Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin0.4%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin1.5%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
B
Years to Pay Off Debt5.7 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital$982M
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
N/A
Cash Flow
C
Free Cash Flow$577M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income400.9%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$366M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Market Data
Key Margins
Gross Profit83.8%
Operating Margin0.4%
Net Margin1.5%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
Gross Profit %
83.8%▼
85.0%▲
84.4%▲
82.2%
Operating Margin %
0.4%▲
-2.4%▲
-4.8%▲
-5.9%
Net Income %
1.5%▲
0.2%▲
-7.6%▼
-6.2%
Diluted EPS
0.86▲
0.09▲
-3.30▼
-2.35
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$3.9B
$3.8B
$3.1B
$2.5B
N/A
Total Debt
$262M▼
$745M▼
$788M▼
$806M•
N/A
Working Capital
$982M▼
$1.1B▲
$930M▼
$993M•
N/A
Years to Pay Debt
5.71
161.07
-4.79
-7.51
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$577M▲
$470M▲
$251M▲
$181M•
N/A
Owner Earnings
$366M
$230M
$8M
$43M
N/A
CapEx % of Net Income
400.9%
2,783.2%
N/A
N/A
N/A
Income Statement
2025
2024
2023
2022
Tax Effect Of Unusual Items
-1,372
-838
-20,337
0
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
210,670
133,216
22,742
-36,541
Total Unusual Items
-4,036
-3,990
-96,843
0
Total Unusual Items Excluding Goodwill
-4,036
-3,990
-96,843
0
Net Income From Continuing Operation Net Minority Interest
45,911
4,628
-164,510
-107,347
Reconciled Depreciation
136,295
96,828
72,673
58,150
Reconciled Cost Of Revenue
508,487
393,265
338,362
308,020
EBITDA
206,634
129,226
-74,101
-36,541
EBIT
70,339
32,398
-146,774
-94,691
Net Interest Income
65,342
78,985
55,027
11,238
Interest Expense
876
3,721
3,801
3,762
Interest Income
66,218
82,706
58,828
15,000
Normalized Income
48,575
7,780
-88,004
-107,347
Net Income From Continuing And Discontinued Operation
45,911
4,628
-164,510
-107,347
Total Expenses
3,119,851
2,691,155
2,274,316
1,833,831
Total Operating Income As Reported
7,379
-67,602
-200,929
-102,862
Diluted Average Shares
53,194
51,819
49,877
48,065
Basic Average Shares
52,455
51,178
49,877
48,065
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
45,911
4,628
-164,510
-107,347
Net Income Common Stockholders
45,911
4,628
-164,510
-107,347
Net Income
45,911
4,628
-164,510
-107,347
Net Income Including Noncontrolling Interests
45,911
4,628
-164,510
-107,347
Net Income Continuous Operations
45,911
4,628
-164,510
-107,347
Tax Provision
23,552
24,049
13,935
8,894
Pretax Income
69,463
28,677
-150,575
-98,453
Other Income Expense
-7,294
13,304
-101,516
-6,829
Other Non Operating Income Expenses
-3,258
17,294
-4,673
-6,829
Special Income Charges
-4,036
-3,990
-96,843
0
Restructuring And Mergern Acquisition
4,036
3,990
96,843
0
Net Non Operating Interest Income Expense
65,342
78,985
55,027
11,238
Interest Expense Non Operating
876
3,721
3,801
3,762
Interest Income Non Operating
66,218
82,706
58,828
15,000
Operating Income
11,415
-63,612
-104,086
-102,862
Operating Expense
2,611,364
2,297,890
1,935,954
1,525,811
Research And Development
905,943
778,714
617,745
442,022
Selling General And Administration
1,705,421
1,519,176
1,318,209
1,083,789
Selling And Marketing Expense
1,379,376
1,218,844
1,068,560
886,069
General And Administrative Expense
326,045
300,332
249,649
197,720
Other Gand A
326,045
300,332
249,649
197,720
Gross Profit
2,622,779
2,234,278
1,831,868
1,422,949
Cost Of Revenue
508,487
393,265
338,362
308,020
Total Revenue
3,131,266
2,627,543
2,170,230
1,730,969
Operating Revenue
3,131,266
2,627,543
2,170,230
1,730,969
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
2,277
900
910
910
Ordinary Shares Number
52,555
51,767
50,448
49,217
Share Issued
54,832
52,667
51,358
49,217
Net Debt
68,219
123,205
25,718
Total Debt
262,305
745,416
787,814
806,339
Tangible Book Value
1,525,773
1,506,731
1,012,042
864,761
Invested Capital
2,066,244
2,366,470
1,790,554
1,446,451
Working Capital
982,264
1,060,204
929,532
992,946
Net Tangible Assets
1,525,773
1,506,731
1,012,042
864,761
Capital Lease Obligations
262,305
287,232
331,608
352,112
Common Stock Equity
2,066,244
1,908,286
1,334,348
992,224
Total Capitalization
2,066,244
1,908,286
1,790,554
1,446,451
Total Equity Gross Minority Interest
2,066,244
1,908,286
1,334,348
992,224
Stockholders Equity
2,066,244
1,908,286
1,334,348
992,224
Gains Losses Not Affecting Retained Earnings
5,246
-5,654
1,827
-12,890
Other Equity Adjustments
5,246
-5,654
1,827
-12,890
Retained Earnings
-753,898
-799,809
-804,437
-642,381
Additional Paid In Capital
2,814,843
2,713,697
2,136,908
1,647,446
Capital Stock
53
52
50
49
Common Stock
53
52
50
49
Total Liabilities Net Minority Interest
1,787,907
1,887,547
1,737,044
1,552,514
Total Non Current Liabilities Net Minority Interest
320,436
314,148
795,036
790,861
Other Non Current Liabilities
89,339
55,640
36,459
14,546
Non Current Deferred Liabilities
8,495
3,969
5,810
5,904
Non Current Deferred Revenue
8,495
3,969
5,810
5,904
Long Term Debt And Capital Lease Obligation
222,602
254,539
752,767
770,411
Long Term Capital Lease Obligation
222,602
254,539
296,561
316,184
Long Term Debt
456,206
454,227
383,101
Current Liabilities
1,467,471
1,573,399
942,008
761,653
Current Deferred Liabilities
1,004,945
784,253
672,150
539,874
Current Deferred Revenue
1,004,945
784,253
672,150
539,874
Current Debt And Capital Lease Obligation
39,703
490,877
35,047
35,928
Current Capital Lease Obligation
39,703
32,693
35,047
35,928
Current Debt
458,184
19,630
Other Current Borrowings
458,184
19,630
Pensionand Other Post Retirement Benefit Plans Current
99,195
67,442
53,462
10,224
Payables And Accrued Expenses
323,628
230,827
181,349
175,627
Current Accrued Expenses
298,864
227,178
172,243
154,744
Payables
24,764
3,649
9,106
20,883
Accounts Payable
24,764
3,649
9,106
20,883
Total Assets
3,854,151
3,795,833
3,071,392
2,544,738
Total Non Current Assets
1,404,416
1,162,230
1,199,852
790,139
Other Non Current Assets
165,602
115,254
75,247
58,795
Non Current Deferred Assets
218,991
160,814
122,194
66,559
Investments And Advances
136,662
154,212
325,703
112,791
Investmentin Financial Assets
136,662
154,212
325,703
Available For Sale Securities
136,662
154,212
325,703
Goodwill And Other Intangible Assets
540,471
401,555
322,306
127,463
Other Intangible Assets
249,019
192,047
148,545
81,236
Goodwill
291,452
209,508
173,761
46,227
Net PPE
342,690
330,395
354,402
424,531
Accumulated Depreciation
-175,855
-146,577
-145,356
-112,445
Gross PPE
518,545
476,972
499,758
536,976
Leases
124,067
112,758
112,714
98,427
Construction In Progress
5,582
1,612
0
1,699
Other Properties
200,821
216,230
251,071
319,304
Machinery Furniture Equipment
188,075
146,372
135,973
117,546
Current Assets
2,449,735
2,633,603
1,871,540
1,754,599
Other Current Assets
100,611
80,586
88,679
44,074
Current Deferred Assets
226,184
148,693
99,326
70,992
Prepaid Assets
38,388
Receivables
419,146
334,829
295,303
226,849
Accounts Receivable
419,146
334,829
295,303
226,849
Allowance For Doubtful Accounts Receivable
-6,825
-6,088
-5,516
-3,266
Gross Accounts Receivable
425,971
340,917
300,819
230,115
Cash Cash Equivalents And Short Term Investments
1,703,794
2,069,495
1,388,232
1,412,684
Other Short Term Investments
821,552
1,556,828
1,000,245
1,081,662
Cash And Cash Equivalents
882,242
512,667
387,987
331,022
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
576,654
469,793
250,717
181,403
Repurchase Of Capital Stock
-500,019
0
0
Repayment Of Debt
-459,811
-57
-13
-81,426
Capital Expenditure
-184,063
-128,806
-100,254
-91,771
Interest Paid Supplemental Data
422
1,721
1,722
1,746
Income Tax Paid Supplemental Data
19,311
12,187
12,911
4,685
End Cash Position
884,945
516,720
392,040
334,175
Beginning Cash Position
516,720
392,040
334,175
380,042
Effect Of Exchange Rate Changes
25,744
-11,553
4,649
-6,811
Changes In Cash
342,481
136,233
53,216
-39,056
Financing Cash Flow
-910,009
53,495
37,011
7,428
Cash Flow From Continuing Financing Activities
-910,009
53,495
37,011
7,428
Net Other Financing Charges
-21,573
-21,949
-10,714
48,957
Proceeds From Stock Option Exercised
71,394
75,501
47,738
39,897
Net Common Stock Issuance
-500,019
0
0
0
Common Stock Payments
-500,019
0
0
Net Issuance Payments Of Debt
-459,811
-57
-13
-81,426
Net Long Term Debt Issuance
-459,811
-57
-13
-81,426
Long Term Debt Payments
-459,811
-57
-13
-81,426
Investing Cash Flow
491,773
-515,861
-334,766
-319,658
Cash Flow From Continuing Investing Activities
491,773
-515,861
-334,766
-319,658
Net Other Investing Changes
1,933
Net Investment Purchase And Sale
763,444
-348,550
-92,383
-227,887
Sale Of Investment
2,240,125
1,660,598
1,502,534
1,309,504
Purchase Of Investment
-1,476,681
-2,009,148
-1,594,917
-1,537,391
Net Business Purchase And Sale
-87,608
-40,438
-142,129
0
Purchase Of Business
-87,608
-40,438
-142,129
0
Net Intangibles Purchase And Sale
-274
-1,231
-164
-10,000
Purchase Of Intangibles
-274
-1,231
-164
-10,000
Net PPE Purchase And Sale
-53,165
-37,939
-33,718
-37,426
Purchase Of PPE
-53,165
-37,939
-33,718
-37,426
Capital Expenditure Reported
-130,624
-89,636
-66,372
-44,345
Operating Cash Flow
760,717
598,599
350,971
273,174
Cash Flow From Continuing Operating Activities
760,717
598,599
350,971
273,174
Change In Working Capital
95,520
56,836
-17,718
52,240
Change In Other Working Capital
66,843
34,351
28,748
79,386
Change In Other Current Liabilities
-36,124
-41,521
-36,889
-21,118
Change In Other Current Assets
25,894
32,297
29,173
29,531
Change In Payables And Accrued Expense
136,970
84,552
65,916
44,413
Change In Accrued Expense
117,971
89,129
79,947
26,136
Change In Payable
18,999
-4,577
-14,031
18,277
Change In Account Payable
18,999
-4,577
-14,031
18,277
Change In Prepaid Assets
-34,060
-4,415
-47,048
-5,987
Change In Receivables
-64,003
-48,428
-57,618
-73,985
Changes In Account Receivables
-64,003
-48,428
-57,618
-73,985
Other Non Cash Items
-39,891
-49,664
26,342
-7,105
Stock Based Compensation
528,153
504,770
432,271
275,849
Asset Impairment Charge
5,923
5,306
1,704
5,863
Deferred Tax
-2
2,690
550
-1,285
Deferred Income Tax
-2
2,690
550
-1,285
Depreciation Amortization Depletion
136,295
96,828
72,673
58,150
Depreciation And Amortization
136,295
96,828
72,673
58,150
Operating Gains Losses
-11,192
-22,795
-341
-3,191
Gain Loss On Investment Securities
-5,500
-21,245
-4,201
-11,741
Net Foreign Currency Exchange Gain Loss
-5,692
-1,550
-341
1,010
Gain Loss On Sale Of PPE
0
0
6,468
Net Income From Continuing Operations
45,911
4,628
-164,510
-107,347
2/5
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A
N/A — requires
positive EPS and positive book value per share. Check the Financials tab for earnings history.
Margin of Safety
—
Market Cap / Net Assets
N/A
Net Assets: $2.1B
Warren's Owner Earnings
$366M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
2/5 — Speculative Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$3.1B
vs > $1.5B revenue
❌
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
1.67x
vs Current Ratio > 2.0x
❌
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
2 loss years (4 yrs data)
vs No negative EPS years
❌
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
No dividend
vs Uninterrupted dividends
✅
Earnings Growth
EPS grew from $0.09 to $0.86 over 1 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
+855.6% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $3.1Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 1.67xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
❌ Earnings Stability — 2 loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $0.09 to $0.86 over 1 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
These metrics estimate what HUBS is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
N/A
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
N/A
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
0.4%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Cash Flow Analysis
Metric
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
400.9%
2,783.2%
N/A
N/A
N/A
Repurchase of Capital Stock
-$500M
$0M
$0M
N/A
N/A
Free Cash Flow
$577M▲
$470M▲
$251M▲
$181M•
N/A•
Warren's Owner Earnings
$366M
$230M
$8M
$43M
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare HUBS against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
No management data available.
Risk Analysis
HUBS (HUBS) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 83.8%. Operating margin: 0.4%. Net margin: 1.5%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
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