Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Authors: Warren Buffett & Charlie Munger We have spent considerable time reading HP's most recent 10-Q for the quarter ended April 30, 2026, alongside the segment disclosures and capital structure. Our conclusion, before we walk you through the analysis, is straightforward: HP is an average business — a slow-melting iceberg in printing supplies stapled to a fiercely commoditized PC franchise — carrying meaningful financial leverage and negative book equity from years of buybacks made into a structurally challenged narrative. It is not a "wonderful business." Therefore, regardless of price, we would prefer to allocate capital elsewhere. We rate it 2 stars (Sell), with the understanding that the printing supplies annuity provides enough resilience to keep this from being a 1-star "bad business" judgment. HP Inc.
Recent filings analysed: 8-K (2026-06-26), 10-Q (2026-05-28), 8-K (2026-05-27), 8-K (2026-04-21).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation