HUBSHUBSPOT INC

Services-Prepackaged Software

Revenue: $3.1B; 19% YoY
Operating margin: 0.2%; 109% YoY
EBITDA: $144M; 392% YoY
Market cap: $11.7B
Employees: 2,000; $2M revenue each
Net debt / EBITDA: —
AI in 10-K: 23.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
17× net income
Cash flow under 80% of net income
Dilutive SBCYes
17% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
66% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 88th pct
Bottom quartile of its SIC industry
Quiet on AINo
23.5 per 10K words · 99th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$24M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.3B	$1.7B	$2.2B	$2.6B	$3.1B	19%
Operating income	−$55M	−$103M	−$201M	−$68M	$7M	111%
Net income	−$78M	−$113M	−$176M	$5M	$46M	892%
Operating cash flow	$239M	$273M	$351M	$599M	$761M	27%
Capex	$29M	$37M	$34M	$38M	$53M	40%
Stock-based comp	$167M	$276M	$432M	$505M	$528M	4.6%
Buybacks	—	—	—	—	$500M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $3M · 4
Open-market sells, 12 mo: $27M · 17
Net: −$24M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	101	258
FY2024	—	—	176	201
FY2023	—	—	366	221
FY2022	—	—	182	133
FY2021	—	—	416	207