Hut 8 Mining

HUT.TO

Financial - Capital Markets · Financial Services

Price

C$111.30

-11.19 (-9.14%)

Market Cap

C$13.72B

Exchange

Toronto Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+292.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 26.8M (2021) → 105.3M (2025)

Winston Score History

The full picture

Hut 8 Mining Corp. is a cryptocurrency mining company based in North America. It uses large warehouses full of specialized computers to solve complex math problems, which earns it Bitcoin as a reward. This process is called "proof-of-work" mining, and Hut 8 is one of the largest publicly traded Bitcoin miners in North America.

The company makes money primarily by mining Bitcoin and holding it on its balance sheet, rather than selling it all immediately. It operates data centers across the United States and Canada, and its scale gives it some cost advantages over smaller miners. However, Hut 8 faces significant risks: Bitcoin's price is highly volatile, mining difficulty increases over time as more competitors join the network, and the business requires cheap electricity to stay profitable — making energy costs one of its biggest ongoing challenges.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+81.4% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-196.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

22.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 months

$1.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Strong grower

Hut 8 Mining is growing revenue at 81% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

11.1%

Thin — 11.1% gross margin

Profit after running costs

Operating Margin

-90.4%

Losing money on operations — -90.4%

Return on the money invested

ROCE

-5.5%

Weak — -5.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-4.4%

Shrinking sales (-4.4% YoY)

Profit growth

EPS YoY

-441.7%

Earnings shrinking (-441.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-254.7%

Burning cash (-254.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.30

Conservative — low debt load (0.30)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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