Latest Ratios: P/E Ratio -5.7x · EV/EBITDA N/A · ROE -12.1%. (2015–2025 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 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $620M | $4.9B | $415M | $370M | $47M | $337M | $670M | $6M | $94M | — | — |
| Enterprise Value | $631M | $4.9B | $333M | $358M | $14M | $295M | $670M | $6M | $91M | — | — |
| P/E Ratio → | -5.71 | — | 14.65 | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.61 | 44.12 | 2.53 | 8.24 | 1.46 | 3.51 | 31.82 | — | 11.86 | — | — |
| P/B Ratio | 5.28 | 5.63 | 0.89 | 2.42 | 0.52 | 1.96 | 17.64 | 1.49 | 7.75 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | 334.91 | — | — | — | — | — | — | — |
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 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 44.23 | 2.03 | 7.98 | 0.45 | 3.07 | 31.81 | — | 11.56 | — | — |
| EV / EBITDA | — | — | 5.57 | — | — | 15.51 | 137.28 | — | — | — | — |
| EV / EBIT | — | — | 12.09 | — | — | 22.55 | 597.99 | — | — | — | — |
| 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 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.0% | 22.0% | 61.9% | 34.2% | 36.9% | 68.0% | 33.0% | — | — | 94.4% | 100.0% |
| Operating Margin | -51.2% | -51.2% | 16.8% | -37.0% | -331.8% | 6.1% | 7.4% | — | -24.0% | -19.5% | 5.9% |
| Net Profit Margin | -72.7% | -72.7% | 17.3% | -30.9% | -326.0% | -1.1% | -10.8% | — | -44.8% | -13.5% | 4.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -12.1% | -12.1% | 9.2% | -11.5% | -80.5% | -1.0% | -10.8% | -119.7% | -28.8% | -8.9% | 3.3% |
| ROA | -9.4% | -9.4% | 7.8% | -9.6% | -75.1% | -0.9% | -10.3% | -113.9% | -27.9% | -8.6% | 3.2% |
| ROIC | -5.8% | -5.8% | 6.5% | -10.0% | -61.5% | 4.2% | 5.5% | -18.5% | -11.6% | -9.6% | 3.4% |
| ROCE | -7.2% | -7.2% | 8.5% | -13.0% | -80.0% | 5.5% | 7.4% | -24.7% | -15.4% | -12.8% | 4.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.03 | 0.04 | — | — | 0.01 | — | — | — | — |
| Debt / EBITDA | — | — | 0.23 | — | — | — | 0.07 | — | — | — | — |
| Net Debt / Equity | — | 0.01 | -0.18 | -0.08 | -0.36 | -0.25 | -0.00 | -0.00 | -0.19 | -0.44 | -0.84 |
| Net Debt / EBITDA | — | — | -1.36 | — | — | -2.23 | -0.01 | — | — | — | -28.84 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -27.10 | -27.10 | — | — | — | — | — | — | — | -743.98 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.36 | 6.36 | 5.39 | 3.04 | 8.65 | 19.14 | 4.60 | 1.30 | 14.05 | 21.43 | 28.02 |
| Quick Ratio | 6.36 | 6.36 | 5.39 | 3.04 | 8.65 | 19.14 | 4.60 | 1.30 | 14.05 | 21.43 | 28.02 |
| Cash Ratio | 1.31 | 1.31 | 1.73 | 0.67 | 4.39 | 8.40 | 0.21 | 0.04 | 5.79 | 11.63 | 26.14 |
| Asset Turnover | — | 0.09 | 0.30 | 0.24 | 0.32 | 0.53 | 0.53 | — | 0.63 | 0.54 | 0.41 |
| 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 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.0% | 0.2% | 0.4% | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 2.8% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 6.8% | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| 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% | 0.2% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $2.6B | $142M | $88M | $79M | $55M | $31M | $15M | $14M | $15M | $15M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying BTBT stock.
Bit Digital, Inc.'s current P/E ratio is -5.7x. The historical average is 14.7x.
Bit Digital, Inc.'s return on equity (ROE) is -12.1%. The historical average is -24.9%.
Based on historical data, Bit Digital, Inc. is trading at a P/E of -5.7x. Compare with industry peers and growth rates for a complete picture.
Bit Digital, Inc.'s current dividend yield is 0.02%.
Bit Digital, Inc. has 22.0% gross margin and -51.2% operating margin.
Key Metrics
Top Statement Risk
Fundamental business model misclassification
Metrics are mathematically derived from official filings.
P/B Premium Defies Negative Returns
Bit Digital trades at a P/B of 4.86, a significant premium to peers like Marathon Digital (1.18) and Riot Platforms (2.52), despite reporting a negative ROE of -18.8% in 2026Q2, suggesting the market is pricing future optionality rather than current earnings power.
The valuation disconnect is stark; the company's P/B is nearly double that of its closest peer, Hut 8 (5.49), while its tangible book value per share has eroded from $3.16 in 2025Q3 to $1.39 in 2026Q2. This premium appears to be driven by the company's digital asset mining operations and potential exposure to cryptocurrency price appreciation, not by traditional banking fundamentals. Investors should note that the P/B multiple is not supported by a positive return on tangible equity, making it a speculative valuation based on asset revaluation potential rather than operational profitability.
ROE Volatility Reflects Non-Operational Drivers
ROE has swung wildly from a positive 18.0% in 2025Q3 to a negative 18.8% in 2026Q2, a volatility that, as reported in financial statements, is driven by non-interest income and non-cash items rather than a sustainable net interest margin or fee-based business model.
The DuPont decomposition is largely inapplicable here, as the company's NIM is negligible or negative, and its fee income percentage is often 100%, indicating all revenue comes from non-interest sources. The primary driver of profitability is the volatile fair value of digital assets and mining rewards, not the spread-based or fee-based activities typical of a bank. This means the ROE is not a reliable indicator of core operational efficiency but rather a reflection of cryptocurrency market conditions and accounting treatment.
NIM and Efficiency Ratio Are Analytical Noise
The reported Net Interest Margin of -0.7% in 2026Q2 and an efficiency ratio of 139.7% are statistical anomalies for a depository institution, confirming that traditional banking metrics are not meaningful for evaluating this company's core digital asset mining operations.
A negative NIM implies the company is paying more on its funding than it earns on its assets, which is inconsistent with a viable banking model. The extreme volatility in the efficiency ratio, from -4.1% to 193.7% over the past ten quarters, further underscores that operating expenses are not being measured against a stable, interest-earning asset base. These metrics are artifacts of the company's classification and do not provide insight into its actual cost control or operating leverage.
Equity Buffer Eroding Amidst Asset Growth
The equity-to-assets ratio has declined from 0.94 in 2024Q2 to 0.43 in 2026Q2, indicating that asset growth has significantly outpaced capital generation, a trend exacerbated by the company's persistent net losses as reported in its quarterly filings.
This declining ratio suggests the company's balance sheet is becoming more leveraged, which increases financial risk. However, interpreting this through a traditional bank capital adequacy lens is problematic because the assets are not primarily loans and the liabilities are not traditional deposits. The erosion of the equity buffer is a direct consequence of the net losses, which are themselves driven by the volatile nature of the digital asset mining business. The lack of a clear deposit franchise makes it difficult to assess the true stability of the funding base supporting this asset growth.
Credit Metrics Lack Traditional Context
Traditional asset quality metrics like NPL ratio and provision coverage are not applicable, as the company's primary assets are digital mining equipment and digital assets, not a loan portfolio, rendering standard credit risk analysis infeasible.
The reported loan loss provisions, which have been volatile and included a $5.1B figure in 2026Q1, do not correspond to a traditional lending business and likely represent non-recurring or non-cash adjustments. Without a meaningful loan book, investors cannot assess credit risk through conventional means. The primary asset quality risk is instead the volatility and potential impairment of the digital assets and mining hardware on the balance sheet, which is not captured by standard banking ratios.
P/E Ratio Is the Most Misapplied Metric
The P/E ratio of -5.26 is the most commonly misapplied metric for Bit Digital, as it is rendered meaningless by volatile, non-cash earnings and does not reflect the company's core value driver, which is the market price of the digital assets it mines.
A negative P/E ratio simply indicates the company is losing money, but it provides no insight into valuation relative to its asset base or future earnings potential. For a company whose value is tied to cryptocurrency prices and mining efficiency, the P/B ratio, despite its own issues, is a more relevant (though still imperfect) metric for tracking the market's valuation of its tangible assets. Analysts and investors should focus on metrics like hash rate, cost per bitcoin mined, and digital asset holdings rather than traditional earnings multiples, which are distorted by fair value accounting and non-operational items.