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HubSpot, Inc.
NYSE: HUBS Technology IT 🔎 Screen
$12.5B
Market Cap
466.6
P/E
1.59
PEG
0.8%
ROCE
2.3%
ROE
0.11
D/E
0.2%
OPM
-54.7%
% from 52W High
20
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for HUBS including FX impact
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📈 Price History
Ratio Health
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About

HubSpot, Inc., together with its subsidiaries, provides a cloud-based customer relationship management (CRM) platform for businesses in the Americas, Europe, and the Asia Pacific.

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📈 Growth Pattern
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⭐ Superinvestors Holding HUBS
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 169.7K $41.4M 0.06% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED HubSpot Q1 2026: 18.2% CC revenue growth, nearly 300,000 customers.
Revenue & Profitability
Q1 2026 revenue grew 23% as reported (18% CC). Non-GAAP net income was $143 million (up 49% YoY), and GAAP net income was $33 million. Non-GAAP operating margin was 18%, up 4 points YoY. Free cash flow was $154 million (17% of revenue), and cash and marketable securities totaled $1.8 billion. Calculated billings were $912 million, up 19% as reported.
Outlook
Management expects net revenue retention to expand 1–2 points in 2026, driven by core seats and credits. They are confident in the product and pricing strategy to drive durable growth, but note near-term headwinds from longer sales cycles and pricing changes. The full-year constant currency revenue growth guidance was raised to 16.6%.
Growth Drivers
Key growth levers include upmarket momentum (deals >$60k ARR up 37%, >$120k up 64% YoY), multi-hub adoption (63% of new Pro Plus customers land with multiple hubs), the 2024 pricing tailwind (90% of base migrated), core seats (active users up 90% YoY, 25% of Pro Plus customers purchased additional seats), and credit consumption (total credits up 67% QoQ).
Balance Sheet & CapEx
CapEx is expected to be 5–6% of revenue for full year 2026. The company is investing aggressively in AI innovation and made incremental acquisitions (Starter Story, Futurepedia) in Q1 to diversify top-of-funnel demand.
Margins
Non-GAAP operating margin was 18% in Q1, up 4 points YoY. Management expects 2 points of margin expansion in full-year 2026, reaching 21% operating margin at the midpoint. They now expect to achieve their 2027 margin target a year early, within the 20–22% range. SBC as a percentage of revenue is expected to decline to 14% in 2026.
Key Risks
Key risks include extended sales cycles from new pricing and agent trials, a slow start to Q2 due to sales training, near-term impacts on net new ARR, the legacy Clearbit business acting as a 40 bps revenue headwind, and FX movements affecting growth rates.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-05
Q2 saw 17.5% revenue growth and expanding margins, but slower customer additions due to deliberate product and pricing changes and increased budget scrutiny. AI adoption accelerated, especially up-market, and guidance reflects persistent headwinds for the rest of 2026.
Q1 2026 Q1 2026 2026-05-07
Revenue grew 23% year-over-year with strong AI-driven adoption and upmarket momentum. Outcome-based pricing and new AI agents are accelerating customer value, while guidance reflects near-term impacts from sales enablement and pricing changes but expects durable growth and margin expansion.
Q4 2025 Q4 2025 2026-02-11
Q4 and full-year 2025 saw strong revenue and profit growth, driven by upmarket momentum, multi-hub adoption, and rapid AI innovation. Guidance for 2026 points to continued double-digit growth, with AI agents and credits emerging as key levers.
Q3 2025 Q3 2025 2025-11-05
Q3 2025 saw 18% revenue growth and strong operating leverage, with robust customer expansion and accelerating adoption of AI-driven products. Guidance for Q4 and full-year 2025 points to continued double-digit growth, improved margins, and rising net revenue retention.
Q2 2025 Q2 2025 2025-08-06
Q2 2025 saw 18% revenue growth, strong operating leverage, and robust customer expansion, driven by platform consolidation and AI innovation. Upmarket and downmarket segments both contributed, with diversified lead channels offsetting declines in organic search.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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