Latest Ratios: P/E Ratio -16.3x · EV/EBITDA N/A · ROE -18.6%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.9B | $4.8B | $2.1B | $664M | $620M | $178M | $259M | $71M | $88M | — | — |
| Enterprise Value | $6.3B | $5.2B | $2.3B | $892M | $632M | $79M | $257M | $94M | $117M | — | — |
| P/E Ratio → | -16.31 | — | 6.03 | 23.82 | — | — | — | 32.67 | — | — | — |
| P/S Ratio | 58.55 | 23.60 | 15.62 | 9.34 | 10.37 | 2.29 | 39.09 | 0.92 | 1.82 | — | — |
| P/B Ratio | 3.28 | 2.86 | 2.11 | 1.03 | 2.30 | 0.32 | 7.06 | 1.66 | 2.70 | — | — |
| P/FCF | — | — | — | — | — | — | — | 13.47 | — | — | — |
| P/OCF | — | — | — | — | — | — | — | 4.90 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 25.47 | 17.58 | 12.55 | 10.58 | 1.01 | 38.77 | 1.22 | 2.41 | — | — |
| EV / EBITDA | — | — | 4.57 | 43.74 | 30.47 | — | — | 2.41 | — | — | — |
| EV / EBIT | — | — | 4.84 | 19.03 | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | 17.85 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.1% | 62.1% | 57.1% | 58.9% | 55.1% | 68.6% | -318.2% | 2.8% | -48.4% | 88.3% | — |
| Operating Margin | -107.3% | -107.3% | 347.3% | 13.2% | -86.8% | -32.8% | -352.0% | 7.7% | -99.2% | 20.4% | — |
| Net Profit Margin | -120.9% | -120.9% | 250.3% | 30.7% | -82.9% | -40.9% | -291.2% | 2.8% | -281.8% | 8.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -18.6% | -18.6% | 40.9% | 4.8% | -11.9% | -10.6% | -48.6% | 5.7% | -837.3% | 1463.8% | -87.8% |
| ROA | -11.6% | -11.6% | 26.6% | 3.4% | -9.6% | -8.3% | -33.8% | 2.8% | -328.9% | 204.6% | -33.8% |
| ROIC | -9.6% | -9.6% | 31.8% | 1.2% | -8.5% | -5.9% | -31.8% | 6.7% | -111.1% | 2667.0% | -64.7% |
| ROCE | -11.8% | -11.8% | 41.3% | 1.6% | -10.5% | -7.0% | -46.9% | 9.7% | -158.0% | 3556.0% | -86.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.25 | 0.25 | 0.35 | 0.32 | 0.13 | 0.07 | 0.13 | 0.61 | 0.99 | — | — |
| Debt / EBITDA | — | — | 0.68 | 9.97 | 1.72 | — | — | 0.67 | — | — | — |
| Net Debt / Equity | — | 0.23 | 0.27 | 0.35 | 0.05 | -0.18 | -0.06 | 0.54 | 0.88 | -26.68 | -4.22 |
| Net Debt / EBITDA | — | — | 0.51 | 11.17 | 0.61 | — | — | 0.59 | — | -0.11 | — |
| Debt / FCF | — | — | — | — | — | — | — | 4.38 | — | — | — |
| Interest Coverage | -10.71 | -10.71 | 16.17 | 1.88 | -5.12 | -14.62 | -2.91 | -0.55 | -36.28 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.09 | 1.09 | 1.67 | 0.72 | 8.15 | 17.96 | 1.60 | 1.68 | 0.17 | 1.04 | 1.30 |
| Quick Ratio | 1.09 | 1.09 | 1.67 | 0.72 | 8.15 | 17.96 | 1.60 | 1.68 | 0.17 | 1.04 | 1.30 |
| Cash Ratio | 0.12 | 0.12 | 0.55 | 0.36 | 1.01 | 5.38 | 1.10 | 0.34 | 0.16 | 1.03 | 1.28 |
| Asset Turnover | — | 0.07 | 0.09 | 0.07 | 0.19 | 0.11 | 0.15 | 1.08 | 0.59 | 25.64 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 16.6% | 4.2% | — | — | — | 3.1% | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | 7.4% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $105M | $101M | $50M | $38M | $27M | $19M | $18M | $17M | $11368 | $11368 |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying HUT stock.
Hut 8 Corp.'s current P/E ratio is -16.3x. The historical average is 20.8x.
Hut 8 Corp.'s return on equity (ROE) is -18.6%. The historical average is -21.9%.
Based on historical data, Hut 8 Corp. is trading at a P/E of -16.3x. Compare with industry peers and growth rates for a complete picture.
Hut 8 Corp. has 62.1% gross margin and -107.3% operating margin.
Key Metrics
Top Statement Risk
Unreconciled capital deployment funding
Metrics are mathematically derived from official filings.
Book Multiple Priced Above Operating Earnings
Based on reported figures, HUT trades at 3.28x book value and 14.40x period-end book while trailing P/E is negative at -24.60, indicating the market is pricing future asset returns rather than current earnings.
A P/B of 3.28 against negative trailing earnings suggests investors are valuing the company on its energized infrastructure pipeline and asset base rather than on demonstrated profitability. The quarterly price-to-book series, which has risen from about 7.4x in 2024Q2 to 14.4x in 2026Q3, appears to reflect rising multiples on a shrinking tangible equity base rather than earnings improvement. Investors should monitor whether ROTCE turns durably positive, since the current multiple implies return expectations that the reported ratio history does not yet support.
ROE Swings Driven by Volatile Earnings Base
Per the reported ratio series, HUT's ROE moved between -16.7% and +18.0% across ten quarters, with the latest 2026Q3 print of 15.9% resting on a non-interest income base that comprised 100% of revenue.
Decomposing returns, the absence of meaningful net interest income means ROE is effectively a function of non-interest revenue, asset utilization, and a leverage ratio that has compressed from 0.65 to 0.19 equity-to-assets as the balance sheet expanded. The 2026Q3 ROE spike appears to reflect a single quarter of reported earnings rather than a stable run-rate, given that the prior two quarters were negative. This suggests the profitability signal warrants caution until several consecutive quarters confirm the direction.
Equity Ratio Thinned by Asset Expansion
As reported in financial statements, equity-to-assets fell from 0.61 in 2025Q4 to 0.19 in 2026Q3 as total assets expanded to roughly $10.3B, leaving tangible book per share of $12.79 at a thinner cushion relative to the share price of $52.65.
The sharp drop in the equity ratio reflects asset growth outpacing equity accumulation, which may indicate higher balance sheet leverage risk even though the company is not a regulated bank and standard CET1 metrics do not apply. Tangible book value per share has stayed relatively stable near $12-13 in recent quarters, so the decline in equity ratio appears driven by the denominator rather than by equity erosion. Investors should monitor whether further asset deployment is financed through equity issuance, which would dilute existing holders.
Provision Spike Outpaces Revenue Base
Based on EDBL's reported figures, HUT's loan loss provision reached $106.3M in 2026Q3, roughly 150% of that quarter's $71.1M total revenue and the highest value across the ten reported quarters.
A provision charge exceeding total revenue is an unusual signal and suggests either a credit or impairment event on the investment or loan-like exposures, though the reported data does not identify the underlying asset class. Because no clear loan book is evident in the supplied figures, the provision may relate to non-loan receivables or impairment-type charges, which warrants further investigation. Investors should monitor whether the reserve build continues and whether it signals deterioration in the quality of the expanding asset base.
Efficiency Ratio Obscures Funding Question
The efficiency ratio of 10.7% in 2026Q3 looks favorable on the surface, but it is calculated against a revenue base that includes a non-interest-only mix and does not capture the roughly $2.8B of investment purchases funded without visible debt issuance.
The most commonly misapplied metric for this company is the efficiency ratio, which assumes a conventional bank revenue structure with stable net interest income. Here, the ratio can look strong in a quarter when reported revenue is high, while obscuring that operating income was deeply negative in several periods and that the funding of the buildout is largely unexplained by the reported debt activity. A more informative alternative would be operating cash flow relative to total capital deployed, combined with tangible book value growth, which better captures whether the expansion is creating value.