Last 45 quarters of trend data · Financial Services · Asset Management - Cryptocurrency
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Grayscale Ethereum Mini Trust's quarterly P/E stands at 23.9x, up 123.2% year-over-year — indicating the stock has re-rated higher or earnings have softened.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 10.84 | 23.89 | 18.53 | 11.64 | 13.34 | 10.70 | — | — | — | — | — | — | — |
| — | +123.2% | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 0.90 | 1.71 | 1.42 | 1.55 | 2.57 | 2.03 | — | — | — | — | — | — | — |
| — | -15.7% | — | — | — | — | — | — | — | — | — | — | — | |
| P/B Ratio | 1.16 | 2.11 | 1.89 | 1.84 | 3.37 | 1.61 | — | — | — | — | — | — | — |
| — | +31.5% | — | — | — | — | — | — | — | — | — | — | — | |
| P/FCF | 9999.00 | — | — | 10.67 | — | 27.20 | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 9.71 | 19.11 | 15.71 | 10.36 | 23.15 | 18.75 | — | — | — | — | — | — | — |
| — | +1.9% | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | 9.71 | 18.84 | 14.40 | 18.65 | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Grayscale Ethereum Mini Trust's operating margin was 6.8% in Q1 2026, down 2.7 pp QoQ and down 4.6 pp YoY. The trailing four-quarter average of 8.9% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.5% | 61.4% | 59.9% | 61.2% | 60.3% | 60.8% | 60.4% | 60.2% | 61.1% | 61.5% | 59.9% | 61.0% | 60.4% |
| — | +0.9% | -0.8% | +1.8% | -1.3% | -1.1% | +0.9% | -1.4% | +1.1% | +5.5% | -0.9% | +3.9% | +0.9% | |
| Operating Margin | 10.1% | 6.8% | 9.5% | 7.7% | 11.5% | 11.4% | 4.7% | 12.8% | 12.1% | 16.3% | 15.2% | 18.1% | 17.6% |
| — | -40.4% | +100.5% | -39.9% | -4.6% | -30.4% | -68.8% | -29.3% | -31.0% | -11.3% | -3.7% | +15.6% | +15.9% | |
| Net Margin | 8.4% | 7.1% | 7.7% | 6.7% | 9.5% | 9.5% | 4.7% | 10.4% | 9.1% | 13.6% | 12.0% | 13.9% | 13.9% |
| — | -25.4% | +61.2% | -35.3% | +4.7% | -29.7% | -60.4% | -24.9% | -34.6% | -1.2% | -4.0% | +7.3% | +26.0% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.7% | 2.2% | 2.6% | 2.0% | 2.4% | 2.3% | 1.3% | 3.7% | 3.2% | 5.5% | 5.0% | 6.6% | 7.3% |
| — | -6.5% | +101.2% | -46.1% | -25.4% | -57.5% | -74.7% | -43.6% | -55.9% | -31.0% | -23.8% | -12.7% | +25.5% | |
| ROA | 7.0% | 1.4% | 1.7% | 1.3% | 1.7% | 1.7% | 0.8% | 2.4% | 2.0% | 3.4% | 3.1% | 3.9% | 4.1% |
| — | -15.2% | +101.2% | -45.2% | -14.7% | -51.1% | -73.1% | -39.3% | -51.5% | -22.2% | -12.7% | -0.2% | +40.0% | |
| ROIC | 7.6% | 1.2% | 1.9% | 1.4% | 1.8% | 1.7% | 0.8% | 2.8% | 2.6% | 4.0% | 3.9% | 5.3% | 5.6% |
| — | -28.7% | +147.1% | -51.4% | -30.6% | -57.0% | -80.3% | -47.2% | -53.8% | -38.0% | -22.3% | -2.6% | +20.5% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Grayscale Ethereum Mini Trust's Debt/EBITDA ratio is 9.1x, up from 8.1x last quarter — elevated, raising questions about debt serviceability.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.16 | 0.27 | 0.21 | 0.23 | 0.22 | 0.24 | 0.22 | 0.21 |
| — | +62.5% | -3.5% | +19.5% | +14.5% | -26.9% | +12.2% | -0.3% | +6.1% | +0.3% | -1.1% | -15.0% | -18.4% | |
| Debt / EBITDA | 1.99 | 9.08 | 8.10 | 5.42 | 6.87 | 7.19 | — | 3.98 | 4.43 | 3.02 | 3.32 | 2.31 | 2.15 |
| — | +26.2% | — | +36.3% | +55.3% | +137.9% | — | +72.2% | +105.9% | +55.3% | +26.7% | -8.9% | -24.3% | |
| Current Ratio | 2.03 | 1.90 | 2.03 | 2.29 | 2.11 | 1.99 | 2.16 | 2.31 | 2.14 | 2.20 | 2.02 | 1.93 | 1.69 |
| — | -4.6% | -6.3% | -1.0% | -1.5% | -9.6% | +7.2% | +20.1% | +26.7% | +37.1% | +36.5% | +35.7% | +30.6% | |
| Quick Ratio | 2.03 | 1.90 | 2.03 | 2.29 | 2.11 | 1.99 | 2.16 | 2.31 | 2.14 | 2.20 | 2.02 | 1.93 | 1.69 |
| — | -4.6% | -6.3% | -1.0% | -1.5% | -9.6% | +7.2% | +20.1% | +26.7% | +37.1% | +36.5% | +35.7% | +30.6% | |
| Interest Coverage | — | — | — | 183.28 | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 45 years · Updated daily
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Grayscale Ethereum Mini Trust's current P/E is 10.8x. The average P/E over the last 4 quarters is 16.8x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Grayscale Ethereum Mini Trust's current operating margin is 10.1%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Grayscale Ethereum Mini Trust's business trajectory between earnings reports.