Hewlett Packard Enterprise vs HP
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The short version
- HP is the larger business, with $55.3B of revenue in fiscal 2025 against $34.3B for Hewlett Packard Enterprise, about 1.6 times as much.
- Hewlett Packard Enterprise grew revenue faster (13.8%, against 3.2%).
- HP kept more of each dollar of sales as operating profit (5.7% operating margin, against −1.3%).
- HP turned more of its sales into free cash flow (5.1% FCF margin, against 1.8%).
- HP earned a higher return on the capital invested in it (55.3%, against −0.9%).
- Investors pay more for each dollar of Hewlett Packard Enterprise’s earnings: a P/E of 29.4x against 12.9x for HP.
| Latest fiscal year | HPE · FY25 | HPQ · FY25 |
|---|---|---|
| Size | ||
| Market cap | $82.1B | $31.2B |
| Revenue | $34.3B | $55.3B |
| Free cash flow | $627M | $2.8B |
| Net income | $57.0M | $2.5B |
| Growth | ||
| Revenue growth | 13.8% | 3.2% |
| 5-year growth | 4.9% | −0.5% |
| Share count change | −1.0% | −3.6% |
| Profitability | ||
| Gross margin | — | 20.6% |
| Operating margin | −1.3% | 5.7% |
| Net margin | 0.2% | 4.6% |
| FCF margin | 1.8% | 5.1% |
| Return on capital | −0.9% | 55.3% |
| Return on equity | 0.2% | — |
| Balance sheet | ||
| Net debt | $20.6B | $6.0B |
| Net debt / EBITDA | 9.0x | 1.5x |
| Dividends and buybacks | $886M | $1.9B |
| Valuation & quality | ||
| P/E | 29.4x | 12.9x |
| Piotroski F-score | 4 | 6 |
Revenue
FY16
HPE $30.3B
HPQ $48.2B
FY17
HPE $28.9B
HPQ $52.1B
FY18
HPE $30.9B
HPQ $58.5B
FY19
HPE $29.1B
HPQ $58.8B
FY20
HPE $27.0B
HPQ $56.6B
FY21
HPE $27.8B
HPQ $63.5B
FY22
HPE $28.5B
HPQ $62.9B
FY23
HPE $29.1B
HPQ $53.7B
FY24
HPE $30.1B
HPQ $53.6B
FY25
HPE $34.3B
HPQ $55.3B
HPE
HPQ
Operating margin
FY16
HPE 12.9%
HPQ 7.4%
FY17
HPE 2.0%
HPQ 6.5%
FY18
HPE 5.6%
HPQ 6.6%
FY19
HPE 4.4%
HPQ 6.6%
FY20
HPE −1.2%
HPQ 6.1%
FY21
HPE 4.1%
HPQ 8.4%
FY22
HPE 2.7%
HPQ 7.3%
FY23
HPE 7.2%
HPQ 6.4%
FY24
HPE 7.3%
HPQ 7.1%
FY25
HPE −1.3%
HPQ 5.7%
HPE
HPQ
Free cash flow
FY16
HPE $1.8B
HPQ $2.8B
FY17
HPE −$1.8B
HPQ $3.3B
FY18
HPE $8.0M
HPQ $4.0B
FY19
HPE $1.1B
HPQ $4.0B
FY20
HPE −$143M
HPQ $3.7B
FY21
HPE $3.4B
HPQ $5.8B
FY22
HPE $1.5B
HPQ $3.7B
FY23
HPE $1.6B
HPQ $3.0B
FY24
HPE $2.0B
HPQ $3.2B
FY25
HPE $627M
HPQ $2.8B
HPE
HPQ
Return on capital
FY16
HPE 9.0%
HPQ 31.2%
FY17
HPE 1.9%
HPQ —
FY18
HPE 6.3%
HPQ —
FY19
HPE 3.0%
HPQ —
FY20
HPE −0.9%
HPQ —
FY21
HPE 3.5%
HPQ —
FY22
HPE 2.4%
HPQ —
FY23
HPE 5.8%
HPQ 66.1%
FY24
HPE 5.8%
HPQ 60.8%
FY25
HPE −0.9%
HPQ 55.3%
HPE
HPQ
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.