(SBET) Sharplink Gaming - Overview
Sector: Financial Services | Industry: Capital Markets | Exchange: NASDAQ (USA) | Market Cap: 1.325m USD | Total Return: 65.7% in 12m
Avg Turnover: 46.3M
Warnings
Share dilution 39596.1% YoY
Below Avwap Earnings
Tailwinds
No distinct edge detected
Sharplink, Inc. operates a dual-pronged business model centered on digital asset management and performance-based marketing. The company’s Ethereum (ETH) Treasury Management segment focuses on institutional-grade accumulation and active management of ETH, utilizing native and liquid staking to generate yield within a risk management framework. This strategy aligns with a growing trend where corporations utilize blockchain assets as primary treasury reserves rather than traditional cash equivalents.
The Affiliate Marketing segment serves the iGaming and sports betting sectors by driving user traffic to licensed operators through its PAS.net network and various state-specific digital properties. In the affiliate marketing model, revenue is typically generated through cost-per-acquisition (CPA) or revenue-sharing agreements, reducing upfront marketing risks for sportsbook operators. Formerly known as SharpLink Gaming, Inc., the Florida-based firm rebranded in early 2026 to reflect its expanded focus on digital asset treasury operations.
Investors may find additional insights on the companys valuation and market position by exploring the data at ValueRay. Detailed analysis of the gaming and cryptocurrency sectors can provide necessary context for evaluating Sharplinks long-term growth trajectory within these volatile markets.
- Ethereum price volatility dictates core treasury asset valuation and balance sheet strength
- Staking yield fluctuations directly impact net income from treasury management operations
- Sportsbook partner marketing spend determines affiliate revenue and customer acquisition volume
- Expansion of US legal gambling jurisdictions drives traffic growth for digital properties
- Regulatory shifts in crypto custody standards affect institutional treasury management risk profile
| Net Income: -1.42b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.02 > 0.02 and ΔFCF/TA 141.3 > 1.0 |
| NWC/Revenue: 31.97% < 20% (prev 45.81%; Δ -13.84% < -1%) |
| CFO/TA -0.02 > 3% & CFO -28.7m > Net Income -1.42b |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 3.32 > 1.5 & < 3 |
| Outstanding Shares: last quarter (210.9m) vs 12m ago 39.6k% < -2% |
| Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin) |
| Asset Turnover: 4.51% > 50% (prev 123.4%; Δ -118.9% > 0%) |
| Interest Coverage Ratio: -1.07 > 6 (EBITDA TTM -730.8m / Interest Expense TTM 686.1m) |
| A: 0.01 (Total Current Assets 18.0m - Total Current Liabilities 5.44m) / Total Assets 1.74b |
| B: -0.86 (Retained Earnings -1.50b / Total Assets 1.74b) |
| C: -0.84 (EBIT TTM -730.8m / Avg Total Assets 873.4m) |
| D: -275.5 (Book Value of Equity -1.50b / Total Liabilities 5.44m) |
| Altman-Z'' = -297.7 = D |
| DSRI: 0.12 (Receivables 461k/323k, Revenue 39.4m/3.43m) |
| GMI: 0.23 (GM 95.62% / 21.90%) |
| AQI: 5.37 (AQ_t 0.99 / AQ_t-1 0.18) |
| SGI: 11.48 (Revenue 39.4m / 3.43m) |
| TATA: -0.80 (NI -1.42b - CFO -28.7m) / TA 1.74b) |
| Beneish M = 4.84 (Cap -4..+1) = D |
As of May 24, 2026, the stock is trading at USD 6.48 with a total of 5,004,087 shares traded.
Over the past week, the price has changed by -7.29%,
over one month by -16.60%,
over three months by -4.01% and
over the past year by +65.69%.
Sharplink Gaming has no consensus analysts rating.
P/S = 47.238
P/B = 0.6056
Revenue TTM = 39.4m USD
EBIT TTM = -730.8m USD
EBITDA TTM = -730.8m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 266k USD (Leases only: 266k)
Net Debt = -16.6m USD (calculated: Debt 266k - CCE 16.9m)
Enterprise Value = 1.31b USD (1.33b + Debt 266k - CCE 16.9m)
Interest Coverage Ratio = -1.07 (Ebit TTM -730.8m / Interest Expense TTM 686.1m)
EV/FCF = -45.58x (Enterprise Value 1.31b / FCF TTM -28.7m)
FCF Yield = -2.19% (FCF TTM -28.7m / Enterprise Value 1.31b)
FCF Margin = -72.92% (FCF TTM -28.7m / Revenue TTM 39.4m)
Net Margin = -3.60k% (Net Income TTM -1.42b / Revenue TTM 39.4m)
Gross Margin = unknown ((Revenue TTM 39.4m - Cost of Revenue TTM 1.72m) / Revenue TTM)
Tobins Q-Ratio = 0.75 (Enterprise Value 1.31b / Total Assets 1.74b)
Interest Expense / Debt = 258k% (Interest Expense 686.1m / Debt 266k)
Taxrate = 21.0% (US default 21%)
NOPAT = -577.3m (EBIT -730.8m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 3.32 (Total Current Assets 18.0m / Total Current Liabilities 5.44m)
Debt / Equity = 0.00 (Debt 266k / totalStockholderEquity, last quarter 1.74b)
Debt / EBITDA = 0.02 (negative EBITDA) (Net Debt -16.6m / EBITDA -730.8m)
Debt / FCF = 0.58 (negative FCF - burning cash) (Net Debt -16.6m / FCF TTM -28.7m)
Total Stockholder Equity = 1.92b (last 4 quarters mean from totalStockholderEquity)
RoA = -162.5% (out of range, set to none)
RoE = -41.53% (Net Income TTM -1.42b / Total Stockholder Equity 3.42b)
RoCE = -42.03% (EBIT -730.8m / Capital Employed (Total Assets 1.74b - Current Liab 5.44m))
RoIC = -33.53% (negative operating profit) (NOPAT -577.3m / Invested Capital 1.72b)
WACC = 19.22% (E(1.33b)/V(1.33b) * Re(19.22%) + (debt cost/tax rate unavailable))
Discount Rate = 19.22% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 100.00 | Cagr: 1.95k%
[DCF] Fair Price = unknown (Cash Flow -28.7m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.79 | # QB: 0
Revenue Correlation: 56.85 | Revenue CAGR: 69.75% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.01 | Chg30d=N/A | Revisions=-20% | Analysts=3
EPS next Quarter (2026-09-30): EPS=0.01 | Chg30d=N/A | Revisions=N/A | Analysts=3
EPS current Year (2026-12-31): EPS=-3.16 | Chg30d=N/A | Revisions=-20% | GrowthEPS=+57.2% | GrowthRev=+84.2%
EPS next Year (2027-12-31): EPS=0.10 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+103.1% | GrowthRev=+30.3%
[Analyst] Revisions Ratio: -20%