HP's revenue doubled and the rate of patent filings increased due to mergers with Compaq and other companies during Fiorina's stint as CEO. In addition, HP's cash flow increased by 40%, to around $6.8 billion. However, the company underperformed by a number of other metrics: there were no gains in HP's net income despite a 70% gain in net income of the S&P 500 over this period; the company's debt rose from 4.25 billion to 6.75 billion; and its stock price fell by 50%, exceeding declines in the S&P 500 Information Technology Sector index and the NASDAQ. By contrast, stock prices for IBM and Dell fell by 27.5% and 3% respectively during this time. The Compaq acquisition was not as transformative as Fiorina and the board had envisioned: in the merger proxy, they had forecasted that the PC division of the merged entities would generate an operating margin of 3.0% in 2003, while the actual figure was 0.1% in that year and 0.9% in 2004.