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Australian investment platform provider giving financial advisers technology to administer client portfolios, super and managed accounts.
Australian investment platform provider giving financial advisers technology to administer client portfolios, super and managed accounts.
Charges administration fees on the value of client assets held on the platform, so revenue rises with the money advisers place there and with market levels. Advisers choose the platform, and moving a client's holdings is disruptive, so retention is high.
In one line: An Australian Envestnet competing with Netwealth.
Moat: narrow (switching costs, scale). Advisers rarely re-platform clients once onboarded, giving high retention of funds under administration.
Headquarters: Sydney, Australia · Founded: 2007 · Employees: 1,096
Size HUB24 (HUB.AX) is an Australia Information Technology company (Packaged Software) with a market value of $4.39B, the 78th largest of 316 Australia companies the cockpit tracks. Shares closed at A$77.72 on 6 Nov 2026.
Performance Over six months the shares fell 4.2%, against +5.4% for the median peer and +4.1% for the Australia market (cap-weighted) — 7th lowest of 19 in its peer set.
Growth Revenue grew 23.2% over the last twelve months (peer median +12.5%); the operating margin is 29.4% (peer median 1.3%).
Valuation It trades at 42.6× forward earnings against a peer median of 20.7× (5th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is +36%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.7 points above its cost of capital (12.9% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$501M | A$501M | A$407M | A$327M | A$279M |
| Revenue growth | — | +23% | +24% | +17% | — |
| Gross profit | A$422M | A$422M | A$327M | A$260M | A$225M |
| EBITDA | A$196M | A$196M | A$147M | A$92.5M | A$79.1M |
| Net income | A$120M | A$120M | A$79.5M | A$47.2M | A$38.2M |
| Free cash flow | A$172M | A$172M | A$144M | A$88.9M | A$74.5M |
| Capital expenditure | A$23.1M | A$23.1M | A$24.5M | A$22.7M | A$17.8M |
| Total debt | n/a | A$71.7M | A$59.0M | A$45.2M | A$40.2M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| HUB24 HUB.AX | $4.39B | -4% | +23% | 29% | 42.6× | 35.6% |
| Netwealth NWL.AX | $3.31B | -13% | +21% | 46% | 34.1× | n/a |
| AMP AMP.AX | $3.69B | +46% | -5% | -1% | 15.7× | n/a |
| Macquarie MQG.AX | $63.5B | +5% | +5% | 20% | 18.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HUB.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.8% | +2.5% | 3rd highest of 21 |
| 6-month return | -4.2% | +5.4% | 7th lowest of 19 |
| Distance from 52-week high | -33.9% | -34.8% | 11th highest of 21 |
| Revenue growth (TTM) | +23.2% | +12.5% | 8th highest of 21 |
| Operating margin | 29.4% | 1.3% | 2nd highest of 21 |
| Forward P/E | 42.6× | 20.7× | 5th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 35.6% | 11.3% | 4th most demanding of 12 |
| Growth delivered (Del g) | +35.7% | +11.9% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | -0.1 pp | -4.6 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +5.7 pp | -6.6 pp | 3rd highest of 21 |
| EV / EBITDA | 32.3× | 16.3× | 2nd most expensive of 10 |
| Net debt / EBITDA | 0.0× | 0.0× | 6th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HUB24 HUB.AX | Australia | $4.39B | -4% | +23% | 29% | 42.6× | 35.6% | +35.7% |
| Tenable TENB | United States | $4.40B | +93% | +10% | 5% | 17.8× | 30.1% | +17.8% |
| Kingsoft 3888.HK | Hong Kong | $4.46B | +4% | 0% | 14% | 15.1× | -5.8% | +10.8% |
| BILL BILL | United States | $4.50B | +25% | +13% | 1% | 13.7× | 36.5% | +47.3% |
| Maase MAAS | United States | $4.51B | +7% | -84% | -16% | n/a | n/a | n/a |
| Sega Sammy 6460.T | Japan | $4.28B | +46% | +24% | 10% | 17.8× | -2.3% | +11.9% |
| CCC Intelligent Solutions CCC | United States | $4.54B | +50% | +11% | 18% | 15.1× | 11.2% | +10.8% |
| RXO RXO | United States | $4.55B | +27% | +10% | 0% | 53.0× | n/a | n/a |
| HeartFlow HTFL | United States | $4.56B | +15% | +40% | -34% | n/a | n/a | n/a |
| Planet Labs PBC PL | United States | $4.57B | -68% | +44% | -26% | n/a | n/a | n/a |
| Sportradar SRAD | United States | $4.22B | +4% | +25% | 13% | 30.2× | 11.3% | +25.8% |
| China National Software & Service 600536.SS | China | $4.22B | -20% | -16% | 0% | 131.0× | 49.7% | -7.3% |
| OPENLANE OPLN | United States | $4.22B | -9% | +13% | 17% | 20.7× | 11.1% | -2.4% |
| Beijing DeepZero Technology 2723.HK | Hong Kong | $4.58B | n/a | +31% | 1% | n/a | n/a | n/a |
| Kingdee International Software 0268.HK | Hong Kong | $4.16B | +3% | +17% | 2% | 65.4× | 45.4% | +15.0% |
| Talkweb Information System 002261.SZ | China | $4.11B | -39% | +9% | 1% | n/a | n/a | n/a |
| Yonyou Network Technology 600588.SS | China | $4.72B | -21% | +4% | -16% | n/a | n/a | n/a |
| OBIC Business Consultants 4733.T | Japan | $4.74B | +62% | +12% | 47% | 36.1× | 3.2% | +11.9% |
| Shanghai Stonehill Technology 002195.SZ | China | $4.77B | -34% | +11% | -25% | 284.5× | n/a | n/a |
| First Advantage FA | United States | $4.04B | +47% | +33% | 11% | 17.4× | 20.8% | +25.3% |
| Momenta Global 6880.HK | Hong Kong | $4.02B | n/a | +82% | -32% | n/a | n/a | n/a |