Hyperliquid Strategies Inc Common Stock (PURR) financials

NASDAQ · Financial Services · Financial - Capital Markets · 9 employees · CEO David Ira Schamis

Price: $11.01 -10.41%
Market cap: $1.48B
Enterprise value: $1.34B
Last report: Q4 '26 filed 2026-08-27
Next report: 2026-11-05 EPS est. $0.04

Revenue (TTM)$9.46M– vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-60.1%– vs a year agoOperating income -$5.69M

Net income (TTM)$318M– vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-$19.1M– vs a year agoCapex $0

Diluted EPS (TTM)$0.65– vs a year agoSum of the last 4 quarters

Net cash$138M– vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $1.48B
Revenue: $9.46M
Revenue growth: –
Profit margin: 3,358.6%
P/E: 16.9×
P/S: 156.7×
EV / EBITDA: -236.4×
Free cash flow: -$19.1M
Net income: $318M
Revenue estimate: –
Earnings: 2026-11-05
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-27): revenue beat by 16.1%, EPS beat by 14,100.0%Revenue $6.3M vs $5.43M expected (+16.1%); EPS $2.80 vs -$0.02 (+14,100.0%).
101.1% of pre-tax profit is non-operatingPre-tax income $501M vs operating income -$5.69M (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 0.0% of revenue$0 invested in the last 4 quarters (– on a year earlier). Free cash flow -$19.1M = -6.0% of net income.
Net cash $138MCash + short-term investments $138M, debt incl. leases $0.

Last quarter: Q4 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q4 '26	Year ago	Change
Revenue	$6.33M	–	–
Gross margin	100.0%	–	–
Operating income	$3.11M	–	–
Operating margin	49.1%	–	–
Net income	$471M	–	–
Diluted EPS	$2.10	–	–
Operating cash flow	-$3.84M	–	–
Capex	$0	–	–
Free cash flow	-$3.84M	–	–
R&D	$0	–	–
Stock-based compensation	$0	–	–

Reported vs consensus

2026-08-27

	Actual	Consensus	vs consensus
Revenue	$6.3M	$5.43M	+16.1%
EPS (as estimated)	$2.80	-$0.02	+14,100.0%

From the report of 2026-08-27 for Q4 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -$19.1M
Capex: $0
Buybacks: -$10.5M
Dividends: $0
Acquisitions: $10.3M
Net debt issued: $0
Stock-based compensation: $0
Free cash flow: -$19.1M
Returned to shareholders / FCF: -54.7%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	16.9×	2.5×	2.5× – 2.5×
EV / EBITDA	-236.4×	–	–
EV / Sales	142.1×	51.8×	51.8× – 51.8×
Price / FCF	-77.4×	–	–
Price / Book	1.2×	0.3×	0.3× – 0.3×
FCF yield	-1.3%	-3.0%	-3.0% – -3.0%
Return on invested capital	-0.2%	-0.1%	-0.1% – -0.1%
Return on equity	39.7%	16.3%	16.3% – 16.3%

Analysts

Consensus target $23.07 (+109.5%)
range $17.00 – $34.20 · rating Buy

Strong buy0

Buy2

Hold0

Sell0

Strong sell0

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 161 figures Hyperliquid Strategies Inc Common Stock tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$2.63M2026-03-31	–	–	$9.45M	–	–
	$580M2025-12-31	–	–	$580M	–	–
	$164M2026-03-31	–	–	$1.08B	–	–
	$3.37M2026-03-31	–	–	$295M	–	–
	$605M	–	–	$710M	–	–
	–	–	–	$63.7M	–	–
	–	–	–	13.0%	–	–
	–	–	–	$722K	–	–
	–	–	–	0.2%	–	–
	–	–	–	$27K	–	–
Accounts Payable and Accrued Liabilities, Current	$1.14M2025-09-30	–	–	–	–	–
Accounts Payable, Current	$1.19M	$597K	+99.3%	$1.19M	$597K	+99.3%
Additional Paid in Capital, Common Stock	$1.58B	$0	–	$1.58B	$0	–
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	-1.16M	–	–	28.7M	–	–
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$186K2026-03-31	–	–	$893K	–	–
Assets	$2.06B	$0	–	$2.06B	$0	–
Assets, Current	$152M	$0	–	$152M	$0	–
Business Combination, Contingent Consideration, Liability	$1M2026-03-31	–	–	–	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	$37M	–	–	$37M	–	–
Cash and Cash Equivalents, at Carrying Value	$138M	$0	–	$138M	$0	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$138M	$0	–	$138M	$0	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$24.9M	–	–	$138M	–	–
Cash, FDIC Insured Amount	$250K	–	–	$250K	–	–
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	1.16M	–	–	1.16M	–	–
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	2B	0	–	2B	0	–
Common Stock, Shares, Issued	204M	0	–	204M	0	–
Common Stock, Shares, Outstanding	201M	0	–	201M	0	–
Common Stock, Value, Issued	$2.04M	$0	–	$2.04M	$0	–
CryptoAssetCost	$590M2025-12-31	–	–	–	–	–
CryptoAssetFairValue	$1.92B	$0	–	$1.92B	$0	–
CryptoAssetFairValueNoncurrent	$1.9B	$0	–	$1.9B	$0	–
CryptoAssetNumberOfUnits	12,857,533 Tokens2025-12-31	–	–	–	–	–
CryptoAssetUnrealizedLossOperating	$198M2026-03-31	–	–	$710M	–	–
Current Federal Tax Expense (Benefit)	–	–	–	$0	–	–
Current Foreign Tax Expense (Benefit)	–	–	–	$0	–	–
Current Income Tax Expense (Benefit)	–	–	–	$0	–	–
Current State and Local Tax Expense (Benefit)	–	–	–	$0	–	–
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$183M	–	–
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$0	–	–
Deferred Income Tax Expense (Benefit)	$123M	–	–	$183M	–	–
Deferred Income Tax Liabilities, Net	$183M	$0	–	$183M	$0	–
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$192K	–	–
Deferred Tax Asset, Interest Carryforward	$572K	–	–	$572K	–	–
Deferred Tax Assets, Gross	$33.1M	–	–	$33.1M	–	–
Deferred Tax Assets, in Process Research and Development	$2.39M	–	–	$2.39M	–	–
Deferred Tax Assets, Net of Valuation Allowance	$2.8M	–	–	$2.8M	–	–
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	$24.6M	–	–	$24.6M	–	–
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	$2.11M	–	–	$2.11M	–	–
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	$7K	–	–	$7K	–	–
Deferred Tax Assets, Other	$0	–	–	$0	–	–
Deferred Tax Assets, Tax Credit Carryforwards	$3.01M	–	–	$3.01M	–	–
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$188K	–	–	$188K	–	–
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$221K	–	–	$221K	–	–
Deferred Tax Assets, Valuation Allowance	$30.3M	$0	–	$30.3M	$0	–
Deferred Tax Liabilities, Gross	$186M	–	–	$186M	–	–
Deferred Tax Liabilities, Net	$183M	–	–	$183M	–	–
Deferred Tax Liabilities, Other	$0	–	–	$0	–	–
Deferred Tax Liabilities, Property, Plant and Equipment	$1K	–	–	$1K	–	–
Deferred Tax Liabilities, Undistributed Foreign Earnings	$63.8M	–	–	$63.8M	–	–

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-K 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-Q 2025-09-30

Data as of 2026-11-02