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) Beneish M-score
HubSpot, Inc.'s Beneish M-score for fiscal 2025 is −3.04; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.04 | 0.12 |
| FY2024 | −3.16 | (0.34) |
| FY2023 | −2.82 | 0.01 |
| FY2022 | −2.83 | (0.09) |
| FY2021 | −2.74 | (0.06) |
| FY2020 | −2.68 | (0.81) |
| FY2019 | −1.86 | 1.23 |
| FY2018 | −3.10 | (0.11) |
| FY2017 | −2.99 | 0.33 |
| FY2016 | −3.32 | (1.31) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.97 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 1.19 | — | 0.48 | |
| Sales growth index | 1.19 | — | 1.06 | |
| Depreciation index | 0.72 | — | 0.08 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | (0.19) | — | −0.87 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.04 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CHYM Chime Financial, Inc. compare | −4.8× |
| FIG Figma, Inc. compare | −4.6× |
| MANH Manhattan Associates, Inc. compare | −3.4× |
| DOCU Docusign Inc. compare | −3.3× |
| FROG JFrog Ltd. compare | −3.1× |
| HUBS HubSpot, Inc. | −3.0× |
| BSY Bentley Systems, Incorporated compare | −2.7× |
| GRAB Grab Holdings Limited compare | −2.0× |
| PAYC Paycom Software, Inc. compare | −1.5× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI