Ionic Digital Inc. Class A (IOND) 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

-46.2%

$33.97

vs $63.18 price

Levered DCF

$14.68

After debt service

Piotroski score

—

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022
P/E	-9.49×	0×	0×	0×
P/B	4.33×	0×	0×	0×
P/S	16.63×	0×	0×	0×
EV / EBITDA	679.48×	0×	0×	0×
Gross margin	37.8%	0.0%	0.0%	0.0%
Operating margin	-44.8%	0.0%	0.0%	0.0%
Net margin	-175.2%	0.0%	0.0%	0.0%
Current ratio	5×	22.55×	43.79×	4.46×
Debt / equity	0×	0×	0×	-1.7×
Interest coverage	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	-45.6%	0.0%	0.0%	0.0%
Return on invested capital	-9.2%	0.0%	0.0%	0.0%
Return on assets	-40.9%	0.0%	0.0%	0.0%
Free cash flow yield	-4.6%	0.0%	0.0%	0.0%
Earnings yield	-10.5%	0.0%	0.0%	0.0%
Enterprise value	$2.3B	-$48.2M	-$194.3M	$605.7M
Net debt / EBITDA	-12.76×	0×	0×	0×
Cash conversion cycle (days)	20	0	0	0