CleanSpark, Inc. (CLSK) 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

-2016.3%

-$137.02

vs $7.15 price

Levered DCF

-$231.39

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.18

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.6×	-13.54×	-2.82×	-2.36×	-15.45×	-5.12×	-4.08×	-12.29×
P/B	1.88×	1.15×	0.58×	0.34×	1.12×	7.26×	5.64×	35.99×
P/S	5.34×	5.34×	2.32×	1.03×	8.69×	11.9×	23.5×	998.67×
EV / EBITDA	6.38×	134.73×	-49.86×	13.68×	261.81×	-11.97×	-7.67×	-13.19×
Gross margin	41.6%	36.8%	17.3%	37.5%	32.7%	21.1%	14.8%	32.5%
Operating margin	41.6%	-39.3%	-77.8%	-28.8%	-30.3%	-151.0%	-366.5%	-1222.9%
Net margin	47.6%	-38.5%	-82.0%	-43.6%	-55.5%	-232.8%	-576.2%	-8123.6%
Current ratio	4.18×	3.75×	1.38×	1.49×	5.74×	1.53×	6.58×	0.41×
Debt / equity	0.38×	0.04×	0.02×	0.05×	0.01×	0.03×	0.16×	0.07×
Interest coverage	28.14×	-60.71×	-44.02×	-35.12×	-81.65×	-1.41×	-1.75×	-7.65×
Dividend yield	0.3%	0.2%	0.0%	0.2%	0.1%	0.0%	0.0%	0.0%
Payout ratio	2.9%	-2.3%	-0.0%	-0.5%	-0.8%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.8%	-8.3%	-20.4%	-14.2%	-7.1%	-142.1%	-138.3%	-292.8%
Return on invested capital	9.5%	-8.1%	-18.9%	-8.9%	-3.9%	-89.1%	-75.5%	-41.3%
Return on assets	11.4%	-7.4%	-18.1%	-12.7%	-6.9%	-104.5%	-111.4%	-267.8%
Free cash flow yield	-25.0%	-51.3%	-81.3%	-86.5%	-74.0%	-5.7%	-6.0%	-0.3%
Earnings yield	8.9%	-7.2%	-35.3%	-42.3%	-6.4%	-19.6%	-24.5%	-8.1%
Enterprise value	$4.9B	$2B	$378.8M	$137.3M	$328.2M	$116.7M	$101.8M	$578.5M
Net debt / EBITDA	1.02×	-3.71×	1.64×	0.18×	-10.4×	0.26×	0.36×	-0.01×
Cash conversion cycle (days)	128	8	-82	-109	-92	-166	-13	-68