Hut 8 Corp. (HUT) vs MarketAxess Holdings Inc. (MKTX)

Hut 8 Corp. and MarketAxess Holdings Inc. are both Capital Markets companies. Hut 8 Corp. and MarketAxess Holdings Inc. are of similar size ($5.8B and $5.7B). Hut 8 Corp. has negative trailing earnings, so its P/E is not meaningful; MarketAxess Holdings Inc. trades at 19.5×. Hut 8 Corp. grew revenue faster over the last twelve months: 71.3% against 3.93%. MarketAxess Holdings Inc. has the higher net margin (35.2% vs −169.8%) and the higher return on invested capital (24.8% vs 0.00%). Across the 18 metrics below, MarketAxess Holdings Inc. leads on 12 and Hut 8 Corp. on 6.

Valuation

Metric HUT MKTX Capital Markets median
P/E n/m 19.48 14.35
P/S 18.87 6.70 2.07
P/B 2.99 4.71 1.36
Price to free cash flow n/m 40.89 9.28
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (10.32%) 5.13% (8.28%)
Free cash flow yield (13.33%) 2.45% (1.12%)

Profitability

Metric HUT MKTX Capital Markets median
Gross margin 0.00% 100.00% 68.15%
Operating margin (226.95%) 40.50% 0.00%
Net margin (169.83%) 35.22% (0.34%)
Free cash flow margin (20.42%) 16.39% 0.00%
Return on equity (28.95%) 23.34% 0.00%
Return on assets (7.97%) 13.94% 0.00%
Return on invested capital 0.00% 24.79% 0.00%

Growth

Metric HUT MKTX Capital Markets median
Revenue growth (TTM) 71.33% 3.93% 19.72%
EPS growth (last fiscal year) (161.67%) (8.79%) 16.79%
Revenue growth, 5-year CAGR 30.64% 4.19% 17.41%
Net income growth, 5-year CAGR 0.00% (3.80%) 0.00%

Health

Metric HUT MKTX Capital Markets median
Debt to equity 0.00 0.09 0.07
Current ratio 9.48 1.85 1.51
Net debt to EBITDA (0.74) (1.22) (0.03)

Dividend

Metric HUT MKTX Capital Markets median
Dividend yield — 1.87% 1.58%
Payout ratio — 0.37 0.19

Size

Metric HUT MKTX Capital Markets median
Market cap 5.66b 5.83b 527.01m

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