Latest Ratios: P/E Ratio -0.8x · EV/EBITDA N/A · ROE -416.5%. (2023–2025 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 |
|---|---|---|---|---|
| Market Cap | $488M | $1.2B | — | — |
| Enterprise Value | $775M | $1.4B | — | — |
| P/E Ratio → | -0.84 | — | — | — |
| P/S Ratio | 3.34 | 7.95 | — | — |
| P/B Ratio | 0.91 | 2.15 | — | — |
| 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 |
|---|---|---|---|---|
| EV / Revenue | — | 9.91 | — | — |
| EV / EBITDA | — | — | — | — |
| EV / EBIT | — | — | — | — |
| 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 |
|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 8.2% | -43.4% |
| Operating Margin | -358.6% | -358.6% | -116.6% | -317.5% |
| Net Profit Margin | -398.7% | -398.7% | -111.5% | -325.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | -416.5% | -416.5% | — | — |
| ROA | -34.3% | -34.3% | -11.3% | -26.4% |
| ROIC | -37.0% | -37.0% | -16.0% | -37.5% |
| ROCE | -73.8% | -73.8% | -113.1% | -649.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 1.21 | 1.21 | — | — |
| Debt / EBITDA | — | — | — | — |
| Net Debt / Equity | — | 0.53 | — | — |
| Net Debt / EBITDA | — | — | — | — |
| Debt / FCF | — | — | — | — |
| Interest Coverage | -7.37 | -7.37 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 1.62 | 1.62 | 1.03 | 0.84 |
| Quick Ratio | 1.62 | 1.62 | 1.03 | 0.84 |
| Cash Ratio | 0.58 | 0.58 | 0.03 | 0.05 |
| Asset Turnover | — | 0.08 | 0.09 | 0.08 |
| 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 |
|---|---|---|---|---|
| Dividend Yield | — | — | — | — |
| Payout Ratio | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | — | — | — | — |
| FCF Yield | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — |
| Shares Outstanding | — | $117M | $161M | $158M |
Regulatory and operational insolvency
As reported in financial statements, Gemini's P/S ratio of 3.33 appears disconnected from its negative earnings profile, suggesting that market participants may be pricing in speculative recovery potential rather than the current reality of persistent operating losses and significant regulatory-driven overhead costs that constrain valuation upside.
The negative P/E of -0.84 confirms that traditional earnings-based valuation metrics are currently non-functional for the firm. Investors should monitor whether the premium valuation relative to its distressed peer group is sustainable, or if it reflects an overestimation of the company's long-term competitive moat.
Based on Gemini's reported figures, the company's gross margin volatility, which swung from 100% in late 2025 to 62% in 2026Q1, indicates that the core business model lacks the predictable cost structure necessary to achieve sustainable profitability in a highly competitive and cyclical financial services environment.
The deeply negative operating margins suggest that the firm's fixed-cost base, heavily weighted toward compliance and regulatory infrastructure, is currently too large for its revenue scale. This structural imbalance warrants further investigation into whether management can achieve operating leverage without compromising the regulatory status that defines its market position.
According to recent SEC filings, Gemini's ROIC has remained consistently negative, reaching -9.4% in 2026Q1, which highlights a fundamental inability to generate returns on invested capital that exceed the cost of maintaining its complex, compliance-heavy operational footprint in the current digital asset market cycle.
The persistent negative trend in ROE and ROIC suggests that capital is being consumed rather than compounded, which is a significant concern for long-term equity holders. This decay appears to be driven by the inability to scale revenue efficiently against the high fixed costs of its regulatory-first business model.
As reported in financial statements, the company's asset turnover ratio of 0.02 in 2026Q1 reflects an extremely low level of capital efficiency, suggesting that the firm's asset base is not being effectively utilized to drive revenue growth relative to its significant investment in regulatory and security infrastructure.
The high DSO figures, which reached 510 days in 2025Q4, indicate significant friction in the revenue collection cycle, potentially pointing to issues with institutional client payment terms or credit risk. This inefficiency exacerbates the firm's cash burn and limits its ability to pivot toward more profitable service-based revenue streams.
Based on Gemini's reported figures, the 100% gross margin metric is frequently misapplied by analysts as a proxy for operational health, when in reality, it obscures the fact that nearly all essential costs are buried in operating expenses, rendering the gross margin figure largely irrelevant for assessing profitability.
Investors should instead focus on the operating margin and cash burn rate, as these metrics provide a more accurate picture of the firm's true economic viability. Relying on gross margin in this context risks ignoring the massive, non-discretionary fixed costs that currently prevent the company from achieving a sustainable path to positive cash flow.
Includes 30+ ratios · 3 years · Updated daily
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Quick answers to the most common questions about buying GEMI stock.
Gemini Space Station, Inc. Class A Common Stock's current P/E ratio is -0.8x. This places it at the 50th percentile of its historical range.
Gemini Space Station, Inc. Class A Common Stock's return on equity (ROE) is -416.5%. The historical average is -416.5%.
Based on historical data, Gemini Space Station, Inc. Class A Common Stock is trading at a P/E of -0.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Gemini Space Station, Inc. Class A Common Stock has 100.0% gross margin and -358.6% operating margin.