HubSpot

HUBS

Software - Application · Technology

Also trades as: 0TZZ.L

Price

$240.01

+0.15 (+0.06%)

Market Cap

$12.29B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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Share count rising — dilution

+13.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 46.9M (2021) → 53.2M (2025)

Winston Score History

The full picture

HubSpot makes software that helps businesses find customers and manage relationships with them. Its main products cover marketing, sales, and customer service — all connected in one platform called a CRM (customer relationship management) suite. The company mostly serves small and medium-sized businesses that want an easier, more affordable alternative to larger enterprise software.

HubSpot earns money through subscriptions, charging customers monthly or annually based on the features they use and how many contacts they manage. It operates globally, with a large portion of revenue coming from outside the United States, and competes against companies like Salesforce and Adobe. Its main competitive advantage is how tightly its tools are bundled together, making it convenient and sticky for customers to stay. The key risk is that larger software companies have more resources and are expanding into the same small-business market, which could pressure HubSpot's growth and pricing power over time.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$906M/ year

↑ Rising (+16% vs prior year)

28.9% of revenue

1.9x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

3.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

HubSpot is putting 29% of revenue into R&D and that number is rising. That's 1.9x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

82.4%

Premium pricing power — 82.4% gross margin

Profit after running costs

Operating Margin

4.8%

Thin — 4.8% operating margin

Return on the money invested

ROCE

8.0%

Weak — 8.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+21.1%

Fast-growing sales (+21.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

719%

Turns 719% of profit into real cash

Spare cash per sale

FCF Margin

27.6%

Converts sales into free cash efficiently (27.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

205.32x

Comfortably covers interest (205.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

84.8x

Expensive — P/E 84.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+72.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (84.8 → 12.0)

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Dividends

Not applicable for this business.

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