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On December 17, 2025 Hut 8 announced a 15‑year, approximately $7 billion lease with Fluidstack (Anthropic as end user) for an initial 245 MW AI data center at the River Bend campus in Louisiana, with Google providing a financial backstop and project partners named. Market reaction in mid‑December reflected re‑rating interest as the company shifts from pure mining to integrated compute and power services.
Technical Analysis
Directional indicators: ADX at 14.7 signals no established trend; DI+ registered a dip‑and‑reverse to 19.5 while DI‑ fell to 20.38. The combination produces a bullish directional bias but ADX indicates that trend lacks conviction, so follow‑through may remain limited.
MACD: MACD recently dipped and reversed to 0.28 while the signal line sits at 0.34. Momentum shows a recovering MACD, but no bullish crossover has occurred yet, so momentum improvements remain conditional until MACD crosses above the signal line.
MRO: MRO at 15.1 (declining) indicates the current price sits above the modeled target and raises the potential for a corrective pullback; the decreasing MRO reduces the near‑term downside pressure but does not remove it.
RSI and short‑term breadth: RSI at 53.5 with a dip‑and‑reverse places the oscillator in neutral territory with a slight bullish tilt—enough room exists for continuation higher without immediate overbought risk.
Price vs averages and cloud: Last close $55.30 sits above the 20‑day ($53.65), 50‑day ($53.51) and 200‑day ($35.66) averages and above the Ichimoku cloud (Senkou A $51.37 / Senkou B $47.29), supporting a constructive price bias versus longer‑term averages.
Bollinger bands and volatility: Price remains inside the 1x band (lower $49.99 / upper $57.32), implying room to run toward the upper band while 42‑day volatility and elevated short‑term beta (42‑day beta 4.56, 52‑week beta 2.84) warn of large intraday and weekly swings.
Volume and supertrend: Current volume (6.9M) above the 10‑day average signals active participation; the supertrend upper at $60.42 sits above the close, marking a nearby resistance band that, if cleared, would remove a short‑term technical ceiling.
Fundamental Analysis
Profitability and margins: EBIT $78.25M and EBITDA $106.71M produce an EBIT margin of 48.9%, above the industry peer mean of 33.9% and above the industry peer median of 20.7%. EBIT margin contracted QoQ by 27.0% but expanded YoY by 121.7%, reflecting volatile margin drivers tied to segment mix and one‑time items.
Revenue and growth: Total revenue $160.11M; reported revenue growth shows a QoQ decline of 90.1% and a YoY decline of 82.3%, indicating material top‑line volatility as the business shifts mix toward longer‑term data center contracts and away from pure mining receipts.
Earnings, cash flow, and liquidity: Net income $50.11M contrasts with reported EPS of -$0.05; the company delivered EPS of -$0.05 versus an estimate of -$0.11, a $0.06 beat (≈54.5% positive surprise). Operating cash flow stands at $0.77M while free cash flow is negative at -$351.32M, yielding a free cash flow yield of -8.78%, underscoring current cash burn tied to capital deployment. Cash and short‑term investments total $33.49M and the current ratio sits at 0.72, evidencing near‑term liquidity pressure relative to current liabilities of $310.0M.
Balance sheet and leverage: Total assets $2.688B against total debt $390.65M produce debt‑to‑assets of 14.5% and debt‑to‑equity of 27.1%, moderate leverage levels. Interest coverage registers 9.08x, below the industry peer mean of 21.79x, but sufficient to service interest given current earnings.
Efficiency and returns: Gross margin at 79.8% and operating margin at 46.3% reflect high margin potential in compute/hosting lines; asset turnover remains low at 6.80% consistent with capital‑intensive infrastructure; return on equity 3.48% and return on assets 2.13% improved YoY but contracted QoQ, mirroring recent heavy capex of $352.09M.
Valuation: Price metrics show P/B ~2.78 (below the industry peer mean of 8.96) and EV/Revenue and enterprise multiples run high (EVR 27.24, enterprise multiple ≈40.86) driven by large enterprise value and lumpy revenue today. WMDST values the stock as under‑valued based on the company’s margin profile, strategic AI/data‑center agreements, and long‑duration lease economics despite negative free cash flow and elevated short‑term liquidity needs.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-04 |
| NEXT REPORT DATE: | 2026-02-03 |
| CASH FLOW | Begin Period Cash Flow | $ 222.4 M |
| Operating Cash Flow | $ 770.0 K | |
| Capital Expenditures | $ -352.09 M | |
| Change In Working Capital | $ 3.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -182.72 M | |
| End Period Cash Flow | $ 39.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 160.1 M | |
| Forward Revenue | $ -52.23 M | |
| COSTS | ||
| Cost Of Revenue | $ 32.3 M | |
| Depreciation | $ 28.5 M | |
| Depreciation and Amortization | $ 28.5 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 86.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 127.8 M | |
| EBITDA | $ 106.7 M | |
| EBIT | $ 78.2 M | |
| Operating Income | $ 74.1 M | |
| Interest Income | — | |
| Interest Expense | $ 8.6 M | |
| Net Interest Income | $ -8.62 M | |
| Income Before Tax | $ 69.6 M | |
| Tax Provision | $ 19.0 M | |
| Tax Rate | 27.3 % | |
| Net Income | $ 50.1 M | |
| Net Income From Continuing Operations | $ 50.6 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.11 | |
| EPS Actual | $ -0.05 | |
| EPS Difference | $ 0.06 | |
| EPS Surprise | 54.545 % | |
| Forward EPS | $ -0.61 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.7 B | |
| Intangible Assets | $ 218.6 M | |
| Net Tangible Assets | $ 1.2 B | |
| Total Current Assets | $ 223.4 M | |
| Cash and Short-Term Investments | $ 33.5 M | |
| Cash | $ 33.5 M | |
| Net Receivables | $ 6.7 M | |
| Inventory | — | |
| Long-Term Investments | $ 1.5 B | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | $ 130.1 M | |
| Total Current Liabilities | $ 310.0 M | |
| Net Debt | $ 314.0 M | |
| Total Debt | $ 390.6 M | |
| Total Liabilities | $ 1.0 B | |
| EQUITY | ||
| Total Equity | $ 1.4 B | |
| Retained Earnings | $ 285.2 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 13.56 | |
| Shares Outstanding | 106.312 M | |
| Revenue Per-Share | $ 1.51 | |
| VALUATION | Market Capitalization | $ 4.0 B |
| Enterprise Value | $ 4.4 B | |
| Enterprise Multiple | 40.862 | |
| Enterprise Multiple QoQ | 239.025 % | |
| Enterprise Multiple YoY | -38.725 % | |
| Enterprise Multiple IPRWA | high: 329.205 mean: 97.766 median: 95.447 HUT: 40.862 low: -218.656 |
|
| EV/R | 27.235 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.864 | |
| Asset To Liability | 2.598 | |
| Debt To Capital | 0.213 | |
| Debt To Assets | 0.145 | |
| Debt To Assets QoQ | -18.852 % | |
| Debt To Assets YoY | 145.93 % | |
| Debt To Assets IPRWA | high: 0.923 median: 0.356 mean: 0.303 HUT: 0.145 low: 0.007 |
|
| Debt To Equity | 0.271 | |
| Debt To Equity QoQ | -5.204 % | |
| Debt To Equity YoY | 193.552 % | |
| Debt To Equity IPRWA | high: 3.011 median: 2.386 mean: 1.534 HUT: 0.271 low: -2.088 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.776 | |
| Price To Book QoQ | 60.785 % | |
| Price To Book YoY | 44.426 % | |
| Price To Book IPRWA | high: 17.066 median: 9.007 mean: 8.958 HUT: 2.776 low: -6.772 |
|
| Price To Earnings (P/E) | -753.136 | |
| Price To Earnings QoQ | -5444.234 % | |
| Price To Earnings YoY | 993.08 % | |
| Price To Earnings IPRWA | high: 324.496 median: 130.431 mean: 121.378 low: -292.051 HUT: -753.136 |
|
| PE/G Ratio | 7.26 | |
| Price To Sales (P/S) | 25.005 | |
| Price To Sales QoQ | 196.023 % | |
| Price To Sales YoY | -22.045 % | |
| Price To Sales IPRWA | high: 74.756 median: 56.608 mean: 38.888 HUT: 25.005 low: 0.551 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -1329.772 | |
| Forward PE/G | 12.819 | |
| Forward P/S | -2357.135 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.438 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.068 | |
| Asset Turnover Ratio QoQ | -52.827 % | |
| Asset Turnover Ratio YoY | 76.186 % | |
| Asset Turnover Ratio IPRWA | high: 0.496 median: 0.155 mean: 0.15 HUT: 0.068 low: 0.012 |
|
| Receivables Turnover | 21.103 | |
| Receivables Turnover Ratio QoQ | -47.195 % | |
| Receivables Turnover Ratio YoY | 198.331 % | |
| Receivables Turnover Ratio IPRWA | HUT: 21.103 high: 11.368 mean: 2.231 median: 2.041 low: 0.088 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 4.324 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 4.324 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 197.089 mean: 8.909 HUT: 4.324 median: 1.532 low: -157.517 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.849 | |
| CapEx To Revenue | -2.199 | |
| CapEx To Depreciation | -12.368 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.7 B | |
| Net Invested Capital | $ 1.8 B | |
| Invested Capital | $ 1.8 B | |
| Net Tangible Assets | $ 1.2 B | |
| Net Working Capital | $ -86.59 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.108 | |
| Current Ratio | 0.721 | |
| Current Ratio QoQ | -60.157 % | |
| Current Ratio YoY | -27.785 % | |
| Current Ratio IPRWA | high: 6.28 mean: 1.288 median: 1.122 HUT: 0.721 low: 0.118 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 3.661 | |
| Cost Of Debt | 1.664 % | |
| Interest Coverage Ratio | 9.082 | |
| Interest Coverage Ratio QoQ | -56.041 % | |
| Interest Coverage Ratio YoY | 675.244 % | |
| Interest Coverage Ratio IPRWA | high: 98.083 median: 27.876 mean: 21.788 HUT: 9.082 low: -67.657 |
|
| Operating Cash Flow Ratio | 0.259 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 32.99 % | |
| Revenue Growth | -38.169 % | |
| Revenue Growth QoQ | -90.108 % | |
| Revenue Growth YoY | -82.261 % | |
| Revenue Growth IPRWA | high: 51.745 % median: 5.767 % mean: 3.882 % low: -29.971 % HUT: -38.169 % |
|
| Earnings Growth | -103.731 % | |
| Earnings Growth QoQ | -50.354 % | |
| Earnings Growth YoY | 23.18 % | |
| Earnings Growth IPRWA | high: 300.0 % median: 5.542 % mean: -3.186 % HUT: -103.731 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 79.807 % | |
| Gross Margin QoQ | -12.865 % | |
| Gross Margin YoY | 36.717 % | |
| Gross Margin IPRWA | high: 90.505 % HUT: 79.807 % median: 77.282 % mean: 63.838 % low: -50.144 % |
|
| EBIT Margin | 48.872 % | |
| EBIT Margin QoQ | -27.041 % | |
| EBIT Margin YoY | 121.702 % | |
| EBIT Margin IPRWA | high: 112.717 % HUT: 48.872 % mean: 33.882 % median: 20.683 % low: -116.648 % |
|
| Return On Sales (ROS) | 46.296 % | |
| Return On Sales QoQ | -36.081 % | |
| Return On Sales YoY | 110.016 % | |
| Return On Sales IPRWA | high: 67.836 % HUT: 46.296 % mean: 30.288 % median: 18.878 % low: -116.648 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -351.32 M | |
| Free Cash Flow Yield | -8.776 % | |
| Free Cash Flow Yield QoQ | 103.856 % | |
| Free Cash Flow Yield YoY | 81.999 % | |
| Free Cash Flow Yield IPRWA | high: 10.909 % median: 1.031 % mean: 1.0 % HUT: -8.776 % low: -14.742 % |
|
| Free Cash Growth | 273.153 % | |
| Free Cash Growth QoQ | -6915.195 % | |
| Free Cash Growth YoY | 19.951 % | |
| Free Cash Growth IPRWA | high: 298.25 % HUT: 273.153 % mean: 33.145 % median: 20.71 % low: -451.668 % |
|
| Free Cash To Net Income | -7.011 | |
| Cash Flow Margin | 50.22 % | |
| Cash Flow To Earnings | 1.605 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.128 % | |
| Return On Assets QoQ | -72.158 % | |
| Return On Assets YoY | 3506.78 % | |
| Return On Assets IPRWA | high: 13.698 % mean: 3.883 % median: 2.29 % HUT: 2.128 % low: -12.964 % |
|
| Return On Capital Employed (ROCE) | 3.29 % | |
| Return On Equity (ROE) | 0.035 | |
| Return On Equity QoQ | -67.94 % | |
| Return On Equity YoY | 3677.174 % | |
| Return On Equity IPRWA | high: 0.294 median: 0.044 mean: 0.042 HUT: 0.035 low: -0.242 |
|
| DuPont ROE | 3.7 % | |
| Return On Invested Capital (ROIC) | 3.179 % | |
| Return On Invested Capital QoQ | -65.169 % | |
| Return On Invested Capital YoY | -103.754 % | |
| Return On Invested Capital IPRWA | high: 15.138 % mean: 7.64 % median: 4.236 % HUT: 3.179 % low: -6.709 % |
|