Latest Ratios: P/E Ratio -3.1x · EV/EBITDA 11.9x · ROE -30.3%. (2005–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $555M | $428M | $186M | $303M | $273M | $903M | $1.4B | $46M | $126M | $189M | $3M |
| Enterprise Value | $603M | $476M | $217M | $324M | $304M | $941M | $1.4B | $46M | $122M | $194M | $3M |
| P/E Ratio → | -3.08 | — | — | 11.62 | — | 11.33 | 59.09 | — | — | — | — |
| P/S Ratio | 1.87 | 1.44 | 1.64 | 2.73 | 2.66 | 4.36 | 21.50 | 1.59 | 3.98 | 14.46 | — |
| P/B Ratio | 0.86 | 0.81 | 0.41 | 1.17 | 1.83 | 2.33 | 11.15 | 2.17 | 5.73 | 1.25 | — |
| P/FCF | — | — | — | — | 139.60 | — | — | — | — | — | — |
| P/OCF | 8.97 | 6.91 | 11.15 | 22.42 | 6.09 | 13.63 | 62.27 | 59.47 | — | — | — |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.61 | 1.92 | 2.92 | 2.97 | 4.54 | 21.50 | 1.59 | 3.85 | 14.86 | — |
| EV / EBITDA | 11.91 | 9.40 | 3.41 | 3.44 | 2.80 | 4.46 | 27.06 | 5.21 | 2.13 | 48.85 | — |
| EV / EBIT | — | — | — | 9.17 | — | 11.87 | 26.45 | — | — | — | — |
| EV / FCF | — | — | — | — | 155.51 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -21.0% | -21.0% | 21.8% | 32.8% | 47.8% | 77.6% | 75.5% | 29.1% | 22.1% | 77.5% | — |
| Operating Margin | -40.2% | -40.2% | 1.4% | 28.6% | 27.5% | 69.2% | 65.5% | 10.6% | 3.7% | 6.0% | — |
| Net Profit Margin | -49.8% | -49.8% | -2.6% | 23.2% | -222.4% | 37.7% | 35.7% | -5.7% | -433.0% | -200.6% | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -30.3% | -30.3% | -0.8% | 13.0% | -88.0% | 30.8% | 32.4% | -7.7% | -159.3% | -35.2% | — |
| ROA | -25.4% | -25.4% | -0.7% | 10.5% | -73.0% | 25.3% | 23.3% | -5.8% | -145.7% | -32.4% | -170.7% |
| ROIC | -16.3% | -16.3% | 0.3% | 10.3% | 7.1% | 36.6% | 34.2% | 9.1% | 0.9% | 0.7% | — |
| ROCE | -22.8% | -22.8% | 0.4% | 14.4% | 9.7% | 49.2% | 46.6% | 14.1% | 1.3% | 1.0% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.12 | 0.12 | 0.24 | 0.11 | 0.31 | 0.24 | 0.13 | 0.13 | — |
| Debt / EBITDA | 1.40 | 1.40 | 0.87 | 0.32 | 0.33 | 0.21 | 0.76 | 0.58 | 0.05 | 5.03 | — |
| Net Debt / Equity | — | 0.09 | 0.07 | 0.08 | 0.21 | 0.10 | -0.00 | -0.00 | -0.18 | 0.03 | — |
| Net Debt / EBITDA | 0.95 | 0.95 | 0.50 | 0.22 | 0.29 | 0.18 | -0.00 | -0.01 | -0.07 | 1.32 | — |
| Debt / FCF | — | — | — | — | 15.90 | — | — | — | — | — | — |
| Interest Coverage | -108.04 | -108.04 | -14.50 | 9.93 | -31.60 | 20.49 | 44.50 | -7.23 | -385.24 | -62.38 | -0.12 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.10 | 1.10 | 3.72 | 6.83 | 3.77 | 7.66 | 10.91 | 2.53 | 2.69 | 4.79 | 0.01 |
| Quick Ratio | 1.10 | 1.10 | 3.72 | 6.83 | 3.77 | 7.66 | 10.91 | 2.53 | 2.69 | 4.79 | 0.01 |
| Cash Ratio | 0.42 | 0.42 | 0.35 | 0.36 | 0.20 | 0.20 | 4.09 | 0.71 | 1.17 | 1.47 | 0.01 |
| Asset Turnover | — | 0.47 | 0.22 | 0.37 | 0.54 | 0.47 | 0.38 | 1.00 | 1.15 | 0.08 | — |
| 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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 8.6% | — | 8.8% | 1.7% | — | — | — | — |
| FCF Yield | — | — | — | — | 0.7% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.5% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.5% | 0.0% | 0.0% |
| Shares Outstanding | — | $225M | $128M | $90M | $83M | $85M | $73M | $65M | $63M | $38M | $9M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying HIVE stock.
HIVE Digital Technologies Ltd.'s current P/E ratio is -3.1x. The historical average is 27.3x.
HIVE Digital Technologies Ltd.'s current EV/EBITDA is 11.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.9x.
HIVE Digital Technologies Ltd.'s return on equity (ROE) is -30.3%. The historical average is -27.3%.
Based on historical data, HIVE Digital Technologies Ltd. is trading at a P/E of -3.1x. Compare with industry peers and growth rates for a complete picture.
HIVE Digital Technologies Ltd. has -21.0% gross margin and -40.2% operating margin.
HIVE Digital Technologies Ltd.'s Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Provision-driven earnings collapse
Metrics are mathematically derived from official filings.
DuPont Decomposition Reveals Structural Losses
HIVE's ROE collapsed to -30.2% in 2027Q1, driven by a negative ROA of -18.4% and a leverage ratio (Equity/Assets) of only 0.46, indicating severe unprofitability rather than a leverage-driven return, as reported in its latest financial statements.
The DuPont decomposition is irrelevant for traditional bank analysis here, as the negative ROA drives the negative ROE, not leverage. The company's profitability is not generated from a spread business but from volatile non-interest income, which is 100% of revenue. This structure means returns are entirely dependent on market conditions for that income source, not on balance sheet management.
P/B Multiple Bears No Relation to Earnings Power
HIVE trades at a P/B of 1.30, which appears disconnected from its -30.2% ROE and persistent operating losses, suggesting the multiple may reflect speculative interest or asset value expectations rather than a normalized earnings-based valuation as indicated by current market pricing.
A P/B of 1.30 is not inherently cheap or expensive without context, but it is striking given the company's negative and volatile profitability. The market is not pricing HIVE on a tangible book value or ROTCE basis, as those metrics are deeply negative. The valuation may be predicated on a future earnings inflection not yet visible in the financials, or on the value of non-balance-sheet assets.
Provision Volatility Masks True Asset Quality
Loan loss provisions spiked to $185.7M in 2026Q4, dwarfing tangible book value and equity, which indicates that credit risk, rather than operational performance, is the dominant driver of the company's quarterly financial results according to its own filings.
The extreme volatility in provisions, from $60.7M to $185.7M in a single quarter, suggests a highly unpredictable credit environment or significant mark-to-market adjustments. Without a clear view of the underlying loan portfolio's size and composition, it is impossible to assess whether current reserve levels are adequate, but the provision burden is clearly unsustainable relative to the company's revenue and capital base.
Equity Buffer Sharply Deteriorates
The Equity/Assets ratio plummeted from 0.90 in early 2026 to 0.46 in 2027Q1, indicating that the company's asset growth has been funded almost entirely by liabilities, severely increasing its financial leverage and reducing its ability to absorb future losses based on reported balance sheet data.
This rapid decline in the equity ratio signals a fundamental weakening of the balance sheet's resilience. With equity now representing less than half of assets, any further asset quality deterioration or revenue shortfall could quickly approach a technical insolvency threshold. The trajectory suggests capital has been consumed by operating losses rather than deployed for growth.
Valuation and Leverage Profile Are Outliers
HIVE's P/B of 1.30 is in line with some peers like MARA (1.21) but its negative ROE and plummeting equity ratio are materially worse, suggesting its valuation does not reflect a premium franchise but instead a highly speculative balance sheet relative to the peer group.
Among peers, HIVE's recent equity deterioration is an outlier. Companies like RIOT maintain lower leverage (D/E 0.30), while CIFR trades at a much higher P/B (7.66). HIVE's valuation appears to be priced on a different set of assumptions, possibly related to its unique non-interest income model, which is not directly comparable to the operational models of mining-focused peers.
P/B Multiple as a Misleading Beacon
The P/B ratio of 1.30 is the most likely misapplied metric to HIVE, as it obscures the severe erosion of tangible equity from persistent losses and massive provisions, creating an illusion of asset-backed value that may not exist if losses continue.
Analysts or investors focusing solely on the P/B below 2.0 might conclude the stock is relatively cheap, but this ignores that the book value itself is under severe pressure from operating results. The appropriate counter-metric is not a price multiple but an assessment of the sustainability of the non-interest income stream and the trajectory of the equity ratio. Without profitability, book value is a moving target, not a floor.