English Title:
Do HP's Dividends Make Up For A Lagging Stock?

中文标题：
HP的股权是用来炒股票的吗?

English Content:
HP Inc. (HPQ) sells PCs and printers and returns cash directly to shareholders. Executives say they remain committed to returning approximately 100% of free cash flow to investors over time. In fiscal Q3 2026, HP returned nearly $600 million through dividends and share repurchases, about 37% of the $1.6 billion of free cash flow it generated in the quarter. Yet the share price has trailed the broader market for years. So what would you guess a holder made over five years, including every dividend? How Far Has HP Stock Trailed The Market? Over the five years ending October 12, 2026, HP stock gained 6.4% on price alone. The S&P 500 climbed 81.5% during the same stretch. That divergence leaves HP 75.2 percentage points behind the market. An investor tracking only the share price captured almost none of the market's five-year advance. How Much Did HP's Dividends Add? HP's dividends added 22.1 percentage points over those five years. With dividends reinvested, the stock returned 28.4%. Most of the value an HP shareholder collected came from these distributions, leaving only a small fraction tied to the actual share price. Did The Dividends Close The Gap For HP Holders? These dividends closed only a small part of the performance gap with the market, as the table below details. | Return over five years | On price alone | With dividends reinvested | |---|---|---| | The stock | +6.4% | +28.4% | | S&P 500 | +81.5% | +93.6% | HP paid a heavier dividend than the broader market. The S&P 500 pays dividends as well, however, and those distributions added 12.1 percentage points to its five-year return. With dividends, the S&P 500 returned 93.6%, leaving HP 65.2 percentage points behind. Ultimately, HP's dividends narrowed the deficit by 10 percentage points and left the rest of the gap intact. What This Means If You Own HP For Income Income-focused shareholders extracted more cash from HP but sacrificed the bulk of the market's growth. Over the past twelve months, HP's dividends added 5.6 percentage points to its return, compared with 1.0 for the S&P 500's dividends. This extra income is real. Over a five-year horizon, however, it came nowhere near offsetting the capital appreciation that an HP investor missed. PCs and printers generate the cash required to fund these payouts. The company's PC segment, Personal Systems, generated 70% of revenue in fiscal 2025, and Printing accounted for the remaining 30%. During the fiscal Q3 2026 earnings call, executives indicated they plan to keep returning free cash flow to shareholders while HP's gross leverage, a measure of debt, stays under 2x.

中文正文：
HP股份有限公司(HPQ)出售个人电脑和打印机,并直接向股东返还现金. 行政主管说,他们仍然致力于在一段时间内向投资者返还大约100%的自由现金流。 在财政Q3 2026中,HP通过股利和股权回购回报近6亿美元,约占该季度产生的16亿美元自由现金流量的37%. 然而,多年来,股票价格一直落后于更广泛的市场。 那么,你猜一个持有者 五年来赚了多少,包括每个红利? HP股市有多远? 在2026年10月12日截止的五年中,HP股票仅按价格就获得了6.4%。 S&P500在同一段期间攀升了81.5%. 这一差异使HP落后于市场75.2个百分点。 一个投资者只追踪股票价格,几乎没有看到市场五年的预付款。 HP的红利加了多少? HP的股利在这五年中增加了22.1个百分点. 股息再投资后,股本回升28.4%. HP股东收集的大部分价值来自这些分布,只剩下一小部分与实际股价挂钩. 分配符是否为 HP 持有者关闭了缺口 ? 这些红利 与市场的业绩差距只有一小部分被缩小,如下表所示。 | 股本+6.4% + 28.4% + + + S&P 500 + 81.5% + 93.6% + HP支付比大市场更重的股息。 然而,S&P 500也发放了红利,这些分配比五年回报增加了12.1%。 附带股利,S&P500返回93.6%,使HP65.2个百分点落后. 最终,HP的股息将赤字缩小了10个百分点,使其余的缺口完好无损. 如果以收入为重点的股东从惠普公司提取更多的现金,却牺牲了市场的大部分增长,那意味着什么。 在过去12个月里,惠普的股利增加了5.6个百分点的回报率,而S&P 500的股利则增加了1.0个百分点. 这种额外收入是真实的。 然而,在五年的时间里,它远远无法抵消一个氢氟烃投资者错过的资本升值。 个人电脑和打印机为这些付款提供所需的现金。 该公司的PC部分"个人系统"在2025年财政收入中占70%,印刷 其余的30%。 在财政Q3 2026收入呼吁中,高管表示,他们计划继续将自由现金流量返还给股东,而HP的总杠杆,债务的度量,则停留在2x以下.