Latest Ratios: P/E Ratio 46.0x · EV/EBITDA N/A · ROE 11.5%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $2.6B | $3.0B | $1.1B | $1.2B | $1.1B | — |
| Enterprise Value | $4.0B | $3.6B | $2.8B | $1.0B | $1.0B | $829M | — |
| P/E Ratio → | 45.98 | 40.04 | — | — | — | 13.46 | — |
| P/S Ratio | 4.85 | 4.23 | 8.51 | 2.96 | 3.48 | 2.81 | — |
| P/B Ratio | 3.48 | 3.03 | 10.77 | 3.28 | 3.64 | 3.85 | — |
| 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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.87 | 7.97 | 2.82 | 3.09 | 2.10 | — |
| EV / EBITDA | — | — | — | 53.71 | 112.38 | 4.27 | — |
| EV / EBIT | — | 21.41 | — | — | — | 6.22 | — |
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 9.8% | 9.8% | 19.0% | 21.1% | 25.0% | 61.2% | -12.4% |
| Operating Margin | -29.8% | -29.8% | -25.6% | -15.3% | -17.2% | 33.1% | -34.0% |
| Net Profit Margin | 10.6% | 10.6% | -171.3% | -15.4% | -18.1% | 20.9% | -30.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 11.5% | 11.5% | -196.7% | -17.4% | -19.9% | 38.1% | -38.3% |
| ROA | 3.0% | 3.0% | -54.5% | -8.8% | -9.3% | 11.0% | -6.5% |
| ROIC | -14.0% | -14.0% | -36.5% | -18.0% | -43.9% | 124.9% | -32.0% |
| ROCE | -21.2% | -21.2% | -18.3% | -11.9% | -14.0% | 46.5% | -36.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.37 | 1.37 | 1.03 | 0.28 | 0.31 | 0.32 | 0.33 |
| Debt / EBITDA | — | — | — | 4.81 | 10.95 | 0.48 | 0.98 |
| Net Debt / Equity | — | 1.17 | -0.69 | -0.16 | -0.41 | -0.97 | 0.02 |
| Net Debt / EBITDA | — | — | — | -2.69 | -14.33 | -1.44 | 0.06 |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | 1.71 | 1.71 | -32.57 | -8.45 | -10.97 | 52.23 | -76.51 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.91 | 0.91 | 0.57 | 2.15 | 1.44 | 1.64 | 1.00 |
| Quick Ratio | 0.75 | 0.75 | 0.51 | 2.15 | 1.44 | 1.64 | 1.00 |
| Cash Ratio | 0.12 | 0.12 | 0.47 | 1.33 | 1.05 | 1.44 | 0.08 |
| Asset Turnover | — | 0.22 | 0.22 | 0.58 | 0.51 | 0.61 | 0.22 |
| Inventory Turnover | 2.22 | 2.22 | 4.37 | 840.30 | — | — | — |
| Days Sales Outstanding | — | 103.92 | 26.23 | 17.30 | 24.09 | 19.15 | 3.99 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.5% | — | — | — | 7.4% | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 2.2% | 2.5% | 0.0% | 0.2% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 2.2% | 2.5% | 0.0% | 0.2% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $234M | $137M | $110M | $111M | $111M | $111M |
Operational Margin Volatility
Based on current market data, Bitdeer trades at a P/S of 6.46, which appears to reflect a complexity discount relative to pure-play miners, as investors struggle to reconcile the company's multi-segment business model with the inherent volatility of its core cryptocurrency mining and hardware development operations.
The valuation multiples, including a forward EV/EBITDA of 179.94, suggest that the market is pricing in significant future growth from the SEALMINER initiative rather than current earnings power. This premium valuation warrants caution, as it assumes a successful transition to a technology-provider status that remains unproven in a post-halving environment.
According to recent financial statements, Bitdeer's profitability is severely strained, evidenced by a negative operating margin of -56.1% in 2026Q1, which highlights the difficulty of maintaining positive margins when high fixed costs and R&D investments consistently outpace the revenue generated from mining and hosting services.
The wide gap between operating margins and net margins suggests that reported profitability is frequently distorted by non-operating items, such as digital asset revaluations. Investors should focus on gross margins as the primary indicator of core operational health, which currently remains under significant pressure from rising energy and hardware costs.
As reported in quarterly filings, Bitdeer's cash conversion cycle reached 223 days in 2026Q1, a significant deterioration from historical levels, suggesting that the company is facing increasing difficulty in managing its inventory of mining hardware and collecting payments from its diverse hosting and cloud service client base.
The rising days sales outstanding (DSO) and days inventory outstanding (DIO) metrics imply that capital is becoming trapped in the operational cycle, reducing the company's ability to self-fund its aggressive expansion. This trend suggests that management's focus on rapid scaling may be coming at the expense of disciplined working capital management.
Based on the company's 2026Q1 filings, the debt-to-equity ratio has climbed to 2.78, signaling a rapid escalation in leverage that leaves the balance sheet increasingly vulnerable to interest rate fluctuations and the inherent volatility of the underlying cryptocurrency market that drives the company's primary revenue streams.
The negative interest coverage ratio of -4.52 indicates that the company is currently unable to service its debt obligations through operating income alone, necessitating further reliance on external financing. This reliance on debt to fund capital-intensive infrastructure projects creates a precarious financial position that warrants close monitoring by stakeholders.
The P/E ratio is the most commonly misapplied metric for Bitdeer, as it obscures the company's heavy reliance on non-operating gains and the significant impact of non-cash depreciation charges on mining hardware, which do not accurately reflect the true economic cash-generating capacity of the business model.
Analysts should instead prioritize EV/EBITDA or cash-flow-based metrics to better evaluate the company's ability to generate returns on its massive infrastructure investments. Relying on P/E in this context risks misinterpreting accounting-driven net income fluctuations as sustainable operational success, which is fundamentally misleading for a capital-intensive industrial technology firm.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying BTDR stock.
Bitdeer Technologies Group's current P/E ratio is 46.0x. The historical average is 26.7x. This places it at the 100th percentile of its historical range.
Bitdeer Technologies Group's return on equity (ROE) is 11.5%. The historical average is -37.1%.
Based on historical data, Bitdeer Technologies Group is trading at a P/E of 46.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bitdeer Technologies Group has 9.8% gross margin and -29.8% operating margin.