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Prolific Personal Systems Demand Helps HP Close Out a Strong Fiscal 2021; Raising FVE to $29

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

No-moat HP Inc closed off fiscal 2021 with impressive financial results, with top- and bottom-line numbers above our estimates as continued strength in the personal systems vertical buoyed the firm's top line. As in the quarters before, management highlighted the supply-demand imbalance currently present in the market, with HP's revenue being limited by supply chain constraints despite having willing buyers for their products. We are raising our fair value estimate to $29 per share from $27 as we expect growth to continue in fiscal 2022; however, we see shares as slightly overvalued as we remain concerned about the long-term demand for supply-constrained products after supply chain challenges normalize.

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Company Profile

Business Description

HP Inc. is a leading provider of computers, printers, and printer supplies. The company's three operating business segments are its personal systems, containing notebooks, desktops, and workstations; and its printing segment which contains supplies, consumer hardware, and commercial hardware; and corporate investments. In 2015, Hewlett-Packard was separated into HP Inc. and Hewlett Packard Enterprise and the Palo Alto, California-based company sells on a global scale.

1501 Page Mill Road
Palo Alto, CA, 94304
T +1 650 857-1501
Sector Technology
Industry Computer Hardware
Most Recent Earnings Oct 31, 2021
Fiscal Year End Oct 31, 2022
Stock Type Cyclical
Employees 51,000