Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2015
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Hewlett Packard Enterprise Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits significant volatility over the observed periods. Initially, it starts at a moderate level above 30, peaks sharply beyond 60, and experiences a drastic spike exceeding 12,000 in mid-2020, which likely indicates an anomaly or extraordinary event. Following the spike, data is sparse but shows a decline to a range mostly between 5 and 25 in the latter periods. The trend from 2021 onward shows a general decline with occasional increases; the ratio stabilizes mostly around the low tens in early 2024. This pattern suggests fluctuating investor expectations and earnings performance volatility during the timeframe.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio demonstrates variability but with less extreme fluctuations compared to the P/E ratio. It starts around 10.77, dips to below 9, then rises to above 16 in late 2019, indicating varying levels of operating profitability relative to market valuation. The ratio spikes again in early 2021 to above 30 but then decreases gradually to values between 10 and 27 in the latest quarters. The general trend reflects fluctuating operating profit margins impacting the price valuation, with some periods of heightened market caution or optimism.
- Price to Sales (P/S) Ratio
- The P/S ratio remains relatively stable throughout the period, fluctuating narrowly between 0.45 and 0.89. Early in the timeframe, the ratio hovers around 0.6, dips slightly in mid-2020, and subsequently trends upwards with minor oscillations. The gradual increase toward the end of the period, reaching near 0.9, suggests a progressive improvement in valuation relative to sales or possibly stable sales combined with improving market sentiment. The tight range indicates steady sales performance relative to market price.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio fluctuates between roughly 0.76 and 1.25 over the timeframe. Initially decreasing from just above 1.2 to below 0.8, it indicates periods where market valuation dipped below book value, potentially signaling undervaluation. The ratio rises again near or slightly above 1 in later periods, reflecting a return to valuations closer to or exceeding book value. This oscillation may indicate changing investor confidence regarding the company's assets and net worth during the periods analyzed.
Price to Earnings (P/E)
Hewlett Packard Enterprise Co., historical P/E calculation (quarterly data)
| Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net earnings (loss) attributable to HPE (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 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. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
EPS
= (Net earnings (loss) attributable to HPEQ2 2024
+ Net earnings (loss) attributable to HPEQ1 2024
+ Net earnings (loss) attributable to HPEQ4 2023
+ Net earnings (loss) attributable to HPEQ3 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hewlett Packard Enterprise Co. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The quarterly financial data reflects fluctuations in the share price, earnings per share, and price-to-earnings (P/E) ratio over the observed periods. The analysis highlights important trends and variations across these key financial metrics.
- Share Price
- The share price showed considerable variation over the timeframe. Initially, it declined from $16.14 at the beginning of 2019 to a low of $9.52 in mid-2020, indicating a period of decreased market valuation. From late 2020 onward, the share price generally recovered, reaching a peak near $19.48 by April 2024. This upward trend after mid-2020 suggests renewed investor confidence or improved company performance in recent years.
- Earnings Per Share (EPS)
- EPS exhibited notable volatility, with some quarters reporting negative earnings, particularly around 2019 and early 2020. The lowest EPS was approximately -$0.33 in early 2021. However, there was a marked improvement starting in late 2021, where EPS sharply increased to values above $2.85. This elevated performance was sustained through much of 2022, followed by a decline in EPS to values close to $0.66-$1.56 in 2023 and early 2024. This pattern indicates a temporary period of strong profitability followed by normalization or correction.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio showed high variability, which is consistent with fluctuating EPS values. During periods of negative or near-zero EPS, the P/E ratio was either not defined or extremely high, reflecting earnings volatility and possibly higher risk perceptions. For example, a spike up to over 12,000 appeared in a quarter with minimal earnings, illustrating distortions due to earnings near zero. In periods of more stable and positive EPS, particularly from late 2020 onward, the P/E ratio settled into a range mostly between approximately 4.6 and 24. This relative stabilization corresponds with improved earnings and share price levels.
Overall, the data reveals an initial phase characterized by earnings challenges and declining share price, followed by a recovery period marked by improved earnings and rising market valuation. The fluctuations in the P/E ratio align closely with the EPS trends, reflecting the impact of earnings performance on valuation multiples. The sustained share price increase after mid-2020 highlights a positive shift in financial health or market sentiment.
Price to Operating Profit (P/OP)
Hewlett Packard Enterprise Co., historical P/OP calculation (quarterly data)
| Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Earnings (loss) from operations (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 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. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
Operating profit per share
= (Earnings (loss) from operationsQ2 2024
+ Earnings (loss) from operationsQ1 2024
+ Earnings (loss) from operationsQ4 2023
+ Earnings (loss) from operationsQ3 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hewlett Packard Enterprise Co. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited volatility over the analyzed periods, with initial decline from $16.14 at the start to a low near $9.52 around mid-2020. Subsequent recovery is observable, as the price increased steadily from late 2020 onwards, reaching a peak of approximately $19.48 by April 2024. This pattern suggests a downturn influenced by external or internal factors mid-period, followed by a gradual investor confidence restoration.
- Operating Profit Per Share (OPPS) Dynamics
- Operating profit per share showed fluctuations, initially declining from $1.50 to negative values during early to mid-2020, reflecting operational challenges in that timeframe. Recovery ensued post-mid-2020, accumulating to values exceeding $1.50 by early 2024. These movements highlight a period of operational strain followed by effective management or market environment improvements, enhancing profitability per share over time.
- Price to Operating Profit Ratio (P/OP)
- P/OP ratio varied considerably, with extremely high values noted during certain quarters (e.g., over 31.6 in April 2021), indicating periods when the price was substantially high relative to operating profits, possibly due to low or negative operating profits or market speculation. Lower P/OP ratios around 10 to 16 in other intervals suggest times when market valuations aligned more closely with earnings, reflecting more stable market perceptions.
- Interpretation of Relationships
- The negative OPPS values in early 2020 correspond with the lowest share prices, indicating market response to diminished earnings capacity. Elevated P/OP ratios coincide with recovery phases or profit surges, as investors recalibrate valuations. The general trend towards increasing share price and OPPS from late 2020 to 2024 suggests improving fundamentals and market sentiment. The oscillations in P/OP reflect market volatility and earnings fluctuations affecting valuation metrics over time.
Price to Sales (P/S)
Hewlett Packard Enterprise Co., historical P/S calculation (quarterly data)
| Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net revenue (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 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. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
Sales per share
= (Net revenueQ2 2024
+ Net revenueQ1 2024
+ Net revenueQ4 2023
+ Net revenueQ3 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hewlett Packard Enterprise Co. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, sales per share, and price-to-sales (P/S) ratio over the observed time span.
- Share Price
- The share price exhibited fluctuations throughout the periods, starting at $16.14 at the beginning of 2019 and experiencing a downward trend into mid-2020, reaching a low near $9.52. From late 2020 onwards, there was a general recovery and upward momentum, reaching $19.48 by April 2024. Notably, the lowest share prices coincided with early 2020, likely reflecting broader market challenges during that time, followed by consistent growth thereafter.
- Sales per Share
- Sales per share showed relatively stable values across the entire period. Starting at $22.43 in January 2019, there was a slight decline observed during the 2019-2020 interval, bottoming out around $20.86 to $20.98. Subsequent quarters reflected a gradual increase, peaking near $23.12 in July 2023 before a modest reduction to approximately $21.6-$21.78 in early 2024. The variation in sales per share is comparatively minor, indicating steady revenue generation per share despite market fluctuations.
- Price-to-Sales (P/S) Ratio
- The P/S ratio exhibited considerable volatility over the timeline. It started at 0.72, declined to a trough of approximately 0.45 in mid-2020, mirroring the share price reduction. From late 2020 onward, the ratio mostly recovered, peaking around 0.89 by April 2024. The fluctuations in the P/S ratio parallel movements in the share price more closely than sales per share, suggesting that market valuation changes primarily drive this metric.
Overall, the data conveys a period of market stress impacting share price and valuation metrics during 2020, followed by a reinforcing recovery phase. Despite this, sales per share remained comparatively stable, underscoring consistent operational performance. The divergence between sales stability and the share price volatility highlights market sentiment and external factors influencing investor perceptions and valuation.
Price to Book Value (P/BV)
Hewlett Packard Enterprise Co., historical P/BV calculation (quarterly data)
| Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total HPE stockholders’ equity (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 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. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 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. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and fluctuations in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the period observed.
- Share Price Trends
- The share price exhibited considerable volatility over the quarters. Initially, the price decreased from 16.14 US$ to a low around 9.52 US$ between early 2019 and mid-2020, reflecting a significant decline. Subsequently, the share price recovered gradually, reaching values above 15 US$ by early 2021, fluctuating moderately through 2022, and showing a strong upward trend in 2023 and early 2024, culminating near 19.48 US$.
- Book Value Per Share (BVPS)
- The BVPS demonstrated a relatively stable and gradual upward trajectory. Starting close to 13.35 US$ in early 2019, BVPS showed minor fluctuations until late 2020, followed by a more consistent increase from about 15.44 US$ in early 2022 to nearly 16.68 US$ by the first quarter of 2024. This steady increase indicates growth in the company's net asset value on a per-share basis over the observed timeframe.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio reflected the interplay between share price and BVPS trends. The ratio started above 1.20 in early 2019 but declined to below 0.80 through mid-2020, coinciding with the share price drop. It subsequently recovered towards parity by late 2020 and oscillated around 1.00 through 2021 and 2022. In 2023 and early 2024, the ratio increased again, surpassing 1.10, suggesting that the market valuation per share increasingly exceeded the corresponding book value during this period.
- Overall Insights
- The data indicates an initial period of market undervaluation relative to the book value during 2019-2020, likely influenced by broad market conditions or company-specific factors. The recovery in share price through 2021 onward, alongside steady book value growth, points to improved market sentiment and company fundamentals. The uptick in the P/BV ratio in recent quarters suggests growing investor confidence, with the share price appreciating at a faster pace than book value increases.