Latest Ratios: P/E Ratio -48.5x · EV/EBITDA N/A · ROE -16.9%. (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 | $11.7B | $4.8B | $2.1B | $664M | $620M | $1.1B | $259M | $71M | $88M | — | — |
| Enterprise Value | $12.1B | $5.2B | $2.3B | $892M | $637M | $954M | $257M | $94M | $117M | — | — |
| P/E Ratio → | -48.50 | — | 6.03 | 23.82 | — | — | 13.75 | 39.20 | — | — | — |
| P/S Ratio | 774.82 | 320.85 | 12.75 | 6.92 | 7.14 | 13.30 | 6.37 | 0.87 | 1.78 | — | — |
| P/B Ratio | 6.47 | 2.86 | 2.11 | 1.03 | 1.73 | 1.86 | 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 | — | 346.34 | 14.36 | 9.29 | 7.34 | 12.04 | 6.31 | 1.15 | 2.37 | — | — |
| EV / EBITDA | — | — | 4.59 | 43.74 | — | — | — | 3.10 | — | — | — |
| 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 | -614.6% | -614.6% | 46.6% | 43.6% | 50.3% | 67.4% | -51.8% | 2.6% | -47.5% | 88.3% | — |
| Operating Margin | -2104.6% | -2104.6% | 283.6% | 9.8% | -79.2% | -25.0% | -17.5% | -3.2% | -99.3% | 20.4% | — |
| Net Profit Margin | -1499.6% | -1499.6% | 204.4% | 22.7% | -75.6% | -40.2% | -47.4% | 2.6% | -276.6% | 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 | -16.9% | -16.9% | 40.9% | 4.4% | -14.2% | -10.6% | -48.6% | 5.7% | -837.3% | 1463.8% | -87.8% |
| ROA | -10.6% | -10.6% | 26.6% | 3.1% | -11.6% | -8.3% | -33.8% | 2.8% | -328.9% | 204.6% | -33.8% |
| ROIC | -13.8% | -13.8% | 30.9% | 1.1% | -10.2% | -4.6% | -9.7% | -3.0% | -113.3% | 2667.0% | -65.8% |
| ROCE | -17.0% | -17.0% | 42.0% | 1.6% | -12.8% | -5.4% | -14.3% | -4.3% | -161.1% | 3556.0% | -87.8% |
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 | 0.42 | 0.13 | 0.07 | 0.13 | 0.61 | 0.99 | — | — |
| Debt / EBITDA | — | — | 0.68 | 13.17 | — | — | — | 0.86 | — | — | — |
| 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 | — | — | — | 0.76 | — | -0.11 | — |
| Debt / FCF | — | — | — | — | — | — | — | 4.38 | — | — | — |
| Interest Coverage | -8.97 | -8.97 | 16.17 | 1.88 | -5.12 | -14.62 | -2.91 | -0.55 | -54.29 | — | — |
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 | 0.55 | 8.15 | 17.96 | 1.60 | 1.68 | 0.17 | 1.04 | 1.30 |
| Quick Ratio | 1.09 | 1.09 | 1.67 | 0.55 | 8.15 | 17.96 | 1.60 | 1.68 | 0.17 | 1.04 | 1.30 |
| Cash Ratio | 0.12 | 0.12 | 0.55 | 0.28 | 1.01 | 5.38 | 1.10 | 0.34 | 0.16 | 1.03 | 1.28 |
| Asset Turnover | — | 0.01 | 0.11 | 0.10 | 0.21 | 0.11 | 0.94 | 1.15 | 0.60 | 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% | — | — | 7.3% | 2.6% | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | 7.4% | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $105M | $101M | $50M | $38M | $27M | $19M | $18M | $17M | $11368 | $11368 |
Extreme Operational Margin Volatility
As reported in recent financial filings, Hut 8's P/S ratio of 918.46 suggests that market participants are pricing the company based on speculative infrastructure potential rather than current revenue, which has contracted significantly compared to historical periods of higher mining activity and more stable Bitcoin network conditions.
The extreme P/S multiple indicates that investors are effectively ignoring the current top-line contraction in favor of the company's energized land pipeline. This valuation approach appears highly speculative, as it assumes a successful pivot to high-performance computing that has yet to manifest in the reported financial results.
Based on the company's reported figures, ROIC has trended from a peak of 21.4% in 2024Q1 to a negative 12.2% in 2026Q1, reflecting a rapid decay in the company's ability to generate returns on its increasingly capital-intensive investments in specialized mining and data center hardware.
The sharp decline in ROIC suggests that the capital deployed for the USBTC merger and subsequent infrastructure upgrades is currently failing to produce adequate economic returns. Investors should monitor whether this trend is a temporary byproduct of integration costs or a structural failure to achieve competitive returns on invested capital.
According to quarterly data, Hut 8's asset turnover has remained consistently low, often hovering near 0.03, which indicates that the company's massive investment in property, plant, and equipment is not being utilized with sufficient intensity to drive meaningful revenue growth relative to its asset base.
The low asset turnover ratio highlights the inherent difficulty in scaling a capital-intensive mining and compute business without a stable, high-margin revenue stream. The erratic nature of the company's DSO and working capital cycles suggests significant operational friction in managing its transition toward a multi-tenant data center model.
As indicated by the company's financial statements, the current ratio has deteriorated from 1.68 in 2024Q2 to 0.86 in 2026Q1, signaling a tightening liquidity position that may limit the company's flexibility to navigate periods of extreme Bitcoin price volatility or unexpected operational maintenance requirements.
A current ratio below 1.0 suggests that the company's short-term liabilities are beginning to outpace its liquid assets, which warrants further investigation into its reliance on external financing. This liquidity profile appears vulnerable, particularly given the company's history of burning cash to fund its ongoing infrastructure expansion.
The most commonly misapplied metric for Hut 8 is the P/E ratio, which is fundamentally flawed for this business model because it fails to account for the massive non-cash depreciation charges and impairment losses that frequently distort the company's reported net income and earnings per share.
Investors should instead focus on EV/Energized Megawatt or similar infrastructure-based metrics, as these better capture the latent value of the company's power pipeline. Relying on P/E in this context obscures the underlying cash-generative potential of the data center assets by focusing on accounting-heavy earnings that are currently negative.
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 -48.5x. The historical average is 20.7x.
Hut 8 Corp.'s return on equity (ROE) is -16.9%. The historical average is -22.0%.
Based on historical data, Hut 8 Corp. is trading at a P/E of -48.5x. Compare with industry peers and growth rates for a complete picture.
Hut 8 Corp. has -614.6% gross margin and -2104.6% operating margin.