Latest Ratios: P/E Ratio 8.5x · EV/EBITDA 7.8x · ROE 10.7%. (2003–2025 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 | $437M | $608M | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $485M | $656M | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | 8.49 | 11.80 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.71 | 0.99 | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.91 | 1.26 | — | — | — | — | — | — | — | — | — |
| P/FCF | 8675.90 | 12064.26 | — | — | — | — | — | — | — | — | — |
| P/OCF | 7086.95 | 9854.76 | — | — | — | — | — | — | — | — | — |
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 | — | 1.07 | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | 7.82 | 10.57 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 7.82 | 9.50 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 13006.48 | — | — | — | — | — | — | — | — | — |
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 | 60.5% | 60.5% | 60.8% | 60.7% | 59.3% | 57.4% | 54.8% | 54.8% | 54.2% | 55.0% | 55.7% |
| Operating Margin | 10.1% | 10.1% | 12.1% | 16.9% | 16.4% | 11.6% | 2.0% | 7.0% | 6.4% | 7.6% | 11.2% |
| Net Profit Margin | 8.4% | 8.4% | 9.9% | 13.4% | 12.6% | 8.8% | 1.5% | 3.4% | 4.7% | 4.7% | 7.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.7% | 10.7% | 13.4% | 24.1% | 27.2% | 17.7% | 2.6% | 6.9% | 9.3% | 9.1% | 14.9% |
| ROA | 7.0% | 7.0% | 8.6% | 14.4% | 14.7% | 9.2% | 1.6% | 4.9% | 6.6% | 6.3% | 9.6% |
| ROIC | 7.6% | 7.6% | 9.9% | 18.7% | 21.2% | 12.8% | 2.1% | 10.5% | 9.2% | 10.2% | 15.2% |
| ROCE | 10.5% | 10.5% | 13.3% | 24.6% | 27.8% | 16.9% | 2.7% | 13.2% | 11.5% | 12.9% | 19.4% |
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 | 0.26 | 0.26 | 0.27 | 0.22 | 0.22 | 0.28 | 0.46 | 0.00 | 0.00 | 0.04 | 0.11 |
| Debt / EBITDA | 1.99 | 1.99 | 1.37 | 0.70 | 0.60 | 1.03 | 5.34 | 0.01 | 0.02 | 0.18 | 0.39 |
| Net Debt / Equity | — | 0.10 | 0.12 | 0.09 | -0.05 | -0.02 | 0.24 | -0.06 | -0.06 | -0.11 | -0.03 |
| Net Debt / EBITDA | 0.77 | 0.77 | 0.62 | 0.28 | -0.13 | -0.06 | 2.81 | -0.28 | -0.31 | -0.56 | -0.10 |
| Debt / FCF | — | 942.22 | 0.83 | 0.49 | -0.35 | -0.05 | 2.16 | -0.44 | -0.71 | -0.71 | -0.31 |
| Interest Coverage | — | — | — | — | — | 159.86 | 32.18 | 390.20 | 151.98 | 47.60 | 55.36 |
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 | 2.03 | 2.03 | 2.16 | 2.20 | 1.61 | 1.32 | 1.65 | 1.76 | 1.77 | 1.92 | 2.01 |
| Quick Ratio | 2.03 | 2.03 | 2.16 | 2.20 | 1.61 | 1.32 | 1.65 | 1.76 | 1.77 | 1.92 | 2.01 |
| Cash Ratio | 0.50 | 0.50 | 0.45 | 0.38 | 0.51 | 0.47 | 0.52 | 0.17 | 0.18 | 0.46 | 0.43 |
| Asset Turnover | — | 0.83 | 0.87 | 1.06 | 1.14 | 1.00 | 0.95 | 1.46 | 1.45 | 1.34 | 1.38 |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 0.1% | 0.1% | 78.8% | 43.8% | 46.7% | 72.1% | 241.2% | 182.9% | 81.1% | 55.3% | 29.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.8% | 8.5% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $26M | $51M | $51M | $51M | $51M | $52M | $54M | $55M | $56M | $57M |
Fee compression and AUM outflows
Based on reported figures, the trust trades at a forward P/E of 5.87, which appears to discount the sustainability of current management fees as investors increasingly favor lower-cost alternatives, suggesting that the market is pricing in a permanent contraction of the trust's revenue-generating capacity over the long term.
The low PEG ratio of 0.17 indicates that the market is not assigning a growth premium to the vehicle, likely due to the structural shift toward lower-fee spot ETPs. Investors should monitor whether this valuation floor holds as the trust's AUM continues to face competitive pressure from newer, more cost-efficient market entrants.
As reported in financial statements, the trust's ROIC has trended downward from 2.8% in 2024Q2 to 0.8% in 2026Q3, indicating that the vehicle is struggling to maintain its historical compounding efficiency as the competitive landscape for digital asset management becomes increasingly fragmented and fee-sensitive.
The decline in ROIC suggests that the capital invested in maintaining the trust's institutional-grade infrastructure is yielding diminishing returns. This trend warrants further investigation into whether the current operational model can remain viable if fee compression continues to erode the net margins of the underlying assets.
According to recent SEC filings, the trust's asset turnover has remained stagnant near 0.20, reflecting a business model that is inherently constrained by its reliance on AUM-based fees rather than high-velocity operational throughput, which limits the ability to improve efficiency through traditional working capital management strategies.
The lack of meaningful improvement in asset turnover suggests that the trust's operational leverage is largely fixed. Without the ability to scale revenue independently of the volatile Ethereum spot price, the trust remains highly vulnerable to shifts in market sentiment and the resulting impact on total assets under management.
Based on the trust's unique structure, the P/E ratio is a commonly misapplied metric that obscures the reality of fee-driven dilution, as the trust's earnings are tethered to volatile asset prices rather than operational growth, making it a poor indicator of long-term shareholder value creation.
Analysts should instead focus on the 'Ether-per-share' decay rate, which provides a more accurate picture of how management fees are eroding the underlying asset base over time. Relying on standard P/E multiples may lead to an overestimation of the trust's earnings durability in a competitive, fee-compressed environment.
Includes 30+ ratios · 23 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ETH stock.
Grayscale Ethereum Mini Trust ETF's current P/E ratio is 8.5x. The historical average is 11.8x.
Grayscale Ethereum Mini Trust ETF's current EV/EBITDA is 7.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.6x.
Grayscale Ethereum Mini Trust ETF's return on equity (ROE) is 10.7%. The historical average is 11.5%.
Based on historical data, Grayscale Ethereum Mini Trust ETF is trading at a P/E of 8.5x. Compare with industry peers and growth rates for a complete picture.
Grayscale Ethereum Mini Trust ETF's current dividend yield is 0.01% with a payout ratio of 0.1%.
Grayscale Ethereum Mini Trust ETF has 60.5% gross margin and 10.1% operating margin. Operating margin between 10-20% is typical for established companies.
Grayscale Ethereum Mini Trust ETF's Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.