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HUBSPOT INC（HUBS）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是HUBSPOT INC的4.5倍（$3.8B vs $846.7M），ServiceNow净利率更高（12.4% vs 6.4%，领先6.0%），HUBSPOT INC同比增速更快（20.4% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $234.0M），过去两年ServiceNow的营收复合增速更高（19.8% vs 17.1%）
HubSpot Inc.是总部位于美国马萨诸塞州剑桥市的企业服务提供商，2006年由布莱恩·哈利根与达尔梅什·沙阿联合创立，专注于研发和推广适配营销、销售及客户服务全场景的软件产品，为全球各规模企业的数字化运营提供工具支持。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
HUBS vs NOW — 直观对比
营收规模更大
NOW
是对方的4.5倍
$846.7M
营收增速更快
HUBS
高出17.6%
2.8%
净利率更高
NOW
高出6.0%
6.4%
自由现金流更多
NOW
多$1.4B
$234.0M
两年增速更快
NOW
近两年复合增速
17.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $846.7M | $3.8B |
| 净利润 | $54.4M | $469.0M |
| 毛利率 | 83.7% | 75.1% |
| 营业利润率 | 5.7% | 13.3% |
| 净利率 | 6.4% | 12.4% |
| 营收同比 | 20.4% | 2.8% |
| 净利润同比 | 992.2% | -53.7% |
| 每股收益（稀释后） | $1.03 | $1.04 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收HUBSNOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $846.7M | $3.6B | ||
| Q3 25 | $809.5M | $3.4B | ||
| Q2 25 | $760.9M | $3.2B | ||
| Q1 25 | $714.1M | $3.1B | ||
| Q4 24 | $703.2M | $3.0B | ||
| Q3 24 | $669.7M | $2.8B | ||
| Q2 24 | $637.2M | $2.6B |
净利润HUBSNOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | $54.4M | $401.0M | ||
| Q3 25 | $16.5M | $502.0M | ||
| Q2 25 | $-3.3M | $385.0M | ||
| Q1 25 | $-21.8M | $460.0M | ||
| Q4 24 | $5.0M | $384.0M | ||
| Q3 24 | $8.1M | $432.0M | ||
| Q2 24 | $-14.4M | $262.0M |
毛利率HUBSNOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | 83.7% | 76.6% | ||
| Q3 25 | 83.5% | 77.3% | ||
| Q2 25 | 83.9% | 77.5% | ||
| Q1 25 | 83.9% | 78.9% | ||
| Q4 24 | 85.3% | 78.7% | ||
| Q3 24 | 85.2% | 79.1% | ||
| Q2 24 | 85.0% | 79.0% |
营业利润率HUBSNOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | 5.7% | 12.4% | ||
| Q3 25 | 1.4% | 16.8% | ||
| Q2 25 | -3.2% | 11.1% | ||
| Q1 25 | -3.8% | 14.6% | ||
| Q4 24 | -1.5% | 12.6% | ||
| Q3 24 | -1.4% | 14.9% | ||
| Q2 24 | -3.8% | 9.1% |
净利率HUBSNOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | 6.4% | 11.2% | ||
| Q3 25 | 2.0% | 14.7% | ||
| Q2 25 | -0.4% | 12.0% | ||
| Q1 25 | -3.1% | 14.9% | ||
| Q4 24 | 0.7% | 13.0% | ||
| Q3 24 | 1.2% | 15.4% | ||
| Q2 24 | -2.3% | 10.0% |
每股收益（稀释后）HUBSNOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | $1.03 | $-4.77 | ||
| Q3 25 | $0.31 | $2.40 | ||
| Q2 25 | $-0.06 | $1.84 | ||
| Q1 25 | $-0.42 | $2.20 | ||
| Q4 24 | $0.09 | $1.84 | ||
| Q3 24 | $0.16 | $2.07 | ||
| Q2 24 | $-0.28 | $1.26 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $882.2M | $2.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $11.7B |
| 总资产 | $3.9B | $24.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资HUBSNOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | $882.2M | $3.7B | ||
| Q3 25 | $614.4M | $2.7B | ||
| Q2 25 | $601.2M | $3.1B | ||
| Q1 25 | $625.0M | $3.4B | ||
| Q4 24 | $512.7M | $2.3B | ||
| Q3 24 | $410.1M | $1.9B | ||
| Q2 24 | $797.9M | $2.2B |
股东权益HUBSNOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | $2.1B | $13.0B | ||
| Q3 25 | $1.9B | $11.3B | ||
| Q2 25 | $2.1B | $10.9B | ||
| Q1 25 | $2.0B | $10.1B | ||
| Q4 24 | $1.9B | $9.6B | ||
| Q3 24 | $1.8B | $9.3B | ||
| Q2 24 | $1.6B | $8.7B |
总资产HUBSNOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | $3.9B | $26.0B | ||
| Q3 25 | $3.5B | $21.8B | ||
| Q2 25 | $3.7B | $22.1B | ||
| Q1 25 | $3.9B | $21.0B | ||
| Q4 24 | $3.8B | $20.4B | ||
| Q3 24 | $3.6B | $18.4B | ||
| Q2 24 | $3.4B | $18.2B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $247.4M | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $234.0M | $1.7B |
| 自由现金流率自由现金流/营收 | 27.6% | 44.2% |
| 资本支出强度资本支出/营收 | 1.6% | — |
| 现金转化率经营现金流/净利润 | 4.55× | 3.56× |
| 过去12个月自由现金流最近4个季度 | $707.6M | $4.8B |
8季度趋势，按日历期对齐
经营现金流HUBSNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $247.4M | $2.2B | ||
| Q3 25 | $187.4M | $813.0M | ||
| Q2 25 | $164.4M | $716.0M | ||
| Q1 25 | $161.6M | $1.7B | ||
| Q4 24 | $194.1M | $1.6B | ||
| Q3 24 | $159.5M | $671.0M | ||
| Q2 24 | $117.8M | $620.0M |
自由现金流HUBSNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $234.0M | $2.0B | ||
| Q3 25 | $177.0M | $578.0M | ||
| Q2 25 | $148.3M | $526.0M | ||
| Q1 25 | $148.2M | $1.5B | ||
| Q4 24 | $181.4M | $1.4B | ||
| Q3 24 | $148.4M | $469.0M | ||
| Q2 24 | $109.6M | $358.0M |
自由现金流率HUBSNOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | 27.6% | 56.1% | ||
| Q3 25 | 21.9% | 17.0% | ||
| Q2 25 | 19.5% | 16.4% | ||
| Q1 25 | 20.8% | 47.7% | ||
| Q4 24 | 25.8% | 46.7% | ||
| Q3 24 | 22.2% | 16.8% | ||
| Q2 24 | 17.2% | 13.6% |
资本支出强度HUBSNOW
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 6.7% | ||
| Q3 25 | 1.3% | 6.9% | ||
| Q2 25 | 2.1% | 5.9% | ||
| Q1 25 | 1.9% | 6.6% | ||
| Q4 24 | 1.8% | 8.6% | ||
| Q3 24 | 1.7% | 7.2% | ||
| Q2 24 | 1.3% | 10.0% |
现金转化率HUBSNOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | 4.55× | 5.58× | ||
| Q3 25 | 11.33× | 1.62× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 3.65× | ||
| Q4 24 | 38.96× | 4.26× | ||
| Q3 24 | 19.59× | 1.55× | ||
| Q2 24 | — | 2.37× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
HUBS
| Subscription And Circulation | $829.0M | 98% |
| Services | $17.8M | 2% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
