HUBSPOT INC
HUBS · Services-Prepackaged Software · 51.2M shares · +4%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $68M (gross $500M, SBC $432M)
Reference price $184.42 · est. market cap ~$9.4B — last insider sale, 2026-06-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78High-gross-margin CRM/marketing SaaS with strong growth and free cash flow; GAAP near breakeven.
Strengths
- Elite gross margin and strong FCF — gross margin 83.8% (90th), FCF $707.6M (80th), FCF margin 22.6%
- Strong growth — revenue +19.2%, net income inflection
- Healthy liquidity — current ratio 1.67
Risks
- GAAP near breakeven — operating margin 0.2% on stock comp
- SMB-customer-churn and competition per risk factors — per 10-K
- Premium valuation — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~98% of revenue from one customer/distributor — Subscription revenue accounted for 98% of our total revenue for the years ended December 31, 2025, 2024, and 2023
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $1.8B cash & investments
- Insider buyingInsider buying — 3 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$3M, last 6mo) Form 4 ↗
- Notable holderHeld by 6 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +3 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Insider sellingInsider selling — 9 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$13M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
83.8%
Operating margin
0.2%
Net margin
1.5%
Return on equity
2.2%
Return on assets
1.2%
Revenue growth (QoQ)
4.0%
Net-income growth
892.0%
Current ratio
1.7×
Free cash flow
$708M
EBITDA
$144M
Tangible book value
$1.7B
Cash & investments
$1.8B
Stock comp / revenue
16.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | Halligan Brian | Sell | 8.5K | $184.42 |
| 2026-06-16 | Anagnost Andrew | Grant | 1.2K | — |
| 2026-06-16 | Johnson Claire D'Oyly-Hughes | Grant | 1.2K | — |
| 2026-06-16 | Simons Jay | Grant | 1.2K | — |
| 2026-06-16 | Halligan Brian | Grant | 1.2K | — |
| 2026-06-16 | NORRINGTON LORRIE M | Grant | 1.2K | — |
| 2026-06-16 | Ward Jill A | Grant | 1.2K | — |
| 2026-06-16 | BERRY MICHAEL J | Grant | 1.2K | — |
| 2026-06-16 | Shih Clara | Grant | 1.2K | — |
| 2026-06-01 | Halligan Brian | Tax withheld | 157 | $262.20 |
| 2026-06-01 | Shah Dharmesh | Tax withheld | 577 | $262.20 |
| 2026-06-01 | FISHER ERIKA ASHLEY | Tax withheld | 259 | $262.20 |
| 2026-06-01 | Rangan Yamini | Tax withheld | 2.6K | $262.20 |
| 2026-06-01 | Bueker Kathryn | Tax withheld | 1.1K | $262.20 |
| 2026-05-19 | Halligan Brian | Sell | 8.5K | $220.00 |
| 2026-05-12 | Shah Dharmesh | Buy | 10K | $181.37 |
| 2026-05-12 | Rangan Yamini | Buy | 2.8K | $189.84 |
| 2026-05-11 | NORRINGTON LORRIE M | Buy | 1.3K | $190.42 |
| 2026-05-04 | FISHER ERIKA ASHLEY | Sell | 915 | $236.66 |
| 2026-05-01 | FISHER ERIKA ASHLEY | Tax withheld | 514 | $239.89 |
| 2026-04-21 | Halligan Brian | Sell | 8.3K | $230.72 |
| 2026-04-01 | BERRY MICHAEL J | Grant | 170 | — |
| 2026-04-01 | Bueker Kathryn | Tax withheld | 780 | $242.79 |
| 2026-04-01 | Rangan Yamini | Tax withheld | 2.1K | $242.79 |
| 2026-04-01 | Halligan Brian | Tax withheld | 266 | $242.79 |
| 2026-04-01 | Shah Dharmesh | Tax withheld | 381 | $242.79 |
| 2026-03-17 | Halligan Brian | Sell | 8.5K | $262.75 |
| 2026-03-10 | Halligan Brian | Gift | 27 | — |
| 2026-03-10 | Halligan Brian | Gift | 27 | — |
| 2026-03-09 | Halligan Brian | Gift | 102K | — |
| 2026-03-09 | Halligan Brian | Gift | 102K | — |
| 2026-03-02 | FISHER ERIKA ASHLEY | Grant | 7.6K | — |
| 2026-03-02 | Shah Dharmesh | Tax withheld | 155 | $263.60 |
| 2026-03-02 | Shah Dharmesh | Grant | 8.7K | — |
| 2026-03-02 | Rangan Yamini | Tax withheld | 1.0K | $263.60 |
| 2026-03-02 | Rangan Yamini | Grant | 38K | — |
| 2026-03-02 | Bueker Kathryn | Tax withheld | 404 | $263.60 |
| 2026-03-02 | Bueker Kathryn | Grant | 17K | — |
| 2026-03-02 | Halligan Brian | Tax withheld | 110 | $263.60 |
| 2026-02-17 | Halligan Brian | Sell | 8.3K | $253.00 |
| 2026-02-12 | Halligan Brian | Tax withheld | 226 | $228.95 |
| 2026-02-12 | Halligan Brian | Grant | 2.3K | — |
| 2026-02-12 | Rangan Yamini | Grant | 13K | — |
| 2026-02-12 | Rangan Yamini | Tax withheld | 2.3K | $228.95 |
| 2026-02-12 | Bueker Kathryn | Grant | 5.9K | — |
| 2026-02-12 | Bueker Kathryn | Tax withheld | 958 | $228.95 |
| 2026-02-12 | Shah Dharmesh | Grant | 3.3K | — |
| 2026-02-12 | Shah Dharmesh | Tax withheld | 323 | $228.95 |
| 2026-02-04 | FISHER ERIKA ASHLEY | Sell | 841 | $238.01 |
| 2026-02-03 | FISHER ERIKA ASHLEY | Sell | 589 | $251.88 |
| 2026-01-20 | Halligan Brian | Sell | 8.5K | $303.38 |
| 2026-01-02 | Bueker Kathryn | Tax withheld | 729 | $382.23 |
| 2026-01-02 | Rangan Yamini | Tax withheld | 3.3K | $382.23 |
| 2026-01-02 | Halligan Brian | Tax withheld | 464 | $382.23 |
| 2026-01-02 | Shah Dharmesh | Tax withheld | 440 | $382.23 |
| 2025-12-16 | Halligan Brian | Sell | 8.5K | $366.99 |
| 2025-12-12 | Shah Dharmesh | Option exercise | 20K | $40.59 |
| 2025-12-12 | Shah Dharmesh | Gift | 15K | — |
| 2025-12-01 | Rangan Yamini | Tax withheld | 1.0K | $373.40 |
| 2025-12-01 | Halligan Brian | Tax withheld | 158 | $373.40 |
| 2025-12-01 | Bueker Kathryn | Tax withheld | 404 | $373.40 |
| 2025-12-01 | Shah Dharmesh | Tax withheld | 225 | $373.40 |
| 2025-11-18 | Halligan Brian | Sell | 8.5K | $368.11 |
| 2025-11-03 | Shih Clara | Grant | 310 | — |
| 2025-11-03 | Halligan Brian | Option exercise | 235 | $490.47 |
| 2025-11-03 | Halligan Brian | Sell | 235 | $493.30 |
| 2025-10-21 | Halligan Brian | Option exercise | 263 | $383.13 |
| 2025-10-21 | Halligan Brian | Sell | 8.3K | $446.98 |
| 2025-10-06 | Rangan Yamini | Sell | 2.4K | $500.00 |
| 2025-10-06 | Bueker Kathryn | Sell | 615 | $500.00 |
| 2025-10-01 | Rangan Yamini | Tax withheld | 3.6K | $440.25 |
| 2025-10-01 | Bueker Kathryn | Tax withheld | 1.2K | $440.25 |
| 2025-10-01 | Halligan Brian | Tax withheld | 717 | $440.25 |
| 2025-10-01 | Shah Dharmesh | Tax withheld | 679 | $440.25 |
| 2025-09-16 | Halligan Brian | Option exercise | 3.1K | $381.74 |
| 2025-09-16 | Halligan Brian | Option exercise | 3.3K | $490.47 |
| 2025-09-16 | Halligan Brian | Option exercise | 2.0K | $383.13 |
| 2025-09-16 | Halligan Brian | Sell | 8.5K | $506.52 |
| 2025-09-09 | Shah Dharmesh | Sell | 1.7K | $501.57 |
| 2025-09-09 | Shah Dharmesh | Sell | 1.4K | $500.19 |
| 2025-09-09 | Shah Dharmesh | Sell | 1.0K | $502.63 |
| 2025-09-09 | Shah Dharmesh | Sell | 608 | $503.25 |
| 2025-09-08 | Shah Dharmesh | Sell | 1.5K | $501.39 |
| 2025-09-08 | Shah Dharmesh | Sell | 800 | $502.17 |
| 2025-09-08 | Rangan Yamini | Sell | 477 | $500.00 |
| 2025-09-08 | Shah Dharmesh | Sell | 15K | $500.51 |
| 2025-09-08 | Bueker Kathryn | Sell | 119 | $500.00 |
| 2025-09-02 | Halligan Brian | Tax withheld | 158 | $471.54 |
| 2025-09-02 | Shah Dharmesh | Tax withheld | 225 | $471.54 |
| 2025-09-02 | Bueker Kathryn | Tax withheld | 404 | $471.54 |
| 2025-09-02 | Rangan Yamini | Tax withheld | 1.1K | $471.54 |
| 2025-08-19 | Halligan Brian | Option exercise | 1.4K | $381.74 |
| 2025-08-19 | Halligan Brian | Option exercise | 7.1K | $182.91 |
| 2025-08-19 | Halligan Brian | Sell | 8.5K | $449.84 |
| 2025-07-15 | Halligan Brian | Option exercise | 1.7K | $159.70 |
| 2025-07-15 | Halligan Brian | Option exercise | 6.0K | $182.91 |
| 2025-07-15 | Halligan Brian | Sell | 8.5K | $543.07 |
| 2025-07-02 | Rangan Yamini | Sell | 2.4K | $551.79 |
| 2025-07-02 | Bueker Kathryn | Sell | 615 | $551.79 |
| 2025-07-01 | Bueker Kathryn | Tax withheld | 1.2K | $557.86 |
| 2025-07-01 | Halligan Brian | Tax withheld | 717 | $557.86 |
| 2025-07-01 | Shah Dharmesh | Tax withheld | 680 | $557.86 |
| 2025-07-01 | Rangan Yamini | Tax withheld | 3.6K | $557.86 |
| 2025-06-17 | Halligan Brian | Option exercise | 7.0K | $159.70 |
| 2025-06-17 | Halligan Brian | Sell | 8.5K | $548.03 |
| 2025-06-04 | Ward Jill A | Grant | 400 | — |
| 2025-06-04 | Gill Ronald S | Grant | 400 | — |
| 2025-06-04 | Anagnost Andrew | Grant | 400 | — |
| 2025-06-04 | Caldwell Nick V. | Grant | 400 | — |
| 2025-06-04 | Simons Jay | Grant | 400 | — |
| 2025-06-04 | NORRINGTON LORRIE M | Grant | 400 | — |
| 2025-06-04 | Johnson Claire D'Oyly-Hughes | Grant | 400 | — |
| 2025-06-03 | Rangan Yamini | Sell | 136 | $600.00 |
| 2025-06-03 | Bueker Kathryn | Sell | 120 | $593.48 |
| 2025-06-03 | Bueker Kathryn | Sell | 119 | $600.00 |
| 2025-06-03 | Rangan Yamini | Sell | 477 | $593.48 |
| 2025-06-02 | Rangan Yamini | Tax withheld | 1.1K | $592.02 |
| 2025-06-02 | Bueker Kathryn | Tax withheld | 404 | $592.02 |
| 2025-06-02 | Shah Dharmesh | Tax withheld | 225 | $592.02 |
| 2025-06-02 | Halligan Brian | Tax withheld | 158 | $592.02 |
| 2025-05-20 | Halligan Brian | Option exercise | 2.9K | $112.15 |
| 2025-05-20 | Halligan Brian | Option exercise | 5.6K | $159.70 |
| 2025-05-20 | Halligan Brian | Sell | 8.5K | $645.54 |
| 2025-05-19 | Bueker Kathryn | Sell | 2.7K | $650.03 |
| 2025-04-24 | Rangan Yamini | Sell | 680 | $600.00 |
| 2025-04-15 | Halligan Brian | Option exercise | 7.7K | $112.15 |
| 2025-04-15 | Halligan Brian | Sell | 8.5K | $538.60 |
| 2025-04-02 | Rangan Yamini | Sell | 2.4K | $573.92 |
| 2025-04-01 | Rangan Yamini | Tax withheld | 3.6K | $582.02 |
| 2025-04-01 | Bueker Kathryn | Tax withheld | 1.2K | $582.02 |
| 2025-04-01 | Halligan Brian | Tax withheld | 716 | $582.02 |
| 2025-04-01 | Shah Dharmesh | Tax withheld | 679 | $582.02 |
| 2025-03-18 | Halligan Brian | Option exercise | 4.3K | $112.15 |
| 2025-03-18 | Halligan Brian | Sell | 8.5K | $607.48 |
| 2025-03-18 | Halligan Brian | Option exercise | 4.2K | $52.80 |
| 2025-03-11 | Halligan Brian | Option exercise | 261 | $381.74 |
| 2025-03-05 | Rangan Yamini | Sell | 3.2K | $681.02 |
| 2025-03-03 | Shah Dharmesh | Tax withheld | 125 | $707.63 |
| 2025-03-03 | Shah Dharmesh | Grant | 3.3K | — |
| 2025-03-03 | Bueker Kathryn | Tax withheld | 224 | $707.63 |
| 2025-03-03 | Bueker Kathryn | Grant | 5.9K | — |
| 2025-03-03 | Rangan Yamini | Tax withheld | 729 | $707.63 |
| 2025-03-03 | Rangan Yamini | Grant | 13K | — |
| 2025-03-03 | Halligan Brian | Tax withheld | 88 | $707.63 |
| 2025-03-03 | Halligan Brian | Grant | 2.3K | — |
| 2025-02-18 | Halligan Brian | Option exercise | 8.5K | $52.80 |
| 2025-02-18 | Halligan Brian | Sell | 8.5K | $810.00 |
| 2025-02-14 | Shah Dharmesh | Grant | 4.0K | — |
| 2025-02-14 | Rangan Yamini | Grant | 18K | — |
| 2025-02-14 | Rangan Yamini | Tax withheld | 3.2K | $819.71 |
| 2025-02-14 | Bueker Kathryn | Grant | 7.2K | — |
| 2025-02-14 | Bueker Kathryn | Tax withheld | 1.2K | $819.71 |
| 2025-02-14 | Bueker Kathryn | Sell | 3.0K | $789.81 |
| 2025-02-14 | Shah Dharmesh | Tax withheld | 646 | $819.71 |
| 2025-02-14 | Halligan Brian | Grant | 2.8K | — |
| 2025-02-14 | Halligan Brian | Tax withheld | 453 | $819.71 |
| 2025-01-24 | Shah Dharmesh | Option exercise | 7.8K | $34.76 |
| 2025-01-21 | Halligan Brian | Option exercise | 7.1K | $52.80 |
| 2025-01-21 | Halligan Brian | Sell | 8.5K | $709.29 |
| 2025-01-21 | Halligan Brian | Option exercise | 7.1K | $52.80 |
| 2025-01-13 | Shah Dharmesh | Option exercise | 8.9K | $34.76 |
| 2025-01-03 | Bueker Kathryn | Sell | 1.8K | $701.59 |
| 2025-01-03 | Bueker Kathryn | Option exercise | 902 | $128.10 |
| 2025-01-03 | Rangan Yamini | Sell | 3.1K | $701.59 |
| 2025-01-02 | Rangan Yamini | Tax withheld | 2.9K | $697.43 |
| 2025-01-02 | Shah Dharmesh | Tax withheld | 414 | $697.43 |
| 2025-01-02 | Halligan Brian | Tax withheld | 517 | $697.43 |
| 2025-01-02 | Bueker Kathryn | Tax withheld | 777 | $697.43 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-01 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-03-11 | 5.03Exhibits | filing ↗ |
| 2026-02-11 | ResultsExhibits | filing ↗ |
| 2025-11-05 | ResultsExec/director changeReg FDExhibits | filing ↗ |
| 2025-08-06 | ResultsExhibits | filing ↗ |
| 2025-06-10 | 5.03Shareholder voteExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-15 | 0001193125-26-272643 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-212122 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-211923 ↗ |
| 8-K | 2026-04-01 | 2026-03-27 | 0001193125-26-138021 ↗ |
| 8-K | 2026-03-11 | 2026-03-11 | 0001193125-26-102426 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001193125-26-046563 ↗ |
| 10-K | 2026-02-11 | 2025-12-31 | 0001193125-26-046646 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001193125-25-267056 ↗ |
| 8-K | 2025-11-05 | 2025-11-03 | 0001193125-25-267023 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0000950170-25-104104 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0000950170-25-104127 ↗ |
| 8-K | 2025-06-10 | 2025-06-04 | 0000950170-25-084424 ↗ |