HubSpot, Inc. (HUBS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-61.2%

$93.82

vs $242.01 price

Levered DCF

$311.73

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.98

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	456.02×	7,741.89×	-175.92×	-123.03×	-397.08×	-208.65×	-123.83×	-75.74×
P/B	10.19×	18.69×	21.7×	14.01×	35.37×	23.27×	10.25×	19.76×
P/S	6.72×	13.57×	13.34×	8.03×	23.76×	20.09×	9.87×	9.42×
EV / EBITDA	98.87×	277.75×	-396.15×	-393.32×	19,250.87×	-2,707.12×	8,352.85×	-294.04×
Gross margin	83.8%	85.0%	84.4%	82.2%	80.1%	81.1%	80.7%	80.4%
Operating margin	0.4%	-2.6%	-9.3%	-5.9%	-4.2%	-5.8%	-7.0%	-9.4%
Net margin	1.5%	0.2%	-7.6%	-6.2%	-6.0%	-9.6%	-8.0%	-12.4%
Current ratio	1.67×	1.67×	1.99×	2.3×	2.35×	3.27×	3.44×	3.01×
Debt / equity	0.13×	0.39×	0.59×	0.81×	0.82×	1.03×	0.94×	1.3×
Interest coverage	13.01×	-18.17×	-52.86×	-27.34×	-1.81×	-1.37×	-2.06×	-2.26×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.2%	0.2%	-12.3%	-10.8%	-8.9%	-11.1%	-8.3%	-26.1%
Return on invested capital	0.3%	-0.4%	-9.3%	-5.7%	-3.4%	-3.2%	-3.7%	-8.1%
Return on assets	1.2%	0.1%	-5.4%	-4.2%	-3.6%	-4.3%	-3.4%	-7.7%
Free cash flow yield	3.4%	1.6%	0.9%	1.3%	0.6%	0.2%	1.0%	1.1%
Earnings yield	0.2%	0.0%	-0.6%	-0.8%	-0.3%	-0.5%	-0.8%	-1.3%
Enterprise value	$20.4B	$35.9B	$29.4B	$14.4B	$31.2B	$18.2B	$7B	$5B
Net debt / EBITDA	-3×	1.8×	-5.4×	-13.01×	207×	-61.21×	404.2×	-12.09×
Cash conversion cycle (days)	31	43	40	23	40	23	14	26