MeritValue

HIVE Digital Technologies Ltd.

HIVEdata completeness 88%7 fiscal years on file
The thesis, from the filings

HIVE Digital Technologies Ltd. earns about -38% on invested capital, but has diluted owners by 190% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$211.2M1$106.3M2$114.5M3$115.3M3$297.8M3
Net income$79.6M4−$236.4M5$26.5M6−$3M6−$148.4M6
Operating cash flow$66.3M7$44.8M8$9.64M9$16.6M9$62.3M9
Capital expenditure$198.3M10$4.08M11$64.4M11——
Free cash flow (derived)−$132.1M7$40.7M8−$54.7M9——
Total debt$15.7M12$13.1M12$5.61M13$3.56M14$2.04M14
Cash & equivalents$5.32M15$4.37M16$9.68M16$23.4M17$23.1M17
Diluted shares77.7M82.9M90.0M127.9M225.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$23.48
your share of equity
Profit it earned you last year
−$6.59
Free cash flow it threw off
—
Debt you’d be carrying
$0.09

10 shares is a claim on $23.48 of net worth that earned you −$6.59 last year, against $0.09 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-38% avg · 5y
FY22 20%FY23 -119%FY24 -14%FY25 —FY26 —

It earned an average -38% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+190% shares · 5y

Share count is up 190% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 87% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 40-F · period ending 2022-03-31 · accession 0001062993-23-014191 (Revenue)
  2. 40-F · period ending 2023-03-31 · accession 0001062993-24-012996 (Revenue)
  3. 10-K · period ending 2024-03-31 · accession 0001062993-26-002973 (Revenues)
  4. 40-F · period ending 2022-03-31 · accession 0001062993-23-014191 (ProfitLoss)
  5. 40-F · period ending 2023-03-31 · accession 0001062993-24-012996 (ProfitLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001062993-26-002973 (NetIncomeLoss)
  7. 40-F · period ending 2022-03-31 · accession 0001062993-23-014191 (CashFlowsFromUsedInOperatingActivities)
  8. 40-F · period ending 2023-03-31 · accession 0001062993-24-012996 (CashFlowsFromUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001062993-26-002973 (NetCashProvidedByUsedInOperatingActivities)
  10. 40-F · period ending 2022-03-31 · accession 0001062993-23-014191 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 40-F · period ending 2023-03-31 · accession 0001062993-24-012996 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 40-F · period ending 2022-03-31 · accession 0001062993-23-014191 (Borrowings)
  13. 40-F · period ending 2024-03-31 · accession 0001062993-25-012159 (ShortTermBorrowings)
  14. 10-K · period ending 2025-03-31 · accession 0001062993-26-002973 (ShortTermBorrowings)
  15. 40-F · period ending 2022-03-31 · accession 0001062993-24-012996 (CashAndCashEquivalents)
  16. 10-K · period ending 2023-03-31 · accession 0001062993-26-002973 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2025-03-31 · accession 0001062993-26-002973 (CashAndCashEquivalentsAtCarryingValue)