Upside case
Bull case
—
The bull case requires both strong earnings delivery and the market pricing HUT more generously than it does today.
Analysis OverviewBuyUpdated May 1, 2026
Hut 8 Corp. (HUT) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
15
analysts
14 bullish · 0 bearish · 15 covering HUT
Strong Buy
0
Buy
14
Hold
1
Sell
0
Strong Sell
0
Consensus Target
$79
-27.9% vs today
Scenario Range
— – —
Model bear to bull value window
Coverage
15
Published analyst ratings
Valuation Context
—
Forward P/E · Market cap $12.1B
HUT price targets
Three scenarios for where HUT stock could go
Current
~$109
Confidence
37 / 100
Updated
May 1, 2026
Market caseClosest to today
Base case
—
The base case reflects analyst consensus expectations — steady delivery without requiring a major catalyst or re-rating.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Hut 8 Corp.
HUT · NASDAQFinancial ServicesFinancial - Capital MarketsDecember year-end
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.
Market Cap
$12.1B
Net Income TTM
-$312M
HUT Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
58%Exceptional
12 quarters tracked
Revenue Beat Rate
17%Exceptional
vs consensus estimates
Avg EPS Surprise
+37.3%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 3 of 4Q2 2025
EPS
$-0.18/$-0.12
Revenue
$22M/$49M
Q3 2025
EPS
$-0.14/$-0.15
Revenue
$41M/$65M
Q4 2025
EPS
$-0.07/$-0.16
Revenue
$84M/$93M
Q1 2026
EPS
$0.36/$-0.15
Revenue
$88M/$93M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $-0.18/$-0.12 | -50.0% | $22M/$49M | -55.6% |
| Q3 2025 | $-0.14/$-0.15 | +6.7% | $41M/$65M | -36.2% |
| Q4 2025 | $-0.07/$-0.16 | +56.3% | $84M/$93M | -10.2% |
| Q1 2026 | $0.36/$-0.15 | +340.0% | $88M/$93M | -5.2% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$322M
+36.9% YoY
FY2
$445M
+38.3% YoY
EPS Outlook
FY1
$-0.04
+97.9% YoY
FY2
$0.29
+743.1% YoY
Trailing FCF (TTM)-$892M
Next Earnings
May 6, 2026
Expected EPS
$-0.28
Expected Revenue
$77M
HUT beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
HUT Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $235M
Product Mix
Latest annual revenue by segment or product family
High Performance Computing, Colocation And Cloud
86.1%
+150.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
86.2%
+82.6% YoY
Tap, hover, or focus a slice to inspect segment detail.
High Performance Computing, Colocation And Cloud is the largest disclosed segment at 86.1% of FY 2025 revenue, up 150.7% YoY.
UNITED STATES is the largest reported region at 86.2%, up 82.6% YoY.
HUT Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Overvalued
Fair value est. $32 — implies -58.5% from today's price.
Premium to Fair Value
58.5%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
HUT
-50.9x
vs
S&P 500
25.2x
302% discount
vs Financial Services Trailing P/E
HUT
-50.9x
vs
Financial Services
13.4x
481% discount
vs HUT 5Y Avg P/E
Today
-50.9x
vs
5Y Average
14.9x
441% discount
Forward PE
—
S&P 500
19.1x
—
Financial Services
10.5x
—
5Y Avg
—
—
Trailing PE
-50.9x
S&P 500
25.2x
-302%
Financial Services
13.4x
-481%
5Y Avg
14.9x
-441%
PEG Ratio
—
S&P 500
1.75x
—
Financial Services
1.03x
—
5Y Avg
—
—
EV/EBITDA
—
S&P 500
15.3x
—
Financial Services
11.4x
—
5Y Avg
24.2x
—
Price/FCF
—
S&P 500
21.3x
—
Financial Services
10.6x
—
5Y Avg
—
—
Price/Sales
801.0x
S&P 500
3.1x
+25471%
Financial Services
2.3x
+35464%
5Y Avg
10.0x
+7888%
Dividend Yield
—
S&P 500
1.88%
—
Financial Services
2.68%
—
5Y Avg
—
—
| Metric | HUT | S&P 500 | Financial Services | 5Y Avg HUT |
|---|---|---|---|---|
| Forward PE | — | 19.1x | 10.5x | — |
| Trailing PE | -50.9x | 25.2x-302% | 13.4x-481% | 14.9x-441% |
| PEG Ratio | — | 1.75x | 1.03x | — |
| EV/EBITDA | — | 15.3x | 11.4x | 24.2x |
| Price/FCF | — | 21.3x | 10.6x | — |
| Price/Sales | 801.0x | 3.1x+25471% | 2.3x+35464% | 10.0x+7888% |
| Dividend Yield | — | 1.88% | 2.68% | — |
HUT trades above S&P 500 benchmarks on 1 of 2 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolHUT Financial Health
Verdict
Stressed
HUT generates -17.7% ROE and -11.2% return on assets — the two primary signals for banking profitability. FCF-based metrics are not applicable to financial companies.
Earnings Engine
Revenue, profitability, and return on capital
Revenue (TTM)
Trailing-twelve-month sales base
—
Revenue Growth
TTM vs prior year
—
Operating Margin
Operating income divided by revenue
—
Net Margin
Net income divided by revenue
—
EPS (TTM)
Diluted earnings per share, trailing twelve months
$-2.81
ROE
Return on equity — the primary profitability signal for banks
-17.7%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
-13.8%
ROA
Return on assets, trailing twelve months
-11.2%
Cash & Equivalents
Liquid assets on the balance sheet
$45M
Net Debt
Total debt minus cash
$384M
FCF Analysis
Traditional FCF and debt/FCF ratios are not meaningful for financial companies. Focus on ROE and ROA above.
ROE
Return on equity — the headline bank profitability metric
-17.7%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.0%
Dividend
—
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Current diluted share count
111M
All figures from the trailing twelve months. For financial companies, ROE and ROA are the primary health signals — FCF-based metrics are not applicable.
Open full ratios pageHUT Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
Based on the latest company results, valuation, and market data
High Risk
UNITED STATES exposure
UNITED STATES represents 86.2% of disclosed revenue and changed 82.6% year over year. A sharper slowdown, policy change, or competitive shift in that market would hit the revenue base quickly and could pull expectations toward the lower end of the valuation range.
High Risk
High Performance Computing, Colocation And Cloud dependence
High Performance Computing, Colocation And Cloud contributes 86.1% of the disclosed revenue mix, with the latest annual change at 150.7%. If demand in the lead segment cools, the rest of the portfolio may not be large enough to fully offset the slowdown.
Medium
Valuation de-rating
HUT trades at -50.9x trailing earnings versus 25.2x for the S&P 500 and 13.4x for its sector. If earnings delivery or sentiment slips, the stock could re-rate lower and move closer to the bear case target of —.
Medium
Estimate execution
The next fiscal year requires Street estimates of $322M in revenue (36.9% growth) and $-0.04 in EPS. Missing those operating targets would undermine the premium multiple investors are paying today.
Lower
Capital return support
Part of the per-share support comes from capital returns, backed by -$892M in trailing free cash flow, a 0.0% buyback yield. If cash generation softens, the EPS lift and downside cushion from repurchases can narrow.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why HUT Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
Based on recent company results and analyst estimates
High-margin cash engine
Hut 8 Corp. already operates from a position of scale, with — gross margin, — operating margin, and -$892M in trailing free cash flow. That combination gives management room to keep funding product investment without relying on outside capital.
High Performance Computing, Colocation And Cloud still matters
High Performance Computing, Colocation And Cloud accounts for 86.1% of disclosed revenue and the latest annual change was 150.7%. When the biggest revenue lines are still holding up, even modest execution improvement can translate into meaningful earnings leverage.
Upside and capital returns align
Consensus still points to $79, or -27.9% upside, while the modeled bull target reaches —. If $322M in forward revenue and $-0.04 in EPS are delivered, ongoing shareholder returns running at 0.0% can amplify the equity upside.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
HUT Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$108.94
52W Range Position
98%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$12.23
+790.8% from the low
52-Week High
$111.33
-2.1% from the high
1 Month
+119.73%
3 Month
+105.31%
YTD
+112.5%
1 Year
+753.8%
3Y CAGR
+130.0%
5Y CAGR
+35.7%
10Y CAGR
+19.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
HUT vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
—
vs — median
Peer median unavailable
Revenue Growth
+36.9%
vs +40.2% median
-8% below peer median
Net Margin
—
vs -33.2% median
Peer median unavailable
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
HUT HUT Hut 8 Corp. | $12.1B | — | +36.9% | — | Buy | -27.9% |
MAR MARA Marathon Digital Holdings, Inc. | $5.0B | — | +29.5% | — | Buy | +23.8% |
RIO RIOT Riot Platforms, Inc. | $9.0B | — | +38.2% | — | Buy | +17.8% |
CLS CLSK CleanSpark, Inc. | $3.7B | — | +40.2% | -33.2% | Buy | +39.4% |
CIF CIFR Cipher Mining Inc. | $8.9B | — | +43.0% | — | Buy | +27.2% |
BTB BTBT Bit Digital, Inc. | $622M | — | +41.5% | — | Buy | +159.1% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
FAQ
7 questionsHUT Investor Questions
Common questions answered from live analyst data and company financials.
01Is Hut 8 Corp. (HUT) stock a buy or sell in 2026?
Hut 8 Corp. (HUT) is rated Buy by Wall Street analysts as of 2026. Of 15 analysts covering the stock, 14 rate it Buy or Strong Buy, 1 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $79, implying -27.9% from the current price of $109.
02What is the HUT stock price target for 2026?
The Wall Street consensus price target for HUT is $79 based on 15 analyst estimates. The high-end target is $93 (-14.6% from today), and the low-end target is $58 (-46.8%).
03Is Hut 8 Corp. (HUT) stock overvalued in 2026?
Forward earnings data for HUT is not currently available. Review the valuation table above for trailing P/E, EV/EBITDA, and price-to-sales comparisons against market and sector benchmarks.
04What are the main risks for Hut 8 Corp. (HUT) stock in 2026?
The primary risks for HUT in 2026 are: (1) UNITED STATES exposure — UNITED STATES represents 86. (2) High Performance Computing, Colocation And Cloud dependence — High Performance Computing, Colocation And Cloud contributes 86. (3) Valuation de-rating — HUT trades at -50. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Hut 8 Corp.'s revenue and earnings forecast?
Analyst consensus estimates HUT will report consensus revenue of $322M (+36.9% year-over-year) and EPS of $-0.04 (+97.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $445M in revenue.
06When does Hut 8 Corp. (HUT) report its next earnings?
Hut 8 Corp. is expected to report its next earnings on approximately 2026-05-06. Consensus expects EPS of $-0.28 and revenue of $77M. Over recent quarters, HUT has beaten EPS estimates 58% of the time.
07How much free cash flow does Hut 8 Corp. generate?
Hut 8 Corp. (HUT) had a free cash outflow of $892M in free cash flow over the trailing twelve months. HUT returns capital to shareholders through and share repurchases ($0 TTM).