Hewlett Packard Enterprise Company (HPE)
Hewlett Packard Enterprise sells servers, storage, networking, and hybrid-cloud infrastructure to businesses.
HPE vs NOW: how the two businesses compare
- Bigger business: HPE, with $34.3B of yearly revenue, about 2.6× NOW's $13.3B.
- More profitable: NOW keeps 13 cents of each sales dollar as profit, against 0 cents at HPE.
- More cash from each sale: NOW turns 41 cents of each sales dollar into operating cash flow, against 9 cents at HPE.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Hewlett Packard Enterprise (HPE) is the larger business by reported revenue: $34.3B in its fiscal year ended Oct 2025, about 2.6× NOW's $13.3B (fiscal year ended Dec 2025). HPE's net margin was 0.2% and NOW's 13.2%. The SEC classifies them differently (Computer & office Equipment; Services-Prepackaged Software); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Different
- Separate classifications
- Different
- HPE October 31 · NOW December 31
- Jan 29, 2026
HPE vs NOW: quick comparison
| Company fact | HPE | NOW |
|---|---|---|
| Company | Hewlett Packard Enterprise Company | ServiceNow, Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | — | Santa Clara, California |
| Founded | — | 2004 |
| SEC industry | Computer & office Equipment | Services-Prepackaged Software |
| Fiscal year-end | October 31 | December 31 |
| Latest annual filing | 10-K · 2025-12-18 | 10-K · 2026-01-29 |
HPE vs NOW: audited financials
- Scale: HPE's $34.3B of revenue is about 2.6× NOW's $13.3B.
- Net margin: NOW kept 13.2% of revenue as net income versus 0.2% at HPE.
- Cash conversion: operating cash flow equalled HPE 8.5% of revenue, or 51.2× net income; NOW 41.0% of revenue, or 3.11× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 2 months apart (2025-10-31 for HPE, 2025-12-31 for NOW), so each figure reflects somewhat different demand and cost conditions.
| Metric | HPE | NOW |
|---|---|---|
| Revenue | $34.3B2024-11-01 to 2025-10-31 · SEC filing | $13.3B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $57M2024-11-01 to 2025-10-31 · SEC filing | $1.7B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $2.9B2024-11-01 to 2025-10-31 · SEC filing | $5.4B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | −$0.042024-11-01 to 2025-10-31 · SEC filing | $1.672025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 0.2%2024-11-01 to 2025-10-31 · SEC filing | 13.2%2025-01-01 to 2025-12-31 · SEC filing |
HPE: FY ending 2025-10-31 · NOW: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where HPE and NOW overlap, and where they don't
Overlap
- Shared research theme: Artificial intelligence.
Differences
- Different SEC industries: HPE files as Computer & office Equipment; NOW as Services-Prepackaged Software.
- Offset fiscal calendars: HPE's year ends October 31 and NOW's December 31, about 2 months apart.
- Scale: HPE reported about 2.6× the annual revenue of NOW.
- Profitability: net margin of 0.2% for HPE versus 13.2% for NOW.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
ServiceNow, Inc. (NOW)
ServiceNow runs a cloud workflow platform that automates IT, HR, and customer-service processes for large organizations. It has emerged as a prominent vendor of enterprise AI-driven workflow automation.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves HPE
We have not yet published a company-specific driver list for HPE. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-12-18.
What moves NOW
- Subscription revenue growth and remaining performance obligations
- Adoption of Now Assist and consumption-priced AI offerings
- Expansion of large customers with annual contract value above $5 million
- Public-sector and regulated-industry sales cycles
The investment question
You now know HPE reports about 2.6× NOW's revenue, and NOW keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, including “Subscription revenue growth and remaining performance obligations” at NOW, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. HPE's fiscal year ends October 31, while NOW's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 8 matched transaction rows for HPE and 37 matched transaction rows for NOW. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
HPE primary filings
NOW primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
HPE vs NOW FAQs
Are HPE and NOW direct competitors?
Not necessarily. Hewlett Packard Enterprise files as Computer & office Equipment and ServiceNow as Services-Prepackaged Software. The pair is compared because both map to the Artificial intelligence research theme, not because the filings show head-to-head competition.
Is HPE or NOW the bigger company by revenue?
Hewlett Packard Enterprise (HPE) is the larger business by reported revenue: $34.3B in its fiscal year ended Oct 2025, about 2.6× NOW's $13.3B (fiscal year ended Dec 2025). HPE's net margin was 0.2% and NOW's 13.2%. The SEC classifies them differently (Computer & office Equipment; Services-Prepackaged Software); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, HPE or NOW?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this HPE vs NOW comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Hewlett Packard Enterprise Company and ServiceNow, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-03. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-03. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
HPE vs NOW compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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