HP

0J2E.L

Computer Hardware · Technology

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

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.

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

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

Profit per sale

Gross Margin

20.3%

Thin — 20.3% gross margin

Profit after running costs

Operating Margin

6.8%

Modest — 6.8% operating margin

Return on the money invested

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 growth

Sales YoY

+6.5%

Slow sales growth (+6.5% YoY)

Profit growth

EPS YoY

+4.6%

Modest earnings growth (+4.6% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

180%

Turns 180% of profit into real cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

8.54x

Comfortably covers interest (8.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

10.8x

no trend

Attractive valuation — P/E 10.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.3

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

3.93%

no trend

Moderate income — 3.93% yield

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

Dividend record

Dividend Growth

+3.7%

no trend

Dividend growing modestly (3.7% YoY)

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