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Hut 8 Corp.

HUT · Other · $10.3B mkt cap · FY2025 filings · · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

57

2022–2025 (latest 4 aligned FYs; v3 window cap 5): revenue $73.7M to $235M, increasing; diluted EPS -0.94 to -2.14, decreasing.

71

Median gross margin 50.8% over 4y, stable.

9

Median ROIC -8.2%, above the 12% hurdle in 25% of years.

28

Net debt/EBITDA n/ax, interest coverage -11x.

44

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$93.55
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 235% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 7, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

6 years of fundamentals

The business, in plain English

Hut 8 Corp. booked $235M of revenue in FY2025 in the Other sector and kept 54.2% of it as gross profit — a solid-margin business by that measure. After every other cost, −96.2% of each revenue dollar reached the bottom line.

It earned −18.5% on invested capital in the latest filed year, FY2025. Across the full 4-year measurable filed record, median ROIC was −8.2%. Over the v3 recent window (4 measurable filed years), median ROIC was −8.2%. The Returns on Capital filter above scores it 9/100.

HUT's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Pricing Power is the strongest of the five filters (71/100) and Returns on Capital the weakest (9/100), which is how HUT lands at 42/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2020–FY2025 · 6 fiscal years, normalized from HUT’s SEC filings

Sales, as filed$235M FY2025
$0$100M$200M2020202220242025
Revenue kept after cost of goods54.2% FY2025
0%25%50%2020202220242025
Standard ROIC or separately labeled Operating ROICStandard ROIC 37.6% FY2024

Exact FY and FY-1 financing invested-capital inputs are required.

0%25%2020202220242025
Cash an owner could take out−$226M FY2025
−$250M$0$250M2020202220242025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Hut 8 Corp. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$235M · 100%Cost of revenue$108M · 46%Gross profit$127M · 54%Operating income−$322M · −137%Income before tax−$300M · −128%Income tax−$51.8M · −22%Net income−$226M · −96%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$235M100%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Cost of revenue$108M46%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
$127M54%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
−$322M−137%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Income before tax−$300M−128%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Income tax−$51.8M−22%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
−$226M−96%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
· event Dec 31, 2025 · retrieved Sep 7, 2026 · annual-row source set
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Flagship explainer

What Hut 8 Corp. owns — and owes

Hut 8 Corp.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$2.8B100%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Cash and equivalents$44.9M2%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Stockholders’ equity$1.4B52%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
· event Dec 31, 2025 · retrieved Sep 7, 2026 · annual-row source set

Flagship explainer

What drives Hut 8 Corp.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−19%Tax burden75%net income ÷ pretax incomeInterest burden93%pretax ÷ operating incomeOperating margin−137%operating income ÷ revenueAsset turnover0.11×revenue ÷ average assetsEquity multiplier1.78×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$226MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Income before tax−$300MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Operating income−$322MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
$235MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Ending assets$2.8BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Beginning assets$1.5BFY2024
  • 10-K · FY 2024Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
  • 10-K · FY 2024Filing detailsAccession 0001558370-25-001996 · filed Mar 3, 2025
$1.4BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
$977MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
  • 10-K · FY 2024Filing detailsAccession 0001558370-25-001996 · filed Mar 3, 2025
Source: · event Dec 31, 2025 · retrieved Sep 7, 2026 · annual-row source set
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Flagship explainer

Where Hut 8 Corp.'s cash went

Hut 8 Corp.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$139M−100%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Depreciation and amortization$102M73%
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001104659-26-019392 · filed Feb 25, 2026
· event Dec 31, 2025 · retrieved Sep 7, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Hut 8 Corp.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Sep 7, 2026

Flagship explainer

What Hut 8 Corp. insiders reported

Records still being gathered — partial as of retrieval Sep 12, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

2 logged readings since Sep 4, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale41.7 / 100
0406080100WideNarrowShallowNo moatSep 4, 2026Sep 7, 2026

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

None yet — HUT has read Shallow moat for every logged capture since Sep 4, 2026.

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Sep 12, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Glennan Sean JosephChief Financial OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock6,445$78.7624$507,623See lot detailAug 24, 2026
2 filed lots
  • Table I · Common Stock: 5,807 shares at $78.70 · code S · owned after 18,616 ·
  • Table I · Common Stock: 638 shares at $79.33 · code S · owned after 17,978 ·
Glennan Sean JosephChief Financial OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event12,355—Exercise or conversion of derivative security (M)—24,423Aug 21, 2026
1 filed lot
  • Table I · Common Stock: 12,355 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 24,423 · Paired event: 12,355 Restricted Stock Units → 12,355 Common Stock ·
Glennan Sean JosephChief Financial OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event12,355—Exercise or conversion of derivative security (M)—12,355Aug 21, 2026
1 filed lot
  • Table II · Restricted Stock Units: 12,355 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 12,355 · Paired event: 12,355 Restricted Stock Units → 12,355 Common Stock ·

Source-event as of . Retrieved .

Other context

#53 of 99 scored Other companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #51HIVE HIVE DIGITAL TECHNOLOGIES LTD.43.6Shallow moat
  2. #52CRSF Crisp Momentum Inc.42.4Shallow moat
  3. #54MGLD THE MARYGOLD COMPANIES, INC.40.8Shallow moat
  4. #55SDEV STABLECOIN DEVELOPMENT CORPORATION40.7Shallow moat

Compare HUT with its nearest peers →All Other companies on the Index →

Common questions about HUT

Does Hut 8 Corp. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Hut 8 Corp. (HUT) 41.7 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 57, pricing power 71, returns on capital 9, balance-sheet safety 28, capital allocation 44.
How has HUT's Moat Score changed over time?
The record logs 2 readings since Sep 4, 2026; the latest reads 41.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell HUT. See the disclaimer.