Hut 8 Corp.

Finance Services

HUTStrained5 of 10 basics passed

$84.12

+5.69%

Market cap $10.4B

$84.12

+5.69%

Market cap $10.4B

Hut 8 Corp is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. The company has four reportable business segments: Power, Digital Infrastructure, Compute, and Other.

It is a $10.4B financial services company. Revenue grew 129.5% over the last year, and it currently loses money.

Website: hut8.com
Location: Miami, FL
Employees: 248
Sector: Financial Services

Share price · 3 years

$10.00 → $84.12+741.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $318M
Loss: spends more than it earns; -$600M
Free cash flow: cash left after running the business; -$89.4M
Net debt: debt minus cash on hand; $644M
P/E: years of profit in the price; 31.3
Shares: up 22% since 2022 — dilution; 105.3M
Volatility: beta vs the market — under 1 swings less; 4.48

Revenue, last 4 years

52-week range

Low $33.76$84.12High $133.02

Today's price is 51% of the way from the year's low to its high.

Valuation vs own history

P/E

21.9×

14%

P/S

32.7×

22%

EV/EBITDA

13.0×

24%

P/B

5.9×

51%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Insider activity · 90 days

-$2.51Mnet selling

Purchases$0

Sales$2.51M

Insiders trading, last 14d0 buy · 0 sell

Standing in Financial Services

Size$10.4Btop 83%
Revenue growth+14%top 27%
Net margin112%top 1%
Return on equity-6%top 93%
P/E31.3×top 83%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability, Health, Quality and Moat lag behind.

Valuation10

P/E vs own history86th pct · 0/25
FCF yield-0.9% · 0/25
P/S61.2x · 0/25
EV/EBITDAn/a · 10/25

Growth25

Revenue CAGR47.2% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability25

ROIC-10.9% · 0/25
ROE-6.5% · 0/25
Net margin-188.6% · 0/25
Operating margin115.2% · 25/25

Health24

Altman Zn/a · 0/25
Current ratio1.26 · 12/25
Interest coverage-4.3x · 0/25
Net cash / debtD/A 23% · 12/25

Quality25

Piotroski F3/9 · 5/25
Beneish M-2.23 · 20/25
FCF conversionn/a · 0/25
Margin stabilityσ 269.8% · 0/25

Moat20

ROIC >12% years1/4 yrs · 0/25
Median gross margin50.4% · 20/25
FCF-positive yearsn/a · 0/25
Worst-year net marginworst -96.2% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Best year on record
$332M net income
FY2023Financial
Turned profitable
$21.9M net income after a loss year
1942Product
The German navy introduced "Triton", a version of Enigma with a fourth rotor for messages to and…
1940Product
A few breaks were made into the naval "Dolphin" code, but Luftwaffe messages were the first to be read in…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$20 029 today — price return only

$235.1M revenue in FY2025

Revenue up 129.5% year over year

248 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (47.6%)
Revenue growing 129.5% year over year

Watch-outs

Not profitable — 188.6% net margin
Negative free cash flow (-$89.4M)
Thin interest coverage (-4.3×)
Loss-making in 2 of the recent years
Short reporting history — trends are less reliable

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

5 of 10 checks passed

Revenue growing — the company sells more than a year ago+129.5% YoY
Profitable — makes more than it spends-$600M TTM
Profit growing — earnings are higher than last year+169.3% YoY
Generates cash — cash left after running and investing-$89.4M TTM
Debt under control — could handle its obligationscurrent ratio 1.26
Established company — not a micro-cap — lower blow-up risk$10.4B market cap
Not printing shares — share count not ballooning — you keep your slice+22.1% shares over ~5y
Proven track record — years of profitability behind it2/4 profitable years
Financially stable — balance sheet not near distresshealth score 12/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 31.3

Peer comparisonHut 8 Corp. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
HUT this company	$10.4B	31.3	+129.5%	-188.6%	Strained
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: HUT vs BRK.A · HUT vs BRK.B · HUT vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 1Buy 9Hold 1

Appendix · Financial records

The full statements behind this CV, FY2022–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $318M · net income -$600M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$318M

YoY 129.5%

Net income (TTM)

-$600M

Margin -188.6%

Gross margin

47.6%

Operating margin

115.2%

P/E ratio

31.3

Income statement — full detail

Figures in USD billions · EPS in USD

	2022	2023	2024	2025
Revenue	0.1	0.1	0.2	0.2
Gross profit	0.0	0.0	0.1	0.1
Operating income (EBIT)	-0.0	-0.0	0.5	-0.3
Net income	-0.0	0.0	0.3	-0.2
EPS (diluted)	-0.37	0.25	3.28	-2.15

Cash flowFree cash flow -$89.4M · operating cash flow -$89.4M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$89.4M

Margin -28.1%

Operating cash flow (TTM)

-$89.4M

Cash flow statement — full detail

Figures in USD billions

	2022	2023	2024	2025
Operating cash flow	-0.0	-0.0	-0.1	-0.1
Capital expenditure	-0.2	-0.0	—	—
Free cash flow	-0.2	-0.0	-0.1	-0.1
FCF margin	-300.6%	-24.7%	-42.2%	-59.2%

Balance sheetAssets $2.75B · net debt $644M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $2.75B of assets is financed

43%

57%

Liabilities $1.06B — borrowed moneyEquity $1.42B — owners' stake

Cash vs debt

Total debt $689M − cash $44.9M = net debt $644M

Cash on hand covers 7% of debt.

Interest coverage

-4.3x

EBIT ÷ interest expense

ROE

-6.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2022	2023	2024	2025
Cash & equivalents	0.0	0.0	0.1	0.0
Total assets	0.2	0.7	1.5	2.8
Total liabilities	0.2	0.3	0.5	1.1
Total debt	0.1	0.2	0.2	0.7
Equity	0.1	0.5	1.0	1.4
Net debt	0.1	0.2	0.2	0.6

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of HUT on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $84.12 · market cap $10.4B.