Latest Ratios: P/E Ratio 0.2x · EV/EBITDA N/A · ROE 39.4%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1M | $1M | $161440 | $872520 | $236965 | $2M | — | — | — |
| Enterprise Value | $2M | $2M | $32M | $56M | $56M | $63M | — | — | — |
| P/E Ratio → | 0.22 | 0.22 | — | — | — | 0.07 | — | — | — |
| P/S Ratio | 0.07 | 0.07 | 0.00 | 0.02 | 0.00 | 0.02 | — | — | — |
| P/B Ratio | 0.09 | 0.09 | — | 5.52 | 0.01 | 0.01 | — | — | — |
| 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 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.16 | 0.65 | 0.97 | 0.96 | 0.64 | — | — | — |
| EV / EBITDA | — | — | — | 143.82 | — | 0.90 | — | — | — |
| EV / EBIT | — | 0.27 | — | — | — | 1.19 | — | — | — |
| 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 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 1.8% | 1.8% | 3.0% | 5.4% | 19.4% | 70.1% | 20.7% | 31.6% | -8.4% |
| Operating Margin | -63.0% | -63.0% | -31.6% | -34.2% | -65.2% | 55.6% | 6.2% | -9.7% | -436.9% |
| Net Profit Margin | 32.8% | 32.8% | -113.6% | -60.0% | -390.8% | 39.6% | 7.6% | -7.6% | -538.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 39.4% | 39.4% | — | -280.1% | -154.3% | 25.6% | 6.5% | -3.2% | -15.1% |
| ROA | 24.2% | 24.2% | -115.8% | -37.2% | -91.9% | 18.1% | 5.1% | -2.9% | -15.0% |
| ROIC | -54.1% | -54.1% | -31.3% | -18.2% | -12.8% | 21.2% | 3.3% | -2.9% | — |
| ROCE | -79.8% | -79.8% | -52.7% | -28.8% | -18.9% | 31.1% | 4.9% | -4.0% | -12.3% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.27 | 0.27 | — | 395.68 | 3.09 | 0.27 | 0.31 | 0.05 | — |
| Debt / EBITDA | — | — | — | 160.71 | — | 1.04 | 1.04 | 0.78 | — |
| Net Debt / Equity | — | 0.10 | — | 348.57 | 2.27 | 0.22 | 0.22 | 0.05 | -0.76 |
| Net Debt / EBITDA | — | — | — | 141.58 | — | 0.87 | 0.76 | 0.69 | — |
| Debt / FCF | — | — | — | — | — | — | 7.65 | — | — |
| Interest Coverage | 2.11 | 2.11 | -7.04 | -2.00 | -1.36 | 18.17 | -0.88 | -20.27 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.51 | 0.51 | 1.24 | 0.54 | 1.28 | 2.85 | 2.01 | 0.82 | 84.96 |
| Quick Ratio | 0.51 | 0.51 | 1.24 | 0.54 | 1.28 | 2.85 | 2.01 | 0.82 | 84.96 |
| Cash Ratio | 0.27 | 0.27 | 0.91 | 0.27 | 0.94 | 0.16 | 0.47 | 0.03 | 74.99 |
| Asset Turnover | — | 0.68 | 2.52 | 0.76 | 0.53 | 0.25 | 0.58 | 0.35 | 0.03 |
| 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 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 100.0% | 448.7% | — | — | — | 1342.1% | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $332292 | $285734 | $233294 | $219412 | $192222 | $159555 | $135995 | $135995 |
Liquidity and operational scale
According to recent market data, ARBK trades at a P/S ratio of 0.07, a valuation level that suggests investors are pricing in significant survival risk rather than growth potential, especially when compared to the more robust multiples assigned to peers like CleanSpark or Bitdeer Technologies.
The extremely low P/S and P/B multiples indicate that the market has largely discounted the company's future earnings power, viewing the current equity as a speculative option on survival. This valuation profile implies that any potential upside is contingent upon a drastic improvement in operational efficiency or a favorable shift in Bitcoin mining economics, rather than organic growth.
As reported in financial statements, the divergence between a negative operating margin of 62.97% and a positive net margin of 32.76% highlights that Argo's bottom line is currently driven by non-recurring financial engineering rather than sustainable mining operations, warranting extreme caution for fundamental analysts.
The thin gross margin of 1.85% suggests that the company's core mining activities are barely covering direct costs, leaving little room for corporate overhead or debt service. Investors should interpret the net income figures as transient, as they appear to be heavily influenced by asset disposals and fair value adjustments that do not reflect the underlying health of the mining fleet.
Based on historical data, Argo's ROIC has remained consistently negative, with a recent figure of -32.0% in 2025Q4, indicating that the company has struggled to generate returns on its invested capital that exceed its cost of funding throughout the observed ten-quarter period.
The persistent decay in returns on capital suggests that the company's previous capital allocation decisions, particularly regarding hardware acquisition and infrastructure expansion, have failed to create long-term value. This trend implies that the firm is currently in a capital-preservation mode, where the primary challenge is preventing further erosion of the remaining asset base.
As indicated by the 2025Q4 balance sheet, Argo's current ratio of 0.51 and cash position of only $2.2M reveal a precarious liquidity profile that leaves the company highly vulnerable to even minor fluctuations in Bitcoin prices or unexpected increases in operational expenses.
The inability to maintain a current ratio above 1.0 suggests that the company may face significant challenges in meeting its short-term obligations without resorting to further equity dilution or additional debt. This liquidity position warrants close monitoring, as it limits the company's flexibility to upgrade its mining fleet or respond to competitive pressures in the mining sector.
The P/E ratio is the most commonly misapplied metric for Argo, as it obscures the extreme volatility of mining earnings and the non-cash nature of depreciation, which often leads to a distorted view of the company's actual cash-generating capacity in a cyclical industry.
Analysts should instead focus on 'all-in sustaining cost' per Bitcoin and free cash flow, as these metrics provide a more accurate picture of the company's ability to survive and thrive in a competitive environment. Relying on P/E in this context is dangerous, as it ignores the structural reality that mining is a capital-intensive commodity business where accounting earnings are frequently decoupled from cash reality.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying ARBK stock.
Argo Blockchain plc's current P/E ratio is 0.2x. The historical average is 0.1x. This places it at the 50th percentile of its historical range.
Argo Blockchain plc's return on equity (ROE) is 39.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -54.4%.
Based on historical data, Argo Blockchain plc is trading at a P/E of 0.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Argo Blockchain plc has 1.8% gross margin and -63.0% operating margin.