Latest Ratios: P/E Ratio 253.3x · EV/EBITDA 59.9x · 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 | $11.2B | $21.3B | $36.1B | $29.0B | $13.9B | $30.9B | $17.7B | $6.7B | $4.8B | $3.3B | $1.7B |
| Enterprise Value | $10.5B | $20.7B | $36.3B | $29.4B | $14.4B | $31.2B | $18.2B | $7.0B | $5.1B | $3.5B | $1.6B |
| P/E Ratio → | 253.35 | 466.63 | 7802.58 | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.56 | 6.82 | 13.74 | 13.34 | 8.03 | 23.76 | 20.09 | 9.87 | 9.44 | 8.67 | 6.11 |
| P/B Ratio | 5.61 | 10.33 | 18.92 | 21.70 | 14.01 | 35.37 | 23.27 | 10.25 | 19.80 | 15.48 | 13.94 |
| P/FCF | 15.77 | 30.17 | 64.40 | 115.49 | 76.61 | 174.76 | 590.66 | 102.28 | 94.29 | 146.20 | — |
| P/OCF | 14.67 | 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 | 59.92 | 117.84 | 1243.37 | — | — | — | — | — | — | — | — |
| EV / EBIT | 925.07 | 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 | 1.49 | 1.49 | 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 | -3.52 | -3.52 | 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 | 0.4% | 0.2% | 0.0% | — | — | — | — | — | — | — | — |
| FCF Yield | 6.3% | 3.3% | 1.6% | 0.9% | 1.3% | 0.6% | 0.2% | 1.0% | 1.1% | 0.7% | — |
| Buyback Yield | 4.5% | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.5% | 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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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HUBS stock.
HubSpot, Inc.'s current P/E ratio is 253.3x. This places it at the 50th percentile of its historical range.
HubSpot, Inc.'s current EV/EBITDA is 59.9x. 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 253.3x. 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 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
AI transition execution risk
Metrics are mathematically derived from official filings.
Margin Inflection Points to Operating Leverage
Operating margin swung from -3.8% in Q1 2025 to +4.8% in Q2 2026, per reported figures, while gross margin held near 82-84%, suggesting cost discipline is finally translating to bottom-line improvement.
The sequential improvement in operating margin from -3.8% to +4.8% over five quarters indicates that revenue growth is now outpacing fixed cost increases, a classic SaaS operating leverage inflection. However, the 82.4% gross margin in Q2 2026 is down from 85.3% in Q4 2024, which may reflect a mix shift toward lower-margin services or increased infrastructure costs tied to AI investments. Net margin remains thin at 4.8%, leaving little buffer for execution missteps, but the trend is clearly positive.
ROIC Recovery Signals Capital Efficiency Turn
ROIC improved from -1.1% in Q2 2024 to +2.9% in Q2 2026, per financial statements, indicating that invested capital is finally generating positive returns after a prolonged period of negative returns.
The swing from negative to positive ROIC is a critical inflection, suggesting that the heavy investment in sales and marketing and R&D is beginning to pay off. The improvement is driven by margin expansion rather than asset turnover, which remains low at 0.25x, reflecting the asset-light nature of the model. While ROIC is still modest, the trajectory suggests that HubSpot is moving toward compounding returns, though investors should monitor whether this can be sustained as the AI pivot requires continued investment.
Working Capital Efficiency Shows Supplier Leverage
DSO improved from 41 days in Q1 2024 to 37 days in Q2 2026, while DPO rose from 8 to 22 days, per reported figures, indicating better receivables collection and extended supplier payment terms.
The combination of stable DSO and rising DPO suggests that HubSpot is gaining negotiating power with suppliers, likely due to its scale and cash position. The cash conversion cycle is not calculable due to missing DIO data, but the trend in DPO indicates that working capital is becoming a source of cash rather than a use. This efficiency, coupled with strong FCF margins above 20%, underscores the quality of the recurring revenue model.
Deleveraging Enhances Financial Flexibility
Debt-to-equity fell from 0.53 in Q1 2024 to 0.14 in Q2 2026, per balance sheet data, while interest coverage improved to 126x, indicating a significantly reduced leverage burden.
The dramatic reduction in leverage, with total debt down from $774M to $237M, appears to be a strategic move to strengthen the balance sheet ahead of the AI transition. Interest coverage of 126x in Q2 2026 suggests that debt service is no longer a concern, providing ample headroom for continued investment. This deleveraging, combined with a cash balance of $958M, positions HubSpot to weather potential economic downturns or fund opportunistic acquisitions.
Liquidity Buffer Strengthens Amid AI Pivot
Current ratio improved from 1.38 in Q2 2026 to 1.61 in Q1 2026, per reported figures, while cash rose to $958M, providing a robust buffer against near-term shocks.
The current ratio, though slightly down from 1.67 in Q4 2025, remains healthy and is supported by a strong cash position. The quick ratio equals the current ratio, indicating that inventory is not a factor, which is typical for a software company. This liquidity cushion appears sufficient to fund the AI pivot and any associated working capital needs, though the thin operating margin leaves limited room for error if growth decelerates further.
P/E Misleads in High-SBC SaaS Model
The trailing P/E of 256x is distorted by stock-based compensation, which averaged $128M per quarter, per prior analysis, obscuring the company's true cash-generating ability; forward P/E of 16.7x is more indicative.
The GAAP P/E is nearly meaningless for HubSpot because SBC, a non-cash expense, depresses net income, making the multiple appear extreme. Investors should instead focus on EV/EBITDA (60.7x trailing, 16.7x forward) or P/FCF (16.0x), which better reflect the underlying economics. The forward multiples suggest the market is pricing in significant earnings growth, but the thin operating margin and decelerating revenue growth warrant caution. A more appropriate valuation metric would be EV/forward revenue or EV/EBITDA, adjusted for SBC add-backs.