Question 1

What is HP's P/FCF ratio?

Accepted Answer

HP (HPQ) P/FCF ratio is 6.1× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for HP?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For HP specifically, the relevant sector benchmark is the current sector median of 21.8×.

Question 5

Is HP's P/FCF ratio high or low?

Accepted Answer

HP's P/FCF ratio of 6.1× is below its own 5-year average of 8.8× and below the sector median of 21.8×. That places the current reading at the 9th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is HP's historical P/FCF ratio range?

Accepted Answer

In the available daily series, HP (HPQ) P/FCF ratio has ranged from a low of 1.7× in 2013 to a high of 15.0× in 2023. The 5-year average is 8.8× and the 5-year median is 8.9×.

Question 7

What was HP's P/FCF ratio in 2025?

Accepted Answer

HP (HPQ) P/FCF ratio at the end of 2025 was 9.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does HP's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$26B	$2.8B	9.3×	-1.7×	Oct 31, 2025
2024	$34.8B	$3.16B	11.0×	+2.2×	Oct 31, 2024
2023	$26.2B	$2.96B	8.8×	+1.5×	Oct 31, 2023
2022	$27.1B	$3.67B	7.4×	+1.3×	Oct 31, 2022
2021	$35.3B	$5.83B	6.0×	-0.4×	Oct 31, 2021
2020	$24.2B	$3.74B	6.5×	+0.0×	Oct 31, 2020
2019	$25.6B	$3.98B	6.4×	-3.1×	Oct 31, 2019
2018	$38.1B	$3.98B	9.6×	-1.4×	Oct 31, 2018
2017	$36B	$3.28B	11.0×	+2.1×	Oct 31, 2017
2016	$24.8B	$2.8B	8.9×	+1.2×	Oct 31, 2016
2015	$22.1B	$2.89B	7.6×	+4.1×	Oct 31, 2015
2014	$30.3B	$8.48B	3.6×	+1.1×	Oct 31, 2014
2013	$21.2B	$8.41B	2.5×	+0.7×	Oct 31, 2013
2012	$12.3B	$6.87B	1.8×	-1.2×	Oct 31, 2012
2011	$23.9B	$8.1B	3.0×	-2.4×	Oct 31, 2011
2010	$42.1B	$7.79B	5.4×	+0.2×	Oct 31, 2010
2009	$50.8B	$9.68B	5.2×	+1.6×	Oct 31, 2009
2008	$41.9B	$11.6B	3.6×	-5.5×	Oct 31, 2008
2007	$60.1B	$6.58B	9.1×	+3.7×	Oct 31, 2007
2006	$47.6B	$8.82B	5.4×	-0.6×	Oct 31, 2006
2005	$35.9B	$6.03B	6.0×	-2.4×	Oct 31, 2005
2004	$24.8B	$2.96B	8.4×	+0.8×	Oct 31, 2004
2003	$30.8B	$4.06B	7.6×	+1.8×	Oct 31, 2003
2002	$21.5B	$3.73B	5.8×	—	Oct 31, 2002


First Solar (FSLR)	12.7×
Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Strategy (MSTR)	9.2×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for HP (HPQ) 2002-2026

P/FCF Ratio daily chart for HP (HPQ)

Historical P/FCF Ratio for HP (HPQ) from 2002 to 2025

About P/FCF Ratio at HP (HPQ)

HP P/FCF Ratio by Year

HP P/FCF Ratio 2025: 9.3×

HP P/FCF Ratio 2024: 11.0×

HP P/FCF Ratio 2023: 8.8×

HP P/FCF Ratio 2022: 7.4×

HP P/FCF Ratio 2021: 6.0×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

HP (HPQ) Key Financials