Latest Ratios: P/E Ratio -0.6x · EV/EBITDA 0.7x · ROE -52.3%. (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 | $34M | $645M | $236M | $377M | $875M | — | — |
| Enterprise Value | $34M | $645M | $270M | $379M | $900M | — | — |
| P/E Ratio → | -0.61 | — | — | — | 221.16 | — | — |
| P/S Ratio | 0.06 | 1.05 | 0.41 | 0.55 | 1.35 | — | — |
| P/B Ratio | 2.97 | 54.56 | — | 40.23 | 92.61 | — | — |
| P/FCF | 1.20 | 22.66 | 20.01 | 9.18 | 29.01 | — | — |
| P/OCF | 1.01 | 19.00 | 10.47 | 9.17 | 27.98 | — | — |
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 | — | 1.05 | 0.47 | 0.55 | 1.39 | — | — |
| EV / EBITDA | 0.66 | 12.54 | 7.88 | 8.75 | 25.48 | — | — |
| EV / EBIT | 0.78 | 14.73 | 11.18 | 28.16 | 55.34 | — | — |
| EV / FCF | — | 22.65 | 22.89 | 9.22 | 29.85 | — | — |
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 | 18.4% | 18.4% | 15.9% | 14.7% | 11.2% | 10.2% | 12.7% |
| Operating Margin | 7.1% | 7.1% | 4.2% | 4.4% | 2.6% | 2.5% | 6.0% |
| Net Profit Margin | -1.0% | -1.0% | -2.0% | -3.8% | 0.6% | 1.1% | 5.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -52.3% | -52.3% | — | -277.4% | 28.0% | 31.1% | 74.7% |
| ROA | -5.9% | -5.9% | -14.8% | -30.6% | 3.9% | 7.4% | 27.1% |
| ROIC | 52.9% | 52.9% | 41.4% | 40.5% | 15.5% | 15.2% | — |
| ROCE | 82.0% | 82.0% | 68.4% | 78.2% | 28.2% | 23.9% | 33.0% |
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 | 5.53 | 5.53 | — | 3.34 | 6.63 | 3.65 | 1.52 |
| Debt / EBITDA | 1.27 | 1.27 | 1.85 | 0.72 | 1.77 | 2.58 | 1.72 |
| Net Debt / Equity | — | -0.02 | — | 0.17 | 2.66 | 1.65 | -0.61 |
| Net Debt / EBITDA | -0.01 | -0.01 | 0.99 | 0.04 | 0.71 | 1.16 | -0.69 |
| Debt / FCF | — | -0.01 | 2.89 | 0.04 | 0.83 | 2.04 | -0.70 |
| Interest Coverage | 3.04 | 3.04 | 1.70 | 1.13 | 1.32 | 1.72 | 20.70 |
Net cash position: cash ($66M) exceeds total debt ($65M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.27 | 1.27 | 0.85 | 0.81 | 0.86 | 1.25 | 5.13 |
| Quick Ratio | 1.27 | 1.27 | 0.85 | 0.81 | 0.86 | 1.25 | 5.13 |
| Cash Ratio | 1.04 | 1.04 | 0.73 | 0.65 | 0.80 | 1.01 | 5.04 |
| Asset Turnover | — | 4.71 | 7.16 | 8.90 | 6.93 | 5.07 | 4.62 |
| 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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 285.3% | 128.3% | 9.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 0.5% | — | — |
| FCF Yield | 83.2% | 4.4% | 5.0% | 10.9% | 3.4% | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $71M | $21M | $17M | $12M | $12M | $12M |
Regulatory and compliance headwinds
Based on reported financial data, Bitcoin Depot's P/S ratio of 0.06 and EV/EBITDA of 0.66 suggest that the market is pricing the company as a distressed asset rather than a growth-oriented fintech, reflecting deep skepticism regarding the sustainability of its current transaction-based revenue model.
The extremely low valuation multiples indicate that investors are heavily discounting the company's future earnings potential due to the persistent negative net margins. This pricing suggests the market views the physical kiosk network as a liability-heavy operation rather than a scalable platform, warranting caution regarding the company's ability to achieve a premium valuation without a clear path to consistent profitability.
As reported in financial statements, Bitcoin Depot's ROIC plummeted from a peak of 25.5% in 2025Q1 to -1.4% by 2025Q4, signaling a rapid decay in the company's ability to generate meaningful returns on its invested capital as operational costs and regulatory burdens mount.
The sharp decline in ROIC suggests that the capital deployed into the kiosk network is failing to produce adequate returns, likely due to the high maintenance and compliance costs associated with physical hardware. Investors should monitor whether this trend is a temporary byproduct of expansion or a structural issue where the cost of capital exceeds the marginal profit generated by new units.
According to recent SEC filings, Bitcoin Depot's asset turnover ratio has fluctuated significantly, reaching a low of 0.91 in 2025Q4, which indicates that the company is struggling to extract sufficient revenue from its existing physical asset base compared to its historical performance.
The volatility in asset turnover suggests that the company's kiosk fleet is not being utilized at optimal capacity, potentially due to market saturation or shifting consumer behavior. This inefficiency implies that further capital expenditure on new kiosks may yield diminishing returns unless the company can improve the velocity of transactions per unit.
Based on the provided financial history, Bitcoin Depot's debt-to-EBITDA ratio reached an alarming 140.57 in 2025Q4, highlighting a precarious leverage position that leaves the company with minimal flexibility to navigate periods of declining transaction volume or increased regulatory compliance costs.
The high debt-to-EBITDA ratio suggests that the company's ability to service its obligations is severely constrained, making it highly sensitive to interest rate fluctuations and operational shocks. This level of leverage warrants further investigation into the company's debt covenants and its ability to refinance existing obligations without further diluting shareholder value.
As indicated by the reported figures, the most commonly misapplied metric for Bitcoin Depot is gross revenue, which fails to account for the pass-through nature of cryptocurrency sales and instead should be replaced by gross profit to accurately reflect the company's true economic value-add.
Using gross revenue as a primary performance indicator significantly inflates the company's perceived scale, masking the thin margins inherent in the kiosk-based exchange model. Analysts should focus on gross profit and transaction spreads to better understand the underlying health of the business, as these metrics are less susceptible to the volatility of crypto asset prices.
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Quick answers to the most common questions about buying BTM stock.
Bitcoin Depot Inc.'s current P/E ratio is -0.6x. This places it at the 50th percentile of its historical range.
Bitcoin Depot Inc.'s current EV/EBITDA is 0.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.7x.
Bitcoin Depot Inc.'s return on equity (ROE) is -52.3%. The historical average is -39.2%.
Based on historical data, Bitcoin Depot Inc. is trading at a P/E of -0.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bitcoin Depot Inc. has 18.4% gross margin and 7.1% operating margin.
Bitcoin Depot Inc.'s Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.