Investment Thesis
HP Inc. sells PCs, printers, and related services with a focus on hybrid work and digital manufacturing. Cost discipline, high-margin printing supplies, and new categories (gaming, 3D printing) support cash flow.
- Print Recurrence: Supplies attach rate provides high-margin revenue.
- Hybrid Work: Commercial PCs and peripherals benefit from refresh cycles.
- Growth Adjacent: Gaming, poly peripherals, and industrial print diversify portfolio.