Hut 8 vs Keel Infrastructure
Hut 8 reported revenue of $235 million in fiscal 2025, about the same as Keel Infrastructure's $229 million in fiscal 2025. Hut 8's revenue grew 44.8% in its latest year, and Keel Infrastructure's grew 72.0%. Hut 8 had an operating margin of -136.9%, against -65.2% at Keel Infrastructure.
Side by side
| Hut 8 | Keel Infrastructure | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $235M | $229M |
| Revenue growth | 44.8% | 72.0% |
| Revenue growth a year, last 5 years | — | 45.9% |
| Gross margin | 54.2% | −8.2% |
| Operating margin | −136.9% | −65.2% |
| Net margin | −96.2% | −124.1% |
| Free cash flow | — | −$327M |
| Free cash flow margin | — | −142.6% |
| Return on capital | — | −20.5% |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 4.2% | 33.0% |
| Last close | $52.65 | $1.87 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | sold $15.2 million | bought $525,657, sold $0 |
| Piotroski F-score | — | 2 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Hut 8Keel Infrastructure
Operating margin
Percent of revenue
Hut 8Keel Infrastructure
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Hut 8Keel Infrastructure
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Hut 8 and Keel Infrastructure pages.