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Bitcoin miner and digital-infrastructure company operating data centers for crypto mining and increasingly AI/HPC hosting.
Bitcoin miner and digital-infrastructure company operating data centers for crypto mining and increasingly AI/HPC hosting.
Mines bitcoin using its own and hosted machines at power-secured sites, with revenue set by bitcoin's price and the network's difficulty, and also hosts customers' machines for a fee. The 2023 merger of Hut 8 and USBTC created the present company, and it now converts some power capacity for AI computing customers.
Moat: none (scale, installed base). Owns power-advantaged data-center sites, but bitcoin mining economics are commodity-driven.
Headquarters: Miami, Florida, US · Founded: 2018 · Employees: 248
Size Hut 8 (HUT) is a United States Information Technology company (Data Processing Services) with a market value of $6.49B, the 1004th largest of 3,117 United States companies the cockpit tracks. Shares closed at $52.65 on 6 Nov 2026.
Performance Over six months the shares fell 46.5%, against +0.1% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue grew 71.3% over the last twelve months (peer median +7.0%); the operating margin is -88.8% (peer median 8.1%).
Valuation It trades at 26.1× enterprise value to sales against a peer median of 5.3× (4th most expensive of 21).
Capital Return on invested capital runs 18.3 points below its cost of capital (12.0% WACC).
Short interest Short interest is 14.7% of the free float (15 Oct 2026).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $306M | $235M | $162M | $60.6M | $116M |
| Revenue growth | — | +45% | +168% | -48% | — |
| Gross profit | $29.8M | $25.4M | $28.0M | $15.7M | -$30.9M |
| EBITDA | -$110M | $17.3M | $10.3M | $1.00M | $14.7M |
| Net income | -$518M | -$225M | $332M | $6.21M | -$187M |
| Free cash flow | -$1.21B | -$356M | -$232M | -$20.2M | -$140M |
| Capital expenditure | $1.58B | $648M | $164M | $604,000 | $55.8M |
| Total debt | $7.66B | $429M | $346M | $204M | $35.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Hut 8 HUT | $6.49B | -47% | +71% | -89% | 26.1× | n/a |
| TeraWulf WULF | $5.67B | -51% | +15% | -227% | 49.3× | n/a |
| Applied Digital APLD | $4.70B | -62% | +290% | -24% | 11.8× | n/a |
| Cipher Digital CIFR | $2.99B | -68% | -29% | -172% | 42.6× | n/a |
| MARA MARA | $2.45B | -51% | +1% | -123% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HUT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -33.9% | -1.4% | 3rd lowest of 21 |
| 6-month return | -46.5% | +0.1% | 5th lowest of 20 |
| Distance from 52-week high | -62.6% | -33.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | +71.3% | +7.0% | 2nd highest of 21 |
| Operating margin | -88.8% | 8.1% | 3rd lowest of 21 |
| EV / Sales | 26.1× | 5.3× | 4th most expensive of 21 |
| ROIC minus cost of capital | -18.3 pp | -4.9 pp | 3rd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hut 8 HUT | United States | $6.49B | -47% | +71% | -89% | 26.1× | n/a | n/a |
| ExlService EXLS | United States | $6.51B | +39% | +16% | 14% | 2.9× | 9.4% | +16.8% |
| SWI Capital SWICH.AS | Netherlands | $6.61B | +88% | -33% | -54% | 110.6× | n/a | n/a |
| Wangsu Science & Technology 300017.SZ | China | $5.90B | 0% | 0% | 15% | 6.8× | 27.3% | -3.9% |
| TeraWulf WULF | United States | $5.67B | -51% | +15% | -227% | 49.3× | n/a | n/a |
| IONOS IOS.DE | Germany | $5.49B | +23% | -34% | 23% | 5.0× | 11.0% | +5.9% |
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | 20.9× | n/a | n/a |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | 11.8× | n/a | n/a |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 5.5× | n/a | n/a |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 1.2× | 19.8% | +2.1% |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 2.8× | 0.3% | +8.7% |
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 0.4× | 1.6% | -4.9% |
| Akamai Technologies AKAM | United States | $11.9B | -44% | +6% | 12% | 4.2× | 17.0% | +5.6% |
| LTM LTM.NS | India | $13.6B | +2% | +15% | 16% | 2.5× | 23.8% | +27.9% |
| GoDaddy GDDY | United States | $13.9B | +26% | +7% | 26% | 3.2× | -2.2% | +8.4% |
| Range Intelligent Computing Technology 300442.SZ | China | $14.1B | -35% | +51% | 36% | 16.8× | n/a | n/a |
| Cipher Digital CIFR | United States | $2.99B | -68% | -29% | -172% | 42.6× | n/a | n/a |
| Megaport MP1.AX | Australia | $2.80B | +86% | +37% | -10% | 11.9× | n/a | n/a |
| Tgs TGS.OL | Norway | $2.73B | -13% | -30% | 12% | 2.4× | 5.5% | +36.2% |
| Beijing Sinnet Technology 300383.SZ | China | $2.70B | -37% | -2% | -11% | 3.3× | 46.5% | -0.7% |
| Ionic Digital IOND | United States | $2.68B | n/a | -8% | -44% | 18.5× | n/a | n/a |