Hewlett Packard Enterprise (HPE)
Forward P/E 13.06x is 0.99x the peer median of 13.19x — priced almost exactly in line with peers, squarely in the fairly priced band. PEG 0.39 and latest-quarter revenue growth of +33.7% year over year (PRIMARY/EDGAR) look cheap, but this is the low-P/E trap to beware: forward P/E is less than half trailing P/E 30.82x because a sharp, cyclical AI-server earnings surge is expected, and a low multiple on peak-cycle earnings is not automatically undervalued, so the label is capped at FAIRLY PRICED. Delivered demand check: the cluster median grew +48.5% year over year — demand rising strongly.
What would change this label: Moves toward UNDERVALUED if HPE sustains revenue growth above +20% year over year for two more quarters while converting it to earnings at the forward rate, showing the new earnings level is durable rather than peak-cycle. Moves toward OVERVALUED if revenue growth falls below +5% year over year or forward estimates are cut enough to push the forward P/E above about 15.2x (1.15x the peer median).
HPE sells servers and storage, and business is booming — sales grew about 34%. Its shares cost about the same, relative to expected profit, as similar hardware companies. The catch is that profits are surging with the AI spending wave, so today's low-looking price tag may flatter how cheap it really is.
Both lines start at 100 on 2020-09-01. Over the full window Hewlett Packard Enterprise returned +542.45% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Hewlett Packard Enterprise: -48.8% (2025-01-22 to 2025-04-08). Source: Nasdaq official daily history.
What the label rests on
Forward P/E 13.06x is 0.99x the peer median of 13.19x — priced almost exactly in line with peers, squarely in the fairly priced band. PEG 0.39 and latest-quarter revenue growth of +33.7% year over year (PRIMARY/EDGAR) look cheap, but this is the low-P/E trap to beware: forward P/E is less than half trailing P/E 30.82x because a sharp, cyclical AI-server earnings surge is expected, and a low multiple on peak-cycle earnings is not automatically undervalued, so the label is capped at FAIRLY PRICED. Delivered demand check: the cluster median grew +48.5% year over year — demand rising strongly. The company’s forward P/E is 13.1× against a peer median of 13.2×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Technology hardware & storage group's median latest-quarter revenue growth was 48.5% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +33.7% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Hewlett Packard Enterprise (HPE) | $60.47 | 13.1× | 30.8× |
| P | $138.14 | 42.9× | 191.3× |
| NTAP | $227.04 | 22.8× | 32.0× |
| HPQ | $32.85 | 11.1× | 12.5× |
| SMCI | $35.29 | 7.5× | 10.8× |
| WDC | $380.88 | 13.2× | 14.8× |
| Peer median | 13.2× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jul 2026 2026-07-31 | $12.2B | — | $1.5B | 1.06 | $896M |
| Q/E Apr 2026 2026-04-30 | $10.7B | — | $624M | 0.44 | $827M |
| Q/E Jan 2026 2026-01-31 | $9.3B | — | $452M | 0.31 | $609M |
| Q/E Oct 2025 2025-10-31 | $9.7B | — | $175M | — | $1.8B |
| Q/E Jul 2025 2025-07-31 | $9.1B | — | $305M | 0.21 | $729M |
| Q/E Apr 2025 2025-04-30 | $7.6B | — | $-1.1B | -0.82 | $-1.0B |
| Q/E Jan 2025 2025-01-31 | $7.9B | — | $627M | 0.44 | $-918M |
| Q/E Oct 2024 2024-10-31 | $8.5B | — | $1.4B | — | $1.4B |
| Q/E Jul 2024 2024-07-31 | $7.7B | — | $512M | 0.38 | $611M |
| Q/E Apr 2024 2024-04-30 | $7.2B | — | $314M | 0.24 | $533M |
| Q/E Jan 2024 2024-01-31 | $6.8B | — | $387M | 0.29 | $-592M |
| Q/E Oct 2023 2023-10-31 | $7.4B | — | $642M | — | $2.2B |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | Hewlett Packard Enterprise Co |
| Chief executive | Antonio Neri (source: https://www.hpe.com/ae/en/leadership/antonio-neri.html) |
| Sector | Technology — Technology Hardware, Storage & Peripherals — sells servers, storage and networking for enterprises and AI data centres |
| Share price (Oct 28, 2026) | $60.47 |
| Market value (market cap) | $80.8B — share price times shares outstanding of 1,327,464,779 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $41.9B |
| Net income, last twelve months | $2.8B |
| Free cash flow, last twelve months | $4.2B |
| Latest reported quarter | Q/E Jul 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +542.45% vs +118.28% |
| Worst peak-to-trough fall | -48.8% (2025-01-22 to 2025-04-08) |
What we could not verify
- Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001645590.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001645590.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/HPE/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.