Latest Ratios: P/E Ratio 46.6x · EV/EBITDA 26.7x · ROE 2.3%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.3B | $21.3B | $36.1B | $29.0B | $13.9B | $30.9B | $17.7B | $6.7B | $4.8B | $3.3B | $1.7B |
| Enterprise Value | $9.7B | $20.7B | $36.3B | $29.4B | $14.4B | $31.2B | $18.2B | $7.0B | $5.1B | $3.5B | $1.6B |
| P/E Ratio → | 46.59 | 466.63 | 7802.58 | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.86 | 6.82 | 13.74 | 13.34 | 8.03 | 23.76 | 20.09 | 9.87 | 9.44 | 8.67 | 6.11 |
| P/B Ratio | 5.16 | 10.33 | 18.92 | 21.70 | 14.01 | 35.37 | 23.27 | 10.25 | 19.80 | 15.48 | 13.94 |
| P/FCF | 13.28 | 30.17 | 64.40 | 115.49 | 76.61 | 174.76 | 590.66 | 102.28 | 94.29 | 146.20 | — |
| P/OCF | 13.51 | 28.06 | 60.32 | 82.50 | 50.87 | 129.47 | 199.56 | 55.99 | 57.09 | 65.62 | 85.42 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.62 | 13.83 | 13.53 | 8.30 | 24.02 | 20.56 | 10.37 | 9.85 | 9.23 | 5.89 |
| EV / EBITDA | 26.65 | 140.34 | 1243.37 | — | — | — | — | — | — | — | — |
| EV / EBIT | 847.44 | 294.67 | 1121.63 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 29.29 | 64.81 | 117.09 | 79.23 | 176.66 | 604.33 | 107.48 | 98.32 | 155.67 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.8% | 83.8% | 85.0% | 84.4% | 82.2% | 80.1% | 81.1% | 80.7% | 80.4% | 79.8% | 77.2% |
| Operating Margin | 0.4% | 0.4% | -2.6% | -9.3% | -5.9% | -4.2% | -5.8% | -7.0% | -9.4% | -10.7% | -16.5% |
| Net Profit Margin | 1.5% | 1.5% | 0.2% | -7.6% | -6.2% | -6.0% | -9.6% | -8.0% | -12.4% | -10.6% | -16.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.3% | 2.3% | 0.3% | -14.1% | -11.5% | -9.5% | -12.0% | -12.0% | -28.1% | -24.1% | -37.9% |
| ROA | 1.2% | 1.2% | 0.1% | -5.9% | -4.5% | -3.8% | -4.8% | -4.5% | -8.3% | -8.2% | -19.0% |
| ROIC | 0.5% | 0.5% | -2.6% | -9.4% | -5.8% | -3.4% | -3.5% | -4.9% | -8.3% | -12.5% | -52.7% |
| ROCE | 0.5% | 0.5% | -3.1% | -10.3% | -6.2% | -3.6% | -3.7% | -5.1% | -8.5% | -12.0% | -34.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.39 | 0.59 | 0.81 | 0.82 | 1.03 | 0.94 | 1.30 | 1.42 | 0.01 |
| Debt / EBITDA | 1.78 | 1.78 | 25.51 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.30 | 0.12 | 0.30 | 0.48 | 0.38 | 0.54 | 0.52 | 0.85 | 1.00 | -0.49 |
| Net Debt / EBITDA | -4.20 | -4.20 | 7.96 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.88 | 0.42 | 1.59 | 2.62 | 1.90 | 13.67 | 5.20 | 4.03 | 9.47 | — |
| Interest Coverage | 80.30 | 80.30 | 8.71 | -38.61 | -25.17 | -1.44 | -1.18 | -1.23 | -1.90 | -2.80 | -168.92 |
Net cash position: cash ($882M) exceeds total debt ($262M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.67 | 1.67 | 1.67 | 1.99 | 2.30 | 2.35 | 3.27 | 3.44 | 3.01 | 3.38 | 1.38 |
| Quick Ratio | 1.67 | 1.67 | 1.67 | 1.99 | 2.30 | 2.35 | 3.27 | 3.44 | 3.01 | 3.38 | 1.38 |
| Cash Ratio | 1.16 | 1.16 | 1.32 | 1.47 | 1.85 | 1.94 | 2.81 | 2.98 | 2.50 | 2.83 | 0.90 |
| Asset Turnover | — | 0.81 | 0.69 | 0.71 | 0.68 | 0.60 | 0.45 | 0.43 | 0.62 | 0.53 | 1.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 48.86 | 46.51 | 49.67 | 47.83 | 44.16 | 52.26 | 50.04 | 54.86 | 58.96 | 52.51 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 0.2% | 0.0% | — | — | — | — | — | — | — | — |
| FCF Yield | 7.5% | 3.3% | 1.6% | 0.9% | 1.3% | 0.6% | 0.2% | 1.0% | 1.1% | 0.7% | — |
| Buyback Yield | 4.9% | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.9% | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $53M | $52M | $50M | $48M | $47M | $45M | $42M | $39M | $37M | $35M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying HUBS stock.
HubSpot, Inc.'s current P/E ratio is 46.6x. This places it at the 50th percentile of its historical range.
HubSpot, Inc.'s current EV/EBITDA is 26.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
HubSpot, Inc.'s return on equity (ROE) is 2.3%. The historical average is -16.9%.
Based on historical data, HubSpot, Inc. is trading at a P/E of 46.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
HubSpot, Inc. has 83.8% gross margin and 0.4% operating margin.
HubSpot, Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Thin GAAP margins and SBC dependence
Metrics are mathematically derived from official filings.
Trailing Multiples Overstate Price, Forward Multiples Normalize
Based on the supplied figures, HubSpot trades at a trailing P/E of 233.27 but only 15.08 on forward earnings, a gap that reflects GAAP earnings depressed by stock-based compensation and restructuring rather than a mispriced equity.
The collapse from trailing to forward P/E suggests the market is capitalizing expected margin recovery rather than current reported earnings, which the 0.4% operating margin history cannot yet support. The EV/EBITDA of 54.89 versus 9.01 forward tells the same story, and investors should monitor whether the forward multiple holds once guidance is tested against actual delivery. Relative to a peer set where Salesforce trades near 27.4 P/E and 14.7 EV/EBITDA, HubSpot's forward multiples look reasonable, though the premium rests on sustained growth near 19% year-over-year.
Gross Margin Strong, Operating Leverage Still Unproven
Reported gross margin of 82.6% in Q3 2026 sits near the top of the 82% to 85% band, yet operating margin of 7.6% reflects only a partial conversion of that gross profit into earnings.
The stability of gross margin indicates the multi-tenant architecture is delivering scalability, but the drift from roughly 85% in 2024 toward 82% warrants monitoring as AI and outcomes-based pricing alter the cost mix. Operating margin has improved from -3.8% to 7.6% over ten quarters, yet the Q2 2026 reversal to 4.8% suggests reinvestment in sales and R&D continues to absorb incremental gross profit. Net margin of 8.8% should be read alongside the heavy stock-based compensation burden, which means reported profitability likely overstates the economic earnings available to shareholders.
Returns Recovering From Near-Zero Base
ROIC improved from roughly -1.0% in mid-2025 to 6.5% in Q3 2026, and ROE moved from -1.1% to 5.1%, indicating a genuine but early turn in capital productivity.
The improvement appears driven primarily by margin expansion rather than asset efficiency, since asset turnover has remained near 0.23 to 0.27 across the period. Compared with Salesforce's 10.1% ROIC and 20.2% ROE, HubSpot still lags on returns despite its faster recent trajectory. Whether the 6.5% ROIC is compounding or merely recovering will depend on whether operating margins can sustain above 7% without a rise in acquisition spend.
Debt Largely Retired, Coverage Metrics Volatile
Debt-to-equity fell from 0.48 to 0.14 over the period, and the latest interest coverage of 214.3x reflects minimal residual debt rather than an exceptional earnings cushion.
The steep reduction in leverage indicates financing risk has largely receded, with reported debt now a small fraction of equity. Interest coverage figures swing widely, from negative readings in 2025 to triple digits now, which suggests the ratio is distorted by small interest expense relative to volatile operating income rather than reflecting stable debt service capacity. Debt-to-EBITDA moving from 0.48-era levels to 1.90 in the latest quarter should be interpreted cautiously given the thin EBITDA base.
Current Ratio Comfortable, Trending Down
The current ratio declined from 1.67 at year-end 2025 to 1.34 in Q3 2026, though it remains above parity with cash reported near $1.1B.
Liquidity appears adequate under the reported figures, as the current ratio stays above 1.0 even after the recent decline. Because HubSpot carries minimal inventory, the quick ratio equals the current ratio and offers no additional insight, so the relevant stress test is cash burn relative to current liabilities, which the supplied data does not fully disclose. Investors should monitor whether continued buybacks of $230.8M in Q3 2026 erode the cash cushion faster than operating cash flow replenishes it.
Operating Cash Flow Ratio Misleads on Economics
Free cash flow margin of 19.3% is the metric most often cited as proof of quality, yet stock-based compensation of $127.1M equal to roughly 54% of operating cash flow means the headline figure overstates owner earnings.
Free cash flow margin obscures the dilution cost embedded in equity compensation, and a P/FCF of 14.52 looks cheaper than it is once SBC is treated as a real expense. The more defensible adjustment is free cash flow after stock-based compensation, which would substantially reduce the apparent margin and the attractiveness of the forward valuation. Analysts should weigh this adjusted figure alongside the reported margin before concluding the business is compounding shareholder value.