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HUBB, Hubbell

Electrical Equipment asset-light Serial acquirer

Hubbell Utility Solutions supports the electrical distribution, electrical substation, electrical transmission, gas distribution, telecommunications, utility meters & AMI, and grid protection and controls markets.

Recognized for our innovation, quality, and deep commitment to serving our customers for over 135 years, Hubbell is a world-class manufacturer of electrical and utility solutions, with more than 75 brands used around the world.

We provide utility and electrical solutions that enable our customers to operate critical infrastructure reliably and efficiently, and we empower and energize communities through innovative solutions supporting energy infrastructure In Front of the Meter, on The Edge, and Behind the Meter.

Latest annual: FY2025 10-K

HUBB · Hubbell

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$5.8B

+3.8% YoY · 10% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $6.0B 5-yr avg $5.2B

Gross margin 35% 5-yr avg 32%

Operating margin 20.7% 5-yr avg 17.2%

ROIC 17% 5-yr avg 16%

Owner-earnings margin 15% 5-yr avg 13%

Free cash flow margin 15% 5-yr avg 13%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Utility Solutions (63%) and Electrical (37%).
Situation: Serial acquirer. Goodwill and acquired intangibles are 54% of assets, with meaningful acquisition spending in 7 of the record's 10 years; much of what this business is was bought, at prices the record carries.
What moves the needle: Gross margin has run about 30% and operating margin about 14% through the cycle, a solid spread between what it charges and what the product costs to make. Inventory runs near 16% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on process leadership and the capex cycle. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run in the teens (median 14%, above 15% in 5 of 10 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 12% of revenue reaches owners as cash, consistently. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Utility Solutions is 63% of revenue, with Electrical the other meaningful segment at 37%.

Revenue by reportable segment, FY2025

Utility Solutions63%$3.7B
Electrical37%$2.2B

By geographyUnited States93%International7%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$3.5B	$3.7B	$4.5B	$3.9B	$3.7B	$4.2B	$4.9B	$5.4B	$5.6B	$5.8B	$6.0B	RevenueRevenue
32%	31%	29%	30%	29%	27%	30%	35%	34%	35%	35%	Gross marginGross mgn
18%	17%	17%	16%	16%	15%	15%	16%	14%	15%	15%	SG&A / revenueSG&A/rev
$490M	$519M	$557M	$527M	$495M	$532M	$709M	$1.0B	$1.1B	$1.2B	$1.2B	Operating incomeOp. inc.
14.0%	14.1%	12.4%	13.3%	13.4%	12.7%	14.3%	19.1%	19.4%	20.7%	20.7%	Operating marginOp. mgn
$293M	$243M	$360M	$401M	$351M	$400M	$546M	$751M	$779M	$887M	$906M	Net incomeNet inc.
31%	44%	22%	20%	20%	18%	20%	22%	22%	20%	21%	Effective tax rateTax rate
											Cash flow & returns
$411M	$379M	$517M	$592M	$648M	$514M	$636M	$881M	$991M	$1.0B	$1.1B	Operating cash flowOp. cash
$91M	$98M	$148M	$138M	$145M	$149M	$149M	$150M	$212M	$206M	$219M	DepreciationDeprec.
$5M	$15M	($16M)	$38M	$130M	($52M)	($83M)	($47M)	($31M)	($96M)	($79M)	Working capital & otherWC & other
$67M	$80M	$96M	$87M	$83M	$90M	$129M	$166M	$180M	$155M	$170M	CapexCapex
1.9%	2.2%	2.1%	2.2%	2.2%	2.2%	2.6%	3.1%	3.2%	2.7%	2.8%	Capex / revenueCapex/rev
$344M	$299M	$421M	$505M	$565M	$424M	$507M	$715M	$811M	$875M	$909M	Owner earningsOwner earn.
9.8%	8.2%	9.4%	12.8%	15.3%	10.1%	10.2%	13.3%	14.4%	15.0%	15.2%	Owner earnings marginOE mgn
$344M	$299M	$421M	$505M	$565M	$424M	$507M	$715M	$811M	$875M	$909M	Free cash flowFCF
9.8%	8.2%	9.4%	12.8%	15.3%	10.1%	10.2%	13.3%	14.4%	15.0%	15.2%	Free cash flow marginFCF mgn
$173M	$184M	$1.1B	$71M	$240M	$0	$177M	$1.2B	$0	$958M	$883M	AcquisitionsAcquis.
$144M	$158M	$172M	$187M	$201M	—	—	—	—	—	$213M	Dividends paidDiv. paid
$247M	$93M	$40M	$35M	$41M	$11M	$182M	$30M	$40M	$225M	—	BuybacksBuybacks
16%	13%	13%	13%	12%	13%	17%	17%	18%	17%	17%	ROICROIC
18%	15%	20%	21%	17%	18%	23%	26%	23%	23%	24%	Return on equityROE
9%	5%	11%	11%	7%	—	—	—	—	—	18%	Retained to equityRetained/eq
											Balance sheet
$505M	$447M	$255M	$252M	$339M	$365M	$521M	$425M	$430M	$596M	$617M	Cash & investmentsCash+inv
$530M	$540M	$725M	$683M	$553M	$675M	$742M	$785M	$756M	$857M	$974M	ReceivablesReceiv.
$532M	$635M	$651M	$633M	$527M	$662M	$741M	$833M	$1.0B	$1.1B	$1.1B	InventoryInvent.
$292M	$327M	$394M	$348M	$339M	$533M	$530M	$564M	$542M	$571M	$606M	Accounts payablePayables
$771M	$849M	$983M	$968M	$741M	$805M	$952M	$1.1B	$1.2B	$1.4B	$1.5B	Operating working capitalOper. WC
$1.6B	$1.6B	$1.6B	$1.6B	$1.6B	$1.9B	$2.0B	$2.2B	$2.3B	$2.6B	$2.8B	Current assetsCur. assets
$590M	$706M	$839M	$845M	$948M	$1.1B	$1.1B	$1.3B	$1.3B	$1.5B	$1.8B	Current liabilitiesCur. liab.
2.6×	2.3×	2.0×	1.9×	1.7×	1.8×	1.9×	1.6×	1.8×	1.7×	1.6×	Current ratioCurr. ratio
$991M	$1.1B	$1.8B	$1.8B	$1.9B	$1.9B	$2.0B	$2.5B	$2.5B	$3.1B	$3.1B	GoodwillGoodwill
$3.5B	$3.7B	$4.9B	$4.9B	$5.1B	$5.3B	$5.4B	$7.1B	$6.8B	$8.2B	$8.4B	Total assetsAssets
$991M	$987M	$1.8B	$1.5B	$1.6B	$1.4B	$1.4B	$2.0B	$1.6B	$2.3B	$2.6B	Total debtDebt
$485M	$540M	$1.5B	$1.3B	$1.3B	$1.1B	$922M	$1.6B	$1.1B	$1.7B	$2.0B	Net debt / (cash)Net debt
11.3×	11.6×	7.7×	7.6×	8.2×	—	—	—	—	—	20.6×	Interest coverageInt. cov.
$1.6B	$1.6B	$1.8B	$1.9B	$2.1B	$2.2B	$2.4B	$2.9B	$3.4B	$3.8B	$3.8B	Shareholders’ equityEquity
0.6%	0.6%	0.5%	0.4%	0.6%	0.4%	0.5%	0.5%	0.5%	0.6%	0.6%	Stock comp / revenueSBC/rev
											Per share
55.7M	55.1M	54.9M	54.7M	54.5M	54.7M	54.1M	54.0M	54.0M	53.5M	53.3M	Shares out (diluted)Shares
$62.93	$66.58	$81.63	$72.15	$67.57	$76.67	$91.46	$99.50	$104.23	$109.24	$112.50	Revenue / shareRev/sh
$5.26	$4.41	$6.56	$7.33	$6.44	$7.30	$10.09	$13.91	$14.43	$16.58	$16.99	EPS (diluted)EPS
$6.17	$5.43	$7.67	$9.23	$10.37	$7.74	$9.37	$13.24	$15.01	$16.35	$17.06	Owner earnings / shareOE/sh
$6.17	$5.43	$7.67	$9.23	$10.37	$7.74	$9.37	$13.24	$15.01	$16.35	$17.06	Free cash flow / shareFCF/sh
$2.59	$2.86	$3.14	$3.41	$3.70	—	—	—	—	—	$4.00	Dividends / shareDiv/sh
$1.21	$1.45	$1.75	$1.59	$1.52	$1.65	$2.39	$3.07	$3.34	$2.90	$3.18	Cap. spending / shareCapex/sh
$28.60	$29.66	$32.43	$35.60	$37.98	$40.76	$43.64	$53.28	$62.89	$71.92	$70.71	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+6.3%/yr	+10.1%/yr
Owner earnings / share	+11.4%/yr	+9.5%/yr
EPS	+13.6%/yr	+20.8%/yr
Dividends / share	+9.3%/yr (4-yr)	+9.3%/yr (4-yr)
Capital spending / share	+10.2%/yr	+13.8%/yr
Book value / share	+10.8%/yr	+13.6%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Net income+13.9%
“Net income attributable to Hubbell increased by 13.9% in 2025 compared to the prior year and diluted earnings per share increased by 14.9%.”
✓ figure matches the filed record

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

54Mpeak FY2016

ROIC

17%low FY2020

Gross margin

35%low FY2021

Net debt ÷ owner earnings

2.0×peak FY2018

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$875Mowner earningsvs.$887Mnet incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $887M of profit but $875M of owner earnings: $12M less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$887M

Owner earnings$875M · 15% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$887M	$779M	$751M	$546M	$400M
Depreciation & amortizationnon-cash charge added back	+$206M	+$212M	+$150M	+$149M	+$149M
Stock-based compensationreal costnon-cash, but a real cost	+$33M	+$31M	+$27M	+$25M	+$18M
Working capital & othertiming of cash in and out, other non-cash items	−$96M	−$31M	−$47M	−$83M	−$52M
Cash from operations	$1.0B	$991M	$881M	$636M	$514M
Capital expenditurecash put back in to keep running and to grow	−$155M	−$180M	−$166M	−$129M	−$90M
Owner earnings	$875M	$811M	$715M	$507M	$424M
Owner-earnings marginowner earnings ÷ revenue	15%	14%	13%	10%	10%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $33M), owner earnings is nearer $842M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Restated past financials

“The recast financial information does not represent a restatement of previously issued financial statements.”

The figures below are only as sound as the controls that produced them. read the note →

Will it survive?

Can it pay its interest? 20.0×

Comfortable

Operating income $1.2B ÷ interest expense $60M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $1.8B · 1.5× operating profit

Modest net debt

Cash $483M + ST investments $15M − debt $2.3B

What this means
Netting $498M of cash and short-term investments against $2.3B of debt leaves $1.8B owed, about 1.5× a year's operating profit (1.9× on the gross debt, before the cash). It also holds $98M in longer-dated marketable securities; counting those, it sits at $1.7B of net debt. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 103d

Long (60+ days)

DSO 54 + DIO 105 − DPO 55 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 13%

Solid through the cycle

10-yr median, range 12%–18%; 17% latest = NOPAT $962M ÷ invested capital $5.7B

Industry peers: median 12%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 17% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 10%

Solid through the cycle

10-yr median margin, range 8%–15%; latest $875M = operating cash $1.0B − maintenance capex $155M

Industry peers: median 15%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 15% of revenue this year, a 10% median across 10 years. Treating stock comp as the real expense it is (less $33M of SBC) leaves $842M.
Are earnings backed by cash? 1.16×

Cash-backed

Cash from ops $1.0B ÷ net income $887M

In the filing’s words The filing discloses a restatement of previously reported figures — some numbers in the record have moved since they were first filed; read what changed, and why, before trusting the trend.

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 49%

Returns about half

Dividends + buybacks $426M ÷ Owner Earnings $875M

What this means
Of $875M Owner Earnings, $426M (49%) went back to shareholders, $201M dividends, $225M buybacks. Net of $33M stock comp, the real buyback was about $192M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.75×

Harvesting

Capex $155M ÷ depreciation $206M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $5.8B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.72×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $2.3B vs $1.1B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 5 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +170%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $15.25/share (latest year $16.79), the averaged base the calculator's gate runs on, and book value is $72.82/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 5 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 14% → 20% (3-yr avg ends)

In the filing’s words The filing ties gains to its own pricing, but names price competition too — pricing power that is real yet contested, not unopposed. The margin shows who is winning.

What this means
Through the cycle the operating margin widened — about 14% early to 20% lately, median 14% — pricing power intact or improving.
Reinvestment, incremental ROIC 22%

What this means
Every extra dollar the business reinvested came back at a high incremental return — the lens GBM read for a moat that reinvests rather than merely harvests. The record and the 10-K are where you check whether the rate holds.
Owner earnings growth +11%/yr

What this means
Owner earnings grew about 11% a year over the record.
Worst year 2018 · 12.4% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −0.4%/yr

What this means
Roughly flat share count, little dilution, little buyback.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.
How management talks about it Promotional

What this means
The record is compounding, but the filing leans on a promoter’s vocabulary rather than the per-share, return-on-capital terms an owner uses. The results back the talk here; the register is still worth noting.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“Advancements in, and increased adoption of, artificial intelligence (AI), machine learning, automation, and other advanced technologies may result in a long-term competitive disadvantage.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.8B

Cash & short-term investments$517M
Receivables$974M
Inventory$1.1B
Other current assets$172M

Current liabilities$1.8B

Debt due within a year$536M
Accounts payable$606M
Other current liabilities$634M

Current ratio1.58×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.94×stricter: inventory excluded

Cash ratio0.29×strictest: cash alone against what's due

Working capital$1.0Bthe cushion left after near-term bills

Debt due this year vs. cash$536M due · $517M cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+11.1%the freshest read on whether the business is still growing

Current ratio, recent quarters1.8× → 1.6×

Deeper floors

Tangible book value($657M)equity stripped of goodwill & intangibles

Net current asset value($1.8B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$2.7B$166M of it operating leases

Deferred revenue$322Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$0

'27$300M

'28$1.1B

'29$0

'30$0

later$700M

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$0the first rung: what must be repaid or rolled over within the year

Within two years$300Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$1.1Bin 2028the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$2.0Bevery year plus what lies beyond, as the footnote totals it

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

How the cash was used, 2016–2025

Over the record, the business generated $6.6B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$1.1B · 17%
Dividends$862M · 13%
Buybacks$944M · 14%
Retained (debt / cash)$3.7B · 55%

Returned to owners$1.8B
33% of the owner earnings the business produced over the span, $862M as dividends and $944M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $1.6B and cash and short-term investments rose $68M.
Average price paid for buybacks—
Buybacks ran $944M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−4.3%
The diluted count fell from 56M to 53M, so the buybacks outran the stock issued to staff.
Dividend record$3.70/sh
Paid in 5 of the years on record, the per-share dividend growing about 9% a year. It was never cut over the span.
Return on what it retained14%
Of the earnings it kept rather than paid out ($3.2B over the span), annual owner earnings (first three years vs last three) grew $446M, so each retained $1 added about 0.14 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$4.5B54% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity80%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$4.1Bover 10 years buying other businesses, against $1.1B of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Gerben W. Bakker	$6.1M	$12.2M	$424M
2022	Gerben W. Bakker	$8.1M	$16.3M	$507M
2023	Gerben W. Bakker	$9.7M	$25.2M	$715M
2024	Gerben W. Bakker	$9.3M	$23.3M	$811M
2025	Gerben W. Bakker	$10.3M	$11.6M	$875M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Stock-based compensation$33M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 3% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Hubbell is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

None of the 5 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Electrical Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
MRVLMarvell Technology Inc.	$8.2B	50%	-8.7%	-2%	19%
SANMSanmina Corporation	$8.1B	8%	3.6%	12%	3%
ONON Semiconductor Corporation	$6.0B	37%	13.4%	14%	15%
HUBBHubbell	$5.8B	31%	14.1%	14%	12%
QQnity Electronics Inc.	$4.8B	46%	20.1%	7%	20%
MCHPMicrochip Technology Incorporated	$4.7B	61%	15.9%	7%	31%
PLXSPlexus Corp.	$4.0B	10%	4.5%	16%	2%
VSHVishay Intertechnology Inc.	$3.1B	26%	11.1%	15%	6%
Group median	—	34%	12.3%	13%	13%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Hubbell has delivered.

Hubbell’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Hubbell earns about $673M on its 11.5% median owner-earnings margin. This year’s 15.0% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($673M) Net of stock comp (−$33M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+16%/yr

Owner-earnings growth · ’16→’25+11%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $909M on 53M shares outstanding, per the 10-Q cover, as of 2026-04-27; net debt $2.0B. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh HUBB against another business →

The owners of HUBB: the meeting and the votes →

Cite: Owner Scorecard, "Hubbell (HUBB), the owner's record," https://ownerscorecard.com/c/HUBB, data as of 2026-07-09.

Manual order: ← HTZWW its page in the Manual HUBG →

Industry order: ← GNRC the Electrical Equipment chapter LYTS →