HUBS Technology

HubSpot, Inc.

$226.17-3.14%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Technology
Industry: Software - Application
Country: United States
Market cap: 11.6B USD
Enterprise value: 10.2B USD
Full-time employees: 9,016

Overall health

Drawback: its share price swings more than most peers’ (beta 1.24 vs a peer median of 0.87)bigger price swings (beta 1.24 vs peers 0.87)
Drawback: less short-term liquidity (current ratio 1.38 vs a peer median of 1.83)less liquidity (current ratio 1.38 vs peers 1.83)
About average: profitability, valuation and risk (debt, liquidity and share-price swings)profitability, valuation and risk

Ranks #587 of 1,612 technology companies (top 37%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 17% of revenue in 2025.
HubSpot paid employees $528M in stock in 2025, 17% of its $3.1B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
HubSpot made a profit per share in its latest year after a loss the year before.
Operating margin at a 6-year high. 0.2% in 2025, the best of the last 6 years.
HubSpot kept 0.2% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 78% of peers on free cash flow, but only 28% on operating cash profit (EBITDA).Cheaper than 78% of peers on free cash flow, but only 28% on operating cash profit.
Relative to its free cash flow, HubSpot looks cheaper than 78% of peers; relative to its operating cash profit (EBITDA), cheaper than only 28%. The valuation score blends the two, so look at which measure fits this business best.Relative to its free cash flow, HubSpot looks cheaper than 78% of peers; relative to its operating cash profit, cheaper than only 28%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

57/ 100

Oct 5 59 → Nov 4 57 (-2)

Valuation

Is the price right?

41/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Share count down 2.6%

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 40 → 41

Share price -9.8%+2
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ FCF yield
▼ EBITDA yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.3%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.42Sector median: 0.0225 · MAD: 0.0225

EBITDA yield1.5%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.75Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield7.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 1.58Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield14.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

90/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.6%

Why

Stronger than most peers on:

▲ EPS growth
▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 3.96Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth21.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.05Sector median: 0.0483 · MAD: 0.0793

Revenue growth21.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.24Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

56/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ ROIC
▲ ROA
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin3.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.35Sector median: 0.0631 · MAD: 0.0710

Return on assets4.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.35Sector median: 0.0293 · MAD: 0.0362

Return on invested capital14.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.94Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin83.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity8.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Debt / equity
▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.24

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.98Sector median: 0.8710 · MAD: 0.3700

Current ratio1.38×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.66Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.14×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.47Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about HubSpot

Is HubSpot getting weaker?: Its latest SEC filing (Aug 5, 2026) got stronger: share count down 2.6%. Its overall score is unchanged at 57/100 since Oct 28, 2026.
How is HubSpot valued vs its peers?: Priced about in line with its peers. Valuation scores 41/100 against 1,711 technology peers. Free cash flow yield 7.1% vs a peer median of 2.7% (stronger than 78% of peers).Free cash flow yield 7.1% vs peers 2.7% (stronger than 78% of peers). EBITDA yield 1.5% vs a peer median of 4.2% (weaker than 72% of peers).EBITDA yield 1.5% vs peers 4.2% (weaker than 72% of peers).
Is HubSpot growing?: Yes, faster than most of its peers. Growth scores 90/100 against 1,711 technology peers. 3-year revenue growth 21.1% vs a peer median of 4.8% (stronger than 88% of peers).3-year revenue growth 21.1% vs peers 4.8% (stronger than 88% of peers).
How profitable is HubSpot?: About as profitable as its peers. Profitability scores 56/100 against 1,711 technology peers. Return on invested capital 14.8% vs a peer median of 6.8% (stronger than 71% of peers).Return on invested capital 14.8% vs peers 6.8% (stronger than 71% of peers). Operating margin 3.8% vs a peer median of 6.3% (weaker than 61% of peers).Operating margin 3.8% vs peers 6.3% (weaker than 61% of peers).
How risky is HubSpot?: Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.14× vs a peer median of 0.25× (stronger than 62% of peers).Debt / equity 0.14× vs peers 0.25× (stronger than 62% of peers). Beta 1.24 vs a peer median of 0.87 (weaker than 72% of peers).Beta 1.24 vs peers 0.87 (weaker than 72% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Share count down 2.6%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.3B USD	3.4B USD	+4.6%
Net income (12 months)	100.3M USD	146.9M USD	+46.5%
Operating margin	1.9%	3.8%	+1.9 pts
Free cash flow (12 months)	742.7M USD	797.5M USD	+7.4%
Cash	943.9M USD	958.3M USD	+1.5%
Shares outstanding	51.2M	49.9M	−2.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Application · 81 companies

Valuations in Software - Application are near the bottom of their range since 2016.

6% of months since 2016 were valued lower than now.
8% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −16% and earnings +31% (medians): earnings grew faster than prices.
Median price-to-sales is +85% vs the whole market, against a usual +235%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	80.1%	82.2%	84.4%	85.0%	83.8%	▼ 1.3 pts
Operating margin	-4.2%	-5.9%	-9.3%	-2.6%	0.2%	▲ 2.8 pts
Net margin	-6.0%	-6.2%	-7.6%	0.2%	1.5%	▲ 1.3 pts
Return on assets (ROA)	-3.6%	-4.2%	-5.4%	0.1%	1.2%	▲ 1.1 pts
Return on equity (ROE)	-8.9%	-10.8%	-12.3%	0.2%	2.2%	▲ 2.0 pts
Free cash flow margin	16.1%	13.6%	14.6%	21.3%	22.6%	▲ 1.3 pts
Current ratio	2.35×	2.33×	1.99×	1.67×	1.67×	▼ 0.3%
Interest coverage	-1.81×	-27.34×	-52.86×	-18.17×	8.42×	▲ 146%

HUBS price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: its share price swings more than most peers’ (beta 1.24 vs a peer median of 0.87)bigger price swings (beta 1.24 vs peers 0.87)

Drawback: less short-term liquidity (current ratio 1.38 vs a peer median of 1.83)less liquidity (current ratio 1.38 vs peers 1.83)

About average: profitability, valuation and risk (debt, liquidity and share-price swings)profitability, valuation and risk

Ranks #587 of 1,612 technology companies (top 37%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 17% of revenue in 2025.

HubSpot paid employees $528M in stock in 2025, 17% of its $3.1B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

HubSpot made a profit per share in its latest year after a loss the year before.

Operating margin at a 6-year high. 0.2% in 2025, the best of the last 6 years.

HubSpot kept 0.2% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Valuation signals disagree. Cheaper than 78% of peers on free cash flow, but only 28% on operating cash profit (EBITDA).Cheaper than 78% of peers on free cash flow, but only 28% on operating cash profit.

Relative to its free cash flow, HubSpot looks cheaper than 78% of peers; relative to its operating cash profit (EBITDA), cheaper than only 28%. The valuation score blends the two, so look at which measure fits this business best.Relative to its free cash flow, HubSpot looks cheaper than 78% of peers; relative to its operating cash profit, cheaper than only 28%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about HubSpot

Is HubSpot getting weaker?

Its latest SEC filing (Aug 5, 2026) got stronger: share count down 2.6%. Its overall score is unchanged at 57/100 since Oct 28, 2026.

How is HubSpot valued vs its peers?

Priced about in line with its peers. Valuation scores 41/100 against 1,711 technology peers. Free cash flow yield 7.1% vs a peer median of 2.7% (stronger than 78% of peers).Free cash flow yield 7.1% vs peers 2.7% (stronger than 78% of peers). EBITDA yield 1.5% vs a peer median of 4.2% (weaker than 72% of peers).EBITDA yield 1.5% vs peers 4.2% (weaker than 72% of peers).

Is HubSpot growing?

Yes, faster than most of its peers. Growth scores 90/100 against 1,711 technology peers. 3-year revenue growth 21.1% vs a peer median of 4.8% (stronger than 88% of peers).3-year revenue growth 21.1% vs peers 4.8% (stronger than 88% of peers).

How profitable is HubSpot?

About as profitable as its peers. Profitability scores 56/100 against 1,711 technology peers. Return on invested capital 14.8% vs a peer median of 6.8% (stronger than 71% of peers).Return on invested capital 14.8% vs peers 6.8% (stronger than 71% of peers). Operating margin 3.8% vs a peer median of 6.3% (weaker than 61% of peers).Operating margin 3.8% vs peers 6.3% (weaker than 61% of peers).

How risky is HubSpot?

Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.14× vs a peer median of 0.25× (stronger than 62% of peers).Debt / equity 0.14× vs peers 0.25× (stronger than 62% of peers). Beta 1.24 vs a peer median of 0.87 (weaker than 72% of peers).Beta 1.24 vs peers 0.87 (weaker than 72% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.3B USD

3.4B USD

+4.6%

Net income (12 months)

100.3M USD

146.9M USD

+46.5%

Operating margin

1.9%

3.8%

+1.9 pts

Free cash flow (12 months)

742.7M USD

797.5M USD

+7.4%

Cash

943.9M USD

958.3M USD

+1.5%

Shares outstanding

51.2M

49.9M

−2.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

80.1%

82.2%

84.4%

85.0%

83.8%

▼ 1.3 pts

Operating margin

-4.2%

-5.9%

-9.3%

-2.6%

0.2%

▲ 2.8 pts

Net margin

-6.0%

-6.2%

-7.6%

0.2%

1.5%

▲ 1.3 pts

Return on assets (ROA)

-3.6%

-4.2%

-5.4%

0.1%

1.2%

▲ 1.1 pts

Return on equity (ROE)

-8.9%

-10.8%

-12.3%

0.2%

2.2%

▲ 2.0 pts

Free cash flow margin

16.1%

13.6%

14.6%

21.3%

22.6%

▲ 1.3 pts

Current ratio

2.35×

2.33×

1.99×

1.67×

▼ 0.3%

Interest coverage

-1.81×

-27.34×

-52.86×

-18.17×

8.42×

▲ 146%