Grayscale Ethereum Mini Trust (ETH) Financial Ratios
23 years of historical data (2003–2025) · Financial Services · Asset Management - Cryptocurrency
EV/EBITDA
9.92
-6% vs avg
5yr avg: 10.58
30Y Low10.6·High10.6
P/FCF
9999.00
↓-17% vs avg
5yr avg: 12064.26
P/B Ratio
1.19
-6% vs avg
5yr avg: 1.26
30Y Low1.3·High1.3
ROE
↓
10.7%
↑-43% vs avg
5yr avg: 18.6%
30Y Low-16%·High27%
Debt/EBITDA
↑
1.99
↑+67% vs avg
5yr avg: 1.19
30Y Low0.0·High10.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ETH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Grayscale Ethereum Mini Trust trades at 11.1x earnings, 6% below its 5-year average of 11.8x, sitting at the 0th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.4x, the stock trades at a discount of 17%. On a free-cash-flow basis, the stock trades at 9999.0x P/FCF, 17% below the 5-year average of 12064.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $567M | $608M | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $615M | $656M | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | 11.09 | 11.80 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.92 | 0.99 | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.19 | 1.26 | — | — | — | — | — | — | — | — | — |
| P/FCF | 9999.00 | 12064.26 | — | — | — | — | — | — | — | — | — |
| P/OCF | 9196.85 | 9854.76 | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
ETH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Grayscale Ethereum Mini Trust's enterprise value stands at 9.9x EBITDA, 6% below its 5-year average of 10.6x. The Financial Services sector median is 11.4x, placing the stock at a 13% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.07 | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | 9.92 | 10.58 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 9.92 | 9.50 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 13006.48 | — | — | — | — | — | — | — | — | — |
ETH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Grayscale Ethereum Mini Trust earns an operating margin of 10.1%, below the Financial Services sector average of 21.2%. Operating margins have compressed from 16.9% to 10.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 10.7% is modest. ROIC of 7.6% represents adequate returns on invested capital versus a sector median of 5.7%.
Margins
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 | 60.5% | 60.5% | 60.8% | 60.7% | 59.3% | 57.4% | 54.8% | 54.8% | 54.2% | 55.0% | 55.7% |
| Operating Margin | 10.1% | 10.1% | 12.1% | 16.9% | 16.4% | 11.6% | 2.0% | 7.0% | 6.4% | 7.6% | 11.2% |
| Net Profit Margin | 8.4% | 8.4% | 9.9% | 13.4% | 12.6% | 8.8% | 1.5% | 3.4% | 4.7% | 4.7% | 7.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.7% | 10.7% | 13.4% | 24.1% | 27.2% | 17.7% | 2.6% | 6.9% | 9.3% | 9.1% | 14.9% |
| ROA | 7.0% | 7.0% | 8.6% | 14.4% | 14.7% | 9.2% | 1.6% | 4.9% | 6.6% | 6.3% | 9.6% |
| ROIC | 7.6% | 7.6% | 9.9% | 18.7% | 21.2% | 12.8% | 2.1% | 10.5% | 9.2% | 10.2% | 15.2% |
| ROCE | 10.5% | 10.5% | 13.3% | 24.6% | 27.8% | 16.9% | 2.7% | 13.2% | 11.5% | 12.9% | 19.4% |
ETH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Grayscale Ethereum Mini Trust carries a Debt/EBITDA ratio of 2.0x, which is manageable (52% below the sector average of 4.1x). Net debt stands at $47M ($124M total debt minus $76M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.26 | 0.26 | 0.27 | 0.22 | 0.22 | 0.28 | 0.46 | 0.00 | 0.00 | 0.04 | 0.11 |
| Debt / EBITDA | 1.99 | 1.99 | 1.64 | 0.70 | 0.60 | 1.03 | 5.34 | 0.01 | 0.02 | 0.18 | 0.39 |
| Net Debt / Equity | — | 0.10 | 0.12 | 0.09 | -0.05 | -0.02 | 0.24 | -0.06 | -0.06 | -0.11 | -0.03 |
| Net Debt / EBITDA | 0.77 | 0.77 | 0.75 | 0.28 | -0.13 | -0.06 | 2.81 | -0.28 | -0.31 | -0.56 | -0.10 |
| Debt / FCF | — | 942.22 | 0.83 | 0.49 | -0.35 | -0.05 | 2.16 | -0.44 | -0.71 | -0.71 | -0.31 |
| Interest Coverage | — | — | — | — | — | 165.69 | 25.55 | 604.72 | 150.36 | 47.38 | 55.12 |
ETH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Grayscale Ethereum Mini Trust's current ratio of 2.03x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 2.20x to 2.03x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.03 | 2.03 | 2.16 | 2.20 | 1.61 | 1.32 | 1.65 | 1.76 | 1.77 | 1.92 | 2.01 |
| Quick Ratio | 2.03 | 2.03 | 2.16 | 2.20 | 1.61 | 1.32 | 1.65 | 1.76 | 1.77 | 1.92 | 2.01 |
| Cash Ratio | 0.50 | 0.50 | 0.45 | 0.38 | 0.51 | 0.47 | 0.52 | 0.17 | 0.18 | 0.46 | 0.43 |
| Asset Turnover | — | 0.83 | 0.87 | 1.06 | 1.14 | 1.00 | 0.95 | 1.46 | 1.45 | 1.34 | 1.38 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
ETH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Grayscale Ethereum Mini Trust returns 0.0% to shareholders annually primarily through dividends. The payout ratio of 0.1% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 9.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 0.1% | 0.1% | 78.8% | 43.8% | 46.7% | 72.1% | 241.2% | 182.9% | 81.1% | 55.3% | 29.4% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 8.5% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $26M | $51M | $51M | $51M | $51M | $52M | $54M | $55M | $56M | $57M |
Peer Comparison
Compare ETH with 7 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ETHYou | $567M | 11.1 | 9.9 | 9999.0 | 60.5% | 10.1% | 10.7% | 7.6% | 2.0 |
 COIN | $57B | 44.5 | 48.3 | 23.4 | 81.8% | 13.7% | 10.1% | 3.6% | 7.0 |
 MSTR | $52B | -12.3 | — | — | 68.7% | -1140.8% | -11.6% | -9.9% | — |
 MARA | $5B | -3.5 | — | — | -47.7% | -90.6% | -34.5% | -9.0% | — |
 RIOT | $9B | -12.1 | — | — | -15.6% | -61.8% | -22.1% | -8.7% | — |
 CLSK | $4B | 12.9 | 6.7 | — | 41.6% | 41.6% | 18.5% | 10.3% | 1.2 |
 HUT | $12B | -50.9 | — | — | -614.6% | -2104.6% | -16.9% | -13.8% | — |
 CIFR | $9B | -10.2 | — | — | 28.4% | -150.7% | -108.3% | -11.7% | — |
| Financial Services Median | — | 13.4 | 11.4 | 10.6 | 63.4% | 21.2% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Quick answers to the most common questions about buying ETH stock.
What is Grayscale Ethereum Mini Trust's P/E ratio?
Grayscale Ethereum Mini Trust's current P/E ratio is 11.1x. The historical average is 11.8x.
What is Grayscale Ethereum Mini Trust's EV/EBITDA?
Grayscale Ethereum Mini Trust's current EV/EBITDA is 9.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.6x.
What is Grayscale Ethereum Mini Trust's ROE?
Grayscale Ethereum Mini Trust's return on equity (ROE) is 10.7%. The historical average is 11.5%.
Is ETH stock overvalued?
Based on historical data, Grayscale Ethereum Mini Trust is trading at a P/E of 11.1x. Compare with industry peers and growth rates for a complete picture.
What is Grayscale Ethereum Mini Trust's dividend yield?
Grayscale Ethereum Mini Trust's current dividend yield is 0.01% with a payout ratio of 0.1%.
What are Grayscale Ethereum Mini Trust's profit margins?
Grayscale Ethereum Mini Trust has 60.5% gross margin and 10.1% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Grayscale Ethereum Mini Trust have?
Grayscale Ethereum Mini Trust's Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.