Forensic Analysis · Technology / Software · as of Aug 10, 2026

Hubspot Inc (HUBS)

A forensic read on Hubspot Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

7.3

Distress distance

Clean

Earnings quality

Forensic signals

100.7

P / E (ttm)

2.2%

ROE

$10.7B

Market cap

19.2%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Hubspot Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 7.3, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

0.3%

FY2025

Return on invested capital. Return on invested capital is 0.3% in the latest fiscal year and rising from -6% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

+3.4%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +11% over the last 3 years to FY2025 (+3.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~10%.

17% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 17% of revenue and 75% of free cash flow in FY2025 — about $9.93 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 3.4% a year and is falling.

Key fundamentals

Latest Revenue$3.13B

Revenue Growth YoY+19.2%

Revenue CAGR (3yr)+21.8%

Net Margin1.5%

Free Cash Flow$707.6M

Return on Equity2.2%

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.