Latest Ratios: P/E Ratio -46.1x · EV/EBITDA -7.5x · ROE -6.7%. (2018–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $6M | $32M | $18M | $10M | $216M | $219M | $828M | $768M |
| Enterprise Value | $-7548809 | $18M | $18M | $16M | $149M | $475M | $1.3B | $593M |
| P/E Ratio → | -46.14 | — | — | 0.24 | — | — | — | 323.43 |
| P/S Ratio | 0.56 | 2.76 | 1.98 | 0.12 | 0.30 | 0.24 | 0.57 | 0.54 |
| P/B Ratio | 0.12 | 0.81 | 0.93 | 0.08 | 5.91 | — | — | — |
| P/FCF | — | — | 13.78 | — | — | — | — | 54.20 |
| P/OCF | 4.17 | 20.69 | 4.73 | — | — | — | — | 9.77 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.56 | 1.99 | 0.19 | 0.20 | 0.53 | 0.87 | 0.42 |
| EV / EBITDA | -7.53 | 18.11 | 27.00 | 1.24 | 14.15 | 24.24 | — | 5.56 |
| EV / EBIT | — | — | — | 15.98 | — | — | — | 60.07 |
| EV / FCF | — | — | 13.84 | — | — | — | — | 41.86 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 1.0% | 1.0% | -12.5% | 14.9% | 33.6% | 32.3% | 47.8% | 55.9% |
| Operating Margin | -22.9% | -22.9% | -27.3% | 8.9% | -0.9% | -0.9% | -15.7% | 3.6% |
| Net Profit Margin | -17.0% | -17.0% | -31.1% | 65.0% | -52.7% | -45.8% | -15.2% | 4.0% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| ROE | -6.7% | -6.7% | -3.7% | 62.5% | -1050.7% | — | — | — |
| ROA | -6.1% | -6.1% | -2.4% | 9.7% | -38.7% | -32.1% | -17.8% | 5.7% |
| ROIC | -8.8% | -8.8% | -2.4% | 10.0% | — | -15.7% | -92.5% | — |
| ROCE | -9.0% | -9.0% | -3.3% | 4.8% | -14.0% | -13.9% | -286.7% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.01 | 0.05 | 2.78 | — | — | — |
| Debt / EBITDA | 0.85 | 0.85 | 0.19 | 0.47 | 9.63 | 17.64 | — | — |
| Net Debt / Equity | — | -0.35 | 0.00 | 0.04 | -1.83 | — | — | — |
| Net Debt / EBITDA | -14.00 | -14.00 | 0.12 | 0.44 | -6.33 | 13.04 | — | -1.64 |
| Debt / FCF | — | — | 0.06 | — | — | — | — | -12.33 |
| Interest Coverage | -40.44 | -40.44 | -43.83 | 49.35 | -5.04 | — | -12.41 | 1233.95 |
Net cash position: cash ($15M) exceeds total debt ($853000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 27.49 | 27.49 | 1.75 | 1.27 | 0.55 | 0.20 | 0.25 | 0.37 |
| Quick Ratio | 27.49 | 27.49 | 1.75 | 0.98 | 0.38 | 0.19 | 0.16 | 0.26 |
| Cash Ratio | 16.69 | 16.69 | 0.01 | 0.00 | 0.24 | 0.08 | 0.11 | 0.17 |
| Asset Turnover | — | 0.28 | 0.37 | 0.39 | 0.82 | 0.82 | 0.99 | 1.41 |
| Inventory Turnover | — | — | — | 3.11 | 3.99 | 65.60 | 6.98 | 5.77 |
| Days Sales Outstanding | — | 177.48 | 220.66 | 39.82 | 7.75 | 3.68 | 2.30 | 3.35 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 419.4% | — | — | — | 0.3% |
| FCF Yield | — | — | 7.3% | — | — | — | — | 1.8% |
| Buyback Yield | 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% |
| Shares Outstanding | — | $7M | $4M | $3M | $2M | $274338 | $201633 | $195825 |
Operational Viability and Dilution
According to recent financial data, BTCT trades at a price-to-book ratio of 0.12, which, as reported in market filings, suggests that investors are heavily discounting the company's assets due to persistent operating losses and the lack of a clear path toward sustainable profitability in the mining sector.
The negative EV/EBITDA multiple of -6.98 highlights that the company's enterprise value is currently decoupled from its operational earnings power. This valuation appears to reflect a market consensus that the company's legacy corporate structure acts as a significant drag on its transition to a pure-play cryptocurrency miner.
Based on reported figures, the company's ROIC has trended into negative territory, reaching -6.1% in 2025Q2, which indicates that the capital deployed into mining hardware and infrastructure is currently failing to generate returns that exceed the cost of capital, signaling a decay in shareholder value.
The consistent negative ROE and ROIC trends suggest that management has struggled to optimize the efficiency of its mining fleet. Investors should monitor whether future capital expenditures can reverse this trend or if the company will continue to destroy value through inefficient asset deployment.
As indicated by quarterly filings, the company's asset turnover ratio remains extremely low at 0.08 in 2025Q2, which, compared to industry peers, suggests that the firm is failing to extract sufficient revenue from its significant investment in property, plant, and equipment.
The high DSO of 145 days in 2025Q2 points to significant friction in the collection cycle, likely stemming from the hardware resale segment. This inefficiency in converting sales to cash further exacerbates the company's liquidity constraints and limits its ability to reinvest in more efficient mining technology.
While the company maintains a low debt-to-equity ratio of 0.02 as reported in recent statements, this lack of leverage does not imply financial strength, as the firm's inability to cover operating expenses suggests that its primary risk is operational failure rather than traditional debt service default.
The absence of significant interest-bearing debt provides a temporary buffer, but the lack of positive operating cash flow means the company remains reliant on equity dilution to fund its ongoing operations. This structure warrants further investigation into how long the current cash position can sustain the business.
The most commonly misapplied metric for this business model is the P/S ratio, which, as shown in financial reports, fails to account for the high cost of revenue and the significant administrative overhead that renders the company's top-line growth largely irrelevant to its actual earning power.
Investors should prioritize cash burn and gross margin analysis over revenue multiples, as the latter obscures the fact that the company is currently operating at a negative gross margin. Relying on P/S ratios in this context may lead to an overestimation of the company's terminal value.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying BTCT stock.
BTC Digital Ltd.'s current P/E ratio is -46.1x. The historical average is 0.2x.
BTC Digital Ltd.'s current EV/EBITDA is -7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.0x.
BTC Digital Ltd.'s return on equity (ROE) is -6.7%. The historical average is 17.4%.
Based on historical data, BTC Digital Ltd. is trading at a P/E of -46.1x. Compare with industry peers and growth rates for a complete picture.
BTC Digital Ltd. has 1.0% gross margin and -22.9% operating margin.
BTC Digital Ltd.'s Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.