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The Moat Index

HUBSPOT INC

HUBS · Technology · $11.8B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

44/ 100
Shallow moat

The four filters

Pricing power100

Median gross margin 80.9% over 10y, very stable.

Returns on capital0

Median ROIC -11.3%, above the 9% hurdle in 0% of years.

Balance-sheet safety44

Net debt/EBITDA n/ax, interest coverage 8x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$224.26
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

15 years of fundamentals

The business, in plain English

HUBSPOT INC booked $3.1B of revenue in FY2025 in the Technology sector and kept 83.8% of it as gross profit — a high-margin business by that measure. After every other cost, 1.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $51.6M (FY2012) to $3.1B (FY2025) — about 37.1% a year compounded over 13 years.

It earned 0.4% on invested capital in FY2025, with a median of −12.2% across 11 filed years. The Returns on Capital filter above scores it 0/100.

HUBS's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

The share count rose 891.4% between FY2013 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (0/100), which is how HUBS lands at 44/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2011–FY2025 · 15 fiscal years, normalized from HUBS’s SEC filings

RevenueSales, as filed$3.1B FY2025
$0$2B2011201620212025
Gross marginRevenue kept after cost of goods83.8% FY2025
0%50%2011201620212025
Return on invested capitalOperating profit on the capital employed0.4% FY2025
−50%−25%0%2011201620212025
Owner earningsCash an owner could take out$129.0M FY2025
−$100M$0$100M2011201620212025

Gaps in a line mean that item isn’t in HUBS’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale43.5 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — HUBS has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#269 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #267ASUR ASURE SOFTWARE, INC.43.6Shallow moat
  2. #268AAQL Antiaging Quantum Living Inc.43.6Shallow moat
  3. #270NXTT NEXT TECHNOLOGY HOLDING INC.43.5Shallow moat
  4. #271PSN Parsons Corporation43.4Shallow moat

Compare HUBS with its nearest peers →All Technology companies on the Index →

Common questions about HUBS

Does HUBSPOT INC have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores HUBSPOT INC (HUBS) 43.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 44, capital discipline 24.
How has HUBS's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 43.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell HUBS. See the disclaimer.

HUBSPOT INC (HUBS) Moat Score — The Moat Index · Buy Like Buffett