servers & ODM · Industry Index 14 (rank #62) ·
price: as of 2026-10-29 index: as of 2026-10-29 fundamentals: latest filing 2026-09-03 Reports quarterly (10-Q XBRL)
Hewlett Packard Enterprise sells servers, storage, networking and HPC/AI systems, including NVIDIA-based GB200 rack systems and HPE Private Cloud AI.
Industry exposure 0.4 (AI/accelerated systems and networking are growing, but revenue is spread across traditional servers, storage, Aruba/Juniper networking and services.)
Delayed, end-of-day, aggregate per contract — not a live tape or trade-level flow. Buy/sell side is INFERRED from where each contract's last print sat in the bid/ask spread, not observed order flow. The company-wide side is withheld unless quoted contracts cover at least a quarter of the day's premium, so it can be blank while individual contracts below show a side. Call/put premium is measured across the chain we capture — the 6 nearest expiries within 45 days, not the full option chain — while the table below lists at most 20 flagged contracts, so summing those rows will not reproduce the percentage.
Why flagged:Personal Income & Outlays (PCE) in 1 day
| Date | Contract | Score | Side (inferred)? | OI Δ? | Volume | Vol/OI | Flags |
|---|---|---|---|---|---|---|---|
| 2026-10-28 | $58 PUT | 64 | mid-market · no side | +7 | 2,112 | 5.9× | flat tape |
| 2026-10-28 | $58 PUT | 42 | mid-market · no side | 0 | 1,084 | 24.1× | |
| 2026-10-28 | $60 CALL | 27 | mid-market · no side | +28 | 846 | 6.5× |
17 smaller flags (under $100000 premium) hidden.
latest session: 0.6× its 13-day baseline
71% calls / 29% puts (by premium)
News set the tone, but the swarm won’t commit — a negative tilt with weak agreement, so the call is Neutral.
Most voters leaned one way; news dissented. Directional agreement 0.01.
A mildly-positive score, but weak agreement — so the engine returns a no-conviction Neutral rather than overclaim. This is the system refusing to force a call it doesn’t have.
HPE's FY2025 10-K positions the company around three stated megatrends — networking, cloud and AI — delivered through five segments (Server, Hybrid Cloud, Networking, Financial Services, Corporate Investments and Other), with Server products and Networking products each exceeding 10% of consolidated net revenue in fiscal 2025. Its defensibility rests on an accumulated intellectual-property and engineering base (~21,000 issued and pending patents as of October 31, 2025), a claimed sustained leadership position in supercomputing via HPE Cray EX, a full networking stack acquired with Juniper Networks in July 2025 spanning campus, data-center switching, WAN routing and SASE, and a captive Financial Services arm that funds consumption-based deployments. The same filing bounds that moat: it warns of 'aggressive price competition', notes that AI systems have historically been bought 'primarily by a small number of larger customers and cloud service providers' and that such orders are 'generally subject to intense competition and pricing pressure, which can have an impact on our margins', and lists a long roster of well-capitalized competitors in every market it serves.
Rating: narrow
The FY2025 10-K describes strong but bounded advantages. On the positive side it cites ~21,000 issued and pending patents as of October 31, 2025, Hewlett Packard Labs research in AI, networking and fabrics, novel accelerators and quantum computing, a claimed 'long-term sustained market leadership in supercomputing', a global manufacturing services footprint, and a large channel/partner ecosystem. Against that, the filing names a crowded set of large incumbents in every segment (Dell, Super Micro, Cisco, Lenovo in servers; Broadcom, Cisco, Dell, IBM, NetApp, Nutanix, Pure Storage plus AWS/Google Cloud/Azure in hybrid cloud; Cisco, Arista, Nokia, Huawei, Ciena, NVIDIA, Extreme, Palo Alto, Fortinet, Zscaler and others in networking), concedes competition from 'generically branded or white-box manufacturers' in certain regions, states 'we anticipate that we will have to continue to adjust prices on many of our products and services to stay competitive', and adds that 'no single patent is in itself essential to our company as a whole or to any of our business segments'. That is a durable franchise, not a wide one.
Type: intangibles ip
The filing's own competitive-advantage language is repeated near-verbatim for both the Server and Networking segments: 'our broad end-to-end solutions portfolio, supported by our strong intellectual property portfolio and research and development capabilities, coupled with our global reach and partner ecosystem.' It grounds that in ~21,000 worldwide issued and pending patents, decades of large-scale infrastructure engineering (it names fanless direct liquid cooling as an example), and Hewlett Packard Labs. Switching costs are the natural alternative given GreenLake consumption contracts, but the filing explicitly disclaims lock-in as a strategy: 'the cloud experience should be open and seamless across all our customers' clouds, rather than requiring customers to be locked into a cloud stack.' Accumulated engineering IP and brand, not customer captivity, is the source the document actually asserts.
Leadership: co leader
The filing claims specific leadership only in narrow places — 'long-term sustained market leadership in supercomputing' and 'AI-native networking leadership' after the Juniper Networks acquisition — while describing every market it serves as 'characterized by strong competition among major corporations with long-established positions and a large number of new and rapidly growing firms.' It names itself alongside, not above, Dell, Super Micro, Cisco and Lenovo in data-center infrastructure and alongside Cisco, Arista, Nokia, Huawei and NVIDIA in networking, and frames AI data-center networking as a market it 'aims to capture' rather than one it holds. One of a handful of scaled incumbents, not the clear leader.
Pricing power: weak
The 10-K is unusually explicit on this. It states 'We face aggressive price competition'; that competitors with a greater presence in lower-cost markets or better component allocation 'may be able to offer lower prices than we are able to offer'; that 'to maintain our competitive position, from time-to-time we take pricing actions to offer heavier than normal discounts or elect not to pass on cost increases to customers ... which has had and could have a negative impact on our financial results'; and that 'we anticipate that we will have to continue to adjust prices on many of our products and services to stay competitive.' Its AI-systems orders are called out as 'generally subject to intense competition and pricing pressure, which can have an impact on our margins', and a separate risk factor warns that failure to sustain gross margins would reduce profitability. The filing states no gross-margin trend figure in these sections; the qualitative direction it does state is defensive.
Curated moat judgment grounded in the cited source. source: sec.gov
Layer: servers & ODM
Downstream AI-infrastructure integrator and networking supplier: HPE assembles and sells the AI servers and rack-scale systems (ProLiant, Cray EX/XD), turnkey AI-factory stacks (HPE Private Cloud AI) and the data-center/AI networking fabric that sit between silicon vendors and enterprise, sovereign and cloud-service-provider buyers. The AI exposure is central rather than incidental — the filing's strategy section, a dedicated AI risk factor and the AI-systems order-concentration disclosure all address it — but HPE is a buyer of accelerators and components, not a designer of them, and it names NVIDIA as a competitor in networking rather than only as a supplier.
Derived from this company's mapped supply-chain edges and its industry layer.
The moat prior voted +0.05 on the long (~6-month) horizon at weight 0.20 — the swarm call there is neutral (score 0.18, conviction 2).
Editorial prior — subjective, not backtested. It is bounded (±0.6), low-confidence, and never votes on short/medium. See exactly how it voted →
Products & services with an editorial market-share band and technical barrier band — qualitative judgments tied to a cited basis, never invented figures.
| Product | Market share | Technical barrier |
|---|---|---|
| HPE Alletra Storage portfolio · Enterprise data storage and data management The Hybrid Cloud segment's storage line — data storage and data management with the HPE Alletra Storage portfolio, unstructured data solutions and analytics for AI, data protection and archiving, storage networking, and AIOps-driven intelligence via HPE InfoSight and CloudPhysics. | Challenger No share is stated. The filing describes an in-flight shift — 'HPE is driving a transition to proprietary HPE-developed storage solutions that enhance profitability and reduce reliance on third-party products' — against named storage competitors including NetApp, Pure Storage, Dell, IBM and Nutanix. Hybrid Cloud products fell out of the >10%-of-revenue disclosure list in fiscal 2025 after appearing in fiscal 2023 and 2024. | Moderate The filing names 'proprietary storage innovations like Alletra MP' among its principal differentiators and pairs the portfolio with InfoSight AIOps, but the transition to own-IP storage is described as ongoing rather than complete. |
| HPE Cray EX supercomputing systems · High-performance computing / exascale systems The filing calls this its 'market-leading supercomputing portfolio of HPE Cray EX solutions', sold with HPE Cray XD (formerly HPE Apollo) into data-intensive, high-performance supercomputing, analytics and exascale workloads for government and commercial customers. | Leader Company's own claim, cited as such: the 10-K asserts differentiation 'through our intellectual property portfolio, trusted expertise, and long-term sustained market leadership in supercomputing' and describes the Cray EX portfolio as 'market-leading'. No share figure is given, and the filing names Dell, Super Micro, Lenovo, Fujitsu Network Communications and Atos as high-performance-infrastructure competitors. | Deep The filing frames this market as requiring vendors 'that can design and build solutions that deliver performance scalability and the connectivity necessary to handle super-compute and exascale workloads' — a short named competitor list — and cites 'decades of large-scale infrastructure expertise defining our offerings, including technologies like fanless direct liquid cooling that power our largest AI systems'. |
| HPE GreenLake cloud · Hybrid/private cloud platform and as-a-service consumption Described as 'a centerpiece of our strategy' — a hybrid-by-design cloud with pay-per-use consumption and automated scalability, spanning cloud-native offerings for virtual machines, containers and bare metal, self-managed or fully managed private cloud, VM Essentials virtualization, and Private Cloud AI delivered as-a-service. | Challenger The filing gives no share and places GreenLake against both infrastructure and cloud-management vendors — Broadcom, Cisco, Dell, IBM, NetApp, Nutanix, Pure Storage — and public cloud vendors Amazon Web Services, Google Cloud and Microsoft Azure. | Moderate Consumption contracts, open cloud APIs for partners and the captive Financial Services arm that 'helps spread our upfront solution costs over the duration of the customer contract' create stickiness, but the filing expressly rejects lock-in as a design goal: the experience should be 'open and seamless across all our customers' clouds, rather than requiring customers to be locked into a cloud stack.' |
| HPE Networking (Juniper Mist, Aruba Central, QFX/EX/CX switches, MX/PTX routers) · Enterprise and data-center networking and security Post-Juniper full networking stack: Wi-Fi and private cellular access points, QFX, EX and CX switches, MX and PTX routers and gateways, with Mist and Aruba Central cloud and on-premise management, network access control, SD-WAN, network security, analytics and assurance. | Challenger The filing claims a 'full networking technology stack' and 'AI-native networking leadership' after the July 2025 Juniper Networks acquisition, but states the goal prospectively — 'we aim to capture business in AI data center networking and hybrid cloud environments' — and lists a long incumbent field: Cisco, Arista, Nokia, Huawei, Ciena, NVIDIA, Extreme Networks, Palo Alto Networks, Fortinet, Zscaler, Netskope, Ruckus, Ubiquiti and NaaS vendors Nile and Meter. No share figure appears; Networking products exceeded 10% of consolidated net revenue in fiscal 2025. | Moderate Cited advantages are the end-to-end portfolio, IP and R&D scale, global reach and partner ecosystem, with Juniper expected to bring 'expanded R&D scale and go-to-market reach ... across networking, silicon, systems, and software'. The filing simultaneously describes the market as 'characterized by rapid and ongoing technological innovation and price competition'. |
| HPE Private Cloud AI · Turnkey AI factory / AI infrastructure as-a-service Turnkey AI-factory infrastructure delivered as-a-service, aimed at sovereign and enterprise customers, packaged with scalable AI servers and HPE's software platform for AI model development, training, tuning and inferencing. | Challenger No share is stated. The filing positions the offering at 'sovereign and enterprise customers' and notes that in the AI model-development software platform HPE 'both compete and cooperate with cloud service providers and start-up companies'; the risk factors add that AI solutions 'have historically been purchased primarily by a small number of larger customers and cloud service providers'. | Moderate The filing cites supercomputing heritage, large-scale infrastructure expertise and the combination of infrastructure, software and services as differentiators, but flags in the same document that AI-systems orders are 'generally subject to intense competition and pricing pressure', that AI-related offerings may fail 'to operate as anticipated or as well as competing offerings', and that HPE depends on component and supplier innovation 'particularly for AI-related offerings'. |
| HPE ProLiant servers and rack-scale solutions · General-purpose and AI/accelerated servers The Server segment's volume line — HPE ProLiant Rack and Tower servers plus rack-scale solutions the filing says 'deliver sustainable accelerated computing for training and inferencing deployed at scale across the market', alongside HPE Synergy composable infrastructure, HPE Scale Up Servers, HPE Edgeline and HPE NonStop. | Unknown The filing states no market share. It discloses only that 'Server products' exceeded 10% of consolidated net revenue in each of fiscal 2023, 2024 and 2025, and names its primary data-center infrastructure competitors as Dell Technologies, Super Micro Computer, Cisco Systems and Lenovo Group, plus regional local companies and 'generically branded or white-box manufacturers'. | Moderate The filing's asserted advantages here are portfolio breadth, IP and R&D, global reach and partner ecosystem — real but shared with several scaled rivals — and it concedes competition from white-box manufacturers in certain regions and 'aggressive price competition' generally. |
These charts plot Hewlett Packard Enterprise's reported income statement, cash flow, and balance sheet from its SEC filings through 2026-09-03. Every figure is as-filed XBRL — none of it is an estimate.
Over the reported window, net income at $57.0M in FY2025.
Analyst consensus — third-party estimates from Yahoo Finance, as of 2026-10-26. Not SEC filings and not a TradingPilot forecast. source: finance.yahoo.com
| Period | EPS (est.) | Revenue (est.) | YoY |
|---|---|---|---|
| Q/E Oct 2026 | USD 1.27 (USD 1.24–USD 1.36) · 19 | USD 14.4B (USD 14.0B–USD 14.7B) · 18 | +48% |
| FY 2026 | USD 3.83 (USD 3.79–USD 3.92) · 20 | USD 46.5B (USD 44.9B–USD 46.9B) · 21 | +36% |
Each figure shows the consensus mean, its (low–high) range where available, and · the number of analysts behind that estimate.
Our model leans Low-confidence · Neutral on the stock over the medium horizon — a market-direction call, not an earnings forecast. See the Signal tab.
Comparing against peers…
| Institution | Shares | Value | Δ shares QoQ | % of 13F | % shares out |
|---|---|---|---|---|---|
| BlackRock Passive / index | 134,059,655 | $6.0B | -9,811,408 | 0.1% | 10.10% |
| State Street Passive / index | 68,095,481 | $3.1B | 375,568 | 0.1% | 5.13% |
| FMR (Fidelity) Passive / index | 6,237,618 | $281.4M | 1,788,388 | 0.0% | 0.47% |
| Bridgewater Associates (Ray Dalio (founder)) Guru | 78,658 | $3.5M | -1,398,164 | 0.0% | 0.01% |
TradingPilot-computed columns (% of 13F, % shares out) are derived from as-filed 13F values; only name, shares and value are as-filed.
Yahoo Finance (GlobeNewswire) · 2026-10-22 · product
The companies announced an industrial-edge collaboration combining HPE Private Cloud AI, NVIDIA technology and Schneider Electric’s operational expertise. Their initial demonstration targets process-industry applications while keeping sensitive operational data under local control.
Yahoo Finance (GlobeNewswire) · 2026-10-21 · product
NVIDIA introduced DSX POD, a reference design for Vera Rubin AI factories assembled and validated in modular containers before delivery. Computing and infrastructure partners plan to deliver the modular systems globally in early 2027; deployment still depends on prepared-site infrastructure.
ITPro · 2026-10-07 · product
HPE launched four ProLiant Gen13 servers powered by sixth-generation AMD EPYC Server CPUs, aimed at agentic AI and inference, analytics, virtualization, simulation and modeling. The DL585a Gen13 supports up to eight double-wide PCIe GPUs and two sixth-generation AMD EPYC processors, and the 1U single-socket DL525 Gen13 offers up to 256 cores. The DL525 will be available later in 2026, the DL585a in early 2027 and the XD245 and XD285 later that year.
HPE · 2026-09-30 · partnership
HPE announced a $1.2 billion order from Vultr for AMD Helios AI Rack by HPE systems at U.S. cloud data centers. The systems combine AMD compute with HPE networking and liquid cooling for AI training and inference.
SEC EDGAR (8-K Exhibit 99.1) · 2026-09-02 · earnings
HPE reported third-quarter fiscal 2026 results: record revenue of $12.2 billion, up 34% year over year, with record operating profit — GAAP operating profit up 464% and non-GAAP operating profit up 155% year over year — and said record results and demand drive a higher outlook for fiscal 2026 and fiscal 2027. Figures quoted from the company's news release filed as an 8-K exhibit.
Google News: Hewlett Packard Enterprise · 2026-07-10 · partnership
HPE shares jumped 19.1% after a record Q2 and the completion of its Juniper Networks acquisition.
2026-10-28 Yahoo Finance: HPE · Is HPE Stock Undervalued?
2026-10-28 Yahoo Finance: CSCO · HPE Benefits From AI Infrastructure Demand: What's Ahead?
2026-10-28 Yahoo Finance: HPE · What Does Hewlett Packard Enterprise (HPE) New Networking Integration Mean For Investors?
2026-10-27 Yahoo Finance: HPE · Dell and HPE Lost Billions in a Day Over 1 Big Worry. Dell Had Already Answered It.
2026-10-27 Business Wire AI · HPE Unifies Visibility of Premier Wired, Wireless, and SASE Solutions to Optimize User and Application Experiences From Edge to Cloud
2026-10-27 Yahoo Finance: HPE · HPE Unifies Visibility of Premier Wired, Wireless, and SASE Solutions to Optimize User and Application Experiences From Edge to Cloud
2026-10-26 Yahoo Finance: DELL · Global Converged Infrastructure Market Report 2026 | Capitalize on 13.9% CAGR Through 2030 as Dell, Cisco, Huawei, HPE and Nutanix Accelerate Hybrid Cloud and AI Infrastructure
2026-10-26 Yahoo Finance: HPE · HPE vs. AGYS: Which Stock Is the Better Value Option?
2026-10-23 Yahoo Finance: NTAP · Should You Buy Hewlett Packard Enterprise Stock For Its Cash?
2026-10-22 Yahoo Finance: NTAP · How Much Downside Is Left In HPE Stock?
2026-10-20 Business Wire AI · HPE Spaceborne Computer to Power High Performance Computing and AI on the Moon
2026-10-19 Business Wire AI · HPE and Miami HEAT transform Kaseya Center fan experience with AI-native wireless connectivity powered by an HPE Self-Driving Network
2026-10-14 Yahoo Finance: NTAP · Why Hewlett Packard Enterprise (HPE) Stock Is Trading Lower Today
2026-10-14 Yahoo Finance: SMCI · What Was HPE Telling You Before Its Stock Ran?
2026-10-13 Yahoo Finance: SMCI · What Changed For HPE Stock, And What Did Not?
2026-10-09 Yahoo Finance: IBM · Is HPE Stock Really Expensive?
2026-10-09 Yahoo Finance: DELL · Jim Cramer Says HPE (HPE) Has Finally Turned a Corner—Can Its Rally Continue?
2026-10-09 Yahoo Finance: DELL · Should You Buy, Sell or Hold HPE Stock After a 191% Surge in a Year?
2026-10-09 Yahoo Finance: HPE · HPE Stock Has Nearly Tripled. Here’s Why Wall Street Expects It to Reach $92.
2026-10-09 Yahoo Finance: HPE · Hewlett Packard Enterprise (HPE) Wins AI Infrastructure Deployment In Financial Services
Impact = company-prominence tier (High/Medium auto-assigned by graph centrality/size; Low only on curated minor events), not a magnitude forecast.
| Date | Type | Event | Impact |
|---|---|---|---|
| 2026-12-03 | earnings | Hewlett Packard Enterprise earnings (estimated) — Date not yet announced — estimated from EDGAR filing cadence (last periodic filing + 91/365 days); confirm via IR. estimated | Medium |
| Date | Event | Impact | Outcome |
|---|---|---|---|
| 2026-09-02 | Hewlett Packard Enterprise earnings confirmed | Medium | EPS beat · +5.0% |
| 2026-06-01 | Hewlett Packard Enterprise earnings confirmed | High | EPS beat · +19.5% |
