Latest Ratios: P/E Ratio -0.1x · EV/EBITDA N/A · ROE -215.4%. (2016–2025 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 | $2M | $60843 | $251594 | $111486 | $438571 | $868571 | $519363 | — | — | — | — |
| Enterprise Value | $2M | $5204 | $4M | $2M | $420766 | $2M | $6M | — | — | — | — |
| P/E Ratio → | -0.10 | — | — | — | 0.14 | — | — | — | — | — | — |
| P/S Ratio | 40.57 | 1.54 | 0.09 | 0.02 | 2.28 | — | 0.02 | — | — | — | — |
| P/B Ratio | 0.20 | 0.02 | 0.28 | 0.01 | 0.01 | — | 0.02 | — | — | — | — |
| 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 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.13 | 1.39 | 0.35 | 2.19 | — | 0.25 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | -32.7% | -72.9% | -109.7% | — | 8.4% | 8.7% | 9.5% | 8.0% | 14.3% |
| Operating Margin | -7574.9% | -7574.9% | -513.6% | -452.1% | -3149.6% | — | -10.8% | 6.1% | 5.5% | 5.6% | 7.9% |
| Net Profit Margin | -11108.2% | -11108.2% | -607.0% | -450.7% | 1684.1% | — | -20.1% | 4.4% | 3.7% | 3.9% | 6.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -215.4% | -215.4% | -313.9% | -125.6% | 19.6% | -361.9% | -19.0% | 21.6% | 29.0% | 27.8% | 29.0% |
| ROA | -85.8% | -85.8% | -175.1% | -116.9% | 8.5% | -87.5% | -8.5% | 10.3% | 12.4% | 11.6% | 14.2% |
| ROIC | -57.7% | -57.7% | -131.0% | -90.4% | -26.5% | -16.3% | -6.1% | 15.7% | 17.3% | 14.8% | 14.8% |
| ROCE | -81.3% | -81.3% | -198.6% | -124.7% | -32.9% | -21.2% | -8.8% | 26.8% | 41.1% | 37.8% | 32.1% |
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 | — | — | 5.68 | 0.20 | — | — | 0.24 | 0.45 | 0.66 | 1.17 | 0.84 |
| Debt / EBITDA | — | — | — | — | — | — | — | 1.66 | 1.71 | 2.93 | 1.91 |
| Net Debt / Equity | — | -0.02 | 4.13 | 0.20 | -0.00 | — | 0.20 | 0.32 | 0.64 | 1.17 | 0.83 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | 1.17 | 1.66 | 2.92 | 1.89 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -6.57 | -6.57 | -35.73 | -123.10 | -111.91 | -22.33 | -4.93 | 7.16 | 4.32 | 5.27 | 5.03 |
Net cash position: cash ($55639) 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 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.50 | 9.50 | 2.68 | 1.38 | 19.18 | 0.84 | 1.54 | 2.00 | 1.72 | 1.31 | 1.11 |
| Quick Ratio | 9.50 | 9.50 | 2.68 | 1.38 | 19.18 | 0.83 | 1.54 | 2.00 | 1.72 | 1.29 | 0.94 |
| Cash Ratio | 0.15 | 0.15 | 0.64 | 0.81 | 0.53 | 0.00 | 0.03 | 0.14 | 0.02 | 0.00 | 0.01 |
| Asset Turnover | — | 0.01 | 0.43 | 0.47 | 0.01 | — | 0.38 | 1.93 | 3.00 | 2.34 | 2.25 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 33523.74 | 206.07 | 26.06 |
| Days Sales Outstanding | — | 27039.35 | 641.38 | 27.29 | 8388.84 | — | 148.65 | 146.48 | 97.12 | 111.05 | 65.78 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 738.6% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — | — | — |
| Shares Outstanding | — | $385080 | $87359 | $54650 | $33607 | $18441 | $13317 | $12274 | $12274 | $12274 | $12274 |
Imminent insolvency and dilution
As reported in recent financial filings, Bit Origin's P/S ratio of 40.57 appears disconnected from its operational reality, reflecting a market valuation that likely prices the company as a speculative shell rather than a functional entity capable of generating meaningful revenue from its current blockchain mining pivot.
The extreme P/S multiple suggests that investors are paying a significant premium for the company's listing status rather than its underlying earning power. Given the near-total evaporation of revenue, traditional valuation metrics like P/E or EV/EBITDA are effectively meaningless, as the company lacks the positive earnings or EBITDA required to support such analysis.
Based on the reported figures, Bit Origin's operating margin of -27.5% in 2025Q4 highlights a structural inability to cover basic administrative overhead, let alone generate profit, as the company struggles to transition from its legacy agricultural business to a viable cryptocurrency mining operation with sufficient scale.
The persistent negative margins indicate that the company's cost structure is fundamentally misaligned with its current revenue-generating capacity. Without a significant increase in hash rate or a reduction in fixed corporate expenses, the company appears unlikely to achieve profitability, as its current operations are essentially consuming capital rather than creating value.
According to historical financial statements, Bit Origin's ROIC has trended deeply into negative territory, reaching -23.7% in 2025Q4, which suggests that the company's capital allocation strategy has failed to generate any meaningful return for shareholders following its pivot into the highly competitive cryptocurrency mining sector.
The consistent decline in ROIC reflects the erosion of the company's asset base and the failure of its strategic initiatives to produce a competitive advantage. Investors should monitor whether the company can stabilize its capital base, as the current trend indicates a rapid destruction of shareholder value that warrants extreme caution.
As documented in recent SEC filings, Bit Origin's cash position of $55,639 is dangerously low, leaving the company with virtually no buffer to manage its ongoing operating losses or fund the capital-intensive hardware acquisitions necessary to remain competitive in the current high-difficulty Bitcoin mining environment.
The current liquidity position suggests that the company is at high risk of insolvency without immediate external financing. The reliance on external capital to sustain operations, combined with the lack of productive physical assets, implies that the company's ability to continue as a going concern is highly uncertain.
Financial analysts often misapply the P/S ratio to Bit Origin, which obscures the company's true status as a distressed corporate entity by failing to account for the lack of sustainable revenue and the extreme dilution risk inherent in its current capital-starved business model.
Instead of relying on revenue-based multiples, investors should focus on the cash runway and the cost of power per Terahash, which are the true determinants of survival for a micro-cap miner. Using P/S in this context provides a false sense of valuation that ignores the company's inability to generate positive cash flow from its mining operations.
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying BTOG stock.
Bit Origin Ltd's current P/E ratio is -0.1x. The historical average is 0.1x.
Bit Origin Ltd's return on equity (ROE) is -215.4%. The historical average is -90.9%.
Based on historical data, Bit Origin Ltd is trading at a P/E of -0.1x. Compare with industry peers and growth rates for a complete picture.
Bit Origin Ltd has -7574.9% operating margin.