Latest Ratios: P/E Ratio -50.0x · EV/EBITDA 93.1x · ROE N/A. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.8B | $4.6B | $3.6B | — | — | — | — | — |
| Enterprise Value | $4.5B | $5.4B | $4.0B | — | — | — | — | — |
| P/E Ratio → | -50.04 | — | — | — | — | — | — | — |
| P/S Ratio | 6.38 | 14.52 | 7.04 | — | — | — | — | — |
| P/B Ratio | — | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | 13.58 | 16.64 | 83.79 | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 16.86 | 7.75 | — | — | — | — | — |
| EV / EBITDA | 93.10 | — | 39.22 | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.9% | 11.9% | 23.7% | 24.6% | 1.3% | 43.9% | 15.6% | 17.7% |
| Operating Margin | -70.4% | -70.4% | -3.8% | 1.8% | -329.5% | 30.6% | -10.5% | -19.6% |
| Net Profit Margin | -90.5% | -90.5% | -257.5% | -49.1% | -335.2% | 8.7% | -20.2% | -20.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -460.7% | 6.4% | -9.1% | -8.8% |
| ROA | -14.6% | -14.6% | -113.8% | -32.4% | -132.2% | 3.6% | -6.3% | -7.4% |
| ROIC | — | — | — | 3.1% | -191.2% | 11.3% | -3.1% | — |
| ROCE | -14.8% | -14.8% | -2.3% | 2.1% | -154.0% | 14.7% | -4.2% | -8.2% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 0.61 | 0.30 | 0.06 |
| Debt / EBITDA | — | — | 11.89 | 8.21 | — | 4.09 | 13.10 | — |
| Net Debt / Equity | — | — | — | — | — | 0.52 | 0.24 | 0.01 |
| Net Debt / EBITDA | — | — | 3.60 | 7.73 | — | 3.50 | 10.28 | — |
| Debt / FCF | — | — | — | 16.65 | — | — | — | — |
| Interest Coverage | — | — | -34.45 | -1.85 | -21.34 | 2.42 | -1.75 | -49.73 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.15 | 1.15 | 6.72 | 0.20 | 0.46 | 2.36 | 1.02 | 0.57 |
| Quick Ratio | 1.15 | 1.15 | 6.72 | 0.20 | 0.46 | 2.36 | 1.02 | 0.57 |
| Cash Ratio | 0.40 | 0.40 | 6.21 | 0.10 | 0.09 | 0.37 | 0.12 | 0.34 |
| Asset Turnover | — | 0.14 | 0.32 | 0.71 | 0.79 | 0.22 | 0.27 | 0.37 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 385.75 | 0.73 | 5.20 | 2.02 | 1.13 | 6.70 | 1.76 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $318M | $256M | $380M | $341M | $233M | $380M | $380M |
Includes 30+ ratios · 7 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 CORZ stock.
Core Scientific, Inc.'s current P/E ratio is -50.0x. This places it at the 50th percentile of its historical range.
Core Scientific, Inc.'s current EV/EBITDA is 93.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 39.2x.
Based on historical data, Core Scientific, Inc. is trading at a P/E of -50.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Core Scientific, Inc. has 11.9% gross margin and -70.4% operating margin.
Key Metrics
Top Statement Risk
Bitcoin price and network difficulty volatility
Metrics are mathematically derived from official filings.
Margin Volatility Mirrors Crypto Exposure
Gross margin swung from 43.3% in 2024Q1 to 4.7% in 2025Q3, then recovered to 42.7% in 2026Q2, per reported financials, underscoring extreme earnings variability tied to Bitcoin economics.
The operating margin deteriorated to -43.9% in 2026Q2 despite the gross margin recovery, indicating that operating expenses are not scaling with revenue. This suggests that the company's cost structure is not yet aligned with its revenue base, and profitability remains highly sensitive to Bitcoin price and network difficulty. Investors should monitor whether the gross margin improvement can be sustained as the company expands its infrastructure.
Negative Returns on Heavy Capital Base
ROIC fell to -49.7% in 2026Q2, while ROA was -27.7%, according to financial statements, indicating that the massive capital deployed in infrastructure is not yet generating positive returns.
The company has invested heavily in PP&E, which grew from $653.7M in 2024Q1 to $1.9B in 2026Q2, but returns on that capital are deeply negative. This suggests that the expansion is not yet yielding sufficient operating income to cover the cost of capital. The negative ROIC is a red flag for value creation, and investors should assess whether the growth strategy will eventually translate into positive returns as utilization and efficiency improve.
Working Capital Stretched by Payables
DPO surged to 160 days in 2026Q2, while DSO reached 255 days in 2026Q1, based on reported data, indicating that the company is relying on supplier financing and slow collections to manage cash flow.
The extended payables period suggests that Core Scientific is leveraging its suppliers to preserve cash, but this may strain relationships and could indicate liquidity pressure. The high DSO in 2026Q1 may reflect delayed customer payments, which could be a sign of customer concentration or billing issues. The negative cash conversion cycle, when calculable, would be a positive sign, but the current data shows a heavy reliance on payables to fund operations.
Debt Burden Deepens with Negative Equity
Total debt climbed to $4.3B in 2026Q2, while equity fell to -$2.4B, per balance sheet data, making debt-to-equity incalculable and signaling a highly leveraged capital structure.
The company's negative equity indicates that liabilities exceed assets, which is a precarious position. Interest coverage turned negative in 2026Q2 at -47.4, meaning operating income is insufficient to cover interest expenses. This suggests that the company is relying on cash reserves and additional borrowing to service its debt, which may not be sustainable if Bitcoin prices decline. Investors should monitor the company's ability to refinance or generate positive cash flow to meet its obligations.
Liquidity Cushion Thins Despite Cash Build
Cash increased to $1.8B in 2026Q2, but the current ratio fell to 0.89, according to reported figures, indicating that short-term obligations now exceed liquid assets.
The current ratio below 1 suggests that the company may struggle to meet its short-term liabilities without additional financing or asset sales. The quick ratio is identical to the current ratio, implying that inventory is not a significant component, which is typical for a service-oriented business. However, the negative working capital position could force the company to rely on external funding, which may be costly given its leverage. The cash balance provides some buffer, but the trend is concerning.
Misapplied Metric: P/E on Negative Earnings
The P/E ratio is meaningless for CORZ given persistent losses, as evidenced by a TTM P/E of -22.09, so investors should instead focus on EV/EBITDA or price-to-cash-flow metrics.
With net income swinging to -$1.2B in 2026Q2, the P/E ratio is not a reliable valuation tool. The company's earnings are heavily distorted by non-cash items and Bitcoin-related gains or losses, making P/E misleading. A more appropriate metric would be EV/EBITDA, but that is also unavailable due to negative EBITDA in many quarters. Investors should consider price-to-sales or EV/installed hash rate, which better reflect the company's operational capacity and growth potential, rather than relying on earnings-based multiples that are currently uninformative.