HP INC.

HPQ · Technology · $23.0B mkt cap · FY2025 filings · Narrow moat

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power32

Median gross margin 19.3% over 10y, very stable.

Returns on capital100

Median ROIC 66.6%, above the 9% hurdle in 100% of years.

Balance-sheet safety48

Net debt/EBITDA 1.5x, interest coverage 7x.

Capital discipline58

Owner earnings +0.2%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

34% below value

Owner earnings (normalized): $3.1B
Est. intrinsic value / share: $37.97
Recent price: $25.01
Discount to value: 34% below value

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

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

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

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