Latest Ratios: P/E Ratio 7.2x · EV/EBITDA 71.9x · ROE 14.9%. (2023–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Market Cap | $129M | $205M | — | — |
| Enterprise Value | $1.2B | $1.2B | — | — |
| P/E Ratio → | 7.16 | 11.85 | — | — |
| P/S Ratio | 1.62 | 2.58 | — | — |
| P/B Ratio | 0.61 | 1.02 | — | — |
| P/FCF | — | — | — | — |
| P/OCF | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| EV / Revenue | — | 15.40 | — | — |
| EV / EBITDA | 71.85 | 76.63 | — | — |
| EV / EBIT | 76.64 | 45.85 | — | — |
| EV / FCF | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Gross Margin | 44.9% | 44.9% | 37.8% | 16.2% |
| Operating Margin | 18.8% | 18.8% | 6.7% | -67.6% |
| Net Profit Margin | 23.2% | 23.2% | 9.3% | -58.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | 14.9% | 14.9% | 14.9% | -51.8% |
| ROA | 1.0% | 1.0% | 0.4% | -0.9% |
| ROIC | 1.3% | 1.3% | 0.6% | -1.6% |
| ROCE | 1.3% | 1.3% | 1.0% | -2.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 5.09 | 5.09 | 8.84 | 27.26 |
| Debt / EBITDA | 64.30 | 64.30 | 102.23 | — |
| Net Debt / Equity | — | 5.05 | 8.71 | 27.22 |
| Net Debt / EBITDA | 63.81 | 63.81 | 100.76 | — |
| Debt / FCF | — | — | — | — |
| Interest Coverage | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 4.76 | 4.76 | 1.05 | 1.02 |
| Quick Ratio | 4.76 | 4.76 | 1.05 | 1.02 |
| Cash Ratio | 0.03 | 0.03 | 0.01 | 0.00 |
| Asset Turnover | — | 0.03 | 0.04 | 0.02 |
| Inventory Turnover | — | — | — | — |
| Days Sales Outstanding | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Dividend Yield | — | — | — | — |
| Payout Ratio | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | 14.0% | 8.4% | — | — |
| FCF Yield | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $23M | $23M | $23M |
Bitcoin mining collateral concentration
According to current market data, Antalpha trades at a forward P/E of 60.63, which, when compared to the trailing P/E of 7.68, suggests that investors are pricing in significant future earnings expansion despite the inherent volatility associated with the digital asset credit services sector.
The wide divergence between trailing and forward multiples indicates that the market expects a rapid maturation of the company's lending platform. Investors should monitor whether this aggressive growth valuation can be sustained if the Bitcoin mining cycle faces a prolonged downturn, as the current pricing leaves little room for operational disappointment.
As reported in financial statements, Antalpha achieved a net margin of 33.3% in 2025Q4, a substantial improvement from the 10.0% recorded in 2025Q3, suggesting that the company is successfully leveraging its technology platform to drive higher profitability as its loan portfolio scales across the mining industry.
The improvement in net margins appears to be a function of operating leverage, where fixed costs related to compliance and risk management are being spread over a larger revenue base. However, analysts should remain cautious, as these margins may be sensitive to the competitive pricing of hashrate-backed loans.
Based on reported figures, the company's ROIC reached 0.9% in 2025Q4, which, while an improvement from the negative returns observed in 2023Q4, indicates that the firm is still in the early stages of effectively deploying capital to generate sustainable, long-term returns on its invested assets.
The low ROIC suggests that the company is currently prioritizing market share and platform adoption over immediate capital efficiency. Investors should watch for a sustained upward trend in ROIC as the business model moves beyond its initial hyper-growth phase and begins to optimize its balance sheet utilization.
According to recent quarterly filings, the company's DSO fluctuated significantly, reaching 1681 days in 2025Q4, which warrants further investigation into the nature of its credit terms and the potential for delayed cash collection within its specialized hashrate-backed lending and platform services business model.
Such high DSO figures may indicate that revenue recognition is heavily weighted toward long-term contracts or that the company is providing extended payment terms to its mining clients. This efficiency metric suggests that cash conversion is not yet optimized, which could pose liquidity risks if the mining sector faces a liquidity crunch.
The most commonly misapplied metric for Antalpha is the traditional Debt-to-Equity ratio, which, at 5.09, is often misinterpreted as a sign of high leverage, whereas it likely reflects an agency-based business model that relies on off-balance-sheet funding rather than traditional bank-style deposit-taking and lending.
Applying standard banking leverage benchmarks to Antalpha obscures the reality that the company acts more as a technology-enabled intermediary than a traditional balance-sheet lender. Analysts should instead focus on the volume of assets under management and the quality of the underlying collateral to assess true solvency risk.
Includes 30+ ratios · 3 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ANTA stock.
Antalpha Platform Holding Company's current P/E ratio is 7.2x. The historical average is 11.9x.
Antalpha Platform Holding Company's current EV/EBITDA is 71.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 76.6x.
Antalpha Platform Holding Company's return on equity (ROE) is 14.9%. The historical average is -7.4%.
Based on historical data, Antalpha Platform Holding Company is trading at a P/E of 7.2x. Compare with industry peers and growth rates for a complete picture.
Antalpha Platform Holding Company has 44.9% gross margin and 18.8% operating margin. Operating margin between 10-20% is typical for established companies.
Antalpha Platform Holding Company's Debt/EBITDA ratio is 64.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.