Latest Ratios: P/E Ratio 11.1x · EV/EBITDA 6.0x · ROE 18.5%. (2008–2025 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 | $3.2B | $4.6B | $2.0B | $391M | $136M | $341M | $119M | $107M | $611M | $333M | $247M |
| Enterprise Value | $4.0B | $5.4B | $2.0B | $379M | $137M | $328M | $117M | $102M | $612M | $333M | $246M |
| P/E Ratio → | 11.14 | 12.95 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.18 | 6.01 | 5.34 | 2.32 | 1.03 | 8.69 | 11.90 | 23.50 | 1055.94 | 743.51 | 3007.26 |
| P/B Ratio | 1.82 | 2.12 | 1.15 | 0.58 | 0.34 | 1.12 | 7.26 | 5.64 | 38.05 | 16.37 | 7.55 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | 1.84 | — | — | — | — | — | — |
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 | — | 7.03 | 5.20 | 2.25 | 1.04 | 8.35 | 11.64 | 22.46 | 1057.06 | 743.89 | 3001.97 |
| EV / EBITDA | 5.97 | 8.08 | 354.15 | — | 12.28 | — | — | — | — | — | — |
| EV / EBIT | 12.49 | 12.99 | — | — | — | — | — | — | — | — | — |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.6% | 41.6% | 36.8% | 17.3% | 37.5% | 32.7% | 21.1% | 14.8% | 32.5% | 33.9% | 61.9% |
| Operating Margin | 41.6% | 41.6% | -39.3% | -77.8% | -28.8% | -30.3% | -151.0% | -366.5% | -1222.9% | -2986.5% | -3097.9% |
| Net Profit Margin | 47.6% | 47.6% | -38.5% | -82.0% | -43.6% | -55.5% | -232.8% | -576.2% | -8123.6% | -3013.3% | -3097.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.5% | 18.5% | -12.0% | -25.6% | -16.2% | -13.5% | -132.2% | -149.5% | -258.3% | -50.9% | -15.2% |
| ROA | 14.2% | 14.2% | -10.7% | -22.8% | -14.9% | -12.8% | -102.0% | -127.4% | -245.2% | -50.2% | -15.0% |
| ROIC | 10.3% | 10.3% | -9.4% | -18.4% | -8.1% | -5.8% | -81.0% | -80.7% | -28.5% | -38.0% | -11.6% |
| ROCE | 13.7% | 13.7% | -12.1% | -23.7% | -10.4% | -7.3% | -77.9% | -87.1% | -38.6% | -50.3% | -15.2% |
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 | 0.38 | 0.38 | 0.04 | 0.02 | 0.05 | 0.01 | 0.03 | 0.16 | 0.07 | 0.01 | 0.00 |
| Debt / EBITDA | 1.24 | 1.24 | 12.03 | — | 1.99 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.36 | -0.03 | -0.02 | 0.00 | -0.04 | -0.16 | -0.25 | 0.04 | 0.01 | -0.01 |
| Net Debt / EBITDA | 1.17 | 1.17 | -9.75 | — | 0.16 | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 36.60 | 36.60 | -57.02 | -43.11 | -36.19 | -55.47 | -1.17 | -1.75 | -49.85 | -4661.70 | -79391.56 |
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 | 4.18 | 4.18 | 3.75 | 1.38 | 1.49 | 5.74 | 1.53 | 6.58 | 0.41 | 0.43 | 1.69 |
| Quick Ratio | 4.18 | 4.18 | 3.75 | 1.37 | 1.49 | 5.73 | 1.49 | 6.58 | 0.41 | 0.43 | 1.69 |
| Cash Ratio | 3.20 | 3.20 | 2.95 | 1.16 | 0.95 | 3.87 | 0.76 | 5.22 | 0.31 | 0.19 | 1.22 |
| Asset Turnover | — | 0.24 | 0.19 | 0.22 | 0.29 | 0.12 | 0.45 | 0.19 | 0.03 | 0.02 | 0.00 |
| Inventory Turnover | — | — | — | 172.18 | 380.34 | 331.35 | 31.95 | — | — | — | — |
| Days Sales Outstanding | — | 140.34 | 134.87 | 20.78 | 0.07 | 2.85 | 31.44 | 67.22 | 54.61 | 34.18 | 489.96 |
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 | 0.3% | 0.2% | 0.2% | 0.0% | 0.2% | 0.1% | — | — | — | — | — |
| 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 | 9.0% | 7.7% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 4.5% | 3.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.8% | 3.4% | 0.2% | 0.0% | 0.2% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $318M | $217M | $103M | $43M | $29M | $10M | $4M | $3M | $3M | $2M |
Capital intensity and dilution
According to recent market data, CleanSpark trades at a P/S ratio of 5.47, which appears difficult to justify given the company's recent shift toward negative gross margins and the significant contraction in its core mining revenue growth observed in the most recent quarterly filings.
The current P/E of 14.58 is likely misleading, as it fails to account for the non-cash fair value adjustments that have historically inflated net income figures. Investors should monitor whether the market's valuation premium over peers is based on a misunderstanding of the company's long-term ability to generate sustainable free cash flow.
Based on reported financial statements, CleanSpark's ROIC has collapsed from a positive 10.6% in 2024Q2 to a negative 3.2% in 2026Q2, signaling that the company's aggressive capital deployment into new mining infrastructure is currently failing to generate adequate returns on invested capital.
This trend suggests that the company is struggling to maintain efficiency as the global network hash rate increases and mining rewards decline. The erosion of returns warrants further investigation into whether recent infrastructure acquisitions are truly accretive or merely adding to the company's fixed-cost burden.
As reported in recent SEC filings, CleanSpark's asset turnover ratio has stagnated at a low of 0.04 in 2026Q2, indicating that the company's massive investment in mining hardware is not being translated into proportional revenue generation compared to its historical performance.
The inability to optimize asset utilization suggests that the company's operational leverage is working against it during this period of industry-wide difficulty. Investors should monitor whether the company can improve its site-level uptime to better leverage its existing infrastructure investments.
Based on the company's reported figures, the debt-to-equity ratio has surged to 1.82 in 2026Q2, a significant increase from the 0.01 level seen in 2024Q3, which suggests that the company's reliance on debt to fund operations is becoming increasingly unsustainable in the current environment.
The interest coverage ratio of -54.45 indicates that the company is currently unable to service its debt obligations from operating income. This level of leverage appears to be a structural risk that may limit management's ability to navigate future periods of Bitcoin price volatility.
The P/E ratio is the most commonly misapplied metric for CleanSpark, as it obscures the company's underlying cash-burning nature by incorporating non-cash fair value gains from digital asset holdings that do not reflect the actual operational profitability of the mining business.
Analysts should instead prioritize metrics like 'Cash Cost to Mine' or 'Adjusted EBITDA' to strip out these accounting distortions. Relying on P/E in this context may lead to an overestimation of the company's earnings power and a failure to recognize the risks associated with its capital-intensive business model.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying CLSK stock.
CleanSpark, Inc.'s current P/E ratio is 11.1x. The historical average is 12.9x.
CleanSpark, Inc.'s current EV/EBITDA is 6.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.2x.
CleanSpark, Inc.'s return on equity (ROE) is 18.5%. The historical average is -95.3%.
Based on historical data, CleanSpark, Inc. is trading at a P/E of 11.1x. Compare with industry peers and growth rates for a complete picture.
CleanSpark, Inc.'s current dividend yield is 0.27%.
CleanSpark, Inc. has 41.6% gross margin and 41.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CleanSpark, Inc.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.