HUT Financial Services

Hut 8 Corp.

$63.75+15.90%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Financial Services
Industry: Capital Markets
Country: United States
Market cap: 7.9B USD
Full-time employees: 248

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #790 of 791 banks & insurance companies (bottom 1%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 185% from June 2023 to July 2026.
Hut 8 had 185% more shares at July 2026 than at June 2023, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Hut 8 had 185% more shares at July 2026 than at June 2023, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Earnings slid into a loss. Loss per share this year after a profit last year.
Hut 8 made a loss per share in its latest year after a profit the year before.
Much more borrowing than peers. Debt is 4.4× equity vs a peer median of 0.4×.Debt is 4.4× equity vs peers 0.4×.
Debt is 4.4× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 4.4× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.
Stock-based pay is a large cost. Stock pay was 25% of revenue in FY Dec 2025.
Hut 8 paid employees $58M in stock in FY Dec 2025, 25% of its $235M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

StockQuotient Score

3/ 100

Oct 5 3 → Nov 4 3

Valuation

Is the price right?

0/100

Weak

2/2 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 9.5% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ P/B
▼ Earnings yield

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield18.4%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile40% base weight · Z-score -2.06Sector median: 0.7950 · MAD: 0.2843

Earnings yield-7.9%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price60% base weight · Z-score -3.12Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yield-5.1%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share priceInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield-16.7%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share priceInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

10/100

Weak

1/1 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 11.8%

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Earnings-per-share growth versus other banks and insurers.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss100% base weight · Z-score -1.99Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth57.0%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0826 · MAD: 0.0558

Revenue growth129.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0866 · MAD: 0.0782

Profitability

Does it earn well?

0/100

Weak

2/2 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ ROE

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets-6.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile50% base weight · Z-score -2.09Sector median: 0.0117 · MAD: 0.0062

Return on equity-43.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile50% base weight · Z-score -2.86Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating margin-295.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Hut 8

Is Hut 8 getting weaker?: Its latest SEC filing (Aug 4, 2026) got weaker in some ways: share count up 9.5%. Its overall score is unchanged at 3/100 since Oct 28, 2026.
How is Hut 8 valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 0/100 against 950 banks & insurance peers. Book yield 18.4% vs a peer median of 79.5% (weaker than 100% of peers).Book yield 18.4% vs peers 79.5% (weaker than 100% of peers).
Is Hut 8 growing?: More slowly than most of its peers. Growth scores 10/100 against 950 banks & insurance peers.
How profitable is Hut 8?: Less profitable than most of its peers. Profitability scores 0/100 against 950 banks & insurance peers. Return on assets -6.2% vs a peer median of 1.2% (weaker than 100% of peers).Return on assets -6.2% vs peers 1.2% (weaker than 100% of peers).
How risky is Hut 8?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Share count up 9.5% (existing holders diluted)

Worth watching: Hut 8 is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	284.3M USD	318.0M USD	+11.8%
Net income (12 months)	−334.0M USD	−621.5M USD	+86.1%
Operating margin	-191.6%	-295.3%	−103.7 pts
Cash	160.0M USD	233.6M USD	+46.0%
Shares outstanding	112.6M	123.3M	+9.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Capital Markets · 24 companies

Valuations in Capital Markets are above their usual range since Nov 2016.

62% of months since Nov 2016 were valued lower than now.
56% of companies are in the most expensive fifth of their own price-to-book history.
Over 24 months, company values +34% and earnings +87% (medians): earnings grew faster than prices.
Median price-to-book is +21% vs the whole market, against a usual +28%.

Nov 2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Jun 2022	FY Jun 2023	FY 2023	FY 2024	FY 2025	Change
Operating margin	-26.9%	-83.6%	9.8%	283.6%	-136.9%	▼ 421 pts
Net margin	-43.1%	-79.9%	22.7%	204.4%	-96.2%	▼ 301 pts
Return on assets (ROA)	-13.0%	-34.5%	2.9%	21.9%	-8.2%	▼ 30 pts
Return on equity (ROE)	-36.3%	-239.7%	4.5%	34.0%	-15.9%	▼ 50 pts
Debt to equity	1.46×	5.52×	0.38×	0.31×	—	—
Interest coverage	-2.86×	-2.46×	0.38×	15.46×	-10.71×	▼ 169%

HUT price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #790 of 791 banks & insurance companies (bottom 1%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 185% from June 2023 to July 2026.

Hut 8 had 185% more shares at July 2026 than at June 2023, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Hut 8 had 185% more shares at July 2026 than at June 2023, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Earnings slid into a loss. Loss per share this year after a profit last year.

Hut 8 made a loss per share in its latest year after a profit the year before.

Much more borrowing than peers. Debt is 4.4× equity vs a peer median of 0.4×.Debt is 4.4× equity vs peers 0.4×.

Debt is 4.4× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 4.4× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.

Stock-based pay is a large cost. Stock pay was 25% of revenue in FY Dec 2025.

Hut 8 paid employees $58M in stock in FY Dec 2025, 25% of its $235M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Questions investors ask about Hut 8

Is Hut 8 getting weaker?

Its latest SEC filing (Aug 4, 2026) got weaker in some ways: share count up 9.5%. Its overall score is unchanged at 3/100 since Oct 28, 2026.

How is Hut 8 valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 0/100 against 950 banks & insurance peers. Book yield 18.4% vs a peer median of 79.5% (weaker than 100% of peers).Book yield 18.4% vs peers 79.5% (weaker than 100% of peers).

Is Hut 8 growing?

More slowly than most of its peers. Growth scores 10/100 against 950 banks & insurance peers.

How profitable is Hut 8?

Less profitable than most of its peers. Profitability scores 0/100 against 950 banks & insurance peers. Return on assets -6.2% vs a peer median of 1.2% (weaker than 100% of peers).Return on assets -6.2% vs peers 1.2% (weaker than 100% of peers).

How risky is Hut 8?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous quarter

Latest quarter

Change

Revenue (12 months)

284.3M USD

318.0M USD

+11.8%

Net income (12 months)

−334.0M USD

−621.5M USD

+86.1%

Operating margin

-191.6%

-295.3%

−103.7 pts

Cash

160.0M USD

233.6M USD

+46.0%

Shares outstanding

112.6M

123.3M

+9.5%

Key ratios

FY Jun 2022

FY Jun 2023

FY 2023

FY 2024

FY 2025

Change

Operating margin

-26.9%

-83.6%

9.8%

283.6%

-136.9%

▼ 421 pts

Net margin

-43.1%

-79.9%

22.7%

204.4%

-96.2%

▼ 301 pts

Return on assets (ROA)

-13.0%

-34.5%

2.9%

21.9%

-8.2%

▼ 30 pts

Return on equity (ROE)

-36.3%

-239.7%

4.5%

34.0%

-15.9%

▼ 50 pts

Debt to equity

1.46×

5.52×

0.38×

0.31×

—

Interest coverage

-2.86×

-2.46×

0.38×

15.46×

-10.71×

▼ 169%