Does HEWLETT PACKARD ENTERPRISE COMPANY have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores HEWLETT PACKARD ENTERPRISE COMPANY (HPE) 37.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 94, returns on capital 4, balance-sheet safety 0, capital discipline 40.

Is HPE stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $17.07 per share versus a recent price of $45.82 — 168% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has HPE's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 37.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

HEWLETT PACKARD ENTERPRISE COMPANY

HPE · Technology · $60.4B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power94

Median gross margin 56.0% over 3y, very stable.

Returns on capital4

Median ROIC 3.4%, above the 9% hurdle in 10% of years.

Balance-sheet safety0

Net debt/EBITDA 7.2x, interest coverage -0x.

Capital discipline40

Owner earnings -19.8%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

168% above value

Owner earnings (normalized): $2.0B
Est. intrinsic value / share: $17.07
Recent price: $45.82
Discount to value: 168% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

14 years of fundamentals

The business, in plain English

Across the filed record, revenue shrank from $57.4B (FY2013) to $34.3B (FY2025) — about −4.2% a year compounded over 12 years.

It earned −0.8% on invested capital in FY2025, with a median of 4.8% across 13 filed years. The Returns on Capital filter above scores it 4/100.

The balance sheet carried $22.4B of total debt in FY2025 against $502.0M of owner earnings — roughly 44.6 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

The share count fell 20.9% between FY2016 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 40/100.

Put together: Pricing Power is the strongest of the four filters (94/100) and Balance-Sheet Safety the weakest (0/100), which is how HPE lands at 37/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$34.3B FY2025

Gross marginRevenue kept after cost of goods54.4% FY2018

Return on invested capitalOperating profit on the capital employed−0.8% FY2025

Owner earningsCash an owner could take out$502.0M FY2025

Gaps in a line mean that item isn’t in HPE’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale37.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — HPE has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#347 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#345DJT Trump Media & Technology Group Corp.37.4 out of 100, No moatNo moat
#346SNOW SNOWFLAKE INC.37.3 out of 100, No moatNo moat
#348NVVE NUVVE HOLDING CORP.37.2 out of 100, No moatNo moat
#349SMTC SEMTECH CORP37.1 out of 100, No moatNo moat

Compare HPE with its nearest peers →All Technology companies on the Index →

Common questions about HPE

Does HEWLETT PACKARD ENTERPRISE COMPANY have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores HEWLETT PACKARD ENTERPRISE COMPANY (HPE) 37.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 94, returns on capital 4, balance-sheet safety 0, capital discipline 40.
Is HPE stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $17.07 per share versus a recent price of $45.82 — 168% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has HPE's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 37.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell HPE. See the disclaimer.