Latest Ratios: P/E Ratio 12.9x · EV/EBITDA 6.7x · ROE 18.5%. (2008–2025 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 | $3.7B | $4.6B | $2.0B | $391M | $136M | $341M | $119M | $107M | $611M | $333M | $247M |
| Enterprise Value | $4.5B | $5.4B | $2.0B | $379M | $137M | $328M | $117M | $102M | $612M | $333M | $246M |
| P/E Ratio → | 12.91 | 12.95 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.84 | 6.01 | 5.34 | 2.32 | 1.03 | 8.69 | 11.90 | 23.50 | 1055.94 | 743.51 | 3007.26 |
| P/B Ratio | 2.11 | 2.12 | 1.15 | 0.58 | 0.34 | 1.12 | 7.26 | 5.64 | 38.05 | 16.37 | 7.55 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | 1.84 | — | — | — | — | — | — |
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 | — | 7.03 | 5.20 | 2.25 | 1.04 | 8.35 | 11.64 | 22.46 | 1057.06 | 743.89 | 3001.97 |
| EV / EBITDA | 6.73 | 8.08 | 354.15 | — | 12.28 | — | — | — | — | — | — |
| EV / EBIT | 14.08 | 12.99 | — | — | — | — | — | — | — | — | — |
| 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 | 41.6% | 41.6% | 36.8% | 17.3% | 37.5% | 32.7% | 21.1% | 14.8% | 32.5% | 33.9% | 61.9% |
| Operating Margin | 41.6% | 41.6% | -39.3% | -77.8% | -28.8% | -30.3% | -151.0% | -366.5% | -1222.9% | -2986.5% | -3097.9% |
| Net Profit Margin | 47.6% | 47.6% | -38.5% | -82.0% | -43.6% | -55.5% | -232.8% | -576.2% | -8123.6% | -3013.3% | -3097.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.5% | 18.5% | -12.0% | -25.6% | -16.2% | -13.5% | -132.2% | -149.5% | -258.3% | -50.9% | -15.2% |
| ROA | 14.2% | 14.2% | -10.7% | -22.8% | -14.9% | -12.8% | -102.0% | -127.4% | -245.2% | -50.2% | -15.0% |
| ROIC | 10.3% | 10.3% | -9.4% | -18.4% | -8.1% | -5.8% | -81.0% | -80.7% | -28.5% | -38.0% | -11.6% |
| ROCE | 13.7% | 13.7% | -12.1% | -23.7% | -10.4% | -7.3% | -77.9% | -87.1% | -38.6% | -50.3% | -15.2% |
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 | 0.38 | 0.38 | 0.04 | 0.02 | 0.05 | 0.01 | 0.03 | 0.16 | 0.07 | 0.01 | 0.00 |
| Debt / EBITDA | 1.24 | 1.24 | 12.03 | — | 1.99 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.36 | -0.03 | -0.02 | 0.00 | -0.04 | -0.16 | -0.25 | 0.04 | 0.01 | -0.01 |
| Net Debt / EBITDA | 1.17 | 1.17 | -9.75 | — | 0.16 | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 36.60 | 36.60 | -57.02 | -43.11 | -36.19 | -55.47 | -1.17 | -1.75 | -49.85 | -4661.70 | -79391.56 |
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 | 4.18 | 4.18 | 3.75 | 1.38 | 1.49 | 5.74 | 1.53 | 6.58 | 0.41 | 0.43 | 1.69 |
| Quick Ratio | 4.18 | 4.18 | 3.75 | 1.37 | 1.49 | 5.73 | 1.49 | 6.58 | 0.41 | 0.43 | 1.69 |
| Cash Ratio | 3.20 | 3.20 | 2.95 | 1.16 | 0.95 | 3.87 | 0.76 | 5.22 | 0.31 | 0.19 | 1.22 |
| Asset Turnover | — | 0.24 | 0.19 | 0.22 | 0.29 | 0.12 | 0.45 | 0.19 | 0.03 | 0.02 | 0.00 |
| Inventory Turnover | — | — | — | 172.18 | 380.34 | 331.35 | 31.95 | — | — | — | — |
| Days Sales Outstanding | — | 140.34 | 134.87 | 20.78 | 0.07 | 2.85 | 31.44 | 67.22 | 54.61 | 34.18 | 489.96 |
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 | 0.2% | 0.2% | 0.2% | 0.0% | 0.2% | 0.1% | — | — | — | — | — |
| 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 | 7.7% | 7.7% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 3.9% | 3.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.1% | 3.4% | 0.2% | 0.0% | 0.2% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $318M | $217M | $103M | $43M | $29M | $10M | $4M | $3M | $3M | $2M |
Includes 30+ ratios · 18 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 CLSK stock.
CleanSpark, Inc.'s current P/E ratio is 12.9x. The historical average is 12.9x.
CleanSpark, Inc.'s current EV/EBITDA is 6.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.2x.
CleanSpark, Inc.'s return on equity (ROE) is 18.5%. The historical average is -95.3%.
Based on historical data, CleanSpark, Inc. is trading at a P/E of 12.9x. Compare with industry peers and growth rates for a complete picture.
CleanSpark, Inc.'s current dividend yield is 0.23%.
CleanSpark, Inc. has 41.6% gross margin and 41.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CleanSpark, Inc.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Bitcoin price and fair value volatility
Metrics are mathematically derived from official filings.
Margin Collapse Exposes Cyclicality
Gross margin swung from 33.3% in 2025Q4 to -62.5% in 2026Q3, per the latest quarterly data, indicating that power and depreciation costs overwhelmed mining revenue, a stark reversal from prior profitability.
The negative gross margin in 2026Q3 suggests that the cost of mining exceeded revenue, likely due to a combination of lower Bitcoin prices, rising network difficulty, and possibly higher power costs. Operating margin of -81.0% further underscores that fixed costs and depreciation are not being covered. This margin profile is characteristic of a commodity producer in a downturn, and investors should monitor whether the company can reduce cash costs or if this reflects a structural shift in its competitive position.
Return on Capital Turns Sharply Negative
ROIC fell from 6.9% in 2025Q3 to -3.5% in 2026Q3, as reported in the quarterly data, indicating that the company is destroying value on its invested capital, a reversal from positive returns a year earlier.
The deterioration in ROIC is driven by both negative operating income and a rapidly expanding capital base, as the company has invested heavily in mining infrastructure. The negative ROIC suggests that the returns on these investments are not yet materializing, and with continued capital expenditure, the company may be compounding value destruction if Bitcoin prices do not recover. The trend from positive returns in 2025Q1 and Q3 to negative in 2026 indicates high cyclicality and sensitivity to external factors.
Working Capital Efficiency Deteriorates
DSO rose from 40 days in 2024Q3 to 70 days in 2026Q3, while DPO fell from 73 to 6 days, per the quarterly data, indicating that the company is collecting receivables slower and paying suppliers faster, straining cash flow.
The lengthening DSO suggests that customers are taking longer to pay, which may reflect a weaker bargaining position or a change in revenue mix. The sharp decline in DPO indicates that the company is paying suppliers much more quickly, possibly to secure favorable terms or due to strained supplier relationships. This combination extends the cash conversion cycle, exacerbating the already negative cash flow from operations. The lack of DIO data limits a full CCC calculation, but the available metrics point to deteriorating working capital management.
Leverage Surges Amidst Expansion
Debt-to-equity jumped from 0.38 in 2025Q4 to 2.34 in 2026Q3, per the balance sheet data, while interest coverage turned negative at -54.77, indicating that debt service is becoming less comfortable.
The dramatic increase in leverage reflects the company's aggressive expansion strategy, funded by debt, as total debt rose to $1.8B. With negative operating income, interest coverage is deeply negative, meaning the company cannot currently service its debt from operations. This raises refinancing risk, especially if Bitcoin prices remain depressed. The low D/E in prior quarters suggests a strategic shift toward leverage, which may be risky given the cyclicality of the business.
Liquidity Buffer Thins Despite High Ratio
Current ratio remains high at 5.91 in 2026Q3, but cash dropped to $202.6M from $320.1M in 2024Q2, per the balance sheet data, indicating that the liquidity cushion is eroding as cash burn persists.
The high current ratio is misleading because it is driven by large current assets, likely including Bitcoin holdings, which are subject to price volatility. The declining cash balance and persistent negative free cash flow suggest that the company may need to raise additional capital or liquidate assets to meet obligations. Under a severe stress scenario, such as a prolonged Bitcoin bear market, the current ratio could deteriorate quickly as asset values fall. Investors should monitor the company's ability to access capital markets or sell Bitcoin to fund operations.
Misapplied Metric: Net Margin
Net margin is often misapplied to CleanSpark because it is heavily distorted by fair value accounting for Bitcoin, as evidenced by net margin of -173.8% in 2026Q3 versus operating margin of -81.0%, per the quarterly data.
The adoption of FASB fair value accounting for digital assets means that net income includes unrealized gains and losses on Bitcoin holdings, which are non-cash and highly volatile. This makes net margin a poor indicator of operational profitability. Analysts should instead focus on cash-based metrics such as operating cash flow margin or 'cash cost to mine' to assess the underlying business. The discrepancy between net and operating margins highlights the need to adjust for non-operating items when evaluating the company's earning power.