In the current session, HP Inc. (NYSE:HPQ) is trading at $24.76, after a 0.24% decrease. Over the past month, the stock fell by 13.88%, and in the past year, by 30.20%. With performance like this, long-term shareholders are more likely to start looking into the company's price-to-earnings ratio.

A Look at HP P/E Relative to Its Competitors

The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued.

HP has a lower P/E than the aggregate P/E of 28.2 of the Technology Hardware, Storage & Peripherals industry. Ideally, one might believe that the stock might perform worse than its peers, but it's also probable that the stock is undervalued.