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Friday 6 November 2026
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Hut 8 Corp.
Hut 8 Corp.’s revenue for fiscal 2025 (year ended December 2025) was $235.1 million, up 44.8% from fiscal 2024.
- Revenue
- −14.9%
- EPS
- +221.1%
- Free cash flow
- +173.8%
- Total debt
- +3,076.5%
Quarter to September 2026, against a year earlier
52.81
6.86
+14.93%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | 36 | 62 | 30 | 139 | 116 | — | 162 | 235 | 306 | +30.6% | 213 | 416 | 930 | +58.1% | |
| Gross margin, % | — | — | (54.61) | 4.25 | (49.82) | 51.10 | (16.57) | — | 46.64 | 54.16 | 54.85 | +108.8 pt | ||||||
| EBT | 0 | 0 | (101) | 2 | 3 | (54) | (179) | — | 452 | (300) | (650) | +150.2% | ||||||
| EBT margin, % | 0.00 | 0.00 | (276.63) | 2.60 | 9.80 | (38.61) | (154.78) | — | 278.30 | (127.52) | (212.60) | (127.5) pt | ||||||
| Net income | — | — | (101) | 2 | 14 | (58) | (187) | 0 | 331 | (248) | (543) | +13.8% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.00 | 0.00 | 0.65 | 3.46 | 1.62 | 5.17 | 3.09 | — | 1.78 | 2.23 | 2.48 | n/m | |||||
| Earnings | — | — | (1.79) | 0.10 | 0.80 | (2.15) | (4.95) | — | 3.79 | (2.14) | (4.37) | +2.6% | ||||||
| Cash flow | 0.00 | 0.00 | (0.09) | 0.61 | (0.05) | (2.39) | (2.15) | — | (0.75) | (1.32) | (0.51) | n/m | ||||||
| Capex | 0.00 | 0.00 | 0.00 | (0.39) | (0.23) | (2.57) | (1.49) | — | (0.49) | (1.84) | (9.30) | n/m | ||||||
| Free cash flow | 0.00 | 0.00 | (0.09) | 0.22 | (0.28) | (4.96) | (3.64) | — | (1.24) | (3.17) | (9.81) | n/m | ||||||
| Book value | 0.00 | 0.00 | 0.43 | 1.80 | 4.60 | 16.83 | 7.20 | 0.00 | 10.74 | 16.04 | 15.70 | n/m | ||||||
| Shares, m | — | — | 56 | 18 | 19 | 27 | 38 | — | 91 | 105 | 114 | +9.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 0.00 | 0.00 | 65.98 | 0.00 | 0.00 | — | 5.62 | 0.00 | 0.00 | 10.2 | |||||
| P/S | — | — | 0.00 | 0.00 | 44.36 | 7.60 | 1.33 | — | 11.52 | 20.58 | 21.25 | 12.2 | ||||||
| P/B | — | — | 1.87 | 1.87 | 14.70 | 2.33 | 0.57 | — | 1.91 | 2.86 | 3.36 | 3.7 | ||||||
| EV/Sales | — | — | 0.00 | 0.00 | 42.12 | 6.93 | 1.33 | — | 12.56 | 21.27 | — | 12.0 | ||||||
| EV/FCF | — | — | 0.00 | 0.00 | (654.78) | (7.22) | (1.13) | — | (17.98) | (15.00) | — | (99.4) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 0 | 0 | (5) | 11 | (1) | (64) | (81) | — | (69) | (139) | (62) | +141.4% | |||||
| Capex | — | — | (62) | (7) | (4) | (69) | (56) | — | (45) | (194) | (1,144) | +17.7% | ||||||
| Free cash flow | 0 | 0 | (5) | 4 | (5) | (133) | (137) | — | (113) | (334) | (1,206) | +166.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 0 | 0 | (13) | 4 | 56 | 353 | 166 | (51) | 103 | 33 | 6,705 | +85.0% | |||||
| Net debt | 0 | 0 | 21 | 13 | (2) | (92) | 1 | 93 | 169 | 163 | 854 | n/m | ||||||
| Shareholders’ equity | 0 | 0 | 24 | 32 | 86 | 452 | 270 | 488 | 981 | 1,689 | 1,930 | +186.8% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 0.00 | 0.00 | (328.63) | 2.80 | 17.54 | (16.98) | (41.84) | 0.00 | 29.37 | (10.59) | (7.97) | (10.6) pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | 6.07 | (3.96) | 6.77 | (33.49) | 0.00 | 25.04 | (10.86) | (15.56) | (10.9) pt | ||||||
| ROE | 0.00 | 0.00 | (835.64) | 5.71 | 24.00 | (21.57) | (51.75) | 0.00 | 45.21 | (16.94) | (28.97) | (16.9) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | 30 | 30 | 52 | 98 | — | 222 | 248 | — | +42.2% | |||||
| Revenue/emp, $m | — | — | 0.00 | 2.06 | 1.01 | 2.67 | 1.18 | — | 0.73 | 0.95 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2024
| High Performance Computing, Colocation And Cloud | 81 | 49.70% |
|---|---|---|
| Power | 57 | 34.86% |
| Digital Infrastructure | 26 | 15.72% |
| Other | 9 | 5.25% |
| Gross margin | 46.64% | |
| Operating margin | 283.61% | |
| Pre-tax margin | 278.30% |
Hut 8 Corp. vs peers in Capital Markets (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SNEX StoneX Group Inc. | $6.5B | 12.2× | 12.1× | +15.40% (above 0%: growing) | +86.64% (above 0%: growing) | −183.02% (below 0%: shrinking) | 3.06% | 1.67% | Compare |
| MKTX MarketAxess Holdings Inc. | $5.8B | 20.2× | 21.3× | +0.76% (above 0%: growing) | −16.85% (below 0%: shrinking) | +205.27% (above 0%: growing) | 100.00% | 35.36% | Compare |
| HUT Hut 8 Corp. | $5.7B | — (loss-making) | — (loss-making) | −14.90% (below 0%: shrinking) | +221.10% (above 0%: growing) | +173.77% (above 0%: growing) | 57.47% | 447.73% | |
| RIOT Riot Platforms, Inc. | $5.5B | — (loss-making) | — (loss-making) | +0.66% (above 0%: growing) | −96.67% (below 0%: shrinking) | −276.72% (below 0%: shrinking) | 0.00% | 0.67% | Compare |
| GLXY Galaxy Digital Inc. | $5.0B | — (loss-making) | 205× | −0.99% (below 0%: shrinking) | n/m | +80.14% (above 0%: growing) | 0.86% | (1.21%) | Compare |
| WULF TeraWulf Inc. | $5.0B | — (loss-making) | — (loss-making) | +50.72% (above 0%: growing) | n/m | +88.69% (above 0%: growing) | 66.96% | (115.74%) | Compare |
| BGC BGC Group, Inc. | $4.9B | 20.9× | 7.4× | +12.99% (above 0%: growing) | +146.83% (above 0%: growing) | +164.18% (above 0%: growing) | 97.56% | 9.79% | Compare |
| MC Moelis & Company | $4.7B | 18.8× | 21.1× | +19.25% (above 0%: growing) | +16.36% (above 0%: growing) | +39.35% (above 0%: growing) | 100.00% | 19.24% | Compare |
| PIPR Piper Sandler Companies | $4.7B | 15.5× | 14.2× | −7.56% (below 0%: shrinking) | −33.84% (below 0%: shrinking) | +58.77% (above 0%: growing) | 98.61% | 15.04% | Compare |
| Median of peers | $5.0B | 18.8× | 17.7× | +6.87% | −0.25% | +69.46% | 82.26% | 5.73% |
From the latest earnings call
- CEO Asher Genoot said Hut 8’s second Beacon Point lease fully commercialized the campus, while the company continues to screen new power and data center opportunities.
- CFO Sean Glennan said project financing is nonrecourse to Hut 8’s parent and that restricted project cash is reserved for construction and other specified uses.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
77.37%
Held by the ten largest
42.81%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 11.65m | 9.45% | +1.60m |
| COATUE MANAGEMENT LLC | 9.72m | 7.89% | +9.72m |
| BlackRock | 9.47m | 7.69% | +845.00k |
| LONE PINE CAPITAL LLC | 5.77m | 4.69% | −305.91k |
| T. Rowe Price | 3.74m | 3.04% | +1.72m |
| Morgan Stanley | 3.32m | 2.70% | +2.27m |
| Geode Capital Management | 2.76m | 2.24% | −170.17k |
| State Street | 2.59m | 2.10% | +49.54k |
| D. E. Shaw | 1.91m | 1.55% | −1.09m |
| Ameriprise (Columbia Threadneedle) | 1.81m | 1.47% | −1.11m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 28 April 2026
Ownership
Directors and executive officers, together
10.40%
Coatue Management, L.L.C.
7.50%
BlackRock, Inc.
6.00%
Michael Ho
5.60%
Lone Pine Capital LLC
5.50%
G1 Execution Services, LLC
5.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Hut 8 Corp. (HUT) Latest News
4 Nov
29 Oct
28 Oct
19 Oct
14 Oct
12 Oct
HUT metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
Hut 8 develops and operates power and digital infrastructure for energy-intensive computing. It secures sites and electricity connections, builds data centers, and operates computing hardware or makes facilities available to customers. Its applications include Bitcoin mining, artificial intelligence (AI), high-performance computing, and cloud and colocation services, in which customers place equipment in a data center.
The business has three connected layers. Power includes land with access to electricity, grid connections and electrical equipment. Digital Infrastructure includes the data centers built around that power. Compute includes businesses that own or operate specialized hardware and sell computing services or earn Bitcoin mining rewards.