Hubbell (HUBB)
Electrical connectors, enclosures, power systems for utility & DC.
- Ticker: HUBB
- Sector: power equipment (electrical components)
- DC exposure tier: mid
Hubbell (HUBB) is a moderate-exposure data-center supply-chain name in the power equipment sector. Data Center Index tracks Hubbell's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.
Hubbell data center thesis
Hubbell sells the connectors, enclosures, and grid-side components that turn a utility tie-in into an energized data center. Revenue grew from $3.7B in 2020 to $5.8B in 2025 with operating income up from $0.49B to $1.21B; the mix shift toward Utility Solutions has lifted gross margin from 29% to 35% and the multiple along with it. Hubbell is the lower-volatility, higher-margin proxy to the same DC build that Eaton and Powell sell into.
Bull case
- Operating income more than doubled from $0.49B in 2020 to $1.21B in 2025 with gross margin expanding ~600bps; Utility Solutions T&D mix is now the dominant earnings driver, and DC interconnects are the fastest-growing pocket inside it.
- Switchgear and electrical-component lead times of 30-60 weeks remain tight, and Hubbell Aclara and utility-protection franchises put it on the same approved-vendor lists hyperscalers and IOUs are racing to qualify against.
- Grid recap, IRA-driven utility capex, and DC interconnects are stacking on the same Utility Solutions order book, a multi-year tailwind that does not depend on any single hyperscaler maintaining current capex pace.
Bear case
- At ~28x forward on a 40% twelve-month move the multiple already prices a clean grid plus DC plus utility supercycle; a single soft utility-capex print would compress the rerating quickly.
- Hubbell does not break out DC revenue and management commentary lumps it inside utility growth; if investors decide the DC kicker is smaller than implied, the premium versus pre-2024 levels is the first thing to go.
- Capacity is catching up across the electrical-equipment value chain; HUBB benefits from tightness as much as ETN does, and the same lead-time normalization that resets ETN resets HUBB.
Data center exposure rationale
Utility transmission and Electrical Solutions both touch DC builds; mgmt cites DC as a growth vertical alongside grid-mod and renewables.
Hubbell revenue and capex
In fiscal 2025, Hubbell reported revenue of $5.8B, capital spending of $155.1M and operating income of $1.2B.
| Fiscal year | Revenue | Capex | Operating income |
|---|---|---|---|
| 2025 | $5.8B | $155.1M | $1.2B |
| 2024 | $5.6B | $180.4M | $1.1B |
| 2023 | $5.4B | $165.7M | $1.0B |
Tracked Hubbell data center projects
- AWS Project Rainier (New Carlisle), 2.2 GW est., New Carlisle, IN · operational
- Azure Northern Virginia, 1 GW est., Northern Virginia, VA · operational
- Meta Prometheus, 1 GW, New Albany, OH · operational
- Amazon Mattameade Tech Campus, 770 MW, Woodford, VA · announced