# Hubbell (HUBB.US)

Canonical: https://gigainvestors.com/s/HUBB

Analysis as of: 2026-10-16T07:34:32.015Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $464.71 per share; close as of 2026-10-15.

Estimated value: low $198.53 per share, central $239.65 per share, high $278.42 per share. Buy at or below the central value $239.65 per share. Valuation as of 2026-10-16T07:34:32.015Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.14×

- FY2018: 0.12×

- FY2019: 0.13×

- FY2020: 0.13×

- FY2021: 0.13×

- FY2022: 0.14×

- FY2023: 0.19×

- FY2024: 0.19×

- FY2025: 0.21×

- LTM to Jun 2026: 0.20×

### moat: pass

- ROIC, median of available years: 27.6%

- ROIC, second-lowest year: 24.0%

- Typical minus recent gross margin: -4.6 pp

- Typical gross margin (annual median): 30.6%

- Recent gross margin (lower of latest and 3-year median): 35.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: 13.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 27.8%

- FY2018: 27.4%

- FY2019: 24.9%

- FY2020: 24.0%

- FY2021: 27.0%

- FY2022: 37.3%

- FY2023: 35.4%

- FY2024: 37.5%

- FY2025: 33.5%

- LTM to Jun 2026: 22.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.0B

- Net income, five-year total: $3.9B

- Return on incremental invested capital: 112.4%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: -0.0 pp

- Working capital / revenue, final three-year average: 23.5%

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

- FY2022: 1.04×

- FY2023: 1.00×

- FY2024: 1.04×

- FY2025: 1.06×

- LTM to Jun 2026: 1.08×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 27.8% vs 35.4%

- Per-share earnings: 4.78 to 14.40 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: $17B

- Cumulative retained earnings: $2.3B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.8%

- Per-share value change: $9.62

- Per-share value, starting three-year median: $4.78

- Per-share value, ending three-year median: $14.40

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 1.0%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $3.5B

- Cumulative net income, 10 years: $5.0B

- ROIC, first three-year median: 27.8%

- ROIC, last three-year median: 35.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $5.26

- FY2017: $4.41

- FY2018: $6.56

- FY2019: $6.61

- FY2020: $6.44

- FY2021: $7.30

- FY2022: $10.09

- FY2023: $14.07

- FY2024: $14.40

- FY2025: $16.58

### accounting: pass

- Sloan accruals: -1.7%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.16×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.16×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.0%

- FY2017: -3.7%

- FY2018: -3.2%

- FY2019: -4.7%

- FY2020: -5.8%

- FY2021: -2.7%

- FY2022: -0.7%

- FY2023: -1.8%

- FY2024: -3.2%

- FY2025: -1.7%

## Holders

## Price story

Price needs cash profits to grow 10.9% a year for ten years · sales +6.5%

Story as of 2026-10-16T10:00:01.042Z; price observation 2026-10-15.

Price needs cash profits to grow 10.9% a year for ten years

- 2025-05-15: HUBB Q1 Earnings Call: Softer Sales, Margin Management, and Tariff Uncertainty Highlight Quarter ([finance.yahoo.com](https://finance.yahoo.com/news/hubb-q1-earnings-call-softer-183855713.html))

- 2025-07-29: Hubbell falls as revenue miss, accounting change spark investor caution ([seekingalpha.com](https://seekingalpha.com/news/4473332-hubbell-falls-as-revenue-miss-accounting-change-spark-investor-caution?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-08-13: HUBB Q2 Deep Dive: Price Discipline and Grid Infrastructure Offset Volume Weakness, Guidance Raised ([finance.yahoo.com](https://finance.yahoo.com/news/hubb-q2-deep-dive-price-035050834.html))

- 2025-10-17: Hubbell (HUBB) Valuation: Analyst Confidence Rises on Grid Upgrade Opportunity and Tariff Price Power ([finance.yahoo.com](https://finance.yahoo.com/news/hubbell-hubb-valuation-analyst-confidence-042343270.html))

- 2026-04-12: Assessing Hubbell (HUBB) Valuation After Strong Q4 Growth And Softer Full Year EPS Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/assessing-hubbell-hubb-valuation-strong-090952658.html))

### Sales · FY2025–2026

sales +6.5%; source https://www.sec.gov/Archives/edgar/data/48898/000162828026007500/hubb-20251231.htm; observed 2026-02-12.

- FY2017: $3.7B 

- FY2018: $4.5B 

- FY2019: $3.9B 

- FY2020: $3.7B 

- FY2021: $4.2B 

- FY2022: $4.9B 

- FY2023: $5.4B 

- FY2024: $5.6B 

- FY2025: $5.8B 

- FY2026: $6.2B 

### Gross margin · FY2026

gross margin 35.2%; source https://www.sec.gov/Archives/edgar/data/48898/000162828026007500/hubb-20251231.htm; observed 2026-02-12.

- FY2017: 31.5% 

- FY2018: 29.0% 

- FY2019: 29.7% 

- FY2020: 29.5% 

- FY2021: 27.5% 

- FY2022: 29.7% 

- FY2023: 35.1% 

- FY2024: 33.8% 

- FY2025: 35.5% 

- FY2026: 35.2% 

## Owner memo

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

### How it makes money

Operates in electrical equipment & parts; annual sales are USD 5.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/48898/000162828026007500/hubb-20251231.htm (filed 2026-02-12); FY2025: revenue 5844600000; grossProfit 2072700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HUBB.US: Hubbell Incorporated, together with its subsidiaries, manufactures and sells electrical and utility solutions in the United States and internationally. It operates through two segments, Electrical Solutions and Utility Solutions. The Utility Solution segment offers critical components that allow the grid to transmit and distribute energy, as well as the communications and controls technologies, including  utility transmission and distribution components, such as arresters, insulators, connectors, anchors, bushings, enclosures, cutouts, and switches; and solutions that serve the edge of the utility infrastructure comprising smart meters, communications systems, and protection and control devices. It sells its products under various brands and/or trademarks to the electrical distribution, substation and transmission markets, as well as markets for grid protection and controls, utility meters and advanced metering infrastructure and telcom and gas distribution markets. The Electrical Solution segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, and other electrical equipment for use in industrial, commercial, and institutional facilities by electrical contractors, maintenance personnel, electricians, utilities, and telecommunications companies. It also designs and manufactures various industrial controls, and communication systems for use in the non-residential and industrial markets, as well as in the oil and gas, and mining industries. This segment sells its products through electrical and industrial distributors, home centers, retail and hardware outlets, and residential product-oriented internet sites; and special application products primarily through wholesale distributors to contractors, industrial customers, and original equipment manufacturers. The company was founded in 1888 and is headquartered in Shelton, Connecticut.

### Why customers stay

Margins ranged from 33.8% to 35.5% during 2023–25; it earns 27.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 35.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 33.8%.

- Source: https://www.sec.gov/Archives/edgar/data/48898/000162828026007500/hubb-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 35.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2017,0.2784870757287968],[2018,0.2743691615448134],[2019,0.24855477690474503],[2020,0.2404514280463457],[2021,0.26989752827097835],[2022,0.3734481530124676],[2023,0.3540642137855987],[2024,0.3747839534169343],[2025,0.33483214482775153],[2026,0.22155447796580846]]; median 0.27642811863680505. 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 USD 225 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 67200000; owner earnings 316700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 0; upkeep 79700000; owner earnings 261600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 0; upkeep 96200000; owner earnings 412400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 0; upkeep 93900000; owner earnings 405500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 0; upkeep 88400000; owner earnings 407300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 90200000; owner earnings 458400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 0; upkeep 129300000; owner earnings 565100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 16000000; upkeep 149700000; owner earnings 759800000. Growth capex / owner earnings = 0.021058173203474598.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 180400000; owner earnings 809500000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/48898/000162828026007500/hubb-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 155100000; owner earnings 938100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,144000000],[2017,157600000],[2018,172300000],[2019,186600000],[2020,201400000],[2021,216900000],[2022,229600000],[2023,245500000],[2024,267300000],[2025,286600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/48898/000162828026007500/hubb-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 225000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HUBB.US SharesStats.PercentInsiders = 0.345 percentage points; cache date 2026-10-16.

### What could break it

"Regulations related to conflict-free minerals may cause us to incur additional expenses" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/48898/000162828026007500/hubb-20251231.htm (filed 2026-02-12); Regulations related to conflict-free minerals may cause us to incur additional expenses

### What the price says

The price assumes cash profits grow 10.9% yearly over ten years; actual growth was 13.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate 0.14438015110330743. Price 464.71; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.9206896551724135 → FY2025 17.534579439252337. Closing-price date 2026-10-15.

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

- 2016-10: $104.52 per share

- 2016-11: $112.28 per share

- 2016-12: $116.70 per share

- 2017-01: $122.08 per share

- 2017-02: $118.62 per share

- 2017-03: $120.05 per share

- 2017-04: $113.13 per share

- 2017-05: $115.91 per share

- 2017-06: $113.17 per share

- 2017-07: $118.79 per share

- 2017-08: $112.79 per share

- 2017-09: $116.02 per share

- 2017-10: $125.82 per share

- 2017-11: $125.79 per share

- 2017-12: $135.34 per share

- 2018-01: $135.95 per share

- 2018-02: $131.05 per share

- 2018-03: $121.78 per share

- 2018-04: $103.86 per share

- 2018-05: $107.69 per share

- 2018-06: $105.74 per share

- 2018-07: $123.25 per share

- 2018-08: $126.36 per share

- 2018-09: $133.57 per share

- 2018-10: $101.70 per share

- 2018-11: $110.16 per share

- 2018-12: $99.34 per share

- 2019-01: $109.33 per share

- 2019-02: $118.05 per share

- 2019-03: $117.98 per share

- 2019-04: $127.60 per share

- 2019-05: $114.54 per share

- 2019-06: $130.40 per share

- 2019-07: $129.88 per share

- 2019-08: $131.14 per share

- 2019-09: $131.40 per share

- 2019-10: $141.70 per share

- 2019-11: $147.02 per share

- 2019-12: $147.82 per share

- 2020-01: $143.23 per share

- 2020-02: $133.24 per share

- 2020-03: $114.74 per share

- 2020-04: $124.43 per share

- 2020-05: $122.42 per share

- 2020-06: $125.36 per share

- 2020-07: $134.97 per share

- 2020-08: $144.92 per share

- 2020-09: $136.84 per share

- 2020-10: $145.51 per share

- 2020-11: $161.59 per share

- 2020-12: $156.79 per share

- 2021-01: $155.60 per share

- 2021-02: $177.51 per share

- 2021-03: $186.89 per share

- 2021-04: $192.01 per share

- 2021-05: $190.64 per share

- 2021-06: $186.84 per share

- 2021-07: $200.46 per share

- 2021-08: $206.11 per share

- 2021-09: $180.67 per share

- 2021-10: $199.37 per share

- 2021-11: $195.70 per share

- 2021-12: $208.27 per share

- 2022-01: $187.29 per share

- 2022-02: $178.25 per share

- 2022-03: $183.77 per share

- 2022-04: $195.36 per share

- 2022-05: $189.86 per share

- 2022-06: $178.58 per share

- 2022-07: $219.02 per share

- 2022-08: $206.30 per share

- 2022-09: $223.00 per share

- 2022-10: $237.48 per share

- 2022-11: $254.06 per share

- 2022-12: $234.68 per share

- 2023-01: $228.91 per share

- 2023-02: $251.54 per share

- 2023-03: $243.31 per share

- 2023-04: $269.32 per share

- 2023-05: $282.46 per share

- 2023-06: $331.56 per share

- 2023-07: $312.00 per share

- 2023-08: $326.05 per share

- 2023-09: $313.41 per share

- 2023-10: $270.10 per share

- 2023-11: $300.00 per share

- 2023-12: $328.93 per share

- 2024-01: $335.57 per share

- 2024-02: $380.67 per share

- 2024-03: $415.05 per share

- 2024-04: $370.52 per share

- 2024-05: $388.89 per share

- 2024-06: $365.48 per share

- 2024-07: $395.65 per share

- 2024-08: $399.92 per share

- 2024-09: $428.35 per share

- 2024-10: $427.03 per share

- 2024-11: $460.09 per share

- 2024-12: $418.89 per share

- 2025-01: $423.01 per share

- 2025-02: $371.59 per share

- 2025-03: $330.91 per share

- 2025-04: $363.18 per share

- 2025-05: $389.58 per share

- 2025-06: $408.41 per share

- 2025-07: $437.48 per share

- 2025-08: $430.99 per share

- 2025-09: $430.31 per share

- 2025-10: $470.00 per share

- 2025-11: $431.43 per share

- 2025-12: $444.11 per share

- 2026-01: $487.94 per share

- 2026-02: $511.63 per share

- 2026-03: $490.74 per share

- 2026-04: $508.17 per share

- 2026-05: $473.61 per share

- 2026-06: $523.20 per share

- 2026-07: $472.55 per share

- 2026-08: $453.00 per share

- 2026-09: $453.60 per share

- 2026-10: $464.71 per share

## Annual estimated value (USD per share)

- FY2016: low $90.95 per share, central $117.06 per share, high $135.85 per share

- FY2017: low $77.86 per share, central $92.33 per share, high $106.72 per share

- FY2018: low $86.66 per share, central $103.46 per share, high $120.16 per share

- FY2019: low $77.65 per share, central $93.47 per share, high $108.55 per share

- FY2020: low $71.52 per share, central $80.89 per share, high $93.37 per share

- FY2021: low $89.98 per share, central $101.85 per share, high $117.66 per share

- FY2022: low $121.75 per share, central $145.10 per share, high $167.93 per share

- FY2023: low $130.64 per share, central $155.45 per share, high $180.29 per share

- FY2024: low $140.72 per share, central $167.44 per share, high $194.27 per share

- FY2025: low $186.50 per share, central $224.62 per share, high $260.58 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

Prior published observations retained from 2026-10-15T06:40:17.125Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/48898/000162828026007500/hubb-20251231.htm); period 2025-12-31, filed 2026-02-12.

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