Latest Ratios: P/E Ratio 3.1x · EV/EBITDA 2.9x · ROE 72.3%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $172M | $285M | $982M | — | — | — | — |
| Enterprise Value | $86M | $200M | $973M | — | — | — | — |
| P/E Ratio → | 3.10 | 4.44 | — | — | — | — | — |
| P/S Ratio | 2.26 | 3.76 | 10.06 | — | — | — | — |
| P/B Ratio | 1.33 | 1.91 | 42.43 | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.63 | 9.97 | — | — | — | — |
| EV / EBITDA | 2.88 | 6.67 | — | — | — | — | — |
| EV / EBIT | 3.04 | 2.92 | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 70.4% | 70.4% | 93.0% | 94.7% | 100.0% | 100.0% | — |
| Operating Margin | 37.4% | 37.4% | -31.5% | -28.7% | -3778.3% | -440.5% | — |
| Net Profit Margin | 82.3% | 82.3% | -40.0% | -102.5% | -5271.8% | -691.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 72.3% | 72.3% | -210.7% | -96.0% | -109.5% | -146.8% | 32.9% |
| ROA | 5.8% | 5.8% | -4.4% | -6.3% | -20.1% | -30.5% | 28.4% |
| ROIC | 22.1% | 22.1% | -49.5% | -6.1% | -40.5% | -70.1% | — |
| ROCE | 32.4% | 32.4% | -166.2% | -25.8% | -28.8% | -19.4% | 32.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.60 | 3.05 | 1.95 | 0.00 | — |
| Debt / EBITDA | 0.19 | 0.19 | — | — | — | — | — |
| Net Debt / Equity | — | -0.57 | -0.39 | 2.68 | 1.78 | -2.03 | -0.05 |
| Net Debt / EBITDA | -2.86 | -2.86 | — | — | — | — | -0.16 |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | 14.59 | 14.59 | -9.09 | — | -15.42 | -59.28 | — |
Net cash position: cash ($91M) exceeds total debt ($6M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.88 | 0.88 | 0.79 | 0.87 | 0.67 | — | 1.79 |
| Quick Ratio | 0.88 | 0.88 | 0.79 | 0.87 | 0.67 | — | 1.79 |
| Cash Ratio | 0.14 | 0.14 | 0.02 | 0.01 | 0.03 | — | 0.33 |
| Asset Turnover | — | 0.09 | 0.07 | 0.04 | 0.01 | 0.02 | — |
| 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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 32.3% | 22.5% | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 1.6% | — | — | — | — | — | — |
| Total Shareholder Yield | 1.6% | — | — | — | — | — | — |
| Shares Outstanding | — | $378M | $361M | $223M | $209M | $193M | $50M |
Extreme Asset Valuation Volatility
Based on reported figures, DEFT trades at a P/E of 2.85, which appears to discount the extreme volatility of its earnings rather than signaling a deep-value opportunity, especially when compared to the broader capital markets sector and the firm's own historical revenue contraction of -22.31%.
The low P/E multiple suggests that investors are heavily discounting the sustainability of current earnings, likely viewing the firm as a high-beta play on crypto sentiment rather than a stable financial services provider. The forward P/E of 23.32 implies a significant expected decline in profitability, suggesting that the market anticipates a reversion of the non-operating gains that currently inflate the TTM figures.
As reported in financial statements, DEFT's ROIC has exhibited extreme swings, ranging from a high of 107.5% in 2024Q2 to a low of -118.0% in 2024Q4, indicating that the company struggles to consistently compound capital in its current operating model.
These wild fluctuations in return on invested capital suggest that the firm's profitability is driven more by external market movements and asset revaluations than by internal operational efficiency. Investors should monitor whether management can stabilize these returns as the firm attempts to pivot toward a more diversified DeFi ecosystem provider.
According to recent quarterly data, the company's asset turnover has remained negligible or negative, reflecting a business model that is not currently generating meaningful revenue relative to its asset base, which is heavily skewed by volatile digital asset holdings.
The lack of a consistent cash conversion cycle suggests that the firm's operational leverage is tied to market-making and venture activities rather than traditional asset management fee collection. This structural reality makes standard efficiency metrics like DSO or asset turnover less meaningful for assessing the firm's core operational health.
While the reported D/E ratio of 0.04 suggests a clean balance sheet, this metric appears misleading as it ignores the significant off-balance-sheet risks and the inherent volatility of the firm's digital asset treasury, which can rapidly impair equity in a market downturn.
The company's interest coverage ratio has been highly erratic, swinging from 259.84 to -325.19, which indicates that debt service capacity is not a function of stable operating cash flow. Investors should view the low leverage as a necessity for a firm with such high revenue and asset volatility rather than a sign of financial strength.
The P/E ratio is the most commonly misapplied metric for DEFT, as it fails to account for the fact that a large portion of the firm's net income is derived from non-cash fair value adjustments on digital assets rather than recurring operational cash flows.
Analysts should instead focus on normalized operating cash flow and AUM growth to gauge the firm's true earning power. Relying on P/E in this context obscures the reality that the company's bottom line is highly susceptible to sudden reversals in crypto market valuations, which can turn a profitable quarter into a significant loss.
Includes 30+ ratios · 6 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DEFT stock.
DeFi Technologies Inc.'s current P/E ratio is 3.1x. The historical average is 4.4x.
DeFi Technologies Inc.'s current EV/EBITDA is 2.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.7x.
DeFi Technologies Inc.'s return on equity (ROE) is 72.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -76.3%.
Based on historical data, DeFi Technologies Inc. is trading at a P/E of 3.1x. Compare with industry peers and growth rates for a complete picture.
DeFi Technologies Inc. has 70.4% gross margin and 37.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
DeFi Technologies Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.