HPQ vs IBM
HP Inc. and International Business Machines Corp., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | HPQ | IBM |
|---|---|---|
| Revenue | $55.3B | $67.5B |
| Net income | $2.5B | $10.6B |
| Gross margin | 20.6% | 58.2% |
| Net margin | 4.6% | 15.7% |
| Return on equity | · | 35.3% |
| Diluted EPS | $2.65 | $11.17 |
| Dividend / share | $1.16 | $6.71 |
| Payout ratio | 43.0% | 59.0% |
| Free cash flow | $2.8B | $12.1B |
| Equity | $-346.0M | $32.6B |
| Net debt / equity | · | 1.46× |
| Current ratio | 0.77× | 0.96× |
| Revenue CAGR 5y | −0.5% | 4.1% |
| Profit CAGR 5y | −2.1% | 13.6% |
IBM bills 1.2× the revenue of HPQ, and keeps more of each dollar of revenue as profit (15.7% against 4.6%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | HPQ | IBM |
|---|---|---|
| FY2025 | $55.3B | $67.5B |
| FY2024 | $53.6B | $62.8B |
| FY2023 | $53.7B | $61.9B |
| FY2022 | $62.9B | $60.5B |
| FY2021 | $63.5B | $57.4B |
| FY2020 | $56.6B | $55.2B |
| FY2019 | $58.8B | $57.7B |
| FY2018 | $58.5B | $79.6B |
| FY2017 | $52.1B | $79.1B |
| FY2016 | $48.2B | $79.9B |
Bottom line
| Fiscal year | HPQ | IBM |
|---|---|---|
| FY2025 | $2.5B | $10.6B |
| FY2024 | $2.8B | $6.0B |
| FY2023 | $3.3B | $7.5B |
| FY2022 | $3.1B | $1.6B |
| FY2021 | $6.5B | $5.7B |
| FY2020 | $2.8B | $5.6B |
| FY2019 | $3.2B | $9.4B |
| FY2018 | $5.3B | $8.7B |
| FY2017 | $2.5B | $5.8B |
| FY2016 | $2.5B | $11.9B |
19 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$12,240,000,000 | IBM |
| FY2024 | −$9,194,000,000 | IBM |
| FY2023 | −$8,142,000,000 | IBM |
| FY2022 | +$2,380,000,000 | HPQ |
| FY2021 | +$6,110,000,000 | HPQ |
| FY2020 | +$1,459,000,000 | HPQ |
| FY2019 | +$1,042,000,000 | HPQ |
| FY2018 | −$21,119,000,000 | IBM |
| FY2017 | −$27,083,000,000 | IBM |
| FY2016 | −$31,681,000,000 | IBM |
| FY2015 | −$30,278,000,000 | IBM |
| FY2014 | −$36,142,000,000 | IBM |
| FY2013 | +$13,931,000,000 | HPQ |
| FY2012 | +$17,483,000,000 | HPQ |
| FY2011 | +$20,329,000,000 | HPQ |
| FY2010 | +$26,163,000,000 | HPQ |
| FY2009 | +$18,794,000,000 | HPQ |
| FY2008 | +$14,734,000,000 | HPQ |
| FY2007 | +$5,500,000,000 | HPQ |
The higher-revenue side has changed between HPQ and IBM over this period. The gap has widened since the earliest year compared.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
19 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −11.1 pp | IBM |
| FY2024 | −4.4 pp | IBM |
| FY2023 | −6.1 pp | IBM |
| FY2022 | +2.3 pp | HPQ |
| FY2021 | +0.3 pp | HPQ |
| FY2020 | −5.2 pp | IBM |
| FY2019 | −11.0 pp | IBM |
| FY2018 | −1.9 pp | IBM |
| FY2017 | −2.4 pp | IBM |
| FY2016 | −9.7 pp | IBM |
| FY2015 | −7.3 pp | IBM |
| FY2014 | −4.1 pp | IBM |
| FY2013 | −12.2 pp | IBM |
| FY2012 | −26.7 pp | IBM |
| FY2011 | −9.3 pp | IBM |
| FY2010 | −7.9 pp | IBM |
| FY2009 | −7.3 pp | IBM |
| FY2008 | −4.9 pp | IBM |
| FY2007 | −3.6 pp | IBM |
The higher net margin has changed hands between HPQ and IBM over this period.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
HPQ's net margin has been more volatile than IBM's over the 19 comparable fiscal years — 4.1 percentage points of standard deviation against 3.5.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between HPQ and IBM over these 19 fiscal years — HPQ led in 2 and IBM in 17.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
HPQ's return on equity has been more volatile than IBM's over the 9 comparable fiscal years — 19.2 percentage points of standard deviation against 16.9.
9 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
IBM led in return on equity in every one of the 9 comparable fiscal years — a structural lead, not a recent swing.
9 of 19 comparable fiscal years — a year missing data on either side is not counted.