(DFDV) DeFi Development - Overview
Sector: Financial Services | Industry: Asset Management | Exchange: NASDAQ (USA) | Market Cap: 134m USD | Total Return: -88.1% in 12m
Avg Turnover: 2.92M
Rev. Trend: 69.8%
Warnings
Share dilution 86.5% YoY
Below Avwap Earnings
Tailwinds
No distinct edge detected
DeFi Development Corp. (NASDAQ: DFDV), formerly Janover Inc., is a Boca Raton-based firm operating through two distinct business segments: Digital Asset Treasury and a Real Estate Platform. The company’s primary strategy involves building a treasury centered on the Solana (SOL) blockchain, utilizing owned validators and staking protocols to compound its digital holdings. This model leverages Solana’s high-throughput architecture, which currently supports over 2,000 transactions per second in a decentralized environment.
The Real Estate Platform segment functions as a technology intermediary, connecting commercial mortgage and small business borrowers with lenders for property acquisition and refinancing. By integrating decentralized finance (DeFi) infrastructure with traditional commercial lending, the company seeks to bridge the gap between liquid digital assets and illiquid real estate debt markets. Investors may find ValueRay useful for evaluating how these dual revenue streams impact the firms valuation.
Founded in 2018, the company underwent a formal rebranding in April 2025 to reflect its strategic pivot toward blockchain infrastructure. The firms focus on validator operations allows it to earn protocol-level rewards, a common method for institutional entities to generate yield on sovereign blockchain assets without traditional credit risk.
- Solana price volatility directly impacts net asset value and treasury valuation
- Staking rewards and validator operations drive recurring digital asset revenue
- Commercial mortgage demand fluctuates with interest rate cycles and lending spreads
- Regulatory shifts regarding digital asset staking affect core treasury operations
- Real estate platform adoption rates determine non-crypto revenue diversification potential
| Net Income: -73.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.06 > 0.02 and ΔFCF/TA 49.87 > 1.0 |
| NWC/Revenue: 361.3% < 20% (prev 127.7%; Δ 233.6% < -1%) |
| CFO/TA -0.06 > 3% & CFO -18.0m > Net Income -73.8m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 1.51 > 1.5 & < 3 |
| Outstanding Shares: last quarter (18.5m) vs 12m ago 86.50% < -2% |
| Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin) |
| Asset Turnover: 7.30% > 50% (prev 47.98%; Δ -40.68% > 0%) |
| Interest Coverage Ratio: -7.27 > 6 (EBITDA TTM -63.9m / Interest Expense TTM 8.93m) |
| A: 0.13 (Total Current Assets 121.9m - Total Current Liabilities 80.8m) / Total Assets 307.4m |
| B: -0.30 (Retained Earnings -91.8m / Total Assets 307.4m) |
| C: -0.42 (EBIT TTM -65.0m / Avg Total Assets 155.9m) |
| D: -0.44 (Book Value of Equity -91.8m / Total Liabilities 208.1m) |
| Altman-Z'' = -3.36 = D |
As of May 24, 2026, the stock is trading at USD 4.44 with a total of 443,763 shares traded.
Over the past week, the price has changed by -15.21%,
over one month by -10.15%,
over three months by +14.97% and
over the past year by -88.12%.
DeFi Development has no consensus analysts rating.
| Analysts Target Price | 7.5 | 68.9% |
P/B = 1.3254
Revenue TTM = 11.4m USD
EBIT TTM = -65.0m USD
EBITDA TTM = -63.9m USD
Long Term Debt = 127.4m USD (from longTermDebt, last quarter)
Short Term Debt = 107k USD (from shortTermDebt, last quarter)
Debt = 127.5m USD (from shortLongTermDebtTotal, last quarter) + Leases 43.0k
Net Debt = 117.9m USD (calculated: Debt 127.5m - CCE 9.60m)
Enterprise Value = 252.2m USD (134.3m + Debt 127.5m - CCE 9.60m)
Interest Coverage Ratio = -7.27 (Ebit TTM -65.0m / Interest Expense TTM 8.93m)
EV/FCF = -14.04x (Enterprise Value 252.2m / FCF TTM -18.0m)
FCF Yield = -7.12% (FCF TTM -18.0m / Enterprise Value 252.2m)
FCF Margin = -157.8% (FCF TTM -18.0m / Revenue TTM 11.4m)
Net Margin = -648.0% (Net Income TTM -73.8m / Revenue TTM 11.4m)
Gross Margin = unknown ((Revenue TTM 11.4m - Cost of Revenue TTM 250k) / Revenue TTM)
Tobins Q-Ratio = 0.82 (Enterprise Value 252.2m / Total Assets 307.4m)
Interest Expense / Debt = 7.00% (Interest Expense 8.93m / Debt 127.5m)
Taxrate = 21.0% (US default 21%)
NOPAT = -51.3m (EBIT -65.0m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.51 (Total Current Assets 121.9m / Total Current Liabilities 80.8m)
Debt / Equity = 1.28 (Debt 127.5m / totalStockholderEquity, last quarter 99.3m)
Debt / EBITDA = -1.85 (negative EBITDA) (Net Debt 117.9m / EBITDA -63.9m)
Debt / FCF = -6.56 (negative FCF - burning cash) (Net Debt 117.9m / FCF TTM -18.0m)
Total Stockholder Equity = 106.4m (last 4 quarters mean from totalStockholderEquity)
RoA = -47.33% (Net Income -73.8m / Total Assets 307.4m)
RoE = -37.24% (Net Income TTM -73.8m / Total Stockholder Equity 198.2m)
RoCE = -19.95% (EBIT -65.0m / Capital Employed (Equity 198.2m + L.T.Debt 127.4m))
RoIC = -22.63% (negative operating profit) (NOPAT -51.3m / Invested Capital 226.7m)
WACC = -1.45% (negative - check inputs) (E(134.3m)/V(261.8m) * Re(-8.09%) + D(127.5m)/V(261.8m) * Rd(7.00%) * (1-Tc(0.21)))
Discount Rate = 5.29% (= Risk Free + ERP)
Shares (quarterly) Correlation: 86.67 | Cagr: 44.72%
[DCF] Fair Price = unknown (Cash Flow -18.0m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 69.76 | Revenue CAGR: 59.98% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.30 | Chg30d=-215.79% | Revisions=-20% | Analysts=2
EPS current Year (2026-12-31): EPS=-1.03 | Chg30d=-212.12% | Revisions=-20% | GrowthEPS=+74.2% | GrowthRev=+30.0%
EPS next Year (2027-12-31): EPS=-0.46 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+55.3% | GrowthRev=+23.6%
[Analyst] Revisions Ratio: -20%