Question 1

What is Hut 8's EV/EBITDA ratio?

Accepted Answer

Hut 8 (HUT) EV/EBITDA ratio is 16.7× as of February 24, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Hut 8?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Hut 8 specifically, the relevant sector benchmark is the current sector median of 10.2×.

Question 5

Is Hut 8's EV/EBITDA ratio high or low?

Accepted Answer

Hut 8's EV/EBITDA ratio of 16.7× is below its own 5-year average of 48.4× and above the sector median of 10.2×. That places the current reading at the 54th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Hut 8's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Hut 8 (HUT) EV/EBITDA ratio has ranged from a low of 1.8× in 2020 to a high of 473.1× in 2023. The 5-year average is 48.4× and the 5-year median is 12.1×.

Question 7

What was Hut 8's EV/EBITDA ratio in 2024?

Accepted Answer

Hut 8 (HUT) EV/EBITDA ratio at the end of 2024 was 4.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Hut 8's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$4.84B	-$165M	—	—	Dec 31, 2025
2024	$1.87B	$531M	4.0×	—	Dec 31, 2024
2022	$176M	-$48.3M	—	—	Dec 31, 2022
2021	$1.33B	$21.2M	59.2×	+15.5×	Dec 31, 2021
2020	$271M	$6.11M	43.7×	+41.3×	Dec 31, 2020
2019	$70.5M	$36.4M	2.4×	—	Dec 31, 2019
2018	$89.1M	-$671K	—	—	Dec 31, 2018
2017	$205K	-$110K	—	—	Dec 31, 2017
2016	$205K	-$52.7K	—	—	Dec 31, 2016
2015	$205K	-$68.2K	—	—	Dec 31, 2015
2014	$205K	-$111K	—	—	Dec 31, 2014
2013	$205K	-$176K	—	—	Dec 31, 2013


Arch Capital Group (ACGL)	4.3×
M&T Bank (MTB)	3.8×
1st Source (SRCE)	3.5×
Allstate (ALL)	3.4×
Mercury General (MCY)	3.2×
AXIS Capital Holdings (AXS)	2.2×
Commerce Bancshares (CBSH)	2.2×
American International Group (AIG)	1.9×
United Bankshares (UBSI)	1.7×
Atlantic Union Bankshares (AUB)	1.1×
W. R. Berkley (WRB)	0.2×
KeyCorp (KEY)	-0.4×
Capital One Financial (COF)	-0.5×
Everest Group (EG)	-0.7×
Aflac (AFL)	-1.1×
Northern Trust (NTRS)	-2.6×
Regions Financial (RF)	-3.1×
Principal Financial Group (PFG)	-4.1×
Fifth Third Bank (FITB)	-4.4×
JPMorgan Chase (JPM)	-5.2×
BancFirst (BANF)	-5.5×
Wells Fargo (WFC)	-6.9×
Ames National (ATLO)	-16.7×
Apollo Global Management (APO)	-17.2×
MetLife (MET)	-46.3×

EV/EBITDA for Hut 8 (HUT) 2019-2026

EV/EBITDA daily chart for Hut 8 (HUT)

Historical EV/EBITDA for Hut 8 (HUT) from 2013 to 2025

About EV/EBITDA at Hut 8 (HUT)

Hut 8 EV/EBITDA by Year

Hut 8 EV/EBITDA 2024: 4.0×

Hut 8 EV/EBITDA 2021: 59.2×

Hut 8 EV/EBITDA 2020: 43.7×

Hut 8 EV/EBITDA 2019: 2.4×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Hut 8 (HUT) Key Financials