Comprehensive Stock Comparison
Compare IREN Limited (IREN) vs Hut 8 Corp. (HUT) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | IREN | 167.7% revenue growth vs HUT's 44.8% |
| Quality / Margins | IREN | 17.4% net margin vs HUT's -96.2% |
| Stability / Safety | IREN | Beta 2.01 vs HUT's 2.67 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | IREN | +397.0% vs HUT's +260.9% |
| Efficiency (ROA) | IREN | -0.2% ROA vs HUT's -8.2%, ROIC 0.7% vs -14.0% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
IREN Limited is a vertically integrated Bitcoin mining company that operates data centers and computing infrastructure in Australia and Canada. It generates revenue primarily from Bitcoin mining rewards — converting electricity into digital assets — with additional income from data center services and infrastructure operations. The company's competitive advantage lies in its vertical integration — controlling power sourcing, infrastructure, and mining operations — which provides cost efficiency and operational control in the energy-intensive mining industry.
Hut 8 is a vertically integrated Bitcoin mining company that operates large-scale data centers powered by energy infrastructure. It generates revenue primarily from Bitcoin mining rewards — converting electricity into digital assets — with additional income from high-performance computing services. The company's key advantage is its vertically integrated model combining energy infrastructure ownership with mining operations, which provides cost control and operational efficiency.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
HUT leads in 2 of 6 categories (Financial Metrics, Valuation Metrics). IREN leads in 2 (Profitability & Efficiency, Total Returns). 1 tied.
Financial Metrics (TTM)
IREN is the larger business by revenue, generating $501M annually — 2.1x HUT's $235M. IREN is the more profitable business, keeping 17.4% of every revenue dollar as net income compared to HUT's -96.2%.
| Metric | IRENIREN Limited | HUTHut 8 Corp. |
|---|---|---|
| RevenueTrailing 12 months | $501M | $235M |
| EBITDAEarnings before interest/tax | $62M | -$220M |
| Net IncomeAfter-tax profit | -$16M | -$226M |
| Free Cash FlowCash after capex | -$260M | -$342M |
| Gross MarginGross profit ÷ Revenue | +68.3% | +91.3% |
| Operating MarginEBIT ÷ Revenue | +3.5% | -136.9% |
| Net MarginNet income ÷ Revenue | +17.4% | -96.2% |
| FCF MarginFCF ÷ Revenue | -2.2% | -145.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -7.1% | -5.5% |
Valuation Metrics
| Metric | IRENIREN Limited | HUTHut 8 Corp. |
|---|---|---|
| Market CapShares × price | $13.6B | $5.9B |
| Enterprise ValueMkt cap + debt − cash | $14.0B | $6.2B |
| Trailing P/EPrice ÷ TTM EPS | 105.00x | -24.87x |
| Forward P/EPrice ÷ next-FY EPS est. | 117.77x | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 70.58x | — |
| Price / SalesMarket cap ÷ Revenue | 27.16x | 24.92x |
| Price / BookPrice ÷ Book value/share | 5.03x | 3.32x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
IREN delivers a -0.6% return on equity — every $100 of shareholder capital generates $-1 in annual profit, vs $-13 for HUT. HUT carries lower financial leverage with a 0.25x debt-to-equity ratio, signaling a more conservative balance sheet compared to IREN's 0.53x. On the Piotroski fundamental quality scale (0–9), IREN scores 6/9 vs HUT's 3/9, reflecting solid financial health.
| Metric | IRENIREN Limited | HUTHut 8 Corp. |
|---|---|---|
| ROE (TTM)Return on equity | -0.6% | -13.4% |
| ROA (TTM)Return on assets | -0.2% | -8.2% |
| ROICReturn on invested capital | +0.7% | -14.0% |
| ROCEReturn on capital employed | +0.9% | -17.2% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 3 |
| Debt / EquityFinancial leverage | 0.53x | 0.25x |
| Net DebtTotal debt minus cash | $400M | $384M |
| Cash & Equiv.Liquid assets | $565M | $45M |
| Total DebtShort + long-term debt | $964M | $429M |
| Interest CoverageEBIT ÷ Interest expense | 31.42x | -10.71x |
Total Returns (with DRIP)
A $10,000 investment in IREN five years ago would be worth $16,748 today (with dividends reinvested), compared to $11,764 for HUT. Over the past 12 months, IREN leads with a +397.0% total return vs HUT's +260.9%. The 3-year compound annual growth rate (CAGR) favors IREN at 145.4% vs HUT's 86.2% — a key indicator of consistent wealth creation.
| Metric | IRENIREN Limited | HUTHut 8 Corp. |
|---|---|---|
| YTD ReturnYear-to-date | -4.1% | +3.8% |
| 1-Year ReturnPast 12 months | +397.0% | +260.9% |
| 3-Year ReturnCumulative with dividends | +1378.3% | +545.2% |
| 5-Year ReturnCumulative with dividends | +67.5% | +17.6% |
| 10-Year ReturnCumulative with dividends | +67.5% | +195.9% |
| CAGR (3Y)Annualised 3-year return | +145.4% | +86.2% |
Risk & Volatility
IREN is the less volatile stock with a 2.01 beta — it tends to amplify market swings less than HUT's 2.67 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. HUT currently trades 80.6% from its 52-week high vs IREN's 53.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | IRENIREN Limited | HUTHut 8 Corp. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.01x | 2.67x |
| 52-Week HighHighest price in past year | $76.87 | $66.07 |
| 52-Week LowLowest price in past year | $5.13 | $10.04 |
| % of 52W HighCurrent price vs 52-week peak | +53.3% | +80.6% |
| RSI (14)Momentum oscillator 0–100 | 47.9 | 50.1 |
| Avg Volume (50D)Average daily shares traded | 34.2M | 4.7M |
Analyst Outlook
Wall Street rates IREN as "Buy" and HUT as "Buy". Consensus price targets imply 81.2% upside for IREN (target: $74) vs 31.7% for HUT (target: $70).
| Metric | IRENIREN Limited | HUTHut 8 Corp. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $74.20 | $70.10 |
| # AnalystsCovering analysts | 13 | 14 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Nov 21 | Feb 26 | Change |
|---|---|---|---|
| IREN Limited (IREN) | 100 | 217.1 | +117.1% |
| Hut 8 Corp. (HUT) | 100 | 95.38 | -4.6% |
IREN Limited (IREN) returned +67% over 5 years vs Hut 8 Corp. (HUT)'s +18%. A $10,000 investment in IREN 5 years ago would be worth $16,748 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| IREN Limited (IREN) | $1053.00 | $501M | +47580431.8% |
| Hut 8 Corp. (HUT) | $0.00 | $235M | — |
Hut 8 Corp.'s revenue grew from $0M (2016) to $235M (2025) — a 0.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| IREN Limited (IREN) | -153.0% | 17.4% | +111.3% |
| Hut 8 Corp. (HUT) | 8.4% | -96.2% | -1243.1% |
Hut 8 Corp.'s net margin went from 8% (2017) to -96% (2025).
Chart 4P/E Ratio History — 4 Years
| Stock | 2019 | 2024 | Change |
|---|---|---|---|
| Hut 8 Corp. (HUT) | 39.2 | 6 | -84.7% |
Hut 8 Corp. has traded in a 6x–39x P/E range over 4 years; current trailing P/E is ~-25x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| IREN Limited (IREN) | -0.01 | 0.39 | +4039.4% |
| Hut 8 Corp. (HUT) | -9.32 | -2.14 | +77.0% |
Hut 8 Corp.'s EPS grew from $-9.32 (2016) to $-2.14 (2025).
Chart 6Free Cash Flow — 5 Years
IREN Limited generated $-1B FCF in 2025 (-27170% vs 2021). Hut 8 Corp. generated $-342M FCF in 2025 (-105% vs 2021).
IREN vs HUT: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is IREN or HUT a better buy right now?
IREN Limited (IREN) offers the better valuation at 105.0x trailing P/E (117.8x forward), making it the more compelling value choice. Analysts rate IREN Limited (IREN) a "Buy" — based on 13 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — IREN or HUT?
Over the past 5 years, IREN Limited (IREN) delivered a total return of +67.5%, compared to +17.6% for Hut 8 Corp. (HUT). A $10,000 investment in IREN five years ago would be worth approximately $17K today (assuming dividends reinvested). Over 10 years, the gap is even starker: HUT returned +195.9% versus IREN's +67.5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — IREN or HUT?
By beta (market sensitivity over 5 years), IREN Limited (IREN) is the lower-risk stock at 2.01β versus Hut 8 Corp.'s 2.67β — meaning HUT is approximately 33% more volatile than IREN relative to the S&P 500. On balance sheet safety, Hut 8 Corp. (HUT) carries a lower debt/equity ratio of 25% versus 53% for IREN Limited — giving it more financial flexibility in a downturn.
04Which has better profit margins — IREN or HUT?
IREN Limited (IREN) is the more profitable company, earning 17.4% net margin versus -96.2% for Hut 8 Corp. — meaning it keeps 17.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: IREN leads at 3.5% versus -136.9% for HUT. At the gross margin level — before operating expenses — HUT leads at 91.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is IREN or HUT more undervalued right now?
Analyst consensus price targets imply the most upside for IREN: 81.2% to $74.20.
06Which pays a better dividend — IREN or HUT?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is IREN or HUT better for a retirement portfolio?
For long-horizon retirement investors, Hut 8 Corp. (HUT) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+195.9% 10Y return). IREN Limited (IREN) carries a higher beta of 2.01 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (HUT: +195.9%, IREN: +67.5%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between IREN and HUT?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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