Dell Computer Corporation (DELL)

Income Statement
(in thousands, except EPS and Shares)
2/3/2012
Net revenue
Cost of net revenue
Cost of net revenue (as % of Net Revenue)
Gross Profit
Gross Profit (as % of Net Revenue)
Operating expenses:
Selling, general and administrative
SG&A (as % of Net Revenue)
Research, development and engineering
R&D (as % of Net Revenue)
Non Recurring

Non Recurring (as % of Net Revenue)

Total operating expenses
Total operating expenses (as % of Net Revenue)
Operating Income:
Operating Income (as % of Net Revenue)

Investment and other income(loss),net

Investment and other (as % of Net Revenue)
Income before taxes
Income before taxes (as % of Net Revenue)
Income tax provision
Income tax provision (as % of Net Revenue)
Interest Expense
Income after Taxes
Income after Taxes (as % of Net Revenue)
Extraordinary income (loss)
Net income
Net Income (as % of Net Revenue)

Diluted EPS, Cont Ops$

Diluted EPS$
Shares

ROCE
ROA
Profit Margin
Assets Turnover
Gross margin %
SG&A%

62,071,000
48,260,000
77.75%
13,811,000
22.25%

1/28/2011
$

61,494,000
50,098,000
81.47%
11,396,000
18.53%

1/31/2010
$

52,900,000
42,790,000
80.89%
10,110,000
19.11%

8,524,000
13.73%
856,000
1.38%
0.00%
9,380,000
15.11%
4,431,000
7.14%
(191,000)

7,302,000
11.87%
661,000
1.07%
0.00%
7,963,000
12.95%
3,433,000
5.58%
(83,000)

6,470,000
12.23%
624,000
1.18%
795,000
1.50%
7,889,000
14.91%
2,221,000
4.20%
(37,000)

-0.31%
4,240,000
6.83%
748,000
1.21%

-0.13%
3,350,000
5.45%
715,000
1.16%

3,492,000
5.63%
3,492,000
5.63%

2,635,000
4.28%
2,635,000
4.28%

-0.07%
2,184,000
4.13%
591,000
1.12%
160,000
1,433,000
2.71%
1,433,000
2.71%

1.88

1.35

0.73

1.88
1,853

1.35
1,955

0.73
1,960

41.86%

39.31%

28.91%

8.40%

7.29%

4.76%

5.63%

4.28%

2.71%

1.49

1.70

1.76

22.25%

18.53%

19.11%

13.73%

11.87%

12.23%

R&D%

Capital Structure Leverage

Fixed Asset Turnover
AP Turnover
Inventory Turnover
Days Receivables
Days Inventory
Days AP
Cash Cycle

1.38%

1.07%

1.18%

4.98

5.39

6.07

30.45

29.75

23.73

4.21

4.44

4.37

35.68

42.60

44.62

38.13

44.62

51.70

10.23

8.57

8.18

86.60

82.16

83.58

(38.24)

(28.97)

(23.70)

Analysis:

while having an average profit margins in line with the industry (Dell:
6.68%-8% vs. Industry: 6-8%) Dell was enjoying an incredible ROA (26%-26.2%) and ROCE (79.39%80.80%). The reason for such great result was Dell's business model that included effective
inventory management (Days Inventory 6-9 which is well above the industry average) and Just in
time inventory, that is assembled and not produced, making the process less capital intensive,
prepayment of its products (low A/R to Sales 0.10-0.12) and negative cash flow cycle (-6.51 to -9.66)
which allowed Dell to self finance its operations with its own cash flows and have no interest
expense for the period. Combining all this factors together allowed Dell to grow its business very
fast and very effectively.
In the period from 1997 to 1999

From 2000 to 2010 the financial situation for Dell started to look different. The margins
deteriorated over the years (Profit Margins from record 8% to all time low 2.71% in 2010 and Gross
Margins dropped to the average of 18.2%) which resulted in decline in ROA (from 18.16% to 4.76%)
as well as very volatile ROCE numbers over the 10 year period. The change could be explained by
the number of factors: while Asset TO was still high it was steadily declining over the time, Dell tried
to change the situation with lower ROCE by employing higher Capital Structure Leverage which was
steadily growing from 2.41 to 6.07 (company used outside financing very heavily in 2009 and 2010
boosting it's LTD to TA to a record 11%), change in selling model contributed to the situation as well
when Dell started to offer financing options (boosting A/R) for its products. Another major change
that came along was the increasing competition in the technology market. While taking all of the
above factors into consideration it is worth mentioning that despite the negative changes Dell was
still enjoying a negative cash cycle throughout the whole period. To summarize: decline in ROA,
profit Margins as well as boost in leverage caused Dell's business to slowdown and possibly enter a
mature stage.
Dell vs HP:

HP had a better cost control throughout the years (COGS to Sales are always lower than Dell's),
SG&A expense was steadily going down for HP while growing for Dell in recent years. At the same
time HP's average ROA 5.46% is much lower than Dell's 13.86%, which could be explained by much
lower Asset TO (Dell's average 2.38 vs 1.14) and Inventory TO (66.45 vs 10.05).Also, Dell is better
positioned with it's average negative cash cycle of -28 vs HP's positive 40 which allowed it to self
finance its operations without incurring interest. Overall it is hard to tell which company is
positioned better as both have different business stratgy, however based on the analysis HP has

HP had a better cost control throughout the years (COGS to Sales are always lower than Dell's),
SG&A expense was steadily going down for HP while growing for Dell in recent years. At the same
time HP's average ROA 5.46% is much lower than Dell's 13.86%, which could be explained by much
lower Asset TO (Dell's average 2.38 vs 1.14) and Inventory TO (66.45 vs 10.05).Also, Dell is better
positioned with it's average negative cash cycle of -28 vs HP's positive 40 which allowed it to self
finance its operations without incurring interest. Overall it is hard to tell which company is
positioned better as both have different business stratgy, however based on the analysis HP has
better recent performance while Dell performed better historically in terms of ROA and Asset and
Inventory TO.

1/30/2009

2/1/2008

$ 61,101,000 $ 61,133,000
50,144,000
49,462,000
82.07%
80.91%
10,957,000
11,671,000
17.93%
19.09%

2/2/2007
$

57,420,000
47,904,000
83.43%
9,516,000
16.57%

2/3/2006
$

55,908,000
45,958,000
82.20%
9,950,000
17.80%

1/28/2005
$

49,205,000
40,190,000
81.68%
9,015,000
18.32%

1/30/2004
$

41,444,000
33,892,000
81.78%
7,552,000
18.22%

7,102,000
11.62%
663,000
1.09%
2,000
0.00%
7,767,000
12.71%
3,190,000
5.22%
134,000

7,538,000
12.33%
610,000
1.00%
83,000
0.14%
8,231,000
13.46%
3,440,000
5.63%
387,000

5,948,000
10.36%
498,000
0.87%
0.00%
6,446,000
11.23%
3,070,000
5.35%
275,000

5,140,000
9.19%
463,000
0.83%
0.00%
5,603,000
10.02%
4,347,000
7.78%
227,000

4,298,000
8.73%
463,000
0.94%
0.00%
4,761,000
9.68%
4,254,000
8.65%
191,000

3,544,000
8.55%
464,000
1.12%
0.00%
4,008,000
9.67%
3,544,000
8.55%
180,000

0.22%
3,324,000
5.44%
846,000
1.38%
2,478,000
4.06%
2,478,000

0.63%
3,827,000
6.26%
880,000
1.44%
2,947,000
4.82%
2,947,000

0.48%
3,345,000
5.83%
762,000
1.33%
2,583,000
4.50%
2,583,000

0.41%
4,574,000
8.18%
1,002,000
1.79%
3,572,000
6.39%
3,572,000

0.39%
4,445,000
9.03%
1,402,000
2.85%
3,043,000
6.18%
3,043,000

0.43%
3,724,000
8.99%
1,079,000
2.60%
2,645,000
6.38%
2,645,000

4.06%

4.82%

4.50%

6.39%

6.18%

6.38%

1.25

1.31

1.14

1.46

1.18

1.01

1.25
1,986

1.31
2,247

1.14
2,271

1.46
2,449

1.18
2,568

1.01
2,619

61.90%

73.10%

61.09%

67.31%

47.68%

47.43%

9.17%

11.08%

10.60%

15.42%

14.31%

15.21%

4.06%

4.82%

4.50%

6.39%

6.18%

6.38%

2.26

2.30

2.36

2.41

2.31

2.38

17.93%

19.09%

16.57%

17.80%

18.32%

18.22%

11.62%

12.33%

10.36%

9.19%

8.73%

8.55%

1.09%

1.00%

0.87%

0.83%

0.94%

1.12%

6.75

6.60

5.76

4.36

3.33

3.12

24.71

24.08

26.02

30.25

30.68

34.11

5.03

4.56

4.73

4.92

4.97

5.10

48.99

53.76

77.51

88.81

102.26

107.08

42.22

41.33

36.88

32.64

30.35

27.39

7.45

6.79

4.71

4.11

3.57

3.41

72.52

80.04

77.09

74.21

73.37

71.60

(22.85)

(31.92)

(35.50)

(37.46)

(39.45)

(40.80)

(28.02)

1/31/2003
$

35,404,000
29,055,000
82.07%
6,349,000
17.93%

2/1/2002
$

31,168,000
25,661,000
82.33%
5,507,000
17.67%

2/1/2001
$

31,888,000
25,445,000
79.79%
6,443,000
20.21%

1/28/2000
$

25,265,000
20,047,000
79.35%
5,218,000
20.65%

1/29/1999
$

18,243,000
14,137,000
77.49%
4,106,000
22.51%

2/1/1998
$

12,327,000
9,605,000
77.92%
2,722,000
22.08%

3,050,000
8.61%
455,000
1.29%
0.00%
3,505,000
9.90%
2,844,000
8.03%
183,000

2,784,000
8.93%
452,000
1.45%
482,000
1.55%
3,718,000
11.93%
1,789,000
5.74%
(58,000)

3,193,000
10.01%
482,000
1.51%
105,000
0.33%
3,780,000
11.85%
2,663,000
8.35%
531,000

2,387,000
9.45%
374,000
1.48%
194,000
0.77%
2,955,000
11.70%
2,263,000
8.96%
188,000

1,788,000
9.80%
272,000
1.49%
0.00%
2,060,000
11.29%
2,046,000
11.22%
38,000

1,202,000
9.75%
204,000
1.65%
0.00%
1,406,000
11.41%
1,316,000
10.68%
52,000

0.52%
3,027,000
8.55%
905,000
2.56%
2,122,000
5.99%
2,122,000

-0.19%
1,731,000
5.55%
485,000
1.56%
1,246,000
4.00%
1,246,000

1.67%
3,194,000
10.02%
958,000
3.00%
2,236,000
7.01%
(59,000)
2,177,000

0.74%
2,451,000
9.70%
785,000
3.11%
1,666,000
6.59%
1,666,000

0.21%
2,084,000
11.42%
624,000
3.42%
1,460,000
8.00%
1,460,000

0.42%
1,368,000
11.10%
424,000
3.44%
944,000
7.66%
944,000

5.99%

4.00%

6.83%

6.59%

8.00%

7.66%

0.80

0.46

0.81

0.61

0.27

0.80
2,644

0.46
2,726

0.79
2,746

0.61
2,728

0.27
5,544

44.36%

24.16%

39.84%

43.68%

80.80%

79.39%

14.63%

9.24%

17.48%

18.16%

26.20%

26.00%

5.99%

4.00%

6.83%

6.59%

8.00%

7.66%

2.44

2.31

2.56

2.75

3.27

3.40

17.93%

17.67%

20.21%

20.65%

22.51%

22.08%

8.61%

8.93%

10.01%

9.45%

9.80%

9.75%

1.29%

1.45%

1.51%

1.48%

1.49%

1.65%

3.03

2.61

2.28

2.41

3.08

3.05

40.72

34.21

36.22

39.23

42.18

42.73

5.26

5.46

6.51

6.80

7.02

7.15

99.50

75.70

64.34

60.38

55.88

39.69

25.03

30.24

31.49

33.96

35.81

35.37

3.67

4.82

5.67

6.04

6.53

9.20

69.43

66.89

56.10

53.71

52.01

51.07

(40.73)

(31.83)

(18.93)

(13.70)

(9.66)

(6.51)

2/2/1997
$

7,759,000
6,093,000
78.53%
1,666,000
21.47%

826,000
10.65%
126,000
1.62%
0.00%
952,000
12.27%
714,000
9.20%
33,000
0.43%
747,000
9.63%
216,000
2.78%
531,000
6.84%
(13,000)
518,000
6.68%

6.68%
21.47%
10.65%

1.62%

Dell Computer Corporation (DELL)

Balance Sheet
(in thousands)
PERIOD ENDING

2/3/2012

ASSETS
Current Assets:
Cash and cash equivalents
Short-term investments

13,852,000
966,000

Accounts receivable, net

6,476,000

Inventories, net of allowance

1,404,000

Other Current Assets

Total Current Assets
Property Plant and Equipment, net of depreciation
Investments
Long-term financing receivables
Goodwill
Intangible Assets, net of amortization
Other non-current Assets
Total Assets

6,750,000
29,448,000
2,124,000
3,404,000
1,372,000
5,838,000
1,857,000
490,000
44,533,000

LIABILITIES
Current Liabilities:
Short Term Borrowing

2,867,000

Accounts Payable

11,656,000

Accrued and other

3,934,000

Short-term deferred service revenue

Total Current Liabilities
Long Term Debt
Long-term deferred service revenue
Other non-current liabilities
Total Liabilities

3,544,000
22,001,000
6,387,000
3,836,000
3,392,000
35,616,000

STOCKHOLDER'S EQUITY
Put options
Common Stock
Retained Earnings
Other Comprehensive Income(Loss)
Treasury Stock
Other Stockholder Equity
Total Stockholder Equity
Total Liabilities and Stockholders Equity

12,187,000
28,236,000
(61,000)
(31,445,000)
8,917,000
44,533,000

1/31/2010

1/28/2011

13,913,000

10,635,000

1/30/2009

8,352,000 $

2/1/2008

7,764,000

2/2/2007

9,546,000

452,000

373,000

740,000

208,000

752,000

6,493,000

8,543,000

6,443,000

7,693,000

6,152,000

1,301,000

1,051,000

867,000

1,180,000

660,000

6,862,000
29,021,000
1,953,000
704,000
799,000

3,643,000
24,245,000
2,181,000
781,000
332,000

3,749,000
20,151,000
2,277,000
454,000
500,000

3,035,000
19,880,000
2,668,000
1,560,000
407,000

2,829,000
19,939,000
2,409,000
2,147,000
323,000

4,365,000

4,074,000

1,737,000

1,648,000

110,000

1,495,000
262,000
38,599,000

1,694,000
345,000
33,652,000

724,000
657,000
26,500,000

780,000
618,000
27,561,000

45,000
662,000
25,635,000

851,000

663,000

113,000

225,000

188,000

11,293,000

11,373,000

8,309,000

11,492,000

10,430,000

4,181,000

3,884,000

3,788,000

4,323,000

5,141,000

3,158,000
19,483,000

3,040,000
18,960,000

2,649,000
14,859,000

2,486,000
18,526,000

2,032,000
17,791,000

5,146,000
3,518,000
2,686,000

3,417,000
3,029,000
2,605,000

1,898,000
3,000,000
2,472,000

362,000
2,774,000
2,164,000

569,000
2,189,000
758,000

30,833,000

28,011,000

22,229,000

23,826,000

21,307,000

11,797,000
24,744,000
(71,000)

11,472,000
22,110,000
(37,000)

11,189,000
20,677,000
309,000

10,589,000
18,199,000
(16,000)

10,107,000
15,282,000
(28,000)

(28,704,000)

(27,904,000)

7,766,000
38,599,000

5,641,000
33,652,000

(27,904,000)
4,271,000
26,500,000

(25,037,000)
3,735,000
27,561,000

(21,033,000)
4,328,000
25,635,000

2/3/2006

7,042,000

1/28/2005

4,747,000

1/30/2004

4,317,000

1/31/2003

4,232,000

2/1/2002

3,641,000

2/1/2001

4,910,000

2,016,000

5,060,000

835,000

406,000

273,000

528,000

5,452,000

4,548,000

3,635,000

2,586,000

2,269,000

2,895,000

576,000

459,000

327,000

306,000

278,000

400,000

2,620,000
17,706,000
2,005,000
2,691,000
325,000

2,083,000
16,897,000
1,691,000
4,294,000
199,000

1,519,000
10,633,000
1,517,000
6,770,000
-

1,394,000
8,924,000
913,000
5,267,000
-

1,416,000
7,877,000
826,000
4,373,000
-

758,000
9,491,000
996,000
2,418,000
-

382,000
23,109,000

134,000
23,215,000

391,000
19,311,000

366,000
15,470,000

459,000
13,535,000

530,000
13,435,000

9,840,000

8,895,000

7,316,000

5,989,000

5,075,000

4,286,000

6,087,000

5,241,000

3,580,000

2,944,000

2,444,000

2,257,000

15,927,000

14,136,000

10,896,000

8,933,000

7,519,000

6,543,000

504,000
2,549,000

505,000
2,089,000

505,000
1,630,000

506,000
1,158,000

520,000
802,000

509,000
761,000

18,980,000

16,730,000

13,031,000

10,597,000

8,841,000

7,813,000

9,540,000
12,746,000
(103,000)

8,195,000
9,174,000
(82,000)

6,823,000
6,131,000
(83,000)

6,018,000
3,486,000
(33,000)

5,605,000
1,364,000
38,000

4,795,000
839,000
62,000

(18,007,000)
(47,000)
4,129,000
23,109,000

(10,758,000)
(44,000)
6,485,000
23,215,000

(6,539,000)
(52,000)
6,280,000
19,311,000

(4,539,000)
(59,000)
4,873,000
15,470,000

(2,249,000)
(64,000)
4,694,000
13,535,000

(74,000)
5,622,000
13,435,000

1/28/2000

3,809,000

1/29/1999

1,726,000

2/1/1998

320,000

2/2/1997

115,000

323,000

923,000

1,524,000

1,237,000

2,608,000

2,094,000

1,486,000

903,000

391,000

273,000

233,000

251,000

550,000
7,681,000
765,000
1,048,000
-

791,000
5,807,000
523,000
532,000

349,000
3,912,000
342,000
-

241,000
2,747,000
235,000
-

1,673,000

304,000
11,471,000

15,000
6,877,000

14,000
4,268,000

11,000
2,993,000

3,538,000

2,397,000

1,643,000

1,040,000

1,654,000

1,298,000

1,054,000

618,000

5,192,000

3,695,000

2,697,000

1,658,000

508,000
463,000

512,000
349,000

17,000
225,000
36,000

18,000
219,000
13,000

6,163,000

4,556,000

2,975,000

1,908,000

279,000

3,583,000
1,260,000
533,000

1,781,000
606,000
(36,000)

747,000
607,000
-

195,000
647,000
-

(68,000)
5,308,000
11,471,000

(30,000)
2,321,000
6,877,000

(61,000)
1,293,000
4,268,000

(36,000)
1,085,000
2,993,000

Hewlett-Packard Company (HPQ)

Income Statement
(in thousands, except EPS and Shares)
10/31/2011
Net revenue
Cost of net revenue
Gross Profit
Operating expenses:
Selling, general and administrative
Research, development and engineering
Non Recurring
Total operating expenses
Operating Income:
Investment and other income(loss),net
Income before taxes
Income tax provision
Interest Expense
Income after Taxes
Extraordinary loss
Net income
Diluted EPS, Cont Ops$
Diluted EPS$
Shares

ROCE
ROA
Profit Margin
Assets Turnover
Gross margin %
SG&A%
R&D%

COGS %
Capital Structure Leverage
Fixed Asset Turnover
AP Turnover
Inventory Turnover
Days Receivables
Days Inventory
Days AP
Cash Cycle

127,245,000
97,529,000
29,716,000
13,466,000
3,254,000
3,319,000
20,039,000
9,677,000
(695,000)
8,982,000
1,908,000
7,074,000
7,074,000

10//31/10
$

126,033,000
95,956,000
30,077,000
12,718,000
2,959,000
2,921,000
18,598,000
11,479,000
(505,000)
10,974,000
2,213,000
8,761,000
8,761,000

3.32
3.32
2,128

3.69
3.69
2,372

17.73%

21.55%

5.57%

7.32%

5.56%

6.95%

1.00

1.05

23.35%

23.86%

10.58%
2.56%
76.65%

10.09%
2.35%
76.14%

3.18

2.94

10.58

10.95

5.27

5.76

13.98

15.24

52.64

54.58

26.12

23.95

69.20

63.36

9.56

15.18

10/31/2009
$

114,552,000
87,524,000
27,028,000
11,613,000
2,819,000
2,460,000
16,892,000
9,415,000
9,415,000
1,755,000
7,660,000
7,660,000

10/31/2008
$

118,364,000
89,921,000
28,443,000
13,104,000
3,588,000
1,278,000
17,970,000
10,473,000
10,473,000
2,144,000
8,329,000
8,329,000

10/31/2007
$

104,286,000
78,887,000
25,399,000
12,226,000
3,801,000
653,000
16,680,000
8,719,000
458,000
9,177,000
1,913,000
7,264,000
7,264,000

10/31/2006
$

91,658,000
69,427,000
22,231,000
11,266,000
3,643,000
762,000
15,671,000
6,560,000
631,000
7,191,000
993,000
6,198,000
6,198,000

10/31/2005
$

86,696,000
66,440,000
20,256,000
11,184,000
3,492,000
2,107,000
16,783,000
3,473,000
70,000
3,543,000
1,145,000
2,398,000
2,398,000

2.16
2.16
9,540

3.25
3.25
2,567

2.68
2.68
2,716

2.18
2.18
2,852

0.82
0.82
2,909

19.28%

21.50%

18.95%

16.46%

6.42%

6.72%

8.25%

8.51%

7.78%

3.13%

6.69%

7.04%

6.97%

6.76%

2.77%

1.00

1.17

1.22

1.15

1.13

23.59%

24.03%

24.36%

24.25%

23.36%

10.14%
2.46%
76.41%

11.07%
3.03%
75.97%

11.72%
3.64%
75.64%

12.29%
3.97%
75.75%

12.90%
4.03%
76.64%

2.87

2.61

2.23

2.11

2.05

10.37

12.70

14.23

13.77

13.24

5.93

6.93

6.63

6.30

6.76

12.50

11.30

10.00

9.49

9.53

61.26

54.23

51.17

51.30

53.94

29.21

32.29

36.51

38.45

38.31

61.59

52.71

55.07

57.96

54.00

28.88

33.81

32.61

31.80

38.26

10/31/2004
$

79,905,000
60,340,000
19,565,000
11,024,000
3,543,000
771,000
15,338,000
4,227,000
(31,000)
4,196,000
699,000
3,497,000
3,497,000

10/31/2003
$

73,061,000
53,857,000
19,204,000
11,012,000
3,653,000
1,643,000
16,308,000
2,896,000
(8,000)
2,888,000
349,000
2,539,000
2,539,000

10/31/2002
$

56,588,000
41,579,000
15,009,000
9,033,000
4,105,000
2,883,000
16,021,000
(1,012,000)
(40,000)
(1,052,000)
(129,000)
(923,000)
20,000
(903,000)

10/31/2001
$

45,226,000
33,474,000
11,752,000
7,259,000
2,670,000
384,000
10,313,000
1,439,000
(737,000)
702,000
78,000
624,000
(216,000)
408,000

10/31/2000
$

48,782,000
34,864,000
13,918,000
7,383,000
2,646,000
10,029,000
3,889,000
736,000
4,625,000
1,064,000
3,561,000
136,000
3,697,000

10/31/1999
$

42,370,000
29,720,000
12,650,000
6,522,000
2,440,000
8,962,000
3,688,000
506,000
4,194,000
1,090,000
3,104,000
387,000
3,491,000

1.15
1.15
3,055

0.83
0.83
3,063

(0.37)
(0.36)
2,499

0.32
0.21
1,974

1.73
1.80
2,077

9.29%

6.86%

-3.60%

2.90%

22.75%

4.64%

3.49%

-1.75%

1.23%

10.67%

4.38%

3.48%

-1.60%

0.90%

7.58%

1.06

1.00

1.10

1.36

1.41

24.49%

26.28%

26.52%

25.99%

28.53%

29.86%

13.80%
4.43%
75.51%

15.07%
5.00%
73.72%

15.96%
7.25%
73.48%

16.05%
5.90%
74.01%

15.13%
5.42%
71.47%

15.39%
5.76%

2.00

1.96

2.06

2.36

2.13

12.17

10.90

10.00

10.17

11.05

6.57

6.64

7.81

7.46

8.34

9.19

9.08

7.56

6.14

6.60

57.23

59.44

59.92

61.49

61.41

39.73

40.20

48.29

59.44

55.29

55.52

54.95

46.75

48.92

43.79

41.44

44.68

61.46

72.02

72.91

1.49
1.67
2,104

8.24%

Hewlett-Packard Company (HPQ)

Balance Sheet
(in thousands)
PERIOD ENDING

10/31/2011

10/31/2010

ASSETS
Current Assets:
$

10,929,000

Cash and cash equivalents

8,043,000

Short-term investments

3,162,000

2,986,000

Accounts receivable, net

18,224,000

18,481,000

7,490,000

6,466,000

Other Current Assets

Total Current Assets
Property Plant and Equipment, net of depreciation
Long-term financing receivables

14,102,000
51,021,000
12,292,000
10,755,000

15,322,000
54,184,000
11,763,000
12,225,000

Goodwill

44,551,000

38,483,000

10,898,000
129,517,000

7,848,000
124,503,000

8,083,000

7,046,000

Accounts payable

18,749,000

18,621,000

Accrued and other

15,113,000

16,207,000

1,048,000

802,000

7,449,000
50,442,000

6,727,000
49,403,000

22,551,000
17,520,000

15,258,000
19,061,000

90,513,000

83,722,000

20,000

22,000

6,837,000
35,266,000
-3,498,000

11,569,000
32,695,000
(3,837,000)

379,000
39,004,000
129,517,000

332,000
40,781,000
124,503,000

Inventories, net of allowance

Intangible Assets, net of amortization

Other non-current Assets
Total Assets
LIABILITIES
Current Liabilities:
Short-term borrowing

Taxes payable
Short-term deferred service revenue
Total Current Liabilities
Long Term Debt
Other non-current liabilities
Total Liabilities
STOCKHOLDER'S EQUITY
Common Stock
Additional paid-in capital
Retained Earnings
Other Comprehensive Income(Loss)
Treasury Stock
Other Stockholder Equity
Total Stockholder Equity
Total Liabilities and Stockholders Equity

10/31/2009

13,279,000

10/31/2008

10,153,000

10/31/2007

11,293,000

10/31/2006

16,400,000

10/31/2005

13,911,000

10/31/2004

12,663,000

55,000

22,000

18,000

311,000

19,212,000

19,242,000

15,927,000

13,313,000

12,454,000

13,171,000

6,128,000

7,879,000

8,033,000

7,750,000

6,877,000

7,071,000

13,865,000
52,539,000
11,262,000
11,289,000

14,454,000
51,728,000
10,838,000
10,468,000

12,149,000
47,402,000
7,798,000
7,647,000

10,779,000
48,264,000
6,863,000
6,649,000

10,074,000
43,334,000
6,451,000
7,502,000

9,685,000
42,901,000
6,649,000
6,657,000

33,109,000

32,335,000

21,773,000

16,853,000

16,441,000

15,828,000

6,600,000
114,799,000

7,962,000
113,331,000

4,079,000
88,699,000

3,352,000
81,981,000

3,589,000
77,317,000

4,103,000
76,138,000

1,850,000

3,186,000

2,705,000

1,831,000

2,511,000

14,809,000

14,138,000

11,787,000

12,102,000

10,223,000

9,377,000

19,252,000

16,211,000

17,371,000

14,829,000

13,224,000

12,033,000

910,000

869,000

1,891,000

1,905,000

2,367,000

1,709,000

6,182,000
43,003,000

21,721,000
52,939,000

5,025,000
39,260,000

4,309,000
35,850,000

3,815,000
31,460,000

2,958,000
28,588,000

13,980,000
17,299,000

7,676,000
13,774,000

4,997,000
5,916,000

2,490,000
5,497,000

3,392,000
5,289,000

4,623,000
5,363,000

74,282,000

74,389,000

50,173,000

43,837,000

40,141,000

38,574,000

24,000

24,000

26,000

27,000

28,000

29,000

13,804,000
29,936,000
(3,247,000)

14,012,000
24,971,000
(65,000)

16,381,000
21,560,000
559,000

17,966,000
20,729,000
18,000

20,490,000
16,679,000
(21,000)

22,129,000
15,649,000
(243,000)

40,517,000
114,799,000

38,942,000
113,331,000

38,526,000
88,699,000

(596,000)
38,144,000
81,981,000

37,176,000
77,317,000

37,564,000
76,138,000

10/31/2003

14,188,000

10/31/2002

11,192,000 $

10/31/2001

4,197,000

10/31/2000

3,415,000

10/31/1999

5,411,000

403,000

237,000

139,000

592,000

11,886,000

11,909,000

6,671,000

8,568,000

7,847,000

6,065,000

5,797,000

5,204,000

5,699,000

4,863,000

8,454,000
40,996,000
6,482,000
7,980,000

6,940,000
36,075,000
6,924,000
7,760,000

5,094,000
21,305,000
4,397,000
6,126,000

4,970,000
23,244,000
4,500,000
6,265,000

3,521,000
21,642,000
4,333,000
5,789,000

14,894,000

15,089,000

667,000

4,356,000
74,708,000

4,862,000
70,710,000

89,000
32,584,000

34,009,000

3,533,000
35,297,000

1,080,000

1,793,000

1,722,000

1,555,000

3,105,000

9,285,000

7,012,000

3,791,000

5,049,000

3,517,000

11,009,000

10,716,000

4,766,000

4,788,000

4,110,000

1,599,000

1,529,000

1,818,000

2,046,000

2,152,000

3,657,000
26,630,000

3,260,000
24,310,000

1,867,000
13,964,000

1,759,000
15,197,000

1,437,000
14,321,000

6,494,000
3,838,000

6,035,000
4,103,000

3,729,000
938,000

3,402,000
1,201,000

1,764,000
917,000

36,962,000

34,448,000

18,631,000

19,800,000

17,002,000

30,000

30,000

19,000

19,000

20,000

24,587,000
13,332,000
(203,000)

24,660,000
11,973,000
(401,000)

200,000
13,693,000
41,000

14,097,000
93,000

18,275,000
-

37,746,000
74,708,000

36,262,000
70,710,000

13,953,000
32,584,000

14,209,000
34,009,000

18,295,000
35,297,000