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On December 17, 2025 Hut 8 announced a partnership with Fluidstack and Anthropic and signed a 15‑year, $7.0 billion lease for 245 MW of IT capacity at the River Bend campus, with Google providing a financial backstop for the base term and Fluidstack granted rights for additional capacity; the agreement includes options to expand up to 2,295 MW across future phases and names J.P. Morgan, Goldman Sachs, Entergy, Vertiv and Jacobs as execution or financing counterparties.
Technical Analysis
Directional indicators show weakening directional conviction: ADX registers 13.26, indicating no established trend, while the positive directional index sits at 26.65 in a peak‑and‑reversal and the negative directional index at 21.88 in a dip‑and‑reversal; the combination signals that prior bullish pressure has peaked and directional momentum favors downside risk for the near term relative to the valuation improvement from large contracts.
MACD reads 1.64 above its signal at 0.91, which would normally indicate bullishness, but the MACD currently sits in a peak‑and‑reversal; that suggests bullish breadth lost its lift and momentum may roll over despite the current positive spread versus the signal line.
MRO sits slightly positive at 0.49 and the oscillator shows an increasing pattern, implying price trades modestly above the model target and that marginal downside pressure could appear as the oscillator continues upward.
RSI at 54.0 in a peak‑and‑reversal indicates momentum already reached a local high and began to reverse; paired with the MACD condition, that points to fading short‑term buying intensity even as broader fundamentals support higher valuation horizons.
Price sits at $46.28, under the 12‑day EMA of $46.44 which itself shows a peak‑and‑reversal, while remaining above the 20‑day ($44.98), 50‑day ($43.83) and 200‑day ($27.33) averages. The proximity to the 12‑day EMA and a super‑trend support at $41.48 suggests room for a consolidation phase, with Bollinger bands spanning roughly $38.58–$51.37 and current price nearer the band midpoint.
Volume at 3.25M trades materially below recent averages (10‑day ~8.88M, 50‑day ~7.73M, 200‑day ~6.58M), indicating lower participation during the recent upside moves; low volume during a momentum reversal reduces confidence in a sustained breakout and favors range contraction relative to the valuation uplift from new contracts.
Fundamental Analysis
Revenue totaled $160,105,000 for the period; YoY revenue growth registered -82.261% and QoQ change -90.108%, reflecting the timing of project revenue and accounting effects rather than unit economics. Gross profit reached $127,775,000 and gross margin measured 79.807%, above the industry peer mean of 65.296% and the industry peer median of 77.282%.
Operating income stood at $74,122,000 with an operating margin of 46.296%, higher than the industry peer mean operating margin of 33.17% and the median of 23.323%. EBIT reached $78,247,000 and the EBIT margin measured 48.872%, above the industry peer mean of 37.435% and the industry peer median of 29.656%; EBIT margin rose YoY by 121.702% but contracted QoQ by 27.041%.
EPS came in at -$0.05 versus an estimate of -$0.11, beating by $0.06, a 54.5% positive surprise relative to the estimate. Forward EPS reads -$0.1625 and forward P/E displays a large negative due to the forecasted loss, while reported trailing P/E appears negative as well; these effects reflect continuing negative per‑share earnings even as operational profitability (margins) improved.
Cash and short‑term investments measured $33,493,000 while operating cash flow totaled $770,000 and free cash flow came in at -$351,324,000, producing a free cash flow yield of -8.78%. Free cash flow improved YoY but remained negative, and capital expenditures ran high at -$352,094,000, consistent with aggressive buildout activity tied to development projects.
Balance sheet and leverage show net debt of $313,979,000 against market cap $4,003,357,530 and enterprise value $4,360,514,530; debt to EBITDA measured 3.66 and interest coverage stood at 9.08x. Liquidity metrics show a current ratio of 0.72067, below the industry peer mean current ratio of 1.36725 and the industry peer median of 1.12226, signaling tighter near‑term liquidity despite solid interest coverage.
Asset efficiency registers a low asset turnover ratio of 0.06799, below the industry peer mean of 0.15870, consistent with heavy capital investment for capacity buildout rather than immediate revenue per asset. Return on equity measured 3.475%, with a large YoY uplift in return metrics but negative QoQ changes reflecting recent capital deployment timing.
Valuation: WMDST values the stock as under‑valued. The valuation judgment balances top‑tier gross and operating margins, a multi‑year, institutional‑backed lease that materially de‑risks long‑term revenue visibility, and a P/B of 2.78 that sits below the industry peer mean of 8.98, against negative free cash flow, low current liquidity and heavy near‑term capex demands.
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 | $ -13.80 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 | $ -0.16 | |
| 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: 104.103 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: 0.269 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: 2.861 mean: 1.338 median: 1.105 HUT: 0.271 low: -1.675 |
|
| 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 mean: 8.98 median: 6.983 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: 403.784 median: 130.431 mean: 126.684 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: 85.769 median: 56.608 mean: 44.309 HUT: 25.005 low: 0.776 |
|
| 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: 0.164 mean: 0.159 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: 2.099 median: 2.041 low: 0.09 |
|
| 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: 11.55 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: 1.367 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: 116.667 mean: 41.41 median: 27.876 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: 5.583 % 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: -2.844 % 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: 65.296 % 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: 37.435 % median: 29.656 % 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: 33.17 % median: 23.323 % 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: 0.981 % 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 % median: 20.71 % mean: 16.809 % 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: 15.138 % mean: 4.731 % median: 4.725 % 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: 0.299 median: 0.044 HUT: 0.035 mean: 0.034 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: 8.852 % median: 7.295 % HUT: 3.179 % low: -6.709 % |
|