# Hub24 (HUB.AU)

Canonical: https://gigainvestors.com/s/HUB.AU

Analysis as of: 2026-10-16T07:38:42.804Z. Financial observations: FY2004–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 61.31 per share; close as of 2026-10-15.

Estimated value: low AUD 11.52 per share, central AUD 13.11 per share, high AUD 15.22 per share. Buy at or below the central value AUD 13.11 per share. Valuation as of 2026-10-16T07:38:42.804Z; scenarios are not confidence intervals.

Expected annual return: 4.5% at the stated quote. About 4.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.44×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.17×

- FY2021: 0.12×

- FY2022: 0.11×

- FY2023: 0.18×

- FY2024: 0.16×

- FY2025: 0.24×

- FY2026: 0.29×

### moat: pass

- ROIC, median of available years: 18.5%

- ROIC, second-lowest year: 12.0%

- Typical minus recent gross margin: 3.2 pp

- Typical gross margin (annual median): 77.7%

- Recent gross margin (lower of latest and 3-year median): 74.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.5%

- ROIC including acquisitions, ten-year median: 9.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 13.5%

- FY2018: 21.8%

- FY2019: 17.7%

- FY2020: 30.0%

- FY2021: 12.0%

- FY2022: 5.7%

- FY2023: 18.2%

- FY2024: 18.9%

- FY2025: 34.1%

- FY2026: 39.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.25×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 373M

- Net income, five-year total: AUD 300M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 2.4 pp

- Working capital / revenue, final three-year average: 10.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.35×

- FY2023: 1.21×

- FY2024: 1.20×

- FY2025: 1.19×

- FY2026: 1.30×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 17.7% vs 34.1%

- Per-share earnings: 0.06 to 0.96 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.8%

- Ordinary dilution, 5-year annual growth: 2.9%

- Market cap gain: AUD 5.6B

- Cumulative retained earnings: AUD 168M

- Diluted shares, 10-year annual growth: 3.8%

- Diluted shares, 5-year annual growth: 2.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 41.4%

- Per-share value change: AUD 0.90

- Per-share value, starting three-year median: AUD 0.06

- Per-share value, ending three-year median: AUD 0.96

- Buybacks concentrated in cheaper years (correlation): 0.32

- Average buyback yield: 0.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 703M

- Cumulative net income, 10 years: AUD 336M

- ROIC, first three-year median: 17.7%

- ROIC, last three-year median: 34.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.06

- FY2018: AUD 0.12

- FY2019: AUD 0.11

- FY2020: AUD 0.13

- FY2021: AUD 0.14

- FY2022: AUD 0.18

- FY2023: AUD 0.46

- FY2024: AUD 0.57

- FY2025: AUD 0.96

- FY2026: AUD 1.47

### accounting: pass

- Sloan accruals: -7.7%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.47×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.74×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.6%

- FY2018: -6.7%

- FY2019: -5.8%

- FY2020: -17.4%

- FY2021: -4.1%

- FY2022: -4.2%

- FY2023: -6.1%

- FY2024: -6.6%

- FY2025: -10.5%

- FY2026: -7.7%

## Holders

## Price story

Down 46% since Oct 2025 · sales +23.2%

Story as of 2026-10-16T10:00:10.174Z; price observation 2026-10-15.

Price needs cash profits to grow 20.6% a year for ten years

### Sales · FY2025–2026

sales +23.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 63M 

- FY2018: AUD 85M 

- FY2019: AUD 98M 

- FY2020: AUD 82M 

- FY2021: AUD 109M 

- FY2022: AUD 191M 

- FY2023: AUD 279M 

- FY2024: AUD 330M 

- FY2025: AUD 407M 

- FY2026: AUD 501M 

### Gross margin · FY2026

gross margin 74.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 43.7% 

- FY2018: 50.9% 

- FY2019: 56.4% 

- FY2020: 84.1% 

- FY2021: 83.9% 

- FY2022: 78.2% 

- FY2023: 80.9% 

- FY2024: 77.3% 

- FY2025: 98.5% 

- FY2026: 74.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are AUD 501.1 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2026: revenue 501089000; grossProfit 373369000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HUB.AU: HUB24 Limited, a financial services company, provides integrated platform, technology, and data solutions to wealth industry in Australia. The company operates through the Platform and Tech Solutions segments. It provides HUB24, an investment and superannuation platform; PARS, a non-custody portfolio service that offers administration, corporate action management, and tax reporting services; and myprosperity, a client portal for accountants and financial professionals. The company also offers Class, which delivers trust accounting, portfolio management, legal documentation, corporate compliance, and self-managed super fund (SMSF) administration solutions; NowInfinity, which operates in the legal entity document and corporate compliance segments; and HUBconnect, an application and technology product for the financial services sector. In addition, it provides license and consulting services for data management, software, and infrastructure. The company was formerly known as Investorfirst Ltd. and changed its name to HUB24 Limited in August 2013. HUB24 Limited was incorporated in 2007 and is headquartered in Sydney, Australia.

### Why customers stay

Margins ranged from 74.5% to 98.5% during 2024–26; it earns 18.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2024: grossProfit / revenue = 77.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2025: grossProfit / revenue = 98.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2026: grossProfit / revenue = 74.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); 10-year return on capital observations [[2017,0.13482833707480585],[2018,0.21752028865242243],[2019,0.1770609676674082],[2020,0.30029895531285594],[2021,0.1202155349544972],[2022,0.057119746115289555],[2023,0.18169847776099046],[2024,0.1887501464781518],[2025,0.3406987295312978],[2026,0.39770959775390424]]; median 0.18522431211957113. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back AUD 55.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2017: growth capex 361613.50940595195; upkeep 2111573.490594048; owner earnings 2983295.509405952. Growth capex / owner earnings = 0.1212127689884661.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2018: growth capex 329493.461187765; upkeep 6071697.538812235; owner earnings 3322960.461187765. Growth capex / owner earnings = 0.09915659997651319.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2019: growth capex 171937.77265567984; upkeep 7191114.22734432; owner earnings 2547161.77265568. Growth capex / owner earnings = 0.06750170896150695.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2020: growth capex 0; upkeep 7225322; owner earnings 5114397.8. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2021: growth capex 0; upkeep 6045602; owner earnings 9329822.4. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2022: growth capex 0; upkeep 12591000; owner earnings 19865200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2023: growth capex 0; upkeep 17826000; owner earnings 46006200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2024: growth capex 0; upkeep 24124000; owner earnings 56808600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2025: growth capex 0; upkeep 24453000; owner earnings 94661600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2026: growth capex 0; upkeep 5120000; owner earnings 155764000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); Dividend observations: [[2017,3423166],[2018,3423166],[2019,3423166],[2020,3826943],[2021,5274623],[2022,9773000],[2023,21219000],[2024,30103000],[2025,35307000],[2026,55587000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); FY2026: cash repurchases 55873000 AUD.

### Are managers owners

Insiders own 5.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HUB.AU SharesStats.PercentInsiders = 5.172000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 20.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:42.804Z); Ten-year compound average after fade. Initial solved rate 0.28684536546651274. Price 61.31; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -0.03827055884677393 → FY2026 1.9047199793587266. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 5.30 per share

- 2016-11: AUD 6.00 per share

- 2016-12: AUD 5.20 per share

- 2017-01: AUD 4.83 per share

- 2017-02: AUD 4.72 per share

- 2017-03: AUD 4.79 per share

- 2017-04: AUD 4.90 per share

- 2017-05: AUD 5.84 per share

- 2017-06: AUD 6.24 per share

- 2017-07: AUD 6.45 per share

- 2017-08: AUD 6.55 per share

- 2017-09: AUD 7.85 per share

- 2017-10: AUD 8.74 per share

- 2017-11: AUD 9.70 per share

- 2017-12: AUD 9.57 per share

- 2018-01: AUD 10.69 per share

- 2018-02: AUD 10.62 per share

- 2018-03: AUD 10.05 per share

- 2018-04: AUD 11.09 per share

- 2018-05: AUD 13.78 per share

- 2018-06: AUD 11.55 per share

- 2018-07: AUD 11.50 per share

- 2018-08: AUD 13.65 per share

- 2018-09: AUD 12.72 per share

- 2018-10: AUD 11.46 per share

- 2018-11: AUD 13.89 per share

- 2018-12: AUD 11.88 per share

- 2019-01: AUD 12.94 per share

- 2019-02: AUD 11.64 per share

- 2019-03: AUD 13.85 per share

- 2019-04: AUD 15.00 per share

- 2019-05: AUD 13.66 per share

- 2019-06: AUD 11.88 per share

- 2019-07: AUD 12.44 per share

- 2019-08: AUD 12.38 per share

- 2019-09: AUD 12.59 per share

- 2019-10: AUD 12.33 per share

- 2019-11: AUD 10.86 per share

- 2019-12: AUD 11.16 per share

- 2020-01: AUD 10.96 per share

- 2020-02: AUD 10.05 per share

- 2020-03: AUD 7.70 per share

- 2020-04: AUD 9.77 per share

- 2020-05: AUD 10.63 per share

- 2020-06: AUD 9.30 per share

- 2020-07: AUD 13.34 per share

- 2020-08: AUD 16.18 per share

- 2020-09: AUD 18.50 per share

- 2020-10: AUD 22.97 per share

- 2020-11: AUD 21.52 per share

- 2020-12: AUD 21.34 per share

- 2021-01: AUD 24.45 per share

- 2021-02: AUD 20.90 per share

- 2021-03: AUD 20.76 per share

- 2021-04: AUD 25.28 per share

- 2021-05: AUD 26.83 per share

- 2021-06: AUD 28.51 per share

- 2021-07: AUD 24.06 per share

- 2021-08: AUD 30.08 per share

- 2021-09: AUD 29.06 per share

- 2021-10: AUD 31.68 per share

- 2021-11: AUD 29.31 per share

- 2021-12: AUD 28.30 per share

- 2022-01: AUD 27.16 per share

- 2022-02: AUD 27.99 per share

- 2022-03: AUD 27.24 per share

- 2022-04: AUD 24.11 per share

- 2022-05: AUD 24.26 per share

- 2022-06: AUD 20.27 per share

- 2022-07: AUD 24.36 per share

- 2022-08: AUD 23.91 per share

- 2022-09: AUD 20.86 per share

- 2022-10: AUD 25.34 per share

- 2022-11: AUD 27.00 per share

- 2022-12: AUD 26.59 per share

- 2023-01: AUD 26.12 per share

- 2023-02: AUD 29.08 per share

- 2023-03: AUD 27.56 per share

- 2023-04: AUD 28.29 per share

- 2023-05: AUD 25.00 per share

- 2023-06: AUD 25.45 per share

- 2023-07: AUD 28.14 per share

- 2023-08: AUD 32.28 per share

- 2023-09: AUD 32.50 per share

- 2023-10: AUD 30.23 per share

- 2023-11: AUD 33.69 per share

- 2023-12: AUD 35.99 per share

- 2024-01: AUD 37.30 per share

- 2024-02: AUD 39.04 per share

- 2024-03: AUD 42.42 per share

- 2024-04: AUD 40.37 per share

- 2024-05: AUD 42.79 per share

- 2024-06: AUD 46.55 per share

- 2024-07: AUD 49.56 per share

- 2024-08: AUD 55.76 per share

- 2024-09: AUD 58.37 per share

- 2024-10: AUD 69.11 per share

- 2024-11: AUD 75.37 per share

- 2024-12: AUD 69.60 per share

- 2025-01: AUD 80.65 per share

- 2025-02: AUD 77.57 per share

- 2025-03: AUD 68.22 per share

- 2025-04: AUD 72.35 per share

- 2025-05: AUD 83.70 per share

- 2025-06: AUD 89.17 per share

- 2025-07: AUD 106.65 per share

- 2025-08: AUD 109.06 per share

- 2025-09: AUD 100.76 per share

- 2025-10: AUD 114.16 per share

- 2025-11: AUD 103.70 per share

- 2025-12: AUD 96.25 per share

- 2026-01: AUD 101.49 per share

- 2026-02: AUD 97.80 per share

- 2026-03: AUD 82.19 per share

- 2026-04: AUD 83.33 per share

- 2026-05: AUD 83.10 per share

- 2026-06: AUD 72.72 per share

- 2026-07: AUD 85.21 per share

- 2026-08: AUD 75.79 per share

- 2026-09: AUD 63.09 per share

- 2026-10: AUD 65.54 per share

## Annual estimated value (AUD per share)

- FY2019: low AUD 0.52 per share, central AUD 0.73 per share, high AUD 0.85 per share

- FY2020: low AUD 0.66 per share, central AUD 0.95 per share, high AUD 1.12 per share

- FY2021: low AUD 0.88 per share, central AUD 1.12 per share, high AUD 1.31 per share

- FY2022: low AUD 1.59 per share, central AUD 1.81 per share, high AUD 2.11 per share

- FY2023: low AUD 3.12 per share, central AUD 3.55 per share, high AUD 4.12 per share

- FY2024: low AUD 4.49 per share, central AUD 5.11 per share, high AUD 5.94 per share

- FY2025: low AUD 8.90 per share, central AUD 10.13 per share, high AUD 11.77 per share

- FY2026: low AUD 11.52 per share, central AUD 13.11 per share, high AUD 15.22 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations