Hut 8 (TSE:HUT)
TSX:HUT
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Hut 8
(TSX:HUT)
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Rating:55Neutral
Price Target:
C$152.00
▲(48.13% Upside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weak financial quality—large net losses and persistent negative operating/free cash flow—despite strong revenue growth and moderate leverage. Technicals are notably strong with clear upward trend and positive momentum, but overbought readings increase near-term risk. The earnings call supports a constructive medium-term execution narrative (River Bend delivery and pipeline), while valuation is difficult to support due to loss-driven negative P/E and no dividend yield data.
Positive Factors
Revenue & Margin Expansion
Sustained top-line growth with materially higher gross margins indicates improving unit economics and pricing power in core services. If maintained, stronger margins improve the resilience of operating cash generation and provide capacity to fund growth and absorb commodity swings over the medium term.
Negative Factors
Negative Cash Flow
Persistently negative operating and free cash flow implies the business is consuming capital to scale and cannot internally fund both expansion and working capital needs. Over the medium term this raises dependence on external financing, dilutive raises, or asset sales, increasing execution and liquidity risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Margin Expansion
Sustained top-line growth with materially higher gross margins indicates improving unit economics and pricing power in core services. If maintained, stronger margins improve the resilience of operating cash generation and provide capacity to fund growth and absorb commodity swings over the medium term.
Read all positive factors
Hut 8 (HUT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$15.87B
Dividend YieldN/A
Average Volume (3M)1.75M
Price to Earnings (P/E)―
Beta (1Y)2.66
Revenue Growth114.22%
EPS Growth-367.82%
CountryCA
Employees222
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)N/A
Shares Outstanding112,594,110
10 Day Avg. Volume1,878,836
30 Day Avg. Volume1,750,027
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)4.68
Price to Sales (P/S)27.79
P/FCF Ratio-18.35
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$162.41Price Target Upside58.28% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Hut 8 Business Overview & Revenue Model
Company Description
Hut 8 Mining Corp. operates as a cryptocurrency mining company in North America. The company engages in industrial scale bitcoin mining operations. It also owns and operates 38 BlockBoxes in Drumheller, Alberta; and 51 BlockBoxes in Medicine Hat, ...
How the Company Makes Money
Hut 8 primarily generates revenue from (1) Bitcoin mining: it deploys specialized mining hardware (ASICs) to perform proof-of-work computations on the Bitcoin network and earns Bitcoin rewards (block subsidies and transaction fees). Those earned B...
Hut 8 Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
63
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 284.52M | 239.23M | 671.72M | 81.80M | 150.68M | 173.77M |
| Gross Profit | 91.56M | 25.89M | 585.07M | 21.17M | -40.28M | 88.80M |
| EBITDA | 270.09M | 17.65M | 531.11M | 1.36M | 3.57M | 74.67M |
| Net Income | -312.30M | -230.11M | 331.88M | 16.45M | -242.81M | -40.94M |
Balance Sheet | ||||||
| Total Assets | 2.61B | 3.02B | 1.52B | 976.87M | 412.94M | 720.71M |
| Cash, Cash Equivalents and Short-Term Investments | 160.74M | 47.20M | 85.04M | 47.36M | 30.52M | 140.13M |
| Total Debt | 423.21M | 444.80M | 345.65M | 203.33M | 47.42M | 40.69M |
| Total Liabilities | 920.22M | 1.33B | 538.28M | 333.87M | 55.55M | 154.74M |
| Stockholders Equity | 1.38B | 1.42B | 976.67M | 643.00M | 357.39M | 565.97M |
Cash Flow | ||||||
| Free Cash Flow | -322.41M | -362.39M | -333.13M | -27.30M | -177.74M | -166.67M |
| Operating Cash Flow | -132.45M | -141.66M | -68.53M | -26.48M | -105.03M | -80.24M |
| Investing Cash Flow | -751.37M | -767.41M | -188.47M | 65.70M | -103.61M | -235.07M |
| Financing Cash Flow | 932.49M | 871.11M | 311.95M | -25.19M | 99.83M | 455.84M |
Hut 8 Technical Analysis
Positive
102.61
Price Trends
74.21
Positive
72.02
Positive
58.56
Positive
Market Momentum
7.77
Negative
73.19
Negative
89.91
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HUT, the sentiment is Positive. The current price of 102.61 is above the 20-day moving average (MA) of 79.00, above the 50-day MA of 74.21, and above the 200-day MA of 58.56, indicating a bullish trend. The MACD of 7.77 indicates Negative momentum. The RSI at 73.19 is Negative, neither overbought nor oversold. The STOCH value of 89.91 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:HUT.
Hut 8 Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
55 Neutral | C$15.87B | -8.38 | -16.27% | ― | 114.22% | -367.82% | |
48 Neutral | C$62.94M | -5.39 | -8.68% | ― | 30.79% | 48.25% | |
46 Neutral | C$120.58M | 11.45 | -11.71% | ― | -34.67% | -203.85% | |
41 Neutral | C$10.58M | -1.55 | -13.56% | ― | 13.07% | -609.11% |
* Financial Sector Average
TSE:HUT
Hut 8
141.01
117.06
488.77%
TSE:NDA
Neptune Digital Assets
0.94
-0.83
-46.89%
TSE:DMGI
DMG Blockchain Solutions
0.31
<0.01
1.67%
TSE:CBIT
Cathedra Bitcoin Inc
0.36
-1.29
-78.18%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.