Hewlett Packard Enterprise CEO Antonio Neri told Wall Street analysts Thursday that he believes the edge-to-cloud powerhouse deserves ‘more credit’ for its strong financial performance over the last three years.

“The strong consistent results would have been admirable in any period, but I am particularly proud of them coming in such a turbulent three years,” he said, referring to the pandemic, supply chain challenges and geopolitical turmoil. “Frankly, I believe the market should give us more credit for these accomplishments because they are a testament to the relevance of our strategy, the differentiation of our portfolio and the strength of our execution. We delivered when it mattered the most.”

HPE has grown its annual non-GAAP diluted net earnings per share by 43.5 percent between Fiscal Year 2020 through the trailing 12 months in the most recent quarter. “In Fiscal Year 2020 it was $1.54 and it is now $2.21,” Neri said.

HPE’s stock price closed Thursday at $16.30, down about 5 percent from $17.18 on Nov. 4, 2019, the start of HPE’s Fiscal Year 2020.

Over the last three years, HPE has generated more than a 121 percent total shareholder return as opposed to a 37 percent return for the S&P 500 over the same period, said Neri.

“Importantly, this return represents a CAGR [compound annual growth rate] of 31 percent as compared to the 11 percent CAGR for the S&P 500,” he said.

“As we produce higher profit and greater cash flow, we deliver on our commitments to provide direct capital return to our investors,” said Neri.”Through our disciplined capital allocation framework we returned about $11 billion to shareholders through dividends and share purchases from the start of Fiscal Year 2018 to our most recent quarter.”

HPE’s non-GAAP gross margin has grown by 310 basis points since Fiscal Year 2021, ending in the most recent trailing 12 months at 34.8 percent. During that same period, HPE’s non -GAAP operating margins have improved by 280 basis points.

HPE, meanwhile, has more than tripled free cash flow generation from the start of Fiscal Year 2021 to the most recent trailing 12 months, said Neri.

The free cash flow and profitability gains come with HPE strategically focusing on areas of high growth and high margin with a pivot to software and services, including the HPE GreenLake pay-per-use cloud service.

HPE provided a Fiscal Year 2024 non-GAAP diluted net earnings per share outlook of between $1.82 and $2.02 on revenue growth of 2 percent to 4 percent in constant currency.

HPE shares were down 6 percent, or $1.01, in midmorning trading on Friday to $15.27.

Here is a look at the biggest takeaways from Neri’s presentation at HPE’s annual securities analyst meeting in New York.