(KEEL) Bitfarms - Overview
Sector: Technology | Industry: Information Technology Services | Exchange: NASDAQ (USA) | Market Cap: 3.683m USD | Total Return: 496.5% in 12m
Avg Turnover: 209M
Qual. Beats: -1
Rev. Trend: 89.2%
Warnings
Share dilution 20.5% YoY
Tailwinds
Supp Ema20, Rs Leader, Idiosyncratic Leader, Tailwind
Keel Infrastructure Corp. is a digital and energy infrastructure firm specializing in high-performance computing (HPC) and artificial intelligence (AI) workloads. Based in New York, the company operates a network of data centers across North America designed to support Bitcoin blockchain validation and cryptocurrency mining through the sale of hashing power. Its business model integrates vertical services, including third-party hardware hosting and commercial electrical services in Quebec.
The company operates within the Bitcoin mining sector, where profitability is heavily influenced by the network hash rate-a measure of the total computational power securing the network-and the cost of electricity. As AI demand grows, many mining firms are repurposing existing power capacity to support GPU-intensive workloads, which often command higher margins than traditional SHA-256 hashing. For a deeper look at these valuation metrics, ValueRay provides additional analytical tools.
- Bitcoin mining margins expand through fleet upgrades and hardware efficiency
- HPC and AI data center diversification drives non-crypto revenue growth
- Regulatory scrutiny of energy consumption impacts North American facility expansion
- Bitcoin price volatility and network difficulty directly correlate to stock valuation
| Net Income: -394.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.31 > 0.02 and ΔFCF/TA 31.25 > 1.0 |
| NWC/Revenue: 258.6% < 20% (prev 66.49%; Δ 192.1% < -1%) |
| CFO/TA -0.26 > 3% & CFO -272.7m > Net Income -394.0m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 9.60 > 1.5 & < 3 |
| Outstanding Shares: last quarter (602.6m) vs 12m ago 20.48% < -2% |
| Gross Margin: -22.40% > 18% (prev -10.61%; Δ -11.79% > 0.5%) |
| Asset Turnover: 21.63% > 50% (prev 26.95%; Δ -5.32% > 0%) |
| Interest Coverage Ratio: -21.14 > 6 (EBIT TTM -244.8m / Interest Expense TTM 11.6m) |
| A: 0.48 (Total Current Assets 575.6m - Total Current Liabilities 59.9m) / Total Assets 1.07b |
| B: -0.71 (Retained Earnings -757.8m / Total Assets 1.07b) |
| C: -0.27 (EBIT TTM -244.8m / Avg Total Assets 921.9m) |
| D: 0.65 (Book Value of Equity 419.1m / Total Liabilities 647.6m) |
| Altman-Z'' = -0.25 = B |
| DSRI: 0.17 (Receivables 5.36m/32.9m, Revenue 199.4m/209.4m) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 5.46 (AQ_t 0.12 / AQ_t-1 0.02) |
| SGI: 0.95 (Revenue 199.4m / 209.4m) |
| TATA: -0.11 (NI -394.0m - CFO -272.7m) / TA 1.07b) |
| Beneish M = -1.11 (Cap -4..+1) = D |
As of June 07, 2026, the stock is trading at USD 5.13 with a total of 111,874,453 shares traded.
Over the past week, the price has changed by -9.68%,
over one month by +45.33%,
over three months by +131.08% and
over the past year by +496.51%.
Bitfarms has no consensus analysts rating.
P/E Forward = 84.0336
P/S = 16.8484
P/B = 8.788
Revenue TTM = 199.4m USD
EBIT TTM = -244.8m USD
EBITDA TTM = -122.9m USD
Long Term Debt = 573.2m USD (from longTermDebt, last quarter)
Short Term Debt = 6.04m USD (from shortTermDebt, last quarter)
Debt = 604.5m USD (from shortLongTermDebtTotal, last quarter) + Leases 13.5m
Net Debt = 247.2m USD (calculated: Debt 604.5m - CCE 357.3m)
Enterprise Value = 3.93b USD (3.68b + Debt 604.5m - CCE 357.3m)
Interest Coverage Ratio = -21.14 (Ebit TTM -244.8m / Interest Expense TTM 11.6m)
EV/FCF = -11.72x (Enterprise Value 3.93b / FCF TTM -335.5m)
FCF Yield = -8.54% (FCF TTM -335.5m / Enterprise Value 3.93b)
FCF Margin = -168.2% (FCF TTM -335.5m / Revenue TTM 199.4m)
Net Margin = -197.6% (Net Income TTM -394.0m / Revenue TTM 199.4m)
Gross Margin = -22.40% ((Revenue TTM 199.4m - Cost of Revenue TTM 244.1m) / Revenue TTM)
Gross Margin QoQ = -71.11% (prev -65.01%)
Tobins Q-Ratio = 3.68 (Enterprise Value 3.93b / Total Assets 1.07b)
Interest Expense / Debt = 1.92% (Interest Expense 11.6m / Debt 604.5m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -193.4m (EBIT -244.8m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 9.60 (Total Current Assets 575.6m / Total Current Liabilities 59.9m)
Debt / Equity = 1.44 (Debt 604.5m / totalStockholderEquity, last quarter 419.1m)
Debt / EBITDA = -2.01 (negative EBITDA) (Net Debt 247.2m / EBITDA -122.9m)
Debt / FCF = -0.74 (negative FCF - burning cash) (Net Debt 247.2m / FCF TTM -335.5m)
Total Stockholder Equity = 563.3m (last 4 quarters mean from totalStockholderEquity)
RoA = -42.74% (Net Income -394.0m / Total Assets 1.07b)
RoE = -69.94% (Net Income TTM -394.0m / Total Stockholder Equity 563.3m)
RoCE = -21.54% (EBIT -244.8m / Capital Employed (Equity 563.3m + L.T.Debt 573.2m))
RoIC = -19.29% (negative operating profit) (NOPAT -193.4m / Invested Capital 1.00b)
WACC = 16.62% (E(3.68b)/V(4.29b) * Re(19.10%) + D(604.5m)/V(4.29b) * Rd(1.92%) * (1-Tc(0.21)))
Discount Rate = 19.10% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 91.11 | Cagr: 29.96%
[DCF] Fair Price = unknown (Cash Flow -335.5m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -4.0 | # QB: -1
Revenue Correlation: 89.24 | Revenue CAGR: 27.25% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.07 | Chg30d=-55.56% | Revisions=-20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=-0.05 | Chg30d=-11.11% | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=-0.17 | Chg30d=+5.56% | Revisions=N/A | GrowthEPS=+0.0% | GrowthRev=-46.0%
EPS next Year (2027-12-31): EPS=-0.07 | Chg30d=+31.58% | Revisions=N/A | GrowthEPS=+61.8% | GrowthRev=+36.3%
[Analyst] Revisions Ratio: -20%