HubSpot Inc

Equity Research 22 September 2026 | 7:29AM EDT

HubSpot Inc. (HUBS) Unbound 2026: Context drives better product; better product will drive the stock

HUBS 12m Price Target: $276.00 Price: $213.86 Upside: 29.1% BUY Gabriela Borges, CFA HubSpot hosted its annual Analyst Day on 9/17 at its customer | Goldman Sachs & Co. LLC conference, UNBOUND 2026, and we also had the opportunity to Callie Valenti host CEO Yamini Rangan at our Comm+Tech Conference on 9/9. | Goldman Sachs & Co. LLC Unbound focused on a) the importance of context in getting tangible value from AI; b) HubSpot’s headless/API strategy as LLMs increasingly become a main interface; c) HubSpot’s agentic strategy. In the context of mixed fundamental performance and weak stock performance YTD, we believe HubSpot leveled up its Key Data _____________________________________ Market cap: $10.2bn communication of product strategy. We think good product will be Enterprise value: $8.9bn 3m ADTV: $393.8mn the core of any stock turnaround, and we continue to believe United States that HubSpot’s focused, organic R&D will ultimately translate to Americas Software M&A Rank: 2 high quality outcomes for customers as its product set matures. GS Forecast __________________________________ 12/25 12/26E 12/27E 12/28E Revenue ($ mn) 3,131.3 3,681.6 4,133.2 4,545.8 Conference Takeaways EBITDA ($ mn) ,089.1 EBIT ($ mn) . In our view, there are a few possible explanations to conversion EPS ($) rate pressure: P/E (X) EV/EBITDA (X)

o Shift away from SEO: This is likely having some negative FCF yield (%) 2.0 6.9 8.2 9.9 Dividend yield (%) -- -- -- -- impact, but we do not see this as a primary driver given Net debt/EBITDA (X) (2.4) (1.4) (1.2) (1.2)

HubSpot has been diversifying top of funnel channels for 6/26 9/26E 12/26E 3/27E

years and is the most frequently cited CRM brand in AI EPS ($)

search. GS Factor Profile ______________________________ Growth

o Businesses can operate longer before adopting a CRM: Financial Returns This would reduce HubSpot’s customer adds regardless of Multiple new business formation remaining strong. We also believe a subset of customers are choosing to build a CRM tool Integrated

internally. Percentile 20th 40th 60th 80th 100th

o Customers can get more out of HubSpot’s free tier HUBS relative to Americas Coverage

using external LLMs: This would pressure upgrades into HUBS relative to Americas Software

HubSpot’s starter tier and aligns with commentary from Source: Company data, Goldman Sachs Research estimates. See disclosures for details. the company on upgrade pressure.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs HubSpot Inc. (HUBS)

HubSpot Inc. (HUBS) Balance Sheet ($ mn) _______________________________________ BUY Rating since Dec 13, 2021 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 1,703.8 1,240.6 1,179.3 1,353.3 Accounts receivable Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets 2,449.7 2,085.4 2,127.1 2,402.1 P/E (X) Net PP&E EV/EBITDA (X) Net intangibles EV/sales (X) 8.6 2.6 2.2 1.9 Total investments FCF yield (%) 2.0 6.9 8.2 9.9 Other long-term assets EV/DACF (X) Total assets 3,854.2 3,536.0 3,714.0 4,131.9 CROCI (%) ROE (%) Accounts payable Net debt/EBITDA (X) (2.4) (1.4) (1.2) (1.2) Short-term debt -- -- -- -- Net debt/equity (%) ( ) Current lease liabilities Interest cover (X) 665.0 529.8 -- -- Other current liabilities 1,403.0 1,636.8 1,889.5 2,161.1 Inventory days NM NM NM NM Total current liabilities 1,467.5 1,727.3 1,966.8 2,242.0 Receivable days Long-term debt 0.0 0.0 -- -- Days payable outstanding Non-current lease liabilities Growth & Margins (%)…