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Hut 8 Corp.（HUT）与TERAWULF INC.（WULF）财务数据对比。点击上方公司名可切换其他公司
Hut 8 Corp.的季度营收约是TERAWULF INC.的3.4倍（$88.5M vs $26.1M），Hut 8 Corp.净利率更高（-316.0% vs -484.2%，领先168.2%），Hut 8 Corp.同比增速更快（179.2% vs -25.3%），过去两年Hut 8 Corp.的营收复合增速更高（30.8% vs -21.5%）
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。
TeraWulf Inc.是美国比特币挖矿企业，2021年成立，于纳斯达克挂牌上市，股票交易代码为WULF，目前在纽约州、宾夕法尼亚州两地运营加密货币矿场，核心业务围绕比特币挖矿展开。
HUT vs WULF — 直观对比
营收规模更大
HUT
是对方的3.4倍
$26.1M
营收增速更快
HUT
高出204.5%
-25.3%
净利率更高
HUT
高出168.2%
-484.2%
两年增速更快
HUT
近两年复合增速
-21.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $88.5M | $26.1M |
| 净利润 | $-279.7M | $-126.6M |
| 毛利率 | 60.4% | 27.7% |
| 营业利润率 | -491.4% | -330.2% |
| 净利率 | -316.0% | -484.2% |
| 营收同比 | 179.2% | -25.3% |
| 净利润同比 | -283.7% | -333.5% |
| 每股收益（稀释后） | $-2.45 | $-0.32 |
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HUTWULF
| Q4 25 | $88.5M | $26.1M | ||
| Q3 25 | $83.5M | $50.6M | ||
| Q2 25 | $41.3M | $47.6M | ||
| Q1 25 | $21.8M | $34.4M | ||
| Q4 24 | $31.7M | $35.0M | ||
| Q3 24 | $43.7M | $27.1M | ||
| Q2 24 | $35.2M | $35.6M | ||
| Q1 24 | $51.7M | $42.4M |
净利润HUTWULF
| Q4 25 | $-279.7M | $-126.6M | ||
| Q3 25 | $50.1M | $-455.1M | ||
| Q2 25 | $137.3M | $-18.4M | ||
| Q1 25 | $-133.9M | $-61.4M | ||
| Q4 24 | $152.2M | $-29.2M | ||
| Q3 24 | $647.0K | $-22.7M | ||
| Q2 24 | $-71.9M | $-10.9M | ||
| Q1 24 | $250.9M | $-9.6M |
毛利率HUTWULF
| Q4 25 | 60.4% | 27.7% | ||
| Q3 25 | 61.3% | 57.2% | ||
| Q2 25 | 47.3% | 53.6% | ||
| Q1 25 | 14.5% | 28.6% | ||
| Q4 24 | 35.9% | 26.6% | ||
| Q3 24 | 59.9% | 40.0% | ||
| Q2 24 | 41.4% | 60.9% | ||
| Q1 24 | 45.6% | 66.0% |
营业利润率HUTWULF
| Q4 25 | -491.4% | -330.2% | ||
| Q3 25 | 87.0% | -48.8% | ||
| Q2 25 | — | -32.7% | ||
| Q1 25 | -676.8% | -173.3% | ||
| Q4 24 | — | -147.0% | ||
| Q3 24 | -3.6% | -58.1% | ||
| Q2 24 | -246.2% | -19.0% | ||
| Q1 24 | — | -5.5% |
净利率HUTWULF
| Q4 25 | -316.0% | -484.2% | ||
| Q3 25 | 60.0% | -899.7% | ||
| Q2 25 | 332.5% | -38.6% | ||
| Q1 25 | -613.7% | -178.5% | ||
| Q4 24 | 480.3% | -83.5% | ||
| Q3 24 | 1.5% | -84.0% | ||
| Q2 24 | -204.1% | -30.6% | ||
| Q1 24 | 484.9% | -22.7% |
每股收益（稀释后）HUTWULF
| Q4 25 | $-2.45 | $-0.32 | ||
| Q3 25 | $0.43 | $-1.13 | ||
| Q2 25 | $1.18 | $-0.05 | ||
| Q1 25 | $-1.30 | $-0.16 | ||
| Q4 24 | $1.41 | $-0.09 | ||
| Q3 24 | $0.01 | $-0.06 | ||
| Q2 24 | $-0.78 | $-0.03 | ||
| Q1 24 | $2.76 | $-0.03 |
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 | $3.3B |
| 总债务越低越好 | — | $3.1B |
| 股东权益账面价值 | $1.4B | $140.4M |
| 总资产 | $2.8B | $6.6B |
| 负债/权益比越低杠杆越低 | — | 22.06× |
8季度趋势，按日历期对齐
现金及短期投资HUTWULF
| Q4 25 | $44.9M | $3.3B | ||
| Q3 25 | $33.5M | $711.3M | ||
| Q2 25 | $216.3M | $90.0M | ||
| Q1 25 | $108.4M | $218.2M | ||
| Q4 24 | $85.0M | $274.1M | ||
| Q3 24 | — | $23.9M | ||
| Q2 24 | — | $104.1M | ||
| Q1 24 | $11.5M | $45.8M |
总债务HUTWULF
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $300.6M | $0 | ||
| Q3 24 | $297.3M | $0 | ||
| Q2 24 | $328.8M | $72.3M | ||
| Q1 24 | $177.6M | $99.4M |
股东权益HUTWULF
| Q4 25 | $1.4B | $140.4M | ||
| Q3 25 | $1.4B | $247.3M | ||
| Q2 25 | $1.3B | $174.3M | ||
| Q1 25 | $960.0M | $170.4M | ||
| Q4 24 | $976.7M | $244.4M | ||
| Q3 24 | $703.9M | $372.6M | ||
| Q2 24 | $660.1M | $386.2M | ||
| Q1 24 | $732.0M | $272.3M |
总资产HUTWULF
| Q4 25 | $2.8B | $6.6B | ||
| Q3 25 | $2.7B | $2.5B | ||
| Q2 25 | $2.0B | $869.4M | ||
| Q1 25 | $1.6B | $841.2M | ||
| Q4 24 | $1.5B | $787.5M | ||
| Q3 24 | $1.1B | $405.9M | ||
| Q2 24 | $1.1B | $479.6M | ||
| Q1 24 | $999.0M | $395.4M |
负债/权益比HUTWULF
| Q4 25 | — | 22.06× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.31× | 0.00× | ||
| Q3 24 | 0.42× | 0.00× | ||
| Q2 24 | 0.50× | 0.19× | ||
| Q1 24 | 0.24× | 0.37× |
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 | $-139.2M | $-123.2M |
| 自由现金流经营现金流 - 资本支出 | — | $-1.2B |
| 自由现金流率自由现金流/营收 | — | -4527.0% |
| 资本支出强度资本支出/营收 | — | 4055.8% |
| 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 | — | $-1.7B |
8季度趋势，按日历期对齐
经营现金流HUTWULF
| Q4 25 | $-139.2M | $-123.2M | ||
| Q3 25 | $770.0K | $-36.7M | ||
| Q2 25 | $-48.8M | $-54.8M | ||
| Q1 25 | $-33.8M | $56.5M | ||
| Q4 24 | $-68.5M | $-24.4M | ||
| Q3 24 | $-4.2M | $-20.9M | ||
| Q2 24 | $-16.4M | $16.4M | ||
| Q1 24 | $-26.3M | $22.8M |
自由现金流HUTWULF
| Q4 25 | — | $-1.2B | ||
| Q3 25 | — | $-268.3M | ||
| Q2 25 | — | $-174.8M | ||
| Q1 25 | — | $-37.2M | ||
| Q4 24 | — | $-292.4M | ||
| Q3 24 | — | $-41.7M | ||
| Q2 24 | — | $-30.2M | ||
| Q1 24 | — | $-24.1M |
自由现金流率HUTWULF
| Q4 25 | — | -4527.0% | ||
| Q3 25 | — | -530.4% | ||
| Q2 25 | — | -366.8% | ||
| Q1 25 | — | -108.1% | ||
| Q4 24 | — | -835.7% | ||
| Q3 24 | — | -153.9% | ||
| Q2 24 | — | -84.9% | ||
| Q1 24 | — | -56.9% |
资本支出强度HUTWULF
| Q4 25 | — | 4055.8% | ||
| Q3 25 | — | 457.8% | ||
| Q2 25 | — | 251.8% | ||
| Q1 25 | — | 272.3% | ||
| Q4 24 | — | 765.9% | ||
| Q3 24 | — | 76.6% | ||
| Q2 24 | — | 131.0% | ||
| Q1 24 | — | 110.7% |
现金转化率HUTWULF
| Q4 25 | — | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | -0.36× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.45× | — | ||
| Q3 24 | -6.49× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.11× | — |
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% |
WULF
暂无分部数据
