Hut 8's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Hut 8 (HUT) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Hut 8 vs Its Competitors
- TTM: Trailing 12-month revenue of 351M vs -M combined for tracked competitors (100.0% combined share).
- Scale: Hut 8 ranks #13 of 117 companies by market capitalization in the Miscellaneous Financial Services industry, holding 1.7% of industry market cap.
- Peer differentiation: Revenue per employee of $1.42M compares with $0.54M for the peer group (2.6x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
Hut 8's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Hut 8 Corp | - | - | - | No |
| Competitors combined (1) | ||||
| High-Confidence Competitors (15) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
HUT Stock Performance relative to its Competitors
HUT Stock Performance relative to High-Confidence Competitors
HUT Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | North American Construction Group Ltd | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Hut 8's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Hut 8's Comment on Competition and Industry Peers
Publicly Traded Peers of Hut 8 Corp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Hut 8 Corp | 10,984.58 | 350.94 |
| North American Construction Group Ltd | 392.36 | 817.31 |
| SUBTOTAL | 11,376.94 | 1,168.25 |
Sources: Hut 8 Corp's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Hut 8 Corp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Hut 8's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Soluna Holdings Inc | Named by the company | 85% |
| Bit Digital Inc | Named by the company | 85% |
| Hyperscale Data Inc | Named by the company | 85% |
| Stronghold Digital Mining Inc | Named by the company | 85% |
| TZUP | Named by the company | 85% |
| American Bitcoin Corp | Named by the company | 85% |
| Core Scientific Inc | Named by the company | 85% |
| Mara Holdings Inc | Named by the company | 85% |
| Sos Limited | Named by the company | 85% |
| Bitdeer Technologies Group | Named by the company | 85% |
| Hive Digital Technologies Ltd | Named by the company | 85% |
| Sharonai Holdings Inc | Named by the company | 85% |
| Terawulf Inc | Named by the company | 85% |
| Big Digital Energy Inc | Named by the company | 85% |
| Datacentrex Inc | Named by the company | 85% |
| MIGI | Named by the company | 85% |
| T-REX Acquisition Corp. | Named by the company | 85% |
| Cipher Digital Inc | Named by the company | 85% |
| KERN | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Hut 8's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Hut 8's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Hut 8 Corp | Digital Infrastructure 86.13 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Hut 8's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Hut 8 Corp | 10,985 | 1,415,081 | -2,747,738 |
| North American Construction Group Ltd | 392 | 544,873 | 17,278 |
| PEERS TOTAL | 392 | 544,873 | 17,278 |
Hut 8's Position in Industry Market Structure
Market-capitalization share and concentration across all 103 companies in Hut 8's industry classification, broader than the peer set above. Market cap in millions of $.Hut 8 ranks #13 of 103 companies by market capitalization in its industry, holding 1.74 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,294, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | American Express Company | 207,244 | 31.55 % |
| 2 | Nu Holdings Ltd | 61,219 | 9.32 % |
| 3 | Coinbase Global Inc | 51,945 | 7.91 % |
| 4 | Eason Technology Limited | 38,113 | 5.80 % |
| 5 | Strategy Inc | 1,234 | 5.2% |
| 6 | Federal National Mortgage Association Fannie Mae | 1,234 | 5.2% |
| 7 | Synchrony Financial | 1,234 | 5.2% |
| 8 | Circle Internet Group Inc | 1,234 | 5.2% |
| 9 | Sofi Technologies Inc | 1,234 | 5.2% |
| 10 | Bitmine Immersion Technologies Inc | 1,234 | 5.2% |
| 13 | Hut 8 Corp | 11,404 | 1.74 % |
Market cap and industry share for the rest of Hut 8's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Hut 8's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 8 | Circle Internet Group Inc | 23,240 | -30.60 % |
| 9 | Sofi Technologies Inc | 21,966 | -42.22 % |
| 10 | Bitmine Immersion Technologies Inc | 15,268 | -44.18 % |
| 11 | Iren Limited | 13,789 | -5.77 % |
| 12 | Federal Home Loan Mortgage Corporation | 1,234 | 12.3% |
| 13 | Hut 8 Corp | 11,404 | 175.95 % |
| 14 | Chime Financial Inc | 1,234 | 12.3% |
| 15 | The9 Ltd | 1,234 | 12.3% |
| 16 | Riot Platforms Inc | 1,234 | 12.3% |
| 17 | Figure Technology Solutions Inc | 1,234 | 12.3% |
| 18 | Terawulf Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Hut 8's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Hut 8's Valuation vs Competitive Position
Valuation multiples vs the Miscellaneous Financial Services industry average (80 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 18.8x | - |
| EV / EBITDA | - | 15.3x | - |
| P/B | 7.6x | 3.1x | +4.5x |
| Return on Equity | -40.16 % | industry aggregate | -33.27 % |
| Return on Invested Capital | -15.22 % | 0.51 % (avg) | -15.73 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Hut 8's BCG Growth-Share Matrix
Relative market share (vs Hut 8's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Hut 8 falls in the Dog quadrant: relative market share of 0.06x vs its largest competitor, in an industry growing revenue 3.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Hut 8's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 1,294 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Hut 8's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Hut 8's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Hut 8's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Hut 8 falls in the Low attractiveness / Low strength cell: Harvest / Divest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Hut 8's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Return on equity 33.3 points below the industry aggregate.
- Low relative market share vs the industry leader (0.06x).
Opportunities
- A meaningful share of tracked competitors (100.00 %) show financial-distress signals, a possible opening to gain share.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Hut 8's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Hut 8 Corp | 5.57 | 6.08 | 1.14 |
| North American Construction Group Ltd | 0.24 | 0.88 | 1.99 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Hut 8's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Hut 8 Corp | Q2 2026 | - | - |
| North American Construction Group Ltd | Q4 2025 | +6.9 % | -23.3 % |
| PEERS TOTAL | +4.3 % | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Hut 8's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Hut 8 Corp | Q2 2026 | +23.5 % | +1,177.6 % |
| North American Construction Group Ltd | Q4 2025 | +14.7 % | +0.4 % |
Hut 8's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Hut 8 Corp | - | - | - |
| North American Construction Group Ltd | 1.86% | 2.39% | 7.41% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Hut 8's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Hut 8 Corp | - | 31.30 |
| North American Construction Group Ltd | 10.67 | 0.48 |
| PEERS AVERAGE | - | 9.74 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.