Galaxy Digital (GLXY) 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

+49138.3%

$7,183.88

vs $14.59 price

Levered DCF

$4,735.63

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.93

Grey zone

Rating

Overall 2 / 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	-42.19×	18.06×	1.8×	-0.57×	4.17×	5.68×	-0.41×	-0.67×
P/B	1.85×	0.95×	1.05×	0.99×	2.13×	0×	0×	0×
P/S	0.06×	0.05×	0×	0×	0×	0×	0×	0×
EV / EBITDA	12.22×	5.61×	-379.8×	-116.05×	-388.02×	0×	0×	0×
Gross margin	1.9%	3.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	0.9%	1.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	-0.1%	0.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	1.6×	1.51×	1.56×	1.39×	0.71×	0×	0×	0×
Debt / equity	2.77×	1.35×	0×	0×	0×	0×	0×	0×
Interest coverage	9.71×	23.42×	0×	0×	0×	0×	0×	0×
Dividend yield	1.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-58.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.4%	5.3%	58.2%	-174.6%	51.1%	0.0%	0.0%	0.0%
Return on invested capital	5.8%	13.5%	-0.2%	-0.7%	-0.4%	0.0%	0.0%	0.0%
Return on assets	-0.7%	1.6%	52.0%	-132.6%	45.2%	0.0%	0.0%	0.0%
Free cash flow yield	-40.7%	-0.9%	-2.0%	-25.8%	-1.2%	0.0%	0.0%	-1.3%
Earnings yield	-2.4%	5.5%	55.5%	-175.6%	24.0%	17.6%	-245.0%	-149.7%
Enterprise value	$7.4B	$4.3B	$819.2M	$287.7M	$1.6B	$0	$0	$0
Net debt / EBITDA	6.38×	2.89×	0.39×	4.05×	6.31×	0×	0×	0×
Cash conversion cycle (days)	8	9	0	0	0	0	0	0