Hyperliquid Strategies Inc

PURRdata completeness 75%1 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Hyperliquid Strategies Inc earns about 18% on invested capital, with a roughly flat share count. 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

Figure	FY 2026
Revenue	$9.46M¹
Net income	$305.5M²
Operating cash flow	−$19.1M³
Capital expenditure	—
Free cash flow (derived)	—
Total debt	—
Cash & equivalents	$137.9M⁴
Diluted shares	79.8M

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

Net assets behind them

$234.7

your share of equity

Profit it earned you last year

$38.29

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $234.7 of net worth that earned you $38.29 last year.

iii. Is this a good business?

Moat signal · return on invested capital

18% avg · 1y

FY26 18%

It earned an average 18% on invested capital over 1 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−0% shares · 1y

Share count is roughly flat over 1 years — little dilution, little buyback.

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 v0.5.0

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

only 1 years of net income (need ≥3)

Graham Number

$25.97

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2026-06-30 · accession 0001193125-26-370281 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2026-06-30 · accession 0001193125-26-370281 (NetIncomeLoss)
10-K · period ending 2026-06-30 · accession 0001193125-26-370281 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2026-06-30 · accession 0001193125-26-370281 (CashAndCashEquivalentsAtCarryingValue)