BitGo Holdings, Inc. (BTGO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+2321.9%

$127.03

vs $5.25 price

Levered DCF

-$392.06

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.41

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023
P/E	-138.46×	38.3×	-322×
P/B	6.56×	6.37×	4.99×
P/S	0.13×	0.68×	0.74×
EV / EBITDA	-228.77×	10.63×	-18.74×
Gross margin	1.2%	4.2%	6.8%
Operating margin	-0.1%	3.5%	-4.0%
Net margin	-0.1%	5.1%	-0.2%
Current ratio	1.07×	1.91×	1.02×
Debt / equity	0.02×	0.11×	0.02×
Interest coverage	-1.29×	65.43×	-26.85×
Dividend yield	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	-4.7%	48.0%	-1.5%
Return on invested capital	-2.7%	24.7%	-26.2%
Return on assets	-0.3%	22.9%	-0.0%
Free cash flow yield	0.2%	0.4%	-7.5%
Earnings yield	-0.7%	7.5%	-0.3%
Enterprise value	$2B	$2B	$638.9M
Net debt / EBITDA	11.54×	-0.28×	1.27×
Cash conversion cycle (days)	0	2	2