Latest Ratios: P/E Ratio -1.3x · EV/EBITDA N/A · ROE -60.7%. (2002–2025 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $891M | $2M | $4M | $771230 | $38M | $17M | $5M | $12M | $13M | $5M |
| Enterprise Value | $1.8B | $863M | $781302 | $14M | $2M | $32M | $14M | $2M | $10M | $10M | $3M |
| P/E Ratio → | -1.27 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 65.71 | 31.78 | 0.61 | 0.84 | 0.22 | 14.38 | 7.31 | 2.17 | 2.06 | 1.86 | 0.36 |
| P/B Ratio | 0.39 | 0.37 | 1.06 | — | 0.26 | 2.67 | 6.14 | 1.66 | 5.03 | 7.37 | 2.76 |
| P/FCF | — | — | — | 13.96 | — | — | — | — | — | 127.51 | — |
| P/OCF | — | — | — | 7.11 | — | — | — | 69.01 | — | 84.72 | — |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 30.76 | 0.21 | 2.92 | 0.66 | 12.14 | 6.26 | 0.83 | 1.63 | 1.54 | 0.22 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | 48.75 | — | — | — | — | — | 105.06 | — |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 93.2% | 93.2% | 24.7% | 30.9% | 37.7% | -11.4% | 18.6% | 15.2% | 63.3% | 69.6% | 50.8% |
| Operating Margin | -116.7% | -116.7% | -130.1% | -179.6% | -409.3% | -1270.8% | -53.0% | -16.0% | -14.0% | -6.3% | -10.2% |
| Net Profit Margin | -2618.4% | -2618.4% | 275.8% | -287.6% | -436.5% | -2111.1% | -50.0% | -12.9% | -15.1% | -25.3% | -37.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -60.7% | -60.7% | 484.9% | — | -177.4% | -658.3% | -39.1% | -11.1% | -43.1% | -96.0% | -129.7% |
| ROA | -60.4% | -60.4% | 27.4% | -20.9% | -35.6% | -445.5% | -18.3% | -3.9% | -11.0% | -16.4% | -30.3% |
| ROIC | -2.1% | -2.1% | -454.7% | -244.6% | -167.1% | -583.3% | -782.0% | — | — | — | -93.0% |
| ROCE | -2.7% | -2.7% | -228.7% | — | -137.1% | -381.0% | -34.6% | -10.3% | -26.4% | -14.5% | -17.9% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.98 | 0.01 | 0.07 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.01 | -0.69 | — | 0.52 | -0.42 | -0.88 | -1.03 | -1.05 | -1.30 | -1.08 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | 34.79 | — | — | — | — | — | -22.45 | — |
| Interest Coverage | — | — | -14.68 | -5.59 | -128.24 | — | -826.71 | -18.27 | — | — | — |
Net cash position: cash ($29M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.44 | 2.44 | 5.23 | 0.90 | 0.92 | 1.62 | 2.10 | 1.04 | 0.81 | 0.73 | 0.83 |
| Quick Ratio | 2.44 | 2.44 | 5.23 | 0.90 | 0.92 | 1.62 | 2.10 | 1.04 | 0.81 | 0.73 | 0.83 |
| Cash Ratio | 2.39 | 2.39 | 2.94 | 0.03 | 0.02 | 1.03 | 1.68 | 0.81 | 0.60 | 0.39 | 0.23 |
| Asset Turnover | — | 0.01 | 1.42 | 0.07 | 0.05 | 0.13 | 0.52 | 0.30 | 0.78 | 0.78 | 1.14 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 2.88 | 26.39 | 31.48 | 47.36 | 152.95 | 101.11 | 80.61 | 41.41 | 32.06 | 145.64 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 3.9% | 11.4% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | 7.2% | — | — | — | — | — | 0.8% | — |
| Buyback Yield | 1.7% | 3.6% | 0.0% | 0.0% | 0.0% | 0.0% | 4.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.7% | 3.6% | 0.0% | 0.0% | 0.0% | 0.0% | 8.4% | 11.4% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $100M | $286938 | $230080 | $20732 | $119169 | $44773 | $20889 | $14313 | $12464 | $11739 |
Includes 30+ ratios · 24 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying SBET stock.
Sharplink, Inc.'s current P/E ratio is -1.3x. The historical average is 14.0x.
Sharplink, Inc.'s return on equity (ROE) is -60.7%. The historical average is -18.6%.
Based on historical data, Sharplink, Inc. is trading at a P/E of -1.3x. Compare with industry peers and growth rates for a complete picture.
Sharplink, Inc. has 93.2% gross margin and -116.7% operating margin.
Key Metrics
Top Statement Risk
Unsustainable cash burn and dilution
Metrics are mathematically derived from official filings.
Gross Margin Mirage Masks Deep Losses
Gross margin surged to 97.8% in 2026Q2, per the latest financials, yet operating margin remains deeply negative at -116.7% trailing, indicating the business model is not self-sustaining.
The dramatic expansion in gross margin from ~20% in 2024 to 97.8% in 2026Q2 reflects a shift to high-margin digital services, but the persistent negative operating margin suggests that overhead and development costs are consuming all revenue. The 2026Q2 operating margin of 19.2% appears to be a one-off benefit from reduced SG&A, not a sustainable trend, as prior quarters show operating margins below -70%. Investors should monitor whether the company can maintain this margin improvement while scaling revenue.
Return on Capital Decaying Amidst Acquisition Spree
ROIC swung from -197.8% in 2024Q4 to 0.1% in 2026Q2, per the financials, but the improvement is driven by a massive asset base from acquisitions, not operational efficiency.
The ROIC of 0.1% in 2026Q2 is misleading because it is calculated on a goodwill-heavy asset base of $1.4B, which nearly equals total assets. Excluding goodwill, the return on tangible capital would be deeply negative, as the company's operating losses persist. The prior quarters show ROIC as low as -197.8%, indicating that the company is not compounding returns but rather destroying value on its invested capital. The improvement to near zero is a function of the denominator growing faster than the numerator, not of genuine profitability.
Working Capital Efficiency Distorted by Acquisitions
DSO improved to 3 days in 2026Q2 from 240 days in 2025Q2, per the financials, but DPO of 1461 days in 2026Q1 suggests extreme supplier leverage or data anomalies.
The dramatic improvement in DSO from 240 days to 3 days indicates a shift to a more cash-efficient revenue model, likely due to the affiliate segment's immediate revenue recognition. However, the DPO figures of 1461 days and 2134 days in recent quarters are implausibly high, suggesting that the company is not paying suppliers for extended periods, which may indicate strained relationships or accounting distortions from acquisitions. The cash conversion cycle is not calculable due to missing DIO, but the negative FCF margin of -62% in 2026Q2 indicates that working capital management is not translating into cash generation.
Liquidity Buffer Thin Relative to Burn
Current ratio stands at 10.45 in 2026Q2, per the balance sheet, but with operating cash flow of -$7.2M in the same quarter, the cash runway appears limited without further capital raises.
The current ratio of 10.45 appears strong, but it is inflated by the large cash balance of $56.2M, which was raised through equity issuance. The company's operating cash burn of -$7.2M per quarter implies a runway of roughly 8 quarters at current levels, but this does not account for potential acquisition-related payments or debt maturities. The quick ratio equals the current ratio, indicating no inventory dependence, but the negative FCF margin of -62% suggests that the company is consuming cash faster than it generates it, making the liquidity position vulnerable to stress.
Debt Levels Undisclosed, But Equity Dilution Looms
Debt-to-equity and interest coverage data are unavailable, per the financials, but the company's reliance on equity issuance for acquisitions suggests a high risk of shareholder dilution.
The absence of debt metrics in the provided data makes it difficult to assess leverage directly, but the company's history of using equity for acquisitions, as evidenced by the surge in equity to $1.4B, indicates that it is funding growth through dilution rather than debt. The negative retained earnings of -$1.9B suggest that the company has never been profitable, and the massive net loss of -$394.3M in 2026Q2, largely non-cash, may include impairment charges that could further erode equity. Investors should monitor any future debt issuance or refinancing needs, as the company's cash burn may force it to seek additional capital.
Misapplied Metric: Gross Margin Overstates Health
The 97.8% gross margin in 2026Q2, per the financials, is often cited as a sign of a scalable model, but it obscures the true cost structure and cash burn.
Gross margin is the most commonly misapplied ratio for SBET because it suggests a highly profitable core business, yet the operating margin of -116.7% trailing reveals that the company's overhead and development costs are unsustainable. The gross margin does not account for the significant stock-based compensation and acquisition-related charges that are driving the net loss. A more appropriate metric is the cash conversion ratio, which shows that the company converts only a fraction of its revenue into cash, with FCF margin at -62% in 2026Q2. Investors should focus on the company's ability to achieve positive operating cash flow, not just gross margin expansion.