Share count
225Mpeak FY2026
← All companies ← HIPO Manual HIW → ← GSIW Capital Markets & Asset Management HLI →
HIVE, HIVE Digital Technologies Ltd.
Our self-constructed Peer Group Index consists of the members of our March 31, 2026 peer group with available publicly traded market data as of and subsequent to, March 31, 2026, and consists of: CleanSpark Inc, Keel Infrastructure Corp. [formerly Bitfarms Ltd.], Hut 8 Corp, Marathon Digital Holdings Inc, and Riot Platforms Inc.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2026
$298M
+158.3% YoY
Vital signs · TTM, with 3-yr average
Revenue $298M 3-yr avg $176M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Operating margin has run about 1.8% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. The operating margin has swung widely — from −48% to 29% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Capital spending runs about 55% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 0%, above 15% in 0 of 3 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2024–2026
realized figures from each filing · older years to the left| 2024’24 | 2025’25 | 2026’26 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $114M | $115M | $298M | $298M | RevenueRevenue |
| 12% | 14% | 11% | 11% | SG&A / revenueSG&A/rev |
| $33M | $2M | ($144M) | ($144M) | Operating incomeOp. inc. |
| 28.9% | 1.8% | −48.3% | −48.3% | Operating marginOp. mgn |
| $27M | ($3M) | ($148M) | ($148M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| $10M | $17M | $62M | $62M | Operating cash flowOp. cash |
| $64M | $64M | $170M | $170M | DepreciationDeprec. |
| ($88M) | ($56M) | $15M | $15M | Working capital & otherWC & other |
| $63M | $121M | $148M | $148M | CapexCapex |
| 55.3% | 104.7% | 49.8% | 49.8% | Capex / revenueCapex/rev |
| ($54M) | ($48M) | ($86M) | ($86M) | Owner earningsOwner earn. |
| −46.9% | −41.5% | −28.9% | −28.9% | Owner earnings marginOE mgn |
| ($54M) | ($104M) | ($86M) | ($86M) | Free cash flowFCF |
| −46.9% | −90.3% | −28.9% | −28.9% | Free cash flow marginFCF mgn |
| $647K | $26M | $9M | $9M | AcquisitionsAcquis. |
| 11% | 0% | -22% | -22% | ROICROIC |
| 10% | -1% | -28% | -28% | Return on equityROE |
| 10% | −1% | −28% | −28% | Retained to equityRetained/eq |
| Balance sheet | ||||
| $10M | $23M | $23M | $23M | Cash & investmentsCash+inv |
| — | $12M | $16M | $16M | ReceivablesReceiv. |
| — | $12M | $11M | $11M | Accounts payablePayables |
| — | $108K | $5M | $5M | Operating working capitalOper. WC |
| — | $242M | $60M | $60M | Current assetsCur. assets |
| — | $66M | $54M | $54M | Current liabilitiesCur. liab. |
| — | 3.7× | 1.1× | 1.1× | Current ratioCurr. ratio |
| — | $532M | $639M | $639M | Total assetsAssets |
| ($10M) | ($23M) | ($23M) | ($23M) | Net debt / (cash)Net debt |
| 83.3× | 4.9× | -229.2× | -229.2× | Interest coverageInt. cov. |
| $259M | $449M | $529M | $529M | Shareholders’ equityEquity |
| 6.3% | 9.4% | 8.5% | 8.5% | Stock comp / revenueSBC/rev |
| Per share | ||||
| 135M | 128M | 225M | 225M | Shares out (diluted)Shares |
| $0.85 | $0.90 | $1.32 | $1.32 | Revenue / shareRev/sh |
| $0.20 | $-0.02 | $-0.66 | $-0.66 | EPS (diluted)EPS |
| $-0.40 | $-0.37 | $-0.38 | $-0.38 | Owner earnings / shareOE/sh |
| $-0.40 | $-0.81 | $-0.38 | $-0.38 | Free cash flow / shareFCF/sh |
| $0.47 | $0.94 | $0.66 | $0.66 | Cap. spending / shareCapex/sh |
| $1.92 | $3.51 | $2.35 | $2.35 | Book value / shareBVPS |
Share counts before 2025 are restated ×1.5 for a stock split, so per-share figures sit on one basis.
The diluted share count moved ×1.76 into 2026 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2024–2026Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
ROIC
−22%low FY2026
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($86M)owner earningsvs.($148M)net incomelow FY2026
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cashEach year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.
FY2024FY2026
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2026 the business turned a $148M loss into ($86M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2026 | FY2025 | FY2024 | |
|---|---|---|---|
| Reported net income | ($148M) | ($3M) | $27M |
| Depreciation & amortizationnon-cash charge added back | +$170M | +$64M | +$64M |
| Stock-based compensationreal costnon-cash, but a real cost | +$25M | +$11M | +$7M |
| Working capital & othertiming of cash in and out, other non-cash items | +$15M | −$56M | −$88M |
| Cash from operations | $62M | $17M | $10M |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$148M | −$64M | −$63M |
| Owner earnings | ($86M) | ($48M) | ($54M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | −$56M | — |
| Free cash flow | ($86M) | ($104M) | ($54M) |
| Owner-earnings marginowner earnings ÷ revenue | -29% | -42% | -47% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $25M), owner earnings is nearer ($111M).
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2026 10-K · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -229.2×Does not cover its interestOperating income ($144M) ÷ interest expense $628K
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net cash, debt-freeCash $23M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $23M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median -6%
What this means
The filing data didn't include the inputs for this check.
- Consumes cash through the cycle3-yr median margin, range -47%–-29%; latest ($86M) = operating cash $62M − maintenance capex $148MIndustry peers: median -73%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -29% of revenue this year, a -42% median across 3 years. Treating stock comp as the real expense it is (less $25M of SBC) leaves ($111M).
- Loss, but cash-generativeNet income ($148M) · cash from operations $62M
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.87×MaintainingCapex $148M ÷ depreciation $170M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $298M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 1.10×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.16/share (latest year $-0.56), the averaged base the calculator's gate runs on, and book value is $1.98/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$60M
- Cash & short-term investments$23M
- Receivables$16M
- Other current assets$21M
Current liabilities$54M
- Accounts payable$11M
- Other current liabilities$44M
Current ratio1.10×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.10×stricter: inventory excluded
Cash ratio0.42×strictest: cash alone against what's due
Working capital$5Mthe cushion left after near-term bills
Deeper floors
Tangible book value$529Mequity stripped of goodwill & intangibles
Net current asset value($50M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$14M$14M of it operating leases
From the company's latest filing.
Management, ownership & pay
From the proxy: how much of the business the people running it own, and how they are paid.
- Stock-based compensation$25M
The slice of the business handed to employees in shares this year, 9% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2026
read the 10-K →- Which reported numbers are a judgment call?Management names Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Capital Markets & Asset Management
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| CLSKCleanSpark Inc. | $766M | 44% | -114.4% | -12% | -82% |
| RIOTRiot Platforms Inc. Common Stock | $647M | 26% | -128.7% | -24% | -105% |
| IRENIREN Limited | $501M | 53% | -14.5% | -3% | 1% |
| CORZCore Scientific Inc. | $319M | 20% | -19.2% | 5% | -19% |
| HIVEHIVE Digital Technologies Ltd. | $298M | — | 1.8% | 0% | -42% |
| HUTHut 8 Corp. | $235M | 54% | -55.2% | -8% | -73% |
| CRCLCircle Internet Group Inc. | $110M | — | 1102.0% | -4% | 699% |
| DGXXDigi Power X Inc. | $34M | — | — | — | -95% |
| Group median | — | — | -19.2% | -4% | -57% |
The price
What a price has to assume.
What the price implies
reverse-DCFHIVE Digital Technologies Ltd. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
$
The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−29%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "HIVE Digital Technologies Ltd. (HIVE), the owner's record," https://ownerscorecard.com/c/HIVE, data as of 2026-07-09.
Manual order: ← HIPO its page in the Manual HIW →
Industry order: ← GSIW the Capital Markets & Asset Management chapter HLI →