HubSpot (HUBS)
Market Price (11/5/2026): $194.0 | Market Cap: $9.7 BilSector: Information Technology | Industry: Application Software
HubSpot (HUBS)
Market Price (11/5/2026): $194.0Market Cap: $9.7 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% Attractive yieldFCF Yield is 6.0% Stock buyback supportStock Buyback 3Y Total is 1.2 Bil Megatrend and thematic driversMegatrends include Cloud Computing, Artificial Intelligence, and E-commerce & Digital Retail. Themes include Software as a Service (SaaS), Show more. | Weak multi-year price returns2Y Excs Rtn is -92%, 3Y Excs Rtn is -130% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 75x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8% Key risksHUBS key risks include [1] intense competition from both large enterprise companies and specialized providers that could pressure pricing and market share, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Attractive yieldFCF Yield is 6.0% |
| Stock buyback supportStock Buyback 3Y Total is 1.2 Bil |
| Megatrend and thematic driversMegatrends include Cloud Computing, Artificial Intelligence, and E-commerce & Digital Retail. Themes include Software as a Service (SaaS), Show more. |
| Weak multi-year price returns2Y Excs Rtn is -92%, 3Y Excs Rtn is -130% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 75x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8% |
| Key risksHUBS key risks include [1] intense competition from both large enterprise companies and specialized providers that could pressure pricing and market share, Show more. |
Qualitative Assessment
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HubSpot (HUBS) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Weak Fiscal Q4 2026 Revenue Guidance. HubSpot's projected revenue for fiscal Q4 2026, set between $945.0 million and $947.0 million, implies a year-over-year growth of just 12%, a notable deceleration compared to the 17% growth achieved in fiscal Q3 2026. This guidance fell short of analysts' consensus estimates of $964.9 million for the quarter.
2. Intensifying Market Headwinds and Softening Demand. Management indicated that macroeconomic headwinds, characterized by increased customer budget sensitivity and longer buying cycles, became more pronounced in fiscal Q3 2026 and are anticipated to persist into fiscal Q4 2026 and even into 2027. This environment contributed to a decline in net revenue retention to 101% in fiscal Q3 2026, a one-point decrease quarter-over-quarter, and an expectation for net new annual recurring revenue (ARR) to decline year-over-year in fiscal 2026.
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HubSpot (HUBS) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Weak Fiscal Q4 2026 Revenue Guidance. HubSpot's projected revenue for fiscal Q4 2026, set between $945.0 million and $947.0 million, implies a year-over-year growth of just 12%, a notable deceleration compared to the 17% growth achieved in fiscal Q3 2026. This guidance fell short of analysts' consensus estimates of $964.9 million for the quarter.
2. Intensifying Market Headwinds and Softening Demand. Management indicated that macroeconomic headwinds, characterized by increased customer budget sensitivity and longer buying cycles, became more pronounced in fiscal Q3 2026 and are anticipated to persist into fiscal Q4 2026 and even into 2027. This environment contributed to a decline in net revenue retention to 101% in fiscal Q3 2026, a one-point decrease quarter-over-quarter, and an expectation for net new annual recurring revenue (ARR) to decline year-over-year in fiscal 2026.
3. Multiple Analyst Downgrades. Several analyst firms downgraded HubSpot's stock rating within the period. Barclays downgraded the stock from Overweight to Equal-Weight on October 12, 2026. JPMorgan also downgraded HubSpot from Overweight to Neutral on October 8, 2026. Additionally, Raymond James lowered its rating from Outperform to Market Perform on October 5, 2026. More recently, KeyBanc downgraded to Sector Weight from Overweight, and Cantor Fitzgerald moved to Underweight from Neutral while lowering its price target to $170 from $265, both on November 5, 2026.
4. Restructuring and AI Transition Costs. HubSpot announced an organizational restructuring in October 2026, aimed at flattening the structure and creating agile teams. This initiative is projected to incur a $60 million to $70 million severance charge in fiscal Q4 2026. The company is also retooling its pricing and go-to-market approach for the "AI era," which introduces near-term costs and uncertainty impacting investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -8.7% change in HUBS stock from 7/31/2026 to 11/4/2026 was primarily driven by a -40.0% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 237.36 | 216.64 | -8.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,298 | 3,449 | 4.6% |
| Net Income Margin (%) | 3.0% | 4.3% | 40.1% |
| P/E Multiple | 124.3 | 74.6 | -40.0% |
| Shares Outstanding (Mil) | 52 | 51 | 3.8% |
| Cumulative Contribution | -8.7% |
Market Drivers
7/31/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| HUBS | -8.7% | |
| Market (SPY) | 2.6% | 8.8% |
| Sector (XLK) | 0.7% | -1.4% |
Fundamental Drivers
The -2.3% change in HUBS stock from 4/30/2026 to 11/4/2026 was primarily driven by a -70.6% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 221.76 | 216.64 | -2.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,131 | 3,449 | 10.1% |
| Net Income Margin (%) | 1.5% | 4.3% | 190.4% |
| P/E Multiple | 253.4 | 74.6 | -70.6% |
| Shares Outstanding (Mil) | 52 | 51 | 3.7% |
| Cumulative Contribution | -2.3% |
Market Drivers
4/30/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| HUBS | -2.3% | |
| Market (SPY) | 7.0% | -3.3% |
| Sector (XLK) | 10.8% | -14.0% |
Fundamental Drivers
The -56.0% change in HUBS stock from 10/31/2025 to 11/4/2026 was primarily driven by a -65.1% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 491.92 | 216.64 | -56.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,848 | 3,449 | 21.1% |
| P/S Multiple | 9.1 | 3.2 | -65.1% |
| Shares Outstanding (Mil) | 53 | 51 | 4.2% |
| Cumulative Contribution | -56.0% |
Market Drivers
10/31/2025 to 11/4/2026| Return | Correlation | |
|---|---|---|
| HUBS | -56.0% | |
| Market (SPY) | 13.4% | 6.8% |
| Sector (XLK) | 17.9% | 0.5% |
Fundamental Drivers
The -48.9% change in HUBS stock from 10/31/2023 to 11/4/2026 was primarily driven by a -70.7% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 423.77 | 216.64 | -48.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,944 | 3,449 | 77.4% |
| P/S Multiple | 10.8 | 3.2 | -70.7% |
| Shares Outstanding (Mil) | 50 | 51 | -1.7% |
| Cumulative Contribution | -48.9% |
Market Drivers
10/31/2023 to 11/4/2026| Return | Correlation | |
|---|---|---|
| HUBS | -48.9% | |
| Market (SPY) | 89.7% | 31.0% |
| Sector (XLK) | 119.1% | 25.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HUBS Return | 66% | -56% | 101% | 20% | -42% | -46% | -45% |
| Peers Return | 24% | -26% | 39% | 59% | -11% | -14% | 53% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| HUBS Win Rate | 50% | 42% | 67% | 67% | 33% | 27% | |
| Peers Win Rate | 65% | 35% | 57% | 57% | 38% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| HUBS Max Drawdown | -24% | -61% | -29% | -34% | -57% | -58% | |
| Peers Max Drawdown | -17% | -38% | -16% | -36% | -36% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, IBM, CRM, ADBE, BMR. See HUBS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/4/2026 (YTD)
How Low Can It Go
| Event | HUBS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.4% | -9.5% |
| % Gain to Breakeven | 34.1% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.9% | -24.5% |
| % Gain to Breakeven | 137.3% | 32.4% |
| Time to Breakeven | 472 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.3% | -33.7% |
| % Gain to Breakeven | 89.6% | 50.9% |
| Time to Breakeven | 72 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.7% | -19.2% |
| % Gain to Breakeven | 31.1% | 23.8% |
| Time to Breakeven | 25 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -19.4% | -3.7% |
| % Gain to Breakeven | 24.0% | 3.9% |
| Time to Breakeven | 48 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -42.5% | -12.2% |
| % Gain to Breakeven | 73.9% | 13.9% |
| Time to Breakeven | 113 days | 62 days |
In The Past
HubSpot's stock fell -8.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 9.4% gain to breakeven.
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Asset Allocation
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| Event | HUBS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.4% | -9.5% |
| % Gain to Breakeven | 34.1% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.9% | -24.5% |
| % Gain to Breakeven | 137.3% | 32.4% |
| Time to Breakeven | 472 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.3% | -33.7% |
| % Gain to Breakeven | 89.6% | 50.9% |
| Time to Breakeven | 72 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.7% | -19.2% |
| % Gain to Breakeven | 31.1% | 23.8% |
| Time to Breakeven | 25 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -42.5% | -12.2% |
| % Gain to Breakeven | 73.9% | 13.9% |
| Time to Breakeven | 113 days | 62 days |
In The Past
HubSpot's stock fell -8.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 9.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About HubSpot (HUBS)
HubSpot, Inc. (HUBS) is a technology company that offers a comprehensive, cloud-based Customer Relationship Management (CRM) platform. This platform is designed to help businesses efficiently manage and optimize their interactions across various customer touchpoints, streamlining operations from lead generation to customer support.
The core of HubSpot's offering is its integrated suite of systems covering marketing, sales, service, and content management. Within this platform, customers gain access to a broad range of specialized applications including tools for search engine optimization (SEO), blogging, website content management, chatbots, social media engagement, marketing automation, email campaigns, and predictive lead scoring. It also provides sales productivity features, a knowledge base, commerce capabilities, ticketing, helpdesk tools, and robust analytics and reporting. Complementing its software, HubSpot also provides professional services for training and ongoing support via phone, email, and chat.
HubSpot primarily serves mid-market business-to-business (B2B) companies. Its market reach is global, with operations and customers located across the Americas, Europe, and the Asia Pacific regions. The company's platform enables these businesses to grow and manage their customer relationships effectively.
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- Salesforce for integrated marketing, sales, and customer service.
- The Shopify for business customer management and growth.
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- HubSpot CRM Platform: A comprehensive cloud-based platform that integrates various business functions to manage customer relationships effectively.
- Marketing System: Provides tools for inbound marketing, including SEO, blogging, social media, email marketing, and automation to attract and engage customers.
- Sales System: Offers functionalities for sales productivity, lead scoring, and commerce to help businesses manage their sales pipeline and close deals.
- Service System: Delivers tools such as chatbots, ticketing, knowledge base, and customer surveys to support and satisfy customers.
- Content Management System (CMS): Enables businesses to manage their website content, blogging, and other digital assets within the CRM platform.
- Professional Services: Offers education and training to customers, empowering them to maximize the utility of the HubSpot CRM platform.
- Support Services: Provides customer assistance through multiple channels, including phone, email, and chat, for operational help and troubleshooting.
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HubSpot (HUBS) sells its cloud-based CRM platform and related services primarily to other companies, operating on a business-to-business (B2B) model. According to the company description, it serves "mid-market business-to-business companies" across various industries globally.
Due to the nature of its Software-as-a-Service (SaaS) business model, HubSpot has a highly diversified customer base consisting of tens of thousands of small to mid-sized businesses. As such, no single customer or small group of customers accounts for a material portion of HubSpot's revenue. Therefore, HubSpot does not publicly disclose specific "major customers" by name, as is common for companies with a fragmented customer base rather than a few large enterprise clients.
Instead of specific named companies, HubSpot's customer base can be broadly characterized by:
- Mid-Market Businesses: Companies generally ranging from 20 to 2,000 employees.
- Diverse Industries: Customers come from a wide array of sectors, including software, services, manufacturing, media, and more.
- Growth-Oriented Companies: Businesses looking to grow their customer base, streamline operations, and improve customer experience through integrated marketing, sales, service, and content management tools.
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- Amazon (AMZN)
- Alphabet (GOOGL)
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Yamini Rangan, Chief Executive Officer
Yamini Rangan is the CEO of HubSpot, appointed in September 2021, after serving as the company's first-ever Chief Customer Officer from January 2020. She has over 25 years of experience in the tech industry, spanning product marketing, sales, and strategy. Before joining HubSpot, Rangan was Chief Customer Officer at Dropbox and served as VP of Sales Strategy and Operations at Workday, where she helped quadruple revenue and scale the sales organization. Earlier in her career, she held customer-facing leadership roles at SAP. Rangan holds a bachelor's degree in electronics engineering, a master's in computer engineering, and an MBA from the Haas School of Business at the University of California, Berkeley.
Kate Bueker, Chief Financial Officer
Kate Bueker serves as the Chief Financial Officer at HubSpot, overseeing the company's financial strategy and operations. She joined HubSpot in June 2018. Prior to HubSpot, Bueker spent over a decade at Akamai Technologies in finance and business development leadership roles, most recently as Senior Vice President of Business Finance & Operations. Her career also includes nearly 10 years in investment banking at firms such as The Blackstone Group, UBS, Credit Suisse, and Donaldson, Lufkin & Jenrette. She holds a Bachelor of Arts in Mathematics from Cornell University and an MBA from the Massachusetts Institute of Technology.
Dharmesh Shah, Co-Founder and Chief Technology Officer
Dharmesh Shah is the co-founder and Chief Technology Officer (CTO) of HubSpot, which he co-founded in 2006. Before HubSpot, Shah was the founder and CEO of Pyramid Digital Solutions, which was acquired by SunGard Data Systems in 2005. He is also the founder of OnStartups.com, a prominent startup blog and community. Shah is an active angel investor in over 60 startups and co-authored "Inbound Marketing: Get Found Using Google, Social Media and Blogs." He holds a BS in Computer Science from UAB and an MS in the Management of Technology from MIT.
Andy Pitre, Executive Vice President of Product
Andy Pitre is the Executive Vice President of Product at HubSpot, where he leads product strategy and helps build tools for businesses. He joined HubSpot in 2009 and has held various key positions within the product team, including GM, SVP of Product, and Director of Product. Pitre was part of the original team that built HubSpot CRM and played instrumental roles in launching Sales, Service, and Operations Hub. Before HubSpot, he worked in marketing and sales and also founded two small businesses, which influenced his approach to product strategy. He holds a Bachelor's degree in Anthropology from the University of Connecticut.
Alison Elworthy, Chief of Staff to the CEO and Executive Vice President of Central Strategy
Alison Elworthy serves as Chief of Staff to the CEO and Executive Vice President of Central Strategy at HubSpot, where she collaborates with the executive team to define and communicate the company's strategy. Over the past decade, prior to her current role, Elworthy led various functions at HubSpot, including EVP of Revenue Operations, SVP of Customer Success, and VP of Operations, contributing to the company's scaling efforts. She also serves on the board of directors at Varicent and the Posse Foundation. Elworthy holds a BS in human factors engineering from Tufts University and an MBA from the Tuck School of Business at Dartmouth.
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Here are the key risks to HubSpot's business:
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Intensifying Competition
HubSpot operates in a highly competitive market for CRM and marketing automation platforms. The company faces significant competition from large, established players such as Salesforce, Microsoft, and Adobe, especially when vying for enterprise-level deals and offering advanced marketing capabilities. Additionally, more cost-effective challengers like Zoho and Freshworks exert pricing pressure, particularly in the small and medium-sized business (SMB) segments that HubSpot traditionally targets. This competitive landscape necessitates continuous innovation and differentiation to maintain market share and pricing power.
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Data Security, Privacy, and Compliance
As a cloud-based platform handling vast amounts of sensitive customer data, HubSpot faces substantial risks related to data security vulnerabilities, potential breaches, and the need to comply with an evolving global patchwork of data protection regulations such as GDPR and CCPA. The platform's open architecture and extensive integration capabilities, while beneficial for functionality, can also expand the attack surface for cyber threats and introduce vulnerabilities through third-party tools if not meticulously vetted and secured. Failure to adequately protect data or comply with regulations can lead to severe financial penalties, legal repercussions, and a significant loss of customer trust and brand reputation.
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Impact of AI Disruption and Adoption
The rapid advancement and integration of artificial intelligence (AI) present both opportunities and significant disruption risks to HubSpot's core business model. There are concerns that AI could automate many functions currently performed by HubSpot's marketing tools, particularly impacting its offerings for smaller businesses. While HubSpot is actively incorporating AI into its platform, the uncertainty surrounding the long-term impact of AI, and the company's ability to effectively pivot from managing disruption to leveraging AI for sustained growth, remains a key challenge. Furthermore, the regulatory landscape for AI and sensitive data is still evolving, adding another layer of complexity and potential compliance risks.
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HubSpot (symbol: HUBS) operates in several significant addressable markets for its main products and services:
- Total Addressable Market (TAM): HubSpot's total addressable market is estimated at $45 billion. This market size is for their targeted segment of small and mid-sized organizations (ranging from 20 to 2,000 employees) across sales, marketing, and customer service software.
- Global CRM Software Market: The global CRM software market surpassed $80 billion in 2025 and is projected to reach $130 billion or more by 2030. Another estimate indicates the global CRM market grew to $80 billion in 2024 and is expected to reach $106.1 billion by 2029.
- Global Marketing Automation Software Market: The global marketing automation software market size was valued at USD 7.23 billion in 2025 and is projected to grow from $8.14 billion in 2026 to $20.12 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 12.00%. North America held the largest revenue share in the global marketing automation market in 2024, at 43.6%.
- Global Sales Software Market: The sales software market was valued at USD 35.9 billion in 2026 and is projected to reach USD 71.83 billion by 2031, growing at a CAGR of 14.86%.
- Global Customer Service Software Market: The global customer service software market was valued at USD 22.90 billion in 2025 and is projected to grow to USD 36.77 billion by 2032, at a CAGR of 7.00%.
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Here are 3-5 expected drivers of future revenue growth for HubSpot (HUBS) over the next 2-3 years:
- AI-Driven Product Innovation and Adoption: HubSpot's "AI-first strategy" and the continued development and integration of its Breeze AI platform across its CRM hubs are significant growth drivers. The company is launching numerous AI features and agents (such as Copilot, Customer Agent, and Prospecting Agent) to enhance efficiency, personalization, and customer engagement across marketing, sales, and service functions. This is expected to drive increased product adoption and expand usage.
- Multi-Hub Adoption and Platform Consolidation: A key strategy for HubSpot is to encourage both new and existing customers to adopt multiple "hubs" (Marketing, Sales, Service, Content, Operations, and Commerce). This focus on cross-selling and platform consolidation leads to increased average subscription revenue per customer (ASRPC) and improved net revenue retention, as customers utilize more of HubSpot's integrated offerings.
- Upmarket Expansion: HubSpot is actively pursuing larger businesses, expanding its reach into the upmarket segment. This involves attracting customers with higher seat counts and larger monthly recurring revenue (MRR) deals, supported by the introduction of enterprise-tier features, advanced controls, and dedicated sales teams. This strategic shift aims to capture a significant growth opportunity.
- International Expansion: International markets represent a substantial and growing portion of HubSpot's total revenue, currently accounting for nearly half. The company continues to invest in global expansion, including new regional data centers and localized infrastructure, to further penetrate these markets and diversify its revenue streams.
- New Customer Acquisition and Seat-Based Pricing Model: HubSpot consistently adds thousands of new customers each quarter, contributing to its overall revenue growth. The company's seat-based pricing model is designed to facilitate easier onboarding for new clients and encourage broader adoption and increased usage over time, driving further customer acquisition and expansion within those accounts.
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Share Repurchases
- HubSpot authorized a $1.0 billion share repurchase program on February 7, 2026, to be executed over a period of up to 24 months.
- On May 6, 2025, the Board of Directors authorized a share repurchase program of up to $500 million over the subsequent 12 months.
- The company repurchased $500.019 million of common stock during the full year 2025.
Share Issuance
- HubSpot reported proceeds of $71.394 million related to the issuance of common stock under stock plans for the full year 2025.
- For the nine months ended September 30, 2025, proceeds from common stock issuance under stock plans were $62.717 million.
- Weighted average basic shares outstanding increased from 50 million in 2023 to 53 million in 2025.
Outbound Investments
- Purchases of strategic investments, which consist of non-controlling equity investments in privately held companies, amounted to $27.747 million for the nine months ended September 30, 2025. These purchases were $11.566 million for the same period in 2024.
- Business acquisitions, net of cash acquired, totaled $71.471 million for the nine months ended September 30, 2025.
- In 2024, net cash used in investing activities included strategic acquisitions like Frame AI.
Capital Expenditures
- Capital expenditures were approximately $53.17 million in 2025 and $37.94 million in 2024.
- Expected capital expenditures as a percentage of revenue were approximately 5% for the full year 2025.
- The primary focus of capital expenditures includes technology infrastructure and AI capabilities.
Peer Outperformance in Application Software
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| HUBS | HubSpot | 21.1% | 74.6x | -54.1% | -48.8% | -73.6% | — |
| FROG | JFrog | 24.3% | -238.6x | 85.4% | 221.8% | 143.6% | +217pp |
| FICO | Fair Isaac | 17.7% | 19.5x | -56.4% | -24.7% | 83.1% | +157pp |
| APPF | AppFolio | 24.0% | 49.4x | -9.1% | 19.6% | 73.3% | +147pp |
| INTA | Intapp | 17.2% | -122.1x | 21.6% | 28.1% | 51.2% | +125pp |
| YOU | Clear Secure | 23.2% | 34.6x | 95.6% | 263.6% | 46.6% | +120pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 17.2% | 109.4% | 187.6% | FLEX 488% · TTMI 419% · JBL 311% |
| Technology Distributors | 9 | 52.3% | 67.5% | 72.9% | AVT 148% · SNX 123% · CNXN 99% |
| Electronic Components | 24 | 16.4% | 69.6% | 35.2% | CLS 2134% · BELFA 1016% · APH 318% |
| Communications Equipment | 36 | 8.7% | 75.7% | 31.6% | LITE 609% · AAOI 586% · ANET 445% |
| Semiconductor Materials & Equipment | 28 | 42.7% | 55.4% | 31.5% | AXTI 418% · LRCX 289% · KLAC 284% |
| Electronic Equipment & Instruments | 27 | -2.2% | 28.0% | 4.3% | PI 130% · OSIS 116% · CXT 71% |
| Semiconductors | 55 | 2.3% | 45.5% | 1.3% | MU 1027% · NVDA 575% · AVGO 548% |
| Technology Hardware, Storage & Peripherals | 21 | 7.9% | 85.9% | -14.2% | WDC 691% · DELL 652% · STX 574% |
| Internet Services & Infrastructure | 6 | 3.5% | 45.5% | -20.9% | GDDY 58% · VRSN 40% · DOCN -20% |
| IT Consulting & Other Services | 30 | -18.2% | 1.2% | -26.5% | APLD 303% · IBM 155% · GIB -8% |
| Application Software ← | 126 | -9.9% | -6.3% | -50.0% | PLTR 549% · AGYS 157% · FROG 144% |
| Systems Software | 70 | -8.4% | 24.1% | -51.9% | ZETA 255% · CRWD 245% · CVLT 146% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 238.19 |
| Mkt Cap | 186.7 |
| Rev LTM | 43,938 |
| Op Inc LTM | 9,455 |
| FCF LTM | 14,018 |
| FCF 3Y Avg | 12,587 |
| CFO LTM | 15,750 |
| CFO 3Y Avg | 13,664 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.0% |
| Rev Chg 3Y Avg | 11.2% |
| Rev Chg Q | 12.9% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 12.8% |
| Op Inc Chg 3Y Avg | 20.2% |
| Op Mgn LTM | 21.5% |
| Op Mgn 3Y Avg | 20.6% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 35.8% |
| CFO/Rev 3Y Avg | 34.1% |
| FCF/Rev LTM | 20.1% |
| FCF/Rev 3Y Avg | 24.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 186.7 |
| P/S | 3.8 |
| P/Op Inc | 19.7 |
| P/EBIT | 19.4 |
| P/E | 21.6 |
| P/CFO | 11.9 |
| Total Yield | 6.0% |
| Dividend Yield | 0.7% |
| FCF Yield 3Y Avg | 5.7% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.6% |
| 3M Rtn | 2.5% |
| 6M Rtn | 7.1% |
| 12M Rtn | -19.4% |
| 3Y Rtn | 0.8% |
| 1M Excs Rtn | 6.0% |
| 3M Excs Rtn | 4.7% |
| 6M Excs Rtn | 4.3% |
| 12M Excs Rtn | -30.7% |
| 3Y Excs Rtn | -80.8% |
Comparison Analyses
Price Behavior
| Market Price | $216.64 | |
| Market Cap ($ Bil) | 11.0 | |
| First Trading Date | 10/09/2014 | |
| Distance from 52W High | -54.1% | |
| 50 Days | 200 Days | |
| DMA Price | $233.71 | $230.30 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -7.3% | -5.9% |
| 3M | 1YR | |
| Volatility | 67.7% | 74.5% |
| Downside Capture | 45.47 | 171.22 |
| Upside Capture | 124.25 | 56.74 |
| Correlation (S&P 500) | 7.2% | 7.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.44 | -0.02 | 0.93 | -0.16 | 0.45 | 1.12 |
| Up Beta | -14.49 | -3.32 | -0.10 | -2.68 | -0.99 | 0.98 |
| Down Beta | -0.56 | -0.76 | -1.70 | -0.22 | -0.29 | 1.07 |
| Up Capture | 157% | 33% | 197% | 43% | 59% | 94% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 16 | 30 | 58 | 124 | 385 |
| Down Capture | -70% | 112% | 186% | 65% | 141% | 109% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 27 | 34 | 68 | 127 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HUBS | |
|---|---|---|---|---|
| HUBS | -56.3% | 74.5% | -0.79 | - |
| Sector ETF (XLK) | 17.5% | 27.3% | 0.56 | 0.5% |
| Equity (SPY) | 13.2% | 12.9% | 0.68 | 6.8% |
| Gold (GLD) | 1.0% | 28.8% | 0.03 | -11.4% |
| Commodities (DBC) | 35.9% | 21.2% | 1.34 | -8.0% |
| Real Estate (VNQ) | 14.3% | 14.1% | 0.70 | 4.1% |
| Bitcoin (BTCUSD) | -28.2% | 43.4% | -0.65 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HUBS | |
|---|---|---|---|---|
| HUBS | -23.2% | 57.7% | -0.23 | - |
| Sector ETF (XLK) | 18.1% | 26.2% | 0.62 | 44.3% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 47.7% |
| Gold (GLD) | 17.3% | 19.1% | 0.73 | 0.1% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 4.2% |
| Real Estate (VNQ) | 1.8% | 18.9% | -0.01 | 34.1% |
| Bitcoin (BTCUSD) | 5.5% | 51.5% | 0.29 | 29.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HUBS | |
|---|---|---|---|---|
| HUBS | 15.0% | 52.4% | 0.47 | - |
| Sector ETF (XLK) | 23.4% | 25.2% | 0.85 | 51.8% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 51.3% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 2.5% |
| Commodities (DBC) | 7.4% | 18.1% | 0.33 | 11.3% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 36.0% |
| Bitcoin (BTCUSD) | 61.0% | 66.2% | 1.01 | 20.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | 0.0% | ||
| 8/5/2026 | -19.1% | -16.0% | 2.0% |
| 5/7/2026 | -19.0% | -24.7% | -14.6% |
| 2/11/2026 | 9.4% | 14.4% | 26.3% |
| 11/5/2025 | -15.0% | -15.1% | -17.1% |
| 8/6/2025 | -6.2% | -11.1% | -1.0% |
| 5/8/2025 | -8.7% | 0.6% | -8.2% |
| 2/12/2025 | 4.4% | -4.8% | -22.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 13 |
| # Negative | 10 | 11 | 11 |
| Median Positive | 5.7% | 6.7% | 13.5% |
| Median Negative | -7.5% | -9.2% | -8.2% |
| Max Positive | 16.4% | 25.9% | 26.3% |
| Max Negative | -19.1% | -24.7% | -27.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | 0.0% | ||
| 8/5/2026 | -19.1% | -16.0% | 2.0% |
| 5/7/2026 | -19.0% | -24.7% | -14.6% |
| 2/11/2026 | 9.4% | 14.4% | 26.3% |
| 11/5/2025 | -15.0% | -15.1% | -17.1% |
| 8/6/2025 | -6.2% | -11.1% | -1.0% |
| 5/8/2025 | -8.7% | 0.6% | -8.2% |
| 2/12/2025 | 4.4% | -4.8% | -22.4% |
| 11/6/2024 | 7.8% | 17.1% | 24.1% |
| 8/7/2024 | 3.4% | 5.1% | 7.8% |
| 5/8/2024 | -0.5% | 4.1% | 1.1% |
| 2/14/2024 | -3.3% | -4.7% | -4.5% |
| 11/8/2023 | -6.1% | 5.9% | 13.5% |
| 8/2/2023 | -11.4% | -11.8% | -1.2% |
| 5/3/2023 | 7.4% | 10.0% | 25.4% |
| 2/16/2023 | 11.8% | 6.7% | 7.7% |
| 11/2/2022 | 5.7% | -1.6% | 15.3% |
| 8/4/2022 | 4.9% | 8.1% | -11.3% |
| 5/5/2022 | 4.4% | -9.2% | 4.2% |
| 2/10/2022 | 2.0% | -5.0% | -27.8% |
| 11/3/2021 | 5.5% | 3.9% | -4.1% |
| 8/4/2021 | 11.9% | 11.0% | 16.0% |
| 5/5/2021 | -2.4% | -2.9% | -2.5% |
| 2/11/2021 | 16.4% | 25.9% | 10.5% |
| 11/5/2020 | 13.0% | 5.1% | 14.6% |
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 13 |
| # Negative | 10 | 11 | 11 |
| Median Positive | 5.7% | 6.7% | 13.5% |
| Median Negative | -7.5% | -9.2% | -8.2% |
| Max Positive | 16.4% | 25.9% | 26.3% |
| Max Negative | -19.1% | -24.7% | -27.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/14/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/16/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/12/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Insider Activity
Updated 11/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Halligan, Brian | See footnote | Sell | 10212026 | 239.57 | 8,500 | 2,036,345 | 14,254,415 | Form | |
| 2 | Halligan, Brian | See footnote | Sell | 9172026 | 245.64 | 8,500 | 2,087,940 | 16,703,520 | Form | |
| 3 | Halligan, Brian | See footnote | Sell | 8202026 | 219.50 | 8,500 | 1,865,750 | 16,791,750 | Form | |
| 4 | Dischler, Gerald | Direct | Buy | 8102026 | 215.93 | 925 | 199,735 | 418,904 | Form | |
| 5 | Fisher, Erika Ashley | Chief Legal Officer | Direct | Sell | 8062026 | 235.22 | 702 | 165,124 | 3,429,743 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Halligan, Brian | See footnote | Sell | 10212026 | 239.57 | 8,500 | 2,036,345 | 14,254,415 | Form | |
| 2 | Halligan, Brian | See footnote | Sell | 9172026 | 245.64 | 8,500 | 2,087,940 | 16,703,520 | Form | |
| 3 | Halligan, Brian | See footnote | Sell | 8202026 | 219.50 | 8,500 | 1,865,750 | 16,791,750 | Form | |
| 4 | Dischler, Gerald | Direct | Buy | 8102026 | 215.93 | 925 | 199,735 | 418,904 | Form | |
| 5 | Fisher, Erika Ashley | Chief Legal Officer | Direct | Sell | 8062026 | 235.22 | 702 | 165,124 | 3,429,743 | Form |
| 6 | Halligan, Brian | See footnote | Sell | 7222026 | 221.09 | 8,500 | 1,879,265 | 18,792,650 | Form | |
| 7 | Halligan, Brian | See footnote | Sell | 6182026 | 184.42 | 8,500 | 1,567,570 | 17,243,270 | Form | |
| 8 | Halligan, Brian | Direct | Sell | 5212026 | 220.00 | 8,500 | 1,870,000 | 77,770,000 | Form | |
| 9 | Shah, Dharmesh | Chief Technology Officer | Direct | Buy | 5122026 | 181.37 | 10,000 | 1,813,700 | 234,946,698 | Form |
| 10 | Rangan, Yamini | Chief Executive Officer & Pres | Direct | Buy | 5122026 | 189.84 | 2,750 | 522,060 | 19,550,103 | Form |
| 11 | Norrington, Lorrie M | Direct | Buy | 5122026 | 190.42 | 1,313 | 250,021 | 540,412 | Form | |
| 12 | Fisher, Erika Ashley | Chief Legal Officer | Direct | Sell | 5052026 | 236.66 | 915 | 216,544 | 3,850,458 | Form |
| 13 | Halligan, Brian | Direct | Sell | 4232026 | 230.72 | 8,292 | 1,913,130 | 83,520,640 | Form | |
| 14 | Halligan, Brian | Direct | Sell | 3192026 | 262.75 | 8,500 | 2,233,375 | 97,364,114 | Form | |
| 15 | Halligan, Brian | Direct | Sell | 2192026 | 253.00 | 8,261 | 2,090,033 | 121,735,504 | Form | |
| 16 | Fisher, Erika Ashley | Chief Legal Officer | Direct | Sell | 2052026 | 238.01 | 841 | 200,166 | 2,408,423 | Form |
| 17 | Fisher, Erika Ashley | Chief Legal Officer | Direct | Sell | 2052026 | 251.88 | 589 | 148,357 | 2,760,605 | Form |
| 18 | Halligan, Brian | Direct | Sell | 1222026 | 303.38 | 8,500 | 2,578,730 | 147,850,423 | Form | |
| 19 | Halligan, Brian | Direct | Sell | 12182025 | 366.99 | 8,500 | 3,119,415 | 182,140,073 | Form | |
| 20 | Halligan, Brian | Direct | Sell | 11202025 | 368.11 | 8,500 | 3,128,935 | 185,883,034 | Form | |
| 21 | Halligan, Brian | Direct | Sell | 11052025 | 493.30 | 235 | 115,926 | 253,292,778 | Form |
Investor Activity (13F)
Updated Nov 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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