Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Current Valuation Ratios
Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Hewlett Packard Enterprise Co., current price multiples

	Hewlett Packard Enterprise Co.		Apple Inc.	Arista Networks Inc.	Cisco Systems Inc.	Dell Technologies Inc.	Super Micro Computer Inc.		Technology Hardware & Equipment		Information Technology
Selected Financial Data
Current share price (P)
No. shares of common stock outstanding
Growth rate (g)

Earnings per share (EPS)
Next year expected EPS
Operating profit per share
Sales per share
Book value per share (BVPS)
Valuation Ratios (Price Multiples)
Price to earnings (P/E)
Price to next year expected earnings
Price-earnings-growth (PEG)
Price to operating profit (P/OP)
Price to sales (P/S)
Price to book value (P/BV)

Based on: 10-K (reporting date: 2023-10-31).

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.

Hewlett Packard Enterprise Co., historical price multiples

		Oct 31, 2023	Oct 31, 2022	Oct 31, 2021	Oct 31, 2020	Oct 31, 2019	Oct 31, 2018
	Price to earnings (P/E)
	Price to operating profit (P/OP)
	Price to sales (P/S)
	Price to book value (P/BV)

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

Price to earnings (P/E) ratio: The P/E ratio demonstrates considerable volatility over the observed period. It starts at a relatively low value of 10.73 in 2018, nearly doubles to 19.76 in 2019, then data is missing for 2020. In 2021, there is a sharp decline to 5.74, suggesting a drop in market valuation relative to earnings or a spike in earnings. However, the ratio then jumps significantly to 24.06 in 2022, indicating a heightened market expectation or reduced earnings, followed by a reduction to 10.97 in 2023. This fluctuation reflects varying investor sentiment and potentially unstable earnings performance.
Price to operating profit (P/OP) ratio: This ratio also exhibits notable fluctuations. Starting at 11.02 in 2018, it increases to 16.27 in 2019, with no data available for 2020. In 2021, the ratio rises further to 17.38 and peaks at 26.7 in 2022. By 2023, there is a substantial decrease to 10.64. The trend suggests that the market valuation relative to operating profit experienced a peak in 2022, indicating higher price multiples, possibly due to investor optimism or declining operating profit, before normalization in 2023.
Price to sales (P/S) ratio: The P/S ratio shows a more stable and gradual upward trend. It begins at 0.66 in 2018, modestly increases to 0.71 in 2019, and declines to 0.58 in 2020. From 2020 onwards, there is a steady increase: 0.71 in 2021, 0.73 in 2022, and reaching 0.76 in 2023. This pattern implies a gradually improving valuation of the company relative to its sales revenue over time, possibly indicating stronger market confidence or improved sales performance.
Price to book value (P/BV) ratio: The P/BV ratio remains relatively stable throughout the period. Starting at 0.96 in 2018, it rises to 1.21 in 2019, followed by a decline to 0.98 in 2020 and slight fluctuations at 0.99 in 2021. In 2022 and 2023, the ratio stabilizes at 1.05. This stability suggests a consistent market valuation relative to the book value of the company's equity, with minor fluctuations reflecting marginal changes in investor perception or book value adjustments.

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Hewlett Packard Enterprise Co., historical P/E calculation, comparison to benchmarks

		Oct 31, 2023	Oct 31, 2022	Oct 31, 2021	Oct 31, 2020	Oct 31, 2019	Oct 31, 2018
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Net earnings (loss) attributable to HPE (in millions)
	Earnings per share (EPS)²
	Share price^1, 3
	Valuation Ratio
	P/E ratio⁴
	Benchmarks
	P/E Ratio, Competitors⁵
	Apple Inc.
	Arista Networks Inc.
	Cisco Systems Inc.
	Dell Technologies Inc.
	Super Micro Computer Inc.
	P/E Ratio, Sector
	Technology Hardware & Equipment
	P/E Ratio, Industry
	Information Technology

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

¹ Data adjusted for splits and stock dividends.

² 2023 Calculation
EPS = Net earnings (loss) attributable to HPE ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Hewlett Packard Enterprise Co. Annual Report.

⁴ 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =

⁵ Click competitor name to see calculations.

Share Price: The share price exhibited a fluctuating but generally upward trend over the six-year period. Starting at $14.64 in 2018, the price increased to $16.03 in 2019 before experiencing a decline to $12.12 in 2020. From 2020 onwards, the share price recovered steadily, rising to $15.21 in 2021, $16.29 in 2022, and reaching $17.09 by 2023.
Earnings per Share (EPS): EPS displayed significant volatility across the years. It initially declined from $1.36 in 2018 to $0.81 in 2019, then further dropped to a negative value of -$0.25 in 2020, indicating a loss during that year. A strong recovery occurred in 2021 with EPS rising to $2.65. This was followed by a decline to $0.68 in 2022, and a moderate recovery to $1.56 in 2023.
Price-to-Earnings Ratio (P/E): The P/E ratio showed considerable variability and was not available for 2020, likely due to the negative EPS in that year. The ratio increased from 10.73 in 2018 to 19.76 in 2019, then was not calculable in 2020. It dropped sharply to 5.74 in 2021, surged to 24.06 in 2022, and subsequently decreased to 10.97 in 2023. These fluctuations reflect the irregular earnings performance and its impact on valuation multiples.

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Hewlett Packard Enterprise Co., historical P/OP calculation, comparison to benchmarks

		Oct 31, 2023	Oct 31, 2022	Oct 31, 2021	Oct 31, 2020	Oct 31, 2019	Oct 31, 2018
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Earnings (loss) from operations (in millions)
	Operating profit per share²
	Share price^1, 3
	Valuation Ratio
	P/OP ratio⁴
	Benchmarks
	P/OP Ratio, Competitors⁵
	Apple Inc.
	Arista Networks Inc.
	Cisco Systems Inc.
	Dell Technologies Inc.
	Super Micro Computer Inc.
	P/OP Ratio, Sector
	Technology Hardware & Equipment
	P/OP Ratio, Industry
	Information Technology

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

¹ Data adjusted for splits and stock dividends.

² 2023 Calculation
Operating profit per share = Earnings (loss) from operations ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Hewlett Packard Enterprise Co. Annual Report.

⁴ 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =

⁵ Click competitor name to see calculations.

Share Price: The share price exhibited a fluctuating yet generally upward trend from October 31, 2018, to October 31, 2023. Starting at $14.64 in 2018, it increased to $16.03 in 2019 before declining to $12.12 in 2020. Subsequently, it rose steadily to $15.21 in 2021, $16.29 in 2022, and $17.09 in 2023, indicating a recovery and growth in market valuation over the longer term.
Operating Profit Per Share: Operating profit per share showed significant volatility across the periods. In 2018, it was $1.33 but declined sharply to $0.99 in 2019. A notable decline occurred in 2020, with a negative operating profit per share of -$0.25, indicating operational challenges or losses during that year. A recovery trend emerged in the subsequent years, with values rising to $0.88 in 2021, a slight decrease to $0.61 in 2022, followed by a strong increase to $1.61 in 2023, surpassing prior highs and suggesting improved operational efficiency or profitability.
Price-to-Operating Profit Ratio (P/OP): The P/OP ratio reflected the fluctuations in both share price and operating profit per share. It started at 11.02 in 2018, climbed sharply to 16.27 in 2019, and was unavailable for 2020 likely due to negative operating profit. The ratio increased further to 17.38 in 2021 and peaked at 26.7 in 2022, indicating that the share price was relatively high compared to operating profit per share, suggesting market optimism or lower profitability. In 2023, the ratio declined substantially to 10.64, reflecting the improved operating profit relative to the share price and potentially signaling a revaluation towards fundamental performance.

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Hewlett Packard Enterprise Co., historical P/S calculation, comparison to benchmarks

		Oct 31, 2023	Oct 31, 2022	Oct 31, 2021	Oct 31, 2020	Oct 31, 2019	Oct 31, 2018
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Net revenue (in millions)
	Sales per share²
	Share price^1, 3
	Valuation Ratio
	P/S ratio⁴
	Benchmarks
	P/S Ratio, Competitors⁵
	Apple Inc.
	Arista Networks Inc.
	Cisco Systems Inc.
	Dell Technologies Inc.
	Super Micro Computer Inc.
	P/S Ratio, Sector
	Technology Hardware & Equipment
	P/S Ratio, Industry
	Information Technology

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

¹ Data adjusted for splits and stock dividends.

² 2023 Calculation
Sales per share = Net revenue ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Hewlett Packard Enterprise Co. Annual Report.

⁴ 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =

⁵ Click competitor name to see calculations.

Share Price Trend: The share price exhibited fluctuations over the six-year period. Starting at $14.64 in 2018, it increased to $16.03 in 2019 before declining to $12.12 in 2020. Following this dip, the share price showed a recovery trend, rising to $15.21 in 2021, $16.29 in 2022, and reaching $17.09 in 2023, marking its highest value in this timeframe.
Sales per Share Trend: Sales per share demonstrated overall stability with minor fluctuations. Beginning at $22.06 in 2018, it marginally increased to $22.53 in 2019, then declined to $20.86 in 2020. Afterward, it experienced a gradual upward trend, reaching $21.48 in 2021, $22.23 in 2022, and slightly increasing to $22.41 in 2023. This suggests relatively consistent revenue generation on a per-share basis.
P/S Ratio Trend: The Price-to-Sales (P/S) ratio mirrored the movements in share price relative to sales per share. It started at 0.66 in 2018, rising to 0.71 in 2019. There was a notable drop to 0.58 in 2020, coinciding with the dip in share price. Subsequently, the ratio rose again to 0.71 in 2021, followed by increases to 0.73 in 2022 and 0.76 in 2023. This upward trend in the P/S ratio in recent years indicates a growing valuation multiple assigned by the market despite relatively stable sales per share.
Summary of Insights: The data reflects that while sales per share remained largely steady with slight variations, the share price experienced more volatility but recovered to surpass prior highs by 2023. The increasing P/S ratio in the latter years suggests increased investor confidence or market valuation relative to sales, possibly driven by factors beyond sales alone. The period of 2020 showed a distinct impact on both share price and valuation multiples, likely reflecting external market conditions.

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Hewlett Packard Enterprise Co., historical P/BV calculation, comparison to benchmarks

		Oct 31, 2023	Oct 31, 2022	Oct 31, 2021	Oct 31, 2020	Oct 31, 2019	Oct 31, 2018
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Total HPE stockholders’ equity (in millions)
	Book value per share (BVPS)²
	Share price^1, 3
	Valuation Ratio
	P/BV ratio⁴
	Benchmarks
	P/BV Ratio, Competitors⁵
	Apple Inc.
	Arista Networks Inc.
	Cisco Systems Inc.
	Dell Technologies Inc.
	Super Micro Computer Inc.
	P/BV Ratio, Sector
	Technology Hardware & Equipment
	P/BV Ratio, Industry
	Information Technology

Based on: 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-10-31), 10-K (reporting date: 2018-10-31).

¹ Data adjusted for splits and stock dividends.

² 2023 Calculation
BVPS = Total HPE stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Hewlett Packard Enterprise Co. Annual Report.

⁴ 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =

⁵ Click competitor name to see calculations.

Share Price: The share price experienced fluctuations over the observed period. It initially increased from $14.64 in 2018 to a peak of $16.03 in 2019, followed by a decline to $12.12 in 2020. Subsequently, it recovered steadily to reach $17.09 by 2023, indicating an overall positive trend in market valuation in recent years.
Book Value Per Share (BVPS): The book value per share demonstrated a general decline from $15.19 in 2018 to $12.41 in 2020. From 2021 onwards, BVPS showed a gradual recovery, increasing to $16.29 by 2023. This suggests initial erosion in net asset value per share that reversed in the latter years, indicating improved equity metrics or retained earnings accumulation.
Price-to-Book Value Ratio (P/BV): The P/BV ratio fluctuated moderately around the value of 1 throughout the period. It peaked at 1.21 in 2019, declined closer to 1 in 2020 and 2021, and slightly increased to 1.05 in 2022 and 2023. This behavior suggests the market consistently valued the company close to its book value, with minor changes in market sentiment or perceived growth potential.

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Hewlett Packard Enterprise Co. (NYSE:HPE)

Common Stock Valuation Ratios (Price Multiples)

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Current Valuation Ratios

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)