Latest Ratios: P/E Ratio 19.6x · EV/EBITDA 32.5x · ROE 8.0%. (2012–2025 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 | FY 2022 | FY 2021 | FY 2020 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15.0B | $10.7B | $2.9B | $3.4B | $3.7B | $2.2B | $115M | $136M | $170M |
| Enterprise Value | $14.5B | $10.2B | $2.9B | $3.4B | $3.7B | $2.2B | $115M | $137M | $171M |
| P/E Ratio → | 19.60 | 32.55 | — | — | — | — | — | — | 400000.00 |
| P/S Ratio | 2557.74 | 1827.96 | 947.80 | 6268.35 | 26820.03 | — | — | 1612.75 | 301.49 |
| P/B Ratio | 0.74 | 1.23 | 705.22 | 548.78 | 494.88 | 6089.31 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | 61444.04 |
| P/OCF | — | — | — | — | — | — | — | — | 61421.87 |
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 | FY 2022 | FY 2021 | FY 2020 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1740.43 | 948.17 | 6270.23 | 26817.16 | — | — | 1618.95 | 302.43 |
| EV / EBITDA | 32.48 | 22.88 | — | — | — | — | — | — | 16949.48 |
| EV / EBIT | 32.53 | 23.08 | — | — | — | — | — | — | 18346.45 |
| EV / FCF | — | — | — | — | — | — | — | — | 61636.13 |
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 | FY 2022 | FY 2021 | FY 2020 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 5.1% | 5.1% | 23.0% | 34.5% | -30.2% | — | — | 16.2% | 29.8% |
| Operating Margin | 7288.1% | 7288.1% | -73.9% | -373.9% | -400.8% | — | — | -30.5% | 1.6% |
| Net Profit Margin | 5719.1% | 5719.1% | -99.5% | -382.0% | -468.9% | — | — | -33.5% | 0.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.0% | 8.0% | -63.7% | -36.1% | -51.6% | -99.4% | — | — | — |
| ROA | 7.9% | 7.9% | -42.5% | -30.5% | -46.5% | -47.6% | -10.0% | -14.1% | 0.2% |
| ROIC | 7.7% | 7.7% | -27.7% | -24.2% | -32.0% | -31.0% | — | -9.7% | — |
| ROCE | 10.1% | 10.1% | -45.3% | -33.7% | -42.8% | -84.9% | — | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.40 | 0.21 | — | 0.77 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 52.82 |
| Net Debt / Equity | — | -0.06 | 0.28 | 0.16 | -0.05 | 0.16 | — | — | — |
| Net Debt / EBITDA | -1.15 | -1.15 | — | — | — | — | — | — | 52.82 |
| Debt / FCF | — | — | — | — | — | — | — | — | 192.08 |
| Interest Coverage | 1800.48 | 1800.48 | -11.26 | -24.29 | -5.89 | -5.88 | — | -10.05 | 1.04 |
Net cash position: cash ($512M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 51.50 | 51.50 | 0.49 | 0.56 | 2.80 | 0.77 | 0.04 | 0.00 | 0.06 |
| Quick Ratio | 51.50 | 51.50 | 0.49 | 0.56 | 2.80 | 0.77 | 0.04 | 0.00 | 0.06 |
| Cash Ratio | 51.40 | 51.40 | 0.16 | 0.17 | 1.24 | 0.77 | 0.04 | 0.00 | — |
| Asset Turnover | — | 0.00 | 0.45 | 0.08 | 0.05 | — | — | 0.47 | 2.50 |
| 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 | FY 2022 | FY 2021 | FY 2020 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.1% | 3.1% | — | — | — | — | — | — | 0.0% |
| FCF Yield | — | — | — | — | — | — | — | — | 0.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $245M | $249M | $245M | $216M | $49M | $3M | $4M | $4M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BMNR stock.
Bitmine Immersion Technologies, Inc.'s current P/E ratio is 19.6x. The historical average is 32.6x.
Bitmine Immersion Technologies, Inc.'s current EV/EBITDA is 32.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.9x.
Bitmine Immersion Technologies, Inc.'s return on equity (ROE) is 8.0%. The historical average is -48.5%.
Based on historical data, Bitmine Immersion Technologies, Inc. is trading at a P/E of 19.6x. Compare with industry peers and growth rates for a complete picture.
Bitmine Immersion Technologies, Inc. has 5.1% gross margin and 7288.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Key Metrics
Top Statement Risk
Asset valuation and funding mismatch
Metrics are mathematically derived from official filings.
Premium Priced, Negative Earnings
BMNR trades at 0.51x book value, yet its P/E of 13.51 is based on trailing losses, implying the market prices a turnaround, not current profitability, per recent filings.
The P/B of 0.51 suggests the market values the tangible book at a discount, consistent with a strained balance sheet. However, the P/E of 13.51 is misleading because earnings are negative; the multiple is not meaningful. The market appears to be pricing in a future recovery, but the lack of forward P/E and the extreme P/S of 1691.44 indicate that current revenue is negligible relative to market cap, suggesting speculative valuation.
Negative Returns, Fee Reliance
ROE swung from -52.2% in 2026Q1 to -0.8% in 2026Q3, but cumulative losses exceed $9 billion, indicating profitability remains elusive, as reported in financial statements.
The DuPont decomposition shows that ROE is driven by negative net interest margin and heavy reliance on non-interest income, which constituted 88.6% of revenue in 2026Q3. The efficiency ratio of 113.2% indicates that expenses exceed revenue, and the negative NIM suggests funding costs outpace asset yields. The improvement in ROE is largely due to a one-time revenue surge, not sustainable operations.
Negative NIM, Efficiency Spikes
Net interest margin has been negative for all reported quarters, with 2026Q3 at 0.0%, while the efficiency ratio spiked to 113.2%, indicating structural cost issues, per SEC filings.
The persistent negative NIM suggests that interest expense exceeds interest income, a red flag for a financial institution. The efficiency ratio's volatility, from -337.4% in 2025Q4 to 113.2% in 2026Q3, reflects erratic revenue and cost patterns. This indicates that the bank lacks a stable interest-earning asset base and is overly dependent on non-interest income, which may not be sustainable.
Equity Ratio Misleadingly High
Equity-to-assets ratio reached 1.00 in 2026Q3, but cumulative net losses exceed $9 billion, indicating the equity base is not organically generated, based on reported figures.
The high equity ratio is misleading because it results from a massive asset surge to $11.6 billion without corresponding equity growth. This suggests that the asset increase may be due to revaluation or off-balance-sheet items, not retained earnings. The lack of disclosed capital adequacy ratios (CET1, Tier 1) and the volatile provisions raise concerns about the true capital position and capacity for capital return.
No Loans, Volatile Provisions
No loan balances are reported, yet loan loss provisions swung from $1.9M in 2025Q4 to $5.7M in 2026Q3, suggesting erratic credit cost management, as per financial statements.
The absence of a loan book is unusual for a financial institution, and the volatile provisions indicate that credit costs are not tied to a stable portfolio. This may imply that provisions are related to securities or other assets, but the lack of disclosure makes it difficult to assess asset quality. Investors should monitor whether these provisions are adequate to cover potential losses.
P/E Misleads on Earnings Quality
The P/E of 13.51 is commonly misapplied to BMNR because it is based on negative earnings, obscuring the fact that the company is unprofitable, as reported in financial statements.
For banks, P/E is often unreliable due to provision volatility, but here it is entirely meaningless because earnings are negative. The appropriate metric is P/TBV, which at 0.51x indicates a discount, but the tangible book value per share of $20.98 in 2026Q3 is inflated by the asset surge. Investors should use P/TBV with caution and adjust for potential asset revaluation, as the balance sheet's growth is not organic.