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

TSX:BITF - Toronto Stock Exchange - CA09173B1076 - Common Stock - Currency: CAD

1.26  +0.01 (+0.8%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to BITF. 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. BITF is not overvalued while it is showing excellent growth. This is an interesting combination.


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.
BITF had negative earnings in 4 of the past 5 years.
The reported operating cash flow has been mixed in the past 5 years: BITF reported negative operating cash flow in multiple 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 (-10.81%) which is comparable to the rest of the industry.
The Return On Equity of BITF (-12.63%) is comparable to the rest of the industry.
Industry RankSector Rank
ROA -10.81%
ROE -12.63%
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

BITF does not have Profit Margin and Operating Margin and Gross Margin available, so we won't be analyzing them here.
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.
Compared to 1 year ago, BITF has more shares outstanding
BITF has more shares outstanding than it did 5 years ago.
BITF has a better debt/assets ratio than last year.
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

An Altman-Z score of 2.12 indicates that BITF is not a great score, but indicates only limited risk for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 2.12, BITF is in the better half of the industry, outperforming 61.90% of the companies in the same industry.
BITF has a Debt/Equity ratio of 0.03. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of BITF (0.03) is better than 73.02% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.03
Debt/FCF N/A
Altman-Z 2.12
ROIC/WACCN/A
WACC9.84%
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

A Current Ratio of 2.64 indicates that BITF has no problem at all paying its short term obligations.
BITF's Current ratio of 2.64 is amongst the best of the industry. BITF outperforms 80.95% of its industry peers.
BITF has a Quick Ratio of 2.58. This indicates that BITF is financially healthy and has no problem in meeting its short term obligations.
BITF has a better Quick ratio (2.58) than 79.37% of its industry peers.
Industry RankSector Rank
Current Ratio 2.64
Quick Ratio 2.58
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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7

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 55.97% over the past year.
The Revenue has grown by 25.67% in the past year. This is a very strong growth!
The Revenue has been growing by 42.85% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)55.97%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-49.78%
Revenue 1Y (TTM)25.67%
Revenue growth 3Y4.4%
Revenue growth 5Y42.85%
Sales Q2Q%32.85%

3.2 Future

Based on estimates for the next years, BITF will show a very strong growth in Earnings Per Share. The EPS will grow by 139.06% on average per year.
Based on estimates for the next years, BITF will show a very strong growth in Revenue. The Revenue will grow by 35.37% on average per year.
EPS Next Y49.01%
EPS Next 2Y139.06%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year91%
Revenue Next 2Y87.87%
Revenue Next 3Y61.97%
Revenue Next 5Y35.37%

3.3 Evolution

The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
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 -0.5 -1

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5

4. Valuation

4.1 Price/Earnings Ratio

BITF reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
With a Price/Forward Earnings ratio of 1.77, the valuation of BITF can be described as very cheap.
BITF's Price/Forward Earnings ratio is rather cheap when compared to the industry. BITF is cheaper than 98.41% of the companies in the same industry.
BITF's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.30.
Industry RankSector Rank
PE N/A
Fwd PE 1.77
BITF.CA Price Earnings VS Forward Price EarningsBITF.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 20 30 40

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, BITF is valued a bit cheaper than the industry average as 66.67% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 16.4
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

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
BITF's earnings are expected to grow with 139.06% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y139.06%
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 (6/3/2025, 7:00:00 PM)

1.26

+0.01 (+0.8%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)05-14 2025-05-14/bmo
Earnings (Next)08-06 2025-08-06/bmo
Inst Owners25.43%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap697.59M
Analysts82.86
Price Target6.63 (426.19%)
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)75.49%
Min EPS beat(2)-47.06%
Max EPS beat(2)198.04%
EPS beat(4)2
Avg EPS beat(4)43.39%
Min EPS beat(4)-47.06%
Max EPS beat(4)198.04%
EPS beat(8)2
Avg EPS beat(8)-83.88%
EPS beat(12)4
Avg EPS beat(12)-361.09%
EPS beat(16)6
Avg EPS beat(16)-278.04%
Revenue beat(2)1
Avg Revenue beat(2)-2.08%
Min Revenue beat(2)-6.48%
Max Revenue beat(2)2.32%
Revenue beat(4)1
Avg Revenue beat(4)-7.37%
Min Revenue beat(4)-13.39%
Max Revenue beat(4)2.32%
Revenue beat(8)5
Avg Revenue beat(8)9.9%
Revenue beat(12)7
Avg Revenue beat(12)5.74%
Revenue beat(16)8
Avg Revenue beat(16)7.12%
PT rev (1m)0%
PT rev (3m)-3.7%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)-250%
Revenue NQ rev (1m)-13.52%
Revenue NQ rev (3m)-15.24%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-8.66%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 1.77
P/S 2.43
P/FCF N/A
P/OCF N/A
P/B 0.77
P/tB 0.77
EV/EBITDA 16.4
EPS(TTM)-0.21
EYN/A
EPS(NY)0.71
Fwd EY56.56%
FCF(TTM)-1.21
FCFYN/A
OCF(TTM)-0.44
OCFYN/A
SpS0.52
BVpS1.64
TBVpS1.64
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -10.81%
ROE -12.63%
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-Score3
Asset Turnover0.27
Health
Industry RankSector Rank
Debt/Equity 0.03
Debt/FCF N/A
Debt/EBITDA 0.7
Cap/Depr 235.21%
Cap/Sales 147.91%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 2.64
Quick Ratio 2.58
Altman-Z 2.12
F-Score3
WACC9.84%
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)55.97%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-49.78%
EPS Next Y49.01%
EPS Next 2Y139.06%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)25.67%
Revenue growth 3Y4.4%
Revenue growth 5Y42.85%
Sales Q2Q%32.85%
Revenue Next Year91%
Revenue Next 2Y87.87%
Revenue Next 3Y61.97%
Revenue Next 5Y35.37%
EBIT growth 1Y-50.41%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year233.25%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-608.46%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-366.76%
OCF growth 3YN/A
OCF growth 5YN/A