Hut 8 Corp. — Earnings Quality Grade F
HUT · Financial Services
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 749 days (4 → 753)
AR outpaced revenue for 2 consecutive years
Revenue -97.8%, CFFO -103.1%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 144.9% is >2x revenue growth -97.8%
SG&A/Gross Profit = -132.5%, excellent (<30%)
Gross margin swung -701.7pp (87.1% → -614.6%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.8B)
Accruals ratio = -3.2%. Low accruals
Cash $0.0B covers only 10% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 16% of equity. Manageable
Interest coverage = -10.6x (<2x). Financial stress
Other assets grew 51.9% vs revenue -97.8%
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles surged 233% YoY
Manipulation Score
M-Score = 164.77 (> -1.78). LIKELY MANIPULATOR
Beneish M-Score
Altman Z-Score — Not Applicable
Hut 8 Corp. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25