HPQHP INC

Computer & Office Equipment

Revenue: $55.3B; 3.2% YoY
Operating margin: 5.7%; 19% YoY
EBITDA: $4.1B; 12% YoY
Market cap: $26.0B
Employees: 55,000; $1M revenue each
Net debt / EBITDA: 1.5×; $6.1B net debt
AI in 10-K: 6.9; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 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
146% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
52% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 86th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.9 per 10K words · 87th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$26.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$63.5B	$62.9B	$53.7B	$53.6B	$55.3B	3.2%
Operating income	$5.4B	$4.6B	$3.5B	$3.8B	$3.2B	17%
Net income	$6.5B	$3.1B	$3.3B	$2.8B	$2.5B	8.9%
Operating cash flow	$6.4B	$4.5B	$3.6B	$3.7B	$3.7B	1.4%
Capex	$582M	$765M	$593M	$592M	$897M	52%
Stock-based comp	$330M	$343M	$438M	$452M	$522M	15%
Buybacks	$6.2B	$4.3B	$100M	$2.1B	$850M	60%
Dividends	$938M	$1.0B	$1.0B	$1.1B	$1.1B	1.2%

Deal filings

Filed	Form	Acquirer	Price	Premium
Mar 31, 2020	SC TO-T/A	Xerox Holdings Corp	—	—
Mar 2, 2020	SC TO-T	Xerox Holdings Corp	—	—

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $7M · 11
Net: −$7M

Pay vs performance

No pay-versus-performance disclosure yet.