HPEHewlett Packard Enterprise Co

Computer & Office Equipment

Revenue: $34.3B; 14% YoY
Operating margin: -1.3%; 118% YoY
EBITDA: $2.3B; 52% YoY
Market cap: $73.2B
Employees: 67,000; $512K revenue each
Net debt / EBITDA: 6.1×; $14.0B net debt
AI in 10-K: 13.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
51× net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
30% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% of assets
Over 40% of assets
Shareholder dissentYes
74% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$512K · 68th pct
Bottom quartile of its SIC industry
Quiet on AINo
13.3 per 10K words · 96th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$73.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$73M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$27.8B	$28.5B	$29.1B	$30.1B	$34.3B	14%
Operating income	$1.1B	$782M	$2.1B	$2.2B	−$437M	120%
Net income	$3.4B	$868M	$2.0B	$2.6B	$57M	98%
Operating cash flow	$5.9B	$4.6B	$4.4B	$4.3B	$2.9B	33%
Capex	$2.5B	$3.1B	$2.8B	$2.4B	$2.3B	3.2%
Stock-based comp	$382M	$391M	$428M	$430M	$643M	50%
Buybacks	$213M	$512M	$421M	$150M	$202M	35%
Dividends	$625M	$621M	$619M	$676M	$684M	1.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $73M · 33
Net: −$73M

Pay vs performance

No pay-versus-performance disclosure yet.