HubSpot, Inc.
HUBS Technology Software Application
HubSpot, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 19.2% from fiscal 2024. In the quarter to June 2026, revenue grew 19.8%, EPS grew 1,533.3% and free cash flow grew 44.8%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for five; insiders bought in the last twelve months.
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HubSpot, Inc. (HUBS) Altman Z-score
HubSpot, Inc.'s Altman Z-score for fiscal 2025 is 7.91, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 7.91 | (4.09) |
| FY2024 | 12.01 | 1.52 |
| FY2023 | 10.49 | 4.46 |
| FY2022 | 6.03 | (8.84) |
| FY2021 | 14.87 | 5.44 |
| FY2020 | 9.43 | 4.50 |
| FY2019 | 4.93 | (0.54) |
| FY2018 | 5.46 | 1.08 |
| FY2017 | 4.39 | (2.03) |
| FY2016 | 6.41 | (4.12) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.25 | — | 0.31 | |
| Retained earnings / total assets | (0.20) | — | −0.27 | |
| EBIT / total assets | 0.00 | — | 0.01 | |
| Market value of equity / total liabilities | 11.77 | — | 7.06 | |
| Sales / total assets | 0.81 | — | 0.81 | |
| Altman Z-score | Safe zone | 7.91 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.26 | ||
Z and Z″ put HubSpot, Inc. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MANH Manhattan Associates, Inc. compare | 15.1× |
| FROG JFrog Ltd. compare | 9.7× |
| HUBS HubSpot, Inc. | 7.9× |
| FIG Figma, Inc. compare | 7.4× |
| CHYM Chime Financial, Inc. compare | 4.1× |
| BSY Bentley Systems, Incorporated compare | 3.6× |
| DOCU Docusign Inc. compare | 3.0× |
| PAYC Paycom Software, Inc. compare | 1.9× |
| GRAB Grab Holdings Limited compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets