vs
Hut 8 Corp.（HUT）与Riot Platforms, Inc.（RIOT）财务数据对比。点击上方公司名可切换其他公司
Riot Platforms, Inc.的季度营收约是Hut 8 Corp.的1.7倍（$152.8M vs $88.5M）。Hut 8 Corp.净利率更高（-316.0% vs -452.0%，领先135.9%）。Hut 8 Corp.同比增速更快（179.2% vs 7.2%）。过去两年Riot Platforms, Inc.的营收复合增速更高（38.8% vs 30.8%）
Tropical Hut是菲律宾水星集团旗下的快餐连锁品牌，是菲律宾历史第七悠久的餐饮连锁品牌，创立时间早于1978年成立的快乐蜂及1981年进入菲律宾市场的麦当劳。
Riot Platforms是美国领先的比特币挖矿企业，在北美地区运营多座大规模高能效的加密货币矿场，同时布局区块链相关基础设施业务，长期持有比特币作为核心储备资产，专注于数字资产生态相关业务的长期发展。
HUT vs RIOT — 直观对比
营收规模更大
RIOT
是对方的1.7倍
$88.5M
营收增速更快
HUT
高出172.0%
7.2%
净利率更高
HUT
高出135.9%
-452.0%
两年增速更快
RIOT
近两年复合增速
30.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $88.5M | $152.8M |
| 净利润 | $-279.7M | $-690.7M |
| 毛利率 | 60.4% | — |
| 营业利润率 | -491.4% | -447.9% |
| 净利率 | -316.0% | -452.0% |
| 营收同比 | 179.2% | 7.2% |
| 净利润同比 | -283.7% | -606.3% |
| 每股收益（稀释后） | $-2.45 | $-1.89 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收HUTRIOT
| Q4 25 | $88.5M | $152.8M | ||
| Q3 25 | $83.5M | $180.2M | ||
| Q2 25 | $41.3M | $153.0M | ||
| Q1 25 | $21.8M | $161.4M | ||
| Q4 24 | $31.7M | $142.6M | ||
| Q3 24 | $43.7M | $84.8M | ||
| Q2 24 | $35.2M | $70.0M | ||
| Q1 24 | $51.7M | $79.3M |
净利润HUTRIOT
| Q4 25 | $-279.7M | $-690.7M | ||
| Q3 25 | $50.1M | $104.5M | ||
| Q2 25 | $137.3M | $219.5M | ||
| Q1 25 | $-133.9M | $-296.4M | ||
| Q4 24 | $152.2M | $136.4M | ||
| Q3 24 | $647.0K | $-154.4M | ||
| Q2 24 | $-71.9M | $-84.4M | ||
| Q1 24 | $250.9M | $211.8M |
毛利率HUTRIOT
| Q4 25 | 60.4% | — | ||
| Q3 25 | 61.3% | — | ||
| Q2 25 | 47.3% | — | ||
| Q1 25 | 14.5% | — | ||
| Q4 24 | 35.9% | — | ||
| Q3 24 | 59.9% | — | ||
| Q2 24 | 41.4% | — | ||
| Q1 24 | 45.6% | — |
营业利润率HUTRIOT
| Q4 25 | -491.4% | -447.9% | ||
| Q3 25 | 87.0% | 44.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | -676.8% | -144.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | -3.6% | -143.3% | ||
| Q2 24 | -246.2% | -167.2% | ||
| Q1 24 | — | — |
净利率HUTRIOT
| Q4 25 | -316.0% | -452.0% | ||
| Q3 25 | 60.0% | 58.0% | ||
| Q2 25 | 332.5% | 143.4% | ||
| Q1 25 | -613.7% | -183.6% | ||
| Q4 24 | 480.3% | 95.7% | ||
| Q3 24 | 1.5% | -182.1% | ||
| Q2 24 | -204.1% | -120.6% | ||
| Q1 24 | 484.9% | 267.1% |
每股收益（稀释后）HUTRIOT
| Q4 25 | $-2.45 | $-1.89 | ||
| Q3 25 | $0.43 | $0.26 | ||
| Q2 25 | $1.18 | $0.58 | ||
| Q1 25 | $-1.30 | $-0.90 | ||
| Q4 24 | $1.41 | $0.39 | ||
| Q3 24 | $0.01 | $-0.54 | ||
| Q2 24 | $-0.78 | $-0.32 | ||
| Q1 24 | $2.76 | $0.81 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $44.9M | $233.5M |
| 总债务越低越好 | — | $840.8M |
| 股东权益账面价值 | $1.4B | $2.9B |
| 总资产 | $2.8B | $3.9B |
| 负债/权益比越低杠杆越低 | — | 0.29× |
8季度趋势，按日历期对齐
现金及短期投资HUTRIOT
| Q4 25 | $44.9M | $233.5M | ||
| Q3 25 | $33.5M | $330.7M | ||
| Q2 25 | $216.3M | $255.4M | ||
| Q1 25 | $108.4M | $163.7M | ||
| Q4 24 | $85.0M | $277.9M | ||
| Q3 24 | — | $355.7M | ||
| Q2 24 | — | $481.2M | ||
| Q1 24 | $11.5M | $688.5M |
总债务HUTRIOT
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | $300.6M | $5.3M | ||
| Q3 24 | $297.3M | $5.7M | ||
| Q2 24 | $328.8M | — | ||
| Q1 24 | $177.6M | — |
股东权益HUTRIOT
| Q4 25 | $1.4B | $2.9B | ||
| Q3 25 | $1.4B | $3.5B | ||
| Q2 25 | $1.3B | $3.3B | ||
| Q1 25 | $960.0M | $2.9B | ||
| Q4 24 | $976.7M | $3.1B | ||
| Q3 24 | $703.9M | $2.7B | ||
| Q2 24 | $660.1M | $2.6B | ||
| Q1 24 | $732.0M | $2.5B |
总资产HUTRIOT
| Q4 25 | $2.8B | $3.9B | ||
| Q3 25 | $2.7B | $4.5B | ||
| Q2 25 | $2.0B | $4.3B | ||
| Q1 25 | $1.6B | $3.7B | ||
| Q4 24 | $1.5B | $3.9B | ||
| Q3 24 | $1.1B | $2.9B | ||
| Q2 24 | $1.1B | $2.7B | ||
| Q1 24 | $999.0M | $2.6B |
负债/权益比HUTRIOT
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | 0.31× | 0.00× | ||
| Q3 24 | 0.42× | 0.00× | ||
| Q2 24 | 0.50× | — | ||
| Q1 24 | 0.24× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-57.4M | $-105.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-188.0M |
| 自由现金流率自由现金流/营收 | — | -123.0% |
| 资本支出强度资本支出/营收 | — | 54.0% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-774.3M |
8季度趋势，按日历期对齐
经营现金流HUTRIOT
| Q4 25 | $-57.4M | $-105.5M | ||
| Q3 25 | $770.0K | $-114.0M | ||
| Q2 25 | $-48.8M | $-231.3M | ||
| Q1 25 | $-33.8M | $-122.1M | ||
| Q4 24 | $-21.6M | $-98.4M | ||
| Q3 24 | $-4.2M | $-56.3M | ||
| Q2 24 | $-16.4M | $-42.5M | ||
| Q1 24 | $-26.3M | $-57.9M |
自由现金流HUTRIOT
| Q4 25 | — | $-188.0M | ||
| Q3 25 | — | $-139.7M | ||
| Q2 25 | — | $-291.7M | ||
| Q1 25 | — | $-154.9M | ||
| Q4 24 | — | $-156.6M | ||
| Q3 24 | — | $-127.6M | ||
| Q2 24 | — | $-96.1M | ||
| Q1 24 | — | $-115.2M |
自由现金流率HUTRIOT
| Q4 25 | — | -123.0% | ||
| Q3 25 | — | -77.5% | ||
| Q2 25 | — | -190.7% | ||
| Q1 25 | — | -96.0% | ||
| Q4 24 | — | -109.8% | ||
| Q3 24 | — | -150.5% | ||
| Q2 24 | — | -137.2% | ||
| Q1 24 | — | -145.2% |
资本支出强度HUTRIOT
| Q4 25 | — | 54.0% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 39.5% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | 40.8% | ||
| Q3 24 | — | 84.1% | ||
| Q2 24 | — | 76.5% | ||
| Q1 24 | — | 72.3% |
现金转化率HUTRIOT
| Q4 25 | — | — | ||
| Q3 25 | 0.02× | -1.09× | ||
| Q2 25 | -0.36× | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.14× | -0.72× | ||
| Q3 24 | -6.49× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.11× | -0.27× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
HUT
| High Performance Computing Colocation And Cloud | $81.9M | 93% |
| Power | $5.0M | 6% |
| Digital Infrastructure | $1.6M | 2% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
