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BITFARMS LTD/CANADA (BITF.CA) Stock Fundamental Analysis

TSX:BITF - CA09173B1076 - Common Stock

1.77 CAD
+0.03 (+1.72%)
Last: 9/5/2025, 7:00:00 PM
Fundamental Rating

3

Taking everything into account, BITF scores 3 out of 10 in our fundamental rating. BITF was compared to 63 industry peers in the Software industry. While BITF seems to be doing ok healthwise, there are quite some concerns on its profitability. While showing a medium growth rate, BITF is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

In the past year BITF has reported negative net income.
BITF had a negative operating cash flow in the past year.
In the past 5 years BITF reported 4 times negative net income.
In multiple years BITF reported negative operating cash flow during the last 5 years.
BITF.CA Yearly Net Income VS EBIT VS OCF VS FCFBITF.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 -100M -200M -300M -400M

1.2 Ratios

BITF has a Return On Assets of -10.41%. This is comparable to the rest of the industry: BITF outperforms 42.86% of its industry peers.
BITF has a Return On Equity (-13.01%) which is comparable to the rest of the industry.
Industry RankSector Rank
ROA -10.41%
ROE -13.01%
ROIC N/A
ROA(3y)-35.51%
ROA(5y)-26.79%
ROE(3y)-46.46%
ROE(5y)-47.92%
ROIC(3y)N/A
ROIC(5y)N/A
BITF.CA Yearly ROA, ROE, ROICBITF.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 0 -20 -40 -60 -80 -100

1.3 Margins

The Profit Margin and Operating Margin and Gross Margin are not available for BITF so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
BITF.CA Yearly Profit, Operating, Gross MarginsBITF.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100 -150

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5

2. Health

2.1 Basic Checks

BITF does not have a ROIC to compare to the WACC, probably because it is not profitable.
BITF has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, BITF has more shares outstanding
The debt/assets ratio for BITF has been reduced compared to a year ago.
BITF.CA Yearly Shares OutstandingBITF.CA Yearly Shares OutstandingYearly Shares Outstanding 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M
BITF.CA Yearly Total Debt VS Total AssetsBITF.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M

2.2 Solvency

BITF has an Altman-Z score of 2.11. This is not the best score and indicates that BITF is in the grey zone with still only limited risk for bankruptcy at the moment.
BITF has a Altman-Z score (2.11) which is comparable to the rest of the industry.
BITF has a Debt/Equity ratio of 0.11. This is a healthy value indicating a solid balance between debt and equity.
BITF's Debt to Equity ratio of 0.11 is in line compared to the rest of the industry. BITF outperforms 58.73% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.11
Debt/FCF N/A
Altman-Z 2.11
ROIC/WACCN/A
WACC10.46%
BITF.CA Yearly LT Debt VS Equity VS FCFBITF.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M -400M 600M

2.3 Liquidity

BITF has a Current Ratio of 3.11. This indicates that BITF is financially healthy and has no problem in meeting its short term obligations.
BITF has a Current ratio of 3.11. This is in the better half of the industry: BITF outperforms 79.37% of its industry peers.
A Quick Ratio of 3.03 indicates that BITF has no problem at all paying its short term obligations.
BITF's Quick ratio of 3.03 is fine compared to the rest of the industry. BITF outperforms 79.37% of its industry peers.
Industry RankSector Rank
Current Ratio 3.11
Quick Ratio 3.03
BITF.CA Yearly Current Assets VS Current LiabilitesBITF.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M

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6

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 71.46% over the past year.
Looking at the last year, BITF shows a very strong growth in Revenue. The Revenue has grown by 42.25%.
BITF shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 42.85% yearly.
EPS 1Y (TTM)71.46%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%71.43%
Revenue 1Y (TTM)42.25%
Revenue growth 3Y4.4%
Revenue growth 5Y42.85%
Sales Q2Q%87.25%

3.2 Future

Based on estimates for the next years, BITF will show a very negative growth in Earnings Per Share. The EPS will decrease by -29.44% on average per year.
The Revenue is expected to grow by 35.37% on average over the next years. This is a very strong growth
EPS Next Y-12.9%
EPS Next 2Y-29.44%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year68.71%
Revenue Next 2Y35.38%
Revenue Next 3Y61.97%
Revenue Next 5Y35.37%

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
BITF.CA Yearly Revenue VS EstimatesBITF.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 200M 400M 600M 800M 1B
BITF.CA Yearly EPS VS EstimatesBITF.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 0 -0.5 -1

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1

4. Valuation

4.1 Price/Earnings Ratio

BITF reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for BITF. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
BITF.CA Price Earnings VS Forward Price EarningsBITF.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 -10 20 30 40

4.2 Price Multiples

BITF's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. BITF is cheaper than 60.32% of the companies in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 42.73
BITF.CA Per share dataBITF.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 0.5 -0.5 1 -1 1.5

4.3 Compensation for Growth

BITF's earnings are expected to decrease with -29.44% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-29.44%
EPS Next 3YN/A

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0

5. Dividend

5.1 Amount

BITF does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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BITFARMS LTD/CANADA

TSX:BITF (9/5/2025, 7:00:00 PM)

1.77

+0.03 (+1.72%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)08-12 2025-08-12/bmo
Earnings (Next)11-11 2025-11-11/bmo
Inst Owners21.49%
Inst Owner ChangeN/A
Ins Owners0.07%
Ins Owner ChangeN/A
Market Cap984.39M
Analysts82.5
Price Target3.57 (101.69%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-1.54%
Min EPS beat(2)-47.06%
Max EPS beat(2)43.98%
EPS beat(4)2
Avg EPS beat(4)45.73%
Min EPS beat(4)-47.06%
Max EPS beat(4)198.04%
EPS beat(8)3
Avg EPS beat(8)-73.92%
EPS beat(12)5
Avg EPS beat(12)-291.86%
EPS beat(16)6
Avg EPS beat(16)-276.19%
Revenue beat(2)0
Avg Revenue beat(2)-4.28%
Min Revenue beat(2)-6.48%
Max Revenue beat(2)-2.09%
Revenue beat(4)1
Avg Revenue beat(4)-4.55%
Min Revenue beat(4)-11.96%
Max Revenue beat(4)2.32%
Revenue beat(8)4
Avg Revenue beat(8)6.81%
Revenue beat(12)7
Avg Revenue beat(12)6.82%
Revenue beat(16)7
Avg Revenue beat(16)3.38%
PT rev (1m)0%
PT rev (3m)-46.15%
EPS NQ rev (1m)33.33%
EPS NQ rev (3m)N/A
EPS NY rev (1m)-121.43%
EPS NY rev (3m)-121.43%
Revenue NQ rev (1m)-8.46%
Revenue NQ rev (3m)-28.7%
Revenue NY rev (1m)-1.41%
Revenue NY rev (3m)-11.67%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 2.9
P/FCF N/A
P/OCF N/A
P/B 1.08
P/tB 1.08
EV/EBITDA 42.73
EPS(TTM)-0.14
EYN/A
EPS(NY)-0.32
Fwd EYN/A
FCF(TTM)-1.28
FCFYN/A
OCF(TTM)-0.65
OCFYN/A
SpS0.61
BVpS1.64
TBVpS1.63
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -10.41%
ROE -13.01%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM N/A
FCFM N/A
ROA(3y)-35.51%
ROA(5y)-26.79%
ROE(3y)-46.46%
ROE(5y)-47.92%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score2
Asset Turnover0.3
Health
Industry RankSector Rank
Debt/Equity 0.11
Debt/FCF N/A
Debt/EBITDA 4.31
Cap/Depr 210.27%
Cap/Sales 102.81%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 3.11
Quick Ratio 3.03
Altman-Z 2.11
F-Score2
WACC10.46%
ROIC/WACCN/A
Cap/Depr(3y)198.14%
Cap/Depr(5y)284.61%
Cap/Sales(3y)120.6%
Cap/Sales(5y)97.75%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)71.46%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%71.43%
EPS Next Y-12.9%
EPS Next 2Y-29.44%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)42.25%
Revenue growth 3Y4.4%
Revenue growth 5Y42.85%
Sales Q2Q%87.25%
Revenue Next Year68.71%
Revenue Next 2Y35.38%
Revenue Next 3Y61.97%
Revenue Next 5Y35.37%
EBIT growth 1Y-37.74%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year233.25%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-1250.68%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-1419.56%
OCF growth 3YN/A
OCF growth 5YN/A