: fiscal 2025 commodity and tariff costs incompletely mitigated","excerpt":"During fiscal year 2025, we experienced higher commodity and tariff costs, which were not fully mitigated by pricing and other actions enacted during the period."},{"id":"e18","sourceId":"filing-2","location":"MD&A: quarterly Personal Systems ASP growth and PC unit decline","excerpt":"The net revenue increase was primarily due to a 40.8% increase in ASPs, partially offset by a 15.8% decrease in PCs unit volume driven by a focus on higher value units in an increasing commodity cost environment."},{"id":"e19","sourceId":"filing-2","location":"MD&A: quarterly ASP attribution to pricing, currency and mix","excerpt":"The increase in ASPs is primarily due to pricing actions to mitigate higher commodity costs, favorable currency impacts and mix shifts."},{"id":"e20","sourceId":"filing-2","location":"MD&A: nine-month gross margin decline and mitigation factors","excerpt":"For the nine months ended July 31, 2026, gross margin decreased 0.9 percentage points primarily driven by products gross margin due to higher commodity costs and unfavorable mix shifts towards Personal Systems, partially offset by pricing actions including favorable currency impacts, and IEEPA tariff refunds."},{"id":"e21","sourceId":"filing-2","location":"MD&A: quarterly Personal Systems gross margin cost and pricing drivers","excerpt":"Gross margin decreased primarily due to higher commodity costs, partially offset by pricing actions, IEEPA tariff refunds and favorable currency impacts."},{"id":"e22","sourceId":"filing-2","location":"MD&A: Consumer Printing ASP drivers including competitive pricing","excerpt":"The increase in ASPs was primarily driven by favorable mix shifts towards Big Tank and currency impacts, partially offset by competitive pricing."},{"id":"e23","sourceId":"filing-1","location":"Risk factors: actual and potential service-contract profitability pressure from unexpected costs","excerpt":"Any increased or unexpected costs or unanticipated delays in connection with the performance of these contracts, such as increased costs resulting from new or increased tariffs or other trade restrictions, which may increase as services become more customized, have in the past made, and could in the future make, these agreements less profitable or unprofitable."},{"id":"e24","sourceId":"filing-1","location":"Revenue recognition: fixed-price support, maintenance and service contracts","excerpt":"HP recognizes revenue from fixed-price support, maintenance and other service contracts over time depicting the pattern of service delivery and recognizes the costs associated with these contracts as incurred."},{"id":"e25","sourceId":"filing-2","location":"Condensed consolidated cash flows: nine months ended July 31, 2026 and 2025","excerpt":"Condensed Consolidated Statements of Cash Flows (Unaudited) Nine months ended July 31 2026 2025 In millions Cash flows from operating activities: Net earnings $ 1,656 $ 1,734 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation, amortization and impairment 722 708 Stock-based compensation expense 389 432 Restructuring and other charges 539 302 Deferred taxes on earnings (110) (67) Other, net 126 103 Changes in operating assets and liabilities, net of divestitures: Accounts receivable (1,531) 54 Inventory (1,902) (671) Accounts payable 3,323 94 Net investment in leases from integrated financing (69) (71) Taxes on earnings (184) (360) Restructuring and other (256) (238) Other assets and liabilities 341 53 Net cash provided by operating activities 3,044 2,073 Cash flows from investing activities: Investment in property, plant, equipment and purchased intangibles (590) (700) Purchases of available-for-sale securities and other investments (21) (23) Maturities and sales of available-for-sale securities and other investments 32 69 Collateral returned (posted) for derivative instruments 98 (343) Payments made in connection with business acquisitions, net of cash acquired (10) (116) Proceeds from business divestitures, net 26 — Net cash used in investing activities (465) (1,113) Cash flows from financing activities: Proceeds from debt, net of issuance costs 291 1,248 Payment of debt (770) (1,312) Stock-based award activities and others (94) (113) Repurchase of common stock (725) (350) Cash dividends paid (825) (818) Settlement of cash flow hedges — 6 Net cash used in financing activities (2,123) (1,339) Increase (decrease) in cash, cash equivalents and restricted cash 456 (379) Cash, cash equivalents and restricted cash at beginning of period (1) 3,713 3,253 Cash, cash equivalents and restricted cash at end of period $ 4,169 $ 2,874 (1) Includes cash held for sale of $8 million recorded within Other current assets as of October 31, 2025."},{"id":"e26","sourceId":"filing-2","location":"Liquidity and capital resources: outstanding purchase commitments","excerpt":"As of July 31, 2026, the Company had outstanding purchase commitments of $2.1 billion."},{"id":"e27","sourceId":"filing-2","location":"Commitments: variable purchase prices approximate market prices","excerpt":"The Company's purchase obligations under variable price provisions approximate market prices at the time of purchase and are estimated using current period pricing."},{"id":"e28","sourceId":"filing-2","location":"Restructuring: Fiscal 2023 Plan substantially complete","excerpt":"The Fiscal 2023 Plan is substantially complete."},{"id":"e29","sourceId":"filing-2","location":"Restructuring: incurred severance and infrastructure costs","excerpt":"HP incurred $865 million in severance costs and $347 million in infrastructure costs related to non-labor and other charges."},{"id":"e30","sourceId":"filing-2","location":"MD&A: quarterly Personal Systems operating expense efficiency","excerpt":"Operating expenses as a percentage of revenue decreased primarily driven by disciplined cost management and favorable net R&D partner funding, partially offset by higher variable compensation."},{"id":"e31","sourceId":"filing-3","location":"Executive compensation: existing three-year performance-adjusted equity incentive structure","excerpt":"Significant portion of long-term incentives are delivered through PARSUs with 3-year cliff vesting based on performance against goals: (i) 80% based on achievement of annual EPS goals which roll into a 3-year average, adjusted by 3-year TSR versus the S&P 500, and (ii) 20% based on achievement of a revenue goal for KGAs."},{"id":"e32","sourceId":"filing-3","location":"Executive compensation: restrictions on hedging, margin accounts and pledging","excerpt":"No hedging or similar transactions by employees or Directors involving HP securities, no holding HP securities in margin accounts and no pledging stock as collateral for loans in a manner that could create compensation-related risk for the Company."},{"id":"e33","sourceId":"filing-3","location":"Executive compensation: permitted performance-result adjustments","excerpt":"The Committee also allows for adjustments to performance results for extraordinary factors that are hard to predict or control, such as material changes to foreign exchange rates or unexpected changes in tax rates or tariffs."},{"id":"e34","sourceId":"filing-3","location":"Executive compensation: actual discretionary reduction in financial performance funding","excerpt":"(3)The HRC Committee also exercised its discretion to reduce the financial performance funding to 39.8% in order to create parity with the bonus plan for the broader group of employees within the Company."},{"id":"e35","sourceId":"filing-3","location":"Executive compensation governance: committee meetings and executive sessions","excerpt":"The HRC Committee met seven times in fiscal 2025, and all of these meetings included an executive session."},{"id":"e36","sourceId":"filing-3","location":"Executive compensation governance: independent committee membership","excerpt":"Each HRC Committee member is an independent non-employee Director with significant experience in executive compensation matters."},{"id":"e37","sourceId":"filing-2","location":"Controls and procedures: management conclusion on disclosure-control effectiveness","excerpt":"Based on this evaluation, our principal executive officer and principal financial officer concluded as of the Evaluation Date that our disclosure controls and procedures were effective such that the information required to be disclosed by us in our SEC reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to HP’s management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure."},{"id":"e38","sourceId":"filing-3","location":"Corporate governance: Audit Committee outside-service limit and exception","excerpt":"In addition, no member of the Audit Committee may serve on the audit committee of more than three public companies, including HP, unless the Board determines that such simultaneous service would not impair the ability of such member to effectively serve on the Audit Committee."},{"id":"e39","sourceId":"filing-3","location":"Corporate governance: disclosed service on four public-company audit committees","excerpt":"Mr. Meline currently serves on the audit committee of four public companies and the Board has determined that such simultaneous service does not impair the ability of Mr."}],"changes":["Retain the previous none verdict: localized printing restrictions and intellectual property do not outweigh realized competitive pricing pressure and incomplete cost recovery.","Add historical context: fiscal 2024 PC ASPs declined because of competitive pricing; fiscal 2025 ASPs and units both increased. The later quarterly ASP surge with falling units should not be generalized across all periods.","Recognize the favorable Dutch appellate decision while retaining the pending appeal and interoperability litigation as unresolved risks.","Add criterion-level management assessments supported by actual cash flows, restructuring activity, existing compensation arrangements and governance disclosures."],"limitations":["Assessment uses only supplied passages. All supplied source dates have dateKind filed; filing dates are not treated as retrieval dates or dates of every underlying event.","Competition passages predominantly identify generic categories. Named suppliers are not established as competitors by these passages, and the named competition litigant alone does not establish competitor coverage; competitor arrays therefore remain empty.","Operating results and contractual disclosures support numerical assessments, but management's explanations of pricing, differentiation and execution remain issuer accounts.","No customer-level retention rates, repeat-purchase cohorts, service renewal outcomes, patent-linked premiums or comparative unit-cost evidence are supplied. Supplies revenue and compatibility restrictions provide indirect retention evidence.","The supplied proxy supports assessment of existing incentives and governance, but does not supply actual executive ownership balances or demonstrate compliance with ownership guidelines. Proposed plan provisions are not treated as adopted awards or vested compensation.","PC ASP changes combine pricing, currency and mix. Falling units do not isolate price elasticity, and margin changes alone do not establish a moat.","The no-moat verdict would warrant reassessment if sustained results demonstrated price realization with resilient demand and cost recovery, durable customer dependency, or a defensible comparative cost advantage."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Patents and cartridge compatibility restrictions provide localized protection, but actual price reductions and lower-priced supplies competition demonstrate weak economic exclusion. No comparative cost or network advantage is established.","evidenceIds":["e1","e4","e8","e9","e11"]},{"criterion":"durability","grade":1,"rationale":"Finite patent lives and contested compatibility restrictions limit durability. The Dutch appellate outcome is favorable evidence, but the pending appeal and interoperability requests prevent treating protection as secure.","evidenceIds":["e2","e5","e7","e8","e10"]},{"criterion":"customer_dependency","grade":1,"rationale":"Compatibility friction and continuing supplies sales indicate some dependency indirectly. Lower-priced alternatives and customer-controlled service renewals or early termination rights limit the strength of that dependency; no retention rate is inferred.","evidenceIds":["e1","e3","e4","e6"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Pricing actions and continuing supplies demand offer partial resilience, but historical competitive discounting, incomplete cost recovery and actual intangible impairments demonstrate vulnerability. Litigation relief remains a possibility, not a realized loss.","evidenceIds":["e3","e11","e12","e17","e20"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Observed outcomes are mixed: fiscal 2024 PC ASPs fell under competitive pricing, fiscal 2025 ASPs and units rose, and the later quarter showed 40.8% ASP growth with a 15.8% unit decline. Pricing contributed, but currency and mix prevent attributing the ASP increase entirely to pricing power; Consumer Printing still faced competitive pricing.","evidenceIds":["e13","e14","e15","e16","e18","e19","e22"]},{"criterion":"retention","grade":1,"rationale":"Assessed indirectly from substantial continuing supplies sales and cartridge compatibility friction. Supplies revenue declined in the disclosed quarterly and nine-month comparisons, and service customers retain exit options. These facts support fragile repeat demand rather than demonstrated strong retention; they do not prove customer churn.","evidenceIds":["e1","e3","e4","e6"]},{"criterion":"margin_resilience","grade":1,"rationale":"Pricing partly offset costs, but fiscal 2025 costs were not fully mitigated and nine-month 2026 gross margin declined 0.9 percentage points. Quarterly Personal Systems gross margin also weakened despite pricing, currency benefits and tariff refunds. Printing's comparatively steady operating performance provides a partial offset.","evidenceIds":["e3","e17","e20","e21"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Actual product repricing demonstrates some ability to change prices. However, fixed-price service contracts, customer termination rights and disclosed past profitability losses from unexpected contract costs establish constrained protection against cost increases. The passages do not establish broad unilateral repricing rights.","evidenceIds":["e6","e19","e23","e24"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Nine-month operating cash flow of $3.044 billion supported $590 million of capital investment, $725 million of repurchases and $825 million of dividends, alongside net debt repayment. However, cash generation benefited from a $3.323 billion accounts-payable increase while receivables and inventory absorbed cash. Purchase commitments, restructuring costs and intangible impairments temper the evidence of disciplined outcomes; repurchases alone do not prove value creation.","evidenceIds":["e25","e26","e27","e29","e12"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Existing three-year performance equity links rewards to EPS, relative shareholder returns and growth goals, with hedging and pledging restrictions. Adjustment discretion weakens the mechanical link to reported outcomes, although the committee actually reduced financial incentive funding. Actual ownership balances and full payout outcomes are absent.","evidenceIds":["e31","e32","e33","e34"]},{"criterion":"execution","grade":2,"rationale":"The Fiscal 2023 restructuring plan was substantially completed and operating expense efficiency improved. Revenue and segment operating results show continuing execution, but cost recovery remained incomplete, substantial restructuring costs were incurred and acquired intangibles were impaired. Operational evidence is indirect evidence of management effectiveness, not proof that planned AI initiatives will succeed.","evidenceIds":["e28","e29","e30","e3","e17","e12"]},{"criterion":"governance","grade":2,"rationale":"An independent compensation committee held seven meetings with executive sessions, and management reported effective disclosure controls. These are concrete governance processes, but do not establish exceptional oversight effectiveness. The disclosed exception allowing service on four audit committees adds a monitoring concern without proving governance failure.","evidenceIds":["e35","e36","e37","e38","e39"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"e1eefb26306c6bf1caa62f63d46ac957df805d19a668d5012643e59a194253ad","updatedAt":"2026-10-18T13:56:23.089Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/47217/000004721725000071/hpq-20251031.htm","publishedAt":"2025-12-10","sha256":"67854c9962b19d287b1d683c647ccc045fcde1bcc3bd486f4b33d5a5fbdf6b58","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/47217/000004721726000051/hpq-20260731.htm","publishedAt":"2026-08-27","sha256":"cc63df34d32069a1fbfeeedc422f6dfc014554d808c5916c1c0decb3223667db","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/47217/000004721726000015/hpq-20260225.htm","publishedAt":"2026-02-25","sha256":"afe6d24f84f14bd72c415e0aedbbfde08750d12e5d5b11ea1625986b6e318f16","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/47217/000004721724000080/hpq-20241031.htm","publishedAt":"2024-12-13","sha256":"4c45d76644c865eeb27618c61b0e5543ad63bf95bf5ecc4b9bb5adc599d4d56b","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/47217/000004721723000100/hpq-20231031.htm","publishedAt":"2023-12-18","sha256":"846aeb19bf8cac7db310f116e04f31d07fb6b5a00958e8b495f18dce12cb8dc1","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/47217/000004721726000029/hpq-20260430.htm","publishedAt":"2026-05-28","sha256":"46fac66252db2198bd88094ce975a7b04be7f4173b4bb84dc63ed0b13ca5ec27","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:6139fe090e45400163b2074eb0bfda4bb99426d2a2560a461f31f36ac1235ee9","usage":{"input_tokens":87411,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4022,"reasoning_output_tokens":137}},"signals":[{"period":"2021","end":"2021-10-31","values":{"gross_margin":21.13346039346638,"operating_margin":8.35131601745239,"roic":1374.3876645590458,"fcf_margin":9.178256965993038,"sbc_revenue":0.5197914533684062},"issues":{"pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2022","end":"2022-10-31","values":{"gross_margin":19.4703332645317,"operating_margin":7.42422558468158,"roic":103.86479765119476,"fcf_margin":5.830144642205039,"sbc_revenue":0.5445913976787388},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-10-31","values":{"gross_margin":21.42298670836591,"operating_margin":6.433597676756395,"roic":null,"fcf_margin":5.513980416247813,"sbc_revenue":0.8153691500055846},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2024","end":"2024-10-31","values":{"gross_margin":22.06538583618066,"operating_margin":7.128587165555743,"roic":62.04210427198357,"fcf_margin":5.894434175395358,"sbc_revenue":0.8439291248903078},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2025","end":"2025-10-31","values":{"gross_margin":20.60222443258884,"operating_margin":5.74012116827923,"roic":56.037212349310536,"fcf_margin":5.063748982728999,"sbc_revenue":0.9440274889230491},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/47217/000004721725000071/hpq-20251031.htm","publishedAt":"2025-12-10","sha256":"67854c9962b19d287b1d683c647ccc045fcde1bcc3bd486f4b33d5a5fbdf6b58","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/47217/000004721726000051/hpq-20260731.htm","publishedAt":"2026-08-27","sha256":"cc63df34d32069a1fbfeeedc422f6dfc014554d808c5916c1c0decb3223667db","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/47217/000004721726000015/hpq-20260225.htm","publishedAt":"2026-02-25","sha256":"afe6d24f84f14bd72c415e0aedbbfde08750d12e5d5b11ea1625986b6e318f16","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/47217/000004721724000080/hpq-20241031.htm","publishedAt":"2024-12-13","sha256":"4c45d76644c865eeb27618c61b0e5543ad63bf95bf5ecc4b9bb5adc599d4d56b","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/47217/000004721723000100/hpq-20231031.htm","publishedAt":"2023-12-18","sha256":"846aeb19bf8cac7db310f116e04f31d07fb6b5a00958e8b495f18dce12cb8dc1","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/47217/000004721726000029/hpq-20260430.htm","publishedAt":"2026-05-28","sha256":"46fac66252db2198bd88094ce975a7b04be7f4173b4bb84dc63ed0b13ca5ec27","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"none","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}