Forensic Analysis · Technology / Software · as of Sep 25, 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
7.7
Distress distance
Clean
Earnings quality
3
Forensic signals
73.4
P / E (ttm)
2.2%
ROE
$11.3B
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, going concern, valuation). 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 7.7, 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 across FY2023–FY2025 from -9.1%. After-tax operating profit was ($159M) in FY2023 and $5M in FY2025, with operating income at -9.3% of revenue in FY2023, -2.6% in FY2024 and 0.2% in FY2025. The capital base behind it came down -14% across FY2023–FY2025, from $1.7B to $1.5B, so this is a return struck on a smaller base rather than a record of money put to work. FY2023's operating profit carried a $97M restructuring charge that alone took about 4.4 points off that year's return, so about 4.4 of the 9.4-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more.
+3.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +7% over the last 2 years to FY2025 (+3.3%/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 ~3.3% 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 FY2023 has been diluted ~6%.
17% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 17% of revenue and 92% of free cash flow in FY2025 — about $9.93 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.3% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$3.13B
Revenue Growth YoY+19.2%
Revenue CAGR (2yr)+20.1%
Net Margin1.5%
Free Cash Flow$576.9M
Return on Equity2.2%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Hubspot Inc's actual 10-K/10-Q/8-K filings?