olivlawolivlaw

olivLaw · US equity research

Hubbell Incorporated HUBB

Electronic Components & Accessories · SIC 3670 · Vertical: Electronic Components & Accessories (SIC 3670)

418.79USD−4.44% · 1 dayClose 05 Nov 2026

Hubbell Incorporated is a global manufacturer of electrical and utility solutions, with net sales of 5844.6 million USD in fiscal 2025. In the second quarter of 2026 net sales rose 15.3% to 1711.8 million USD, supported by 10.2% organic growth and the NSI Industries acquisition. The company raised its 2026 adjusted EPS outlook, while adjusted operating margin contracted, pointing to cost pressure.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, Hubbell Incorporated (HUBB) stock was 418.79 USD (−4.44% on the day), with market capitalisation 22.1 bn USD, P/E 24.5 on diluted EPS of 17.06 USD over the last 12 months, dividend yield 1.36%, beta 1.19, 52-week range 407.36–557.85 USD. Latest reported quarter (Q3 2026): revenue of 1.9 bn USD (+24.6% YoY), net income of 262.5 m USD (+2.7% YoY), diluted EPS 4.94 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
22.1 bn USD
shares as of 22 Oct 2026
P/E (TTM)
24.5
Diluted EPS TTM 17.06 · TTM to 30 Sept 2026
E/P (TTM)
4.07%
TTM to 30 Sept 2026
Dividend yield
1.36%
DPS 12m 5.68
Beta (2y)
1.19
Volatility (1y) 33%
52-week range
407.36557.85

Price history

Loading chart…

Technical reading

RSI (14)
36.5
weak (30–45)
Bollinger (20, 2)
417.22 – 486.37
in the lower half of the band · %B 0.02 · band width 15.3%
SMA 50 / 200
456.52 / 487.20
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-9.42 / -6.90
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−13.7%−5.9%−7.8 pp—
3 months−17.5%−4.6%−12.9 pp—
6 months−15.1%+0.2%−15.3 pp—
Year to date−5.7%+7.4%−13.1 pp—
1 year−10.5%+8.2%−18.7 pp−16.5%
3 years+50.5%+68.4%−17.9 pp−0.9%
5 years+103.6%+56.5%+47.1 pp—
Max drawdown (1y)
−24.9%
23 Apr 2026 → 05 Nov 2026
Max drawdown (5y)
−33.1%
06 Nov 2024 → 04 Apr 2025
Compound annual growth (5y)
+15.3%
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
1.9 bn USD
+24.6% YoY
Net income
262.5 m USD
+2.7% YoY
Diluted EPS
4.94
+3.6% YoY
net / operating
14.0% / 21.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue1.3 bn1.4 bn1.5 bn1.5 bn1.5 bn1.5 bn1.7 bn1.9 bn
Cost of revenue882.1 m922.6 m932.2 m958.1 m967.6 m1.0 bn1.1 bn1.2 bn
Gross profit452.2 m442.6 m552.1 m544.3 m525.1 m505.3 m613.0 m688.2 m
SG&A192.5 m212.2 m215.8 m213.7 m213.6 m241.5 m264.4 m279.5 m
Operating income259.7 m230.4 m336.3 m330.6 m311.5 m263.8 m348.6 m408.7 m
Depreciation & amortisation53.3 m46.9 m48.3 m49.4 m61.5 m60.2 m67.6 m92.3 m
Pre-tax income245.8 m211.3 m315.2 m311.1 m281.5 m236.4 m303.7 m345.3 m
Income tax46.4 m46.8 m69.7 m54.4 m56.3 m53.4 m61.5 m80.7 m
Net income198.2 m163.2 m244.2 m255.5 m224.2 m181.8 m240.4 m262.5 m
Diluted EPS3.663.034.564.774.193.414.524.94
Operating cash flow432.4 m37.4 m260.6 m ≈284.3 m ≈447.5 m86.6 m249.8 m ≈322.6 m ≈
Capex68.0 m26.0 m39.9 m30.5 m58.7 m40.6 m37.0 m ≈42.2 m ≈
Share repurchases10.0 m125.0 m100.0 m ≈0 ≈0167.5 m36.0 m ≈0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 59 percentile of its own 44-quarter history (min 15.2, median 23.5, max 31.8; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue4.5 bn3.9 bn3.7 bn4.2 bn4.9 bn5.4 bn5.6 bn5.8 bn
Revenue YoY+22.2%−11.9%−6.7%+13.9%+18.0%+8.6%+4.8%+3.8%
Net income360.2 m400.9 m351.2 m399.5 m545.9 m751.4 m779.0 m887.1 m
Net income YoY+48.2%+11.3%−12.4%+13.8%+36.6%+37.6%+3.7%+13.9%
Diluted EPS6.547.316.437.2810.0713.8914.3916.54
Diluted EPS YoY+49.0%+11.8%−12.0%+13.2%+38.3%+37.9%+3.6%+14.9%
net %8.0%10.2%9.5%9.5%11.0%14.0%13.8%15.2%
Free cash flow420.9 m504.9 m565.2 munavailableunavailable715.1 m810.8 m874.7 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
482.5 m USD
Financial debt
2.3 bn USD
Net debt
1.8 bn USD
Equity
3.9 bn USD
Total assets
8.2 bn USD
Debt / equity
0.60x
Current ratio
1.72x
ROE
24.4%
ROA
11.8%
FCF margin
15.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
5.4 bn
2024
5.6 bn
2025
5.8 bn

SEC (XBRL)· 12 Feb 2026verified

Cost of revenue
2023
3.5 bn
2024
3.7 bn
2025
3.8 bn

SEC (XBRL)· 12 Feb 2026verified

Gross profit
2023
1.9 bn
2024
1.9 bn
2025
2.1 bn

SEC (XBRL)· 12 Feb 2026verified

SG&A
2023
849.6 m
2024
812.5 m
2025
855.3 m

SEC (XBRL)· 12 Feb 2026verified

Operating income
2023
1.0 bn
2024
1.1 bn
2025
1.2 bn

SEC (XBRL)· 12 Feb 2026verified

Depreciation & amortisation
2023
149.7 m
2024
212.1 m
2025
206.1 m

SEC (XBRL)· 12 Feb 2026verified

EBITDA
2023
1.2 bn ≈
2024
1.3 bn ≈
2025
1.4 bn ≈

SEC (XBRL)· 12 Feb 2026derived

Interest expense
2023
—
2024
—
2025
—

SEC (XBRL)· 11 Feb 2021verified

Pre-tax income
2023
972.2 m
2024
1.0 bn
2025
1.1 bn

SEC (XBRL)· 12 Feb 2026verified

Income tax
2023
214.6 m
2024
222.1 m
2025
227.2 m

SEC (XBRL)· 12 Feb 2026verified

Net income
2023
751.4 m
2024
779.0 m
2025
887.1 m

SEC (XBRL)· 12 Feb 2026verified

Diluted EPS
2023
13.89
2024
14.39
2025
16.54

SEC (XBRL)· 12 Feb 2026verified

Weighted average diluted shares
2023
54.0 m
2024
54.0 m
2025
53.5 m

SEC (XBRL)· 12 Feb 2026verified

Dividend per share
2023
4.58
2024
4.98
2025
5.38

SEC (XBRL)· 12 Feb 2026verified

Balance sheet · USD

Cash
2023
336.1 m
2024
329.1 m
2025
482.5 m

SEC (XBRL)· 12 Feb 2026verified

Inventories
2023
832.9 m
2024
1.0 bn
2025
1.1 bn

SEC (XBRL)· 12 Feb 2026verified

Current assets
2023
2.2 bn
2024
2.3 bn
2025
2.6 bn

SEC (XBRL)· 12 Feb 2026verified

Property, plant & equipment, net
2023
652.6 m
2024
726.6 m
2025
841.2 m

SEC (XBRL)· 12 Feb 2026verified

Goodwill
2023
2.5 bn
2024
2.5 bn
2025
3.1 bn

SEC (XBRL)· 12 Feb 2026verified

Intangibles (excl. goodwill)
2023
1.2 bn
2024
1.1 bn
2025
1.4 bn

SEC (XBRL)· 12 Feb 2026verified

Total assets
2023
7.1 bn
2024
6.8 bn
2025
8.2 bn

SEC (XBRL)· 12 Feb 2026verified

Accounts payable
2023
563.5 m
2024
541.7 m
2025
570.5 m

SEC (XBRL)· 12 Feb 2026verified

Short-term debt
2023
117.4 m
2024
125.4 m
2025
289.1 m

SEC (XBRL)· 12 Feb 2026verified

Long-term debt
2023
2.0 bn
2024
1.4 bn
2025
2.0 bn

SEC (XBRL)· 12 Feb 2026verified

Current liabilities
2023
1.3 bn
2024
1.3 bn
2025
1.5 bn

SEC (XBRL)· 12 Feb 2026verified

Total liabilities
2023
4.0 bn
2024
3.4 bn
2025
4.4 bn

SEC (XBRL)· 12 Feb 2026verified

Equity
2023
2.9 bn
2024
3.4 bn
2025
3.9 bn

SEC (XBRL)· 12 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
880.8 m
2024
991.2 m
2025
1.0 bn

SEC (XBRL)· 12 Feb 2026verified

Capex
2023
165.7 m
2024
180.4 m
2025
155.1 m

SEC (XBRL)· 12 Feb 2026verified

Free cash flow
2023
715.1 m ≈
2024
810.8 m ≈
2025
874.7 m ≈

SEC (XBRL)· 12 Feb 2026derived

Investing cash flow
2023
-1.4 bn
2024
-59.1 m
2025
-1.1 bn

SEC (XBRL)· 12 Feb 2026verified

Financing cash flow
2023
388.5 m
2024
-923.4 m
2025
203.6 m

SEC (XBRL)· 12 Feb 2026verified

Dividends paid
2023
—
2024
—
2025
—

SEC (XBRL)· 11 Feb 2021verified

Share repurchases
2023
30.0 m
2024
40.0 m
2025
225.0 m

SEC (XBRL)· 12 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
3.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
5.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
9.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
10.6%
computed by olivLawFY 2025
Net income growth (YoY)
13.9%
computed by olivLawFY 2025
Net income CAGR 3Y
17.6%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
20.4%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
14.9%
computed by olivLawFY 2025
EPS CAGR 3Y
18.0%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
20.8%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
7.9%
computed by olivLawFY 2025

Profitability

Gross margin
35.4%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
24.5%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
20.2%
computed by olivLawTTM to 30 Sept 2026
Net margin
13.8%
computed by olivLawTTM to 30 Sept 2026
FCF margin
14.1%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
23.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
9.4%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
15.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROCE
13.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
33.3%
computed by olivLawTTM to 30 Sept 2026
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
4.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
3.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Debt / equity
1.2x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.2x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
1.1 bn USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
178.5 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
928.0 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
102.1%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
68.5%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
unavailable
input data missing
Days payables outstanding
51 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Market and valuation

Market capitalisation
22.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
26.9 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
24.3x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
24.5x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
4.1%
computed by olivLawTTM to 30 Sept 2026
P/B
5.4x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
3.4x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
16.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBIT
20.2x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/Sales
4.1x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
23.8x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
4.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
1.4%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
0.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

418.79 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 22.1 bn USD

Key indicators

Market capitalisation
22.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
24.5x
computed by olivLawTTM to 30 Sept 2026
P/B
5.4x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
16.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROE
23.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
13.8%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
3.8%
computed by olivLawFY 2025
Dividend yield
1.4%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

34/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 22 Oct 2026
Source: SEC (XBRL)published 28 Oct 2026
verified 2969derived 186

Score by group

100% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/Salesunavailable · not enough peers
  • Peers: EV/EBITDAunavailable · not enough peers

no valuation method could be computed

Multiple comparisons use the SIC vertical: Electronic Components & Accessories (SIC 3670)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality35.4%0 (on a fixed band)11%
EBIT margin · Quality20.2%83 (vs peers)9%
FCF margin · Quality14.1%56 (on a fixed band)9%
Revenue CAGR 3Y · Growth5.7%23 (on a fixed band)17%
Revenue growth (YoY) · Growth3.8%33 (vs peers)9%
Net debt / EBITDA · Balance sheet3.0x1 (on a fixed band)6%
Current ratio · Balance sheet1.5x43 (on a fixed band)6%
EV/Sales · Valuation4.1x79 (on a fixed band)17%
FCF yield · Valuation4.2%84 (on a fixed band)13%
Shareholder yield (distributions) · Returns0.9%49 (on a fixed band)4%

Score groups

  • Balance sheet22/100 · 2/2 factors with a value
  • Growth26/100 · 2/2 factors with a value
  • Quality43/100 · 3/3 factors with a value
  • Returns49/100 · 1/1 factors with a value
  • Valuation81/100 · 2/2 factors with a value

Memo

HUBBELL INC (HUBB). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 5.8 bn USD in 2025; YoY growth 3.8%; net margin 13.8%; ROE 23.3%; net debt/EBITDA 3.0x.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • EBIT margin: 20.2%
  • EV/Sales: 4.1x
  • FCF yield: 4.2%

What contradicts it

  • Gross margin: 35.4%
  • Revenue CAGR 3Y: 5.7%
  • Net debt / EBITDA: 3.0x

Versus the vertical median

Electronic Components & Accessories (SIC 3670) · same industry (4-digit SIC) · compared with 6 companies

The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.

Multiples and returns vs the median

P/E
24.5x
vertical median —
EV/EBITDA
16.7x
vertical median —
P/S
3.4x
vertical median 4.1x
below median (−18.2%)
P/B
5.4x
vertical median 1.9x
above median (+178.5%)
ROE
23.3%
vertical median -1.5%
above median
Net margin
13.8%
vertical median -2.0%
above median
EBIT margin
20.2%
vertical median 0.6%
above median (+3,368.0%)
Revenue YoY
3.8%
vertical median 6.2%
below median (−37.7%)
Net debt/EBITDA
3.0x
vertical median —
Dividend yield
1.4%
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
HUBBHubbell Inc22.1 bn24.523.3%13.8%+3.8%−11% / +51%
MRCYMercury Systems, Inc.3.9 bn—-2.0%-3.0%+7.9%−6% / +91%
OLEDUniversal Display Corporation3.9 bn17.713.5%36.7%+0.5%−27% / −49%
VPGVishay Precision Group, Inc.505.2 m—-1.0%-1.0%+0.2%+21% / +35%
KULRKulr Technology Group, Inc.66.2 m—-97.8%-648.0%+50.6%−56% / −38%
LNKSLinkers Industries Limited——-18.4%-22.0%+12.0%−99% / unavailable
VSHVishay Intertechnology, Inc.—35.73.8%2.7%+4.5%+61% / −1%

1- and 3-year price returns: for HUBB from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
252.64
Total return -39% · Per year -39%
446.40
Total return 8% · Per year 8%
672.05
Total return 62% · Per year 62%
3 years
251.19
Total return -37% · Per year -14%
498.82
Total return 24% · Per year 7%
823.69
Total return 102% · Per year 27%
5 years
249.74
Total return -35% · Per year -8%
557.40
Total return 41% · Per year 7%
1,009.56
Total return 152% · Per year 20%
What moves the 3-year price the most
  • Exit P/E± 124.71
  • Net margin± 87.29
  • Annual revenue growth± 70.84
  • Annual dilution± 7.34

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).

In brief

Hubbell Incorporated is a global manufacturer of electrical and utility solutions, with net sales of 5844.6 million USD in fiscal 2025 1. In the second quarter of 2026 net sales rose 15.3% to 1711.8 million USD, supported by 10.2% organic growth and the NSI Industries acquisition 23. The company raised its 2026 adjusted EPS outlook, while adjusted operating margin contracted, pointing to cost pressure.

SWOT

Strengths

  • A broad brand portfolio and strong positions in transmission and distribution that management presents as a competitive advantage 13.
  • Solid organic growth in the second quarter of 2026, supported by volume and favorable pricing 2.
  • Ability to generate operating cash and fund large acquisitions from internal sources and borrowings 13.

Weaknesses

  • Adjusted operating margins contracted in the second quarter of 2026 due to inflation and tariffs 3.
  • Reliance on a concentrated group of large customers and on utility purchasing creates exposure to swings in orders 1.
  • Goodwill and intangible assets carry significant book value, and impairments could affect results if acquisitions do not integrate well 1.

Opportunities

  • Integrating NSI Industries could broaden connector and component offerings and raise exposure to faster-growing markets 23.
  • Grid and data center investment could keep supporting demand across both segments 3.
  • IEEPA tariff refunds could add gains once they are realized and recognized 2.

Threats

  • New tariffs or trade measures could raise the cost of imported materials and components 12.
  • Competitive pressure could limit the ability to raise prices to cover cost increases 1.
  • Cybersecurity incidents and information system failures could disrupt orders, inventory and collections 1.

Risks

  • Inflation and raw material costshigh

    Higher prices for metals, plastics and energy could compress margins if they cannot be passed on to customers 13.

  • Trade policy and tariffshigh

    Uncertainty about the duration and form of new tariffs could affect import costs and commercial planning 2.

  • Acquisition integrationmedium

    Integrating NSI Industries and other acquisitions could run into difficulties, and promised synergies could be delayed or not achieved 12.

  • Cybersecuritymedium

    Attacks on information or industrial control systems could interrupt production and shipments and expose confidential data 1.

  • Currency exposurelow

    Exchange rate swings can affect demand and reported profits of foreign operations, although these are a small share of sales 1.

Investment thesis

What would need to be true (bull case)

  • If organic growth from the second quarter holds and the NSI integration proceeds as planned, the raised 2026 outlook could be achieved 3.
  • A position in grid modernization and data centers could support medium-term growth and justify portfolio expansion 13.
  • Cash generation and productivity gains could fund investment without overly stressing the balance sheet 13.

What would break the thesis

  • If inflation and tariffs keep pressing costs, adjusted margins could keep contracting even as volumes rise 3.
  • The NSI acquisition and its borrowings could raise financial burden if integration or demand falls short of expectations 23.
  • If utility or data center spending slows, segment growth could drop quickly given customer concentration 1.

What to watch

  • Adjusted operating margin trend against inflation and tariff costsQ3 2026
  • NSI Industries integration and its contribution to sales and margins2026
  • Realization and accounting of IEEPA tariff refundsQ3 2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results).

The business

Hubbell reports two segments: Utility Solutions, which accounted for 63% of consolidated revenues in 2025, and Electrical Solutions, with 37% 1. The first supplies components for transmission and distribution plus communications and control equipment for the grid, while the second offers connection, wiring and protection products for buildings and industrial facilities 1. The company had about 18000 employees at year-end 2025 and roughly 3250 active patents 1.

Customers include distributors, utilities, electrical contractors and original equipment manufacturers, and the top ten customers account for about 42% of net sales 1. Main raw materials are steel, aluminum, copper and other metals, plastics and electronic components 1. Firm backlog at December 31, 2025 stood at 2159 million USD 1.

Hubbell completed the acquisition of NSI Industries in June 2026, a provider of electrical fittings, connectors and components, for about 3.0 billion USD 2. It was financed with term loans and senior notes, and management presents it as an extension of its offering into data center and industrial markets 3.

Market context

Hubbell serves utility transmission, substation and distribution markets as well as data center, industrial, non-residential and telecom markets 1. Management ties demand to grid modernization and rising load, which could keep volumes high if utility investment continues 3.

Trends

  • Grid modernizationtailwind

    Investment in transmission, distribution and grid automation supports demand in the utility segment and could continue if utility spending stays elevated 3.

  • Data center demandtailwind

    Rising data center investment drove Electrical Solutions sales in the second quarter of 2026 and could persist if these projects keep moving forward 3.

  • Cost inflation and tariffsheadwind

    Material, energy and tariff costs have compressed margins, and the company acknowledges it cannot assure it will maintain margins against further inflation 12.

  • IEEPA tariffs and refundsmixed

    After the February 2026 Supreme Court ruling, tariffs were replaced under other authority, and refunds could add gains once realized, though the scope of future tariffs remains uncertain 2.

Competitive position

Hubbell says it competes differently across product categories, and some competitors are larger and have substantial financial resources 1. The company identifies product performance, reliability, quality and innovation as key competitive factors alongside price and service 1.

Competitive pressure can limit the ability to pass cost increases on through price, which could affect margins if rivals cut prices 1. The company states its strategy is to design and make high quality products at the lowest possible cost 1.

  • Larger electrical equipment manufacturers

    The source does not name competitors but notes that some have larger size and greater resources 1.

  • Transmission component producers

    Competition in utility products varies by product line, and the source does not name specific firms 1.

  • Automation and communications equipment suppliers

    The company mentions competition in control and communication systems without naming the companies involved 1.

  • Wiring and connector distributors and makers

    Electrical Solutions competes on price and product availability with other industry players the source does not name 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Quarterly report28 Oct 2026
  • Current report27 Oct 2026
    Results of operations · Financial statements and exhibits
  • Quarterly report29 Jul 2026
  • Current report28 Jul 2026
    Results of operations · Financial statements and exhibits
  • Current report09 Jun 2026
    Regulation FD disclosure · Other events · Financial statements and exhibits
  • Current report08 Jun 2026
    Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
  • Current report15 May 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Current report06 May 2026
    Shareholder vote
  • Current report04 May 2026
    Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
  • Quarterly report01 May 2026

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Hubbell Incorporated · 12 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Hubbell Incorporated · 29 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Hubbell Incorporated · 28 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.