MeritValue

Hut 8 Corp.

HUTdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'

The thesis, from the filings

Hut 8 Corp. earns about -67% on invested capital, but has diluted owners by 211% 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 2023FY 2024FY 2025
Revenue$73.7M1$82.2M1$96M2$162.4M3$235.1M3
Net income−$31.8M4−$65.6M4$21.9M4$331.9M5−$226.1M5
Operating cash flow−$42.9M6−$29.3M6−$22.2M6−$68.5M7−$139.2M7
Capital expenditure—————
Free cash flow (derived)—————
Total debt——$374.9M8$601.2M8—
Cash & equivalents$21.1M9$10.4M10$30.5M11$85M11$44.9M11
Diluted shares33.9M41.5M49.1M101.0M105.3M

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
$135
your share of equity
Profit it earned you last year
−$21.47
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $135 of net worth that earned you −$21.47 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-67% avg · 5y
FY22 -32%FY23 -311%FY23 3%FY24 23%FY25 -17%

It earned an average -67% 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
+211% shares · 5y

Share count is up 211% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 60% over the same window.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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. 10-K · period ending 2022-06-30 · accession 0001558370-25-001996 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001558370-25-001996 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-019392 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-06-30 · accession 0001558370-25-001996 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001104659-26-019392 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001558370-25-001996 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001104659-26-019392 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001558370-25-001996 (LongTermDebtNoncurrent)
  9. 10-K · period ending 2022-06-30 · accession 0001558370-25-001996 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  10. 10-K · period ending 2023-06-30 · accession 0001104659-26-019392 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 10-K · period ending 2023-12-31 · accession 0001104659-26-019392 (CashAndCashEquivalentsAtCarryingValue)