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PURR, Hyperliquid Strategies Inc
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/13 · the 10-Q for the quarter ended late September · due within 45 days of period end · has filed ~42 days after · the wire records it on arrival
The business in brief
What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Where the revenue and the profit actually come from, and whether the returns are earned by a real advantage or bought with capital. The segment detail in the 10-K is where this one is settled.
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.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $138M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $138M, 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 -32%
What this means
The filing data didn't include the inputs for this check.
- Not enough dataIndustry peers: median -69%
What this means
The filing data didn't include the inputs for this check.
- Are earnings backed by cash? -0.06×Thinly cash-backedCash from ops ($19M) ÷ net income $306M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
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? —Not enough data
What this means
The filing data didn't include the inputs for this check.
The promise and the pay packet
- Is the buyback buying ownership, or mopping up? 9.4%Stock pay, share count unreadStock compensation $893K (fiscal 2026), 9.4% of revenue · repurchases $10M
What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.
Graham’s defensive tests · 1 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 · $9M
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 PassCurrent ratio ≥ 2× · 41.62×
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. Earnings are $1.54/share, and book value is $9.47/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.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Jun 30, 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.
- Cash & short-term investments$138M
- Receivables$405K
- Other current assets$14M
- Accounts payable$1M
- Other current liabilities$2M
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$893K
The slice of the business handed to employees in shares in fiscal 2026, 9.4% of revenue, equal to 0.2% of operating profit. 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.
Peers, Capital Markets & Asset Management
The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Gross marginmedian over the record | Op. marginmedian over the record | ROICmedian over the record | Owner earn. marginmedian over the record |
|---|---|---|---|---|---|
| SBETSharplink Inc. | $28M | 31% | -179.6% | -308% | -171% |
| JFU9F Inc. | $20M | 76%3y | -31.6% | -5% | 32% |
| FWDIForward Industries Inc. | $18M | 19% | -3.9% | -21% | -1% |
| PURRHyperliquid Strategies Inc | $9M | — | 5292.0%1y | 18%1y | — |
| BMNPBitmine Immersion Technologies, Inc. | $6M | 2%2y | -224.0% | -32% | -142% |
| HTTHigh Templar Tech Limited | $6M | 80% | 35.0% | 6% | 41% |
| SAIHSAIHEAT Limited | $5M | 7% | -102.7% | -47% | -69% |
| ASSTStrive Inc. | $4M | — | -188.1% | -104% | -592%1y |
| Group median | — | — | -67.1% | -26% | — |
The price
What a price has to assume.
What the price implies
reverse-DCFHyperliquid Strategies Inc is profitable, but its owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the 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.
Enter a price to run it.
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.
Manual order: ← PUMP its page in the Manual PVH →
Industry order: ← PLUT the Capital Markets & Asset Management chapter PWP →