Bitdeer - Public Comps and Valuation Multiples

Bitdeer Overview

About Bitdeer

Bitdeer Technologies Group is principally engaged in provision of digital asset mining services. The Company does not conduct any substantive operations on its own but conducts its primary operations through its subsidiaries. Its majority business segments are: proprietary mining, cloud hash rate sharing and cloud hosting. The company operates five proprietary mining datacenters in the United States and Norway, Bhutan and Singapore.

Founded

2021

HQ

Employees

246

Website

bitdeer.com

Sectors

Blockchain & Crypto
Data Centers
FinTech

Financials

LTM Revenue $533M

LTM EBITDA $37.6M

EV

$5.3B

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Bitdeer Financials

As of September 2025, Bitdeer reported last 12-month revenue of $533M and EBITDA of $37.6M.

In the same period, Bitdeer generated $114M in LTM gross profit and $70.9M in net income.

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Bitdeer P&L

In the most recent fiscal year, Bitdeer reported revenue of $350M and EBITDA of -$503M.

Bitdeer expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$533M	XXX	$350M	XXX	XXX	XXX
Gross Profit	$114M	XXX	$66.4M	XXX	XXX	XXX
Gross Margin	21%	XXX	19%	XXX	XXX	XXX
EBITDA	$37.6M	XXX	-$503M	XXX	XXX	XXX
EBITDA Margin	7%	XXX	-144%	XXX	XXX	XXX
EBIT	$86.7M	XXX	-$89.4M	XXX	XXX	XXX
EBIT Margin	16%	XXX	-26%	XXX	XXX	XXX
Net Profit	$70.9M	XXX	-$599M	XXX	XXX	XXX
Net Margin	13%	XXX	-171%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Bitdeer including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $533M. EBITDA for the last twelve months was $37.6M. In the most recent fiscal year, Bitdeer achieved $350M in revenue and -$503M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$533M	Analyst estimates available to subscribers	$350M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$114M	Analyst estimates available to subscribers	$66.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	21.4% gross margin	Analyst estimates available to subscribers	19.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$37.6M	Analyst estimates available to subscribers	-$503M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	7.1% EBITDA margin	Analyst estimates available to subscribers	-143.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$86.7M	Analyst estimates available to subscribers	-$89.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	16.3% EBIT margin	Analyst estimates available to subscribers	-25.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$70.9M	Analyst estimates available to subscribers	-$599M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	13.3% net profit margin	Analyst estimates available to subscribers	-171.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Bitdeer

This financial data table provides comprehensive performance metrics for Bitdeer, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Bitdeer generated $533M in revenue over the last twelve months.
The company achieved $37.6M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $114M.
Net income over the last twelve months reached $70.9M.

Fiscal Year Performance

In the most recent fiscal year, Bitdeer reported $350M in total revenue.
Fiscal year EBITDA was -$503M.
The company maintained a gross profit margin of 19.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was -143.7%.
Net profit margin reached -171.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Bitdeer. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Bitdeer Stock Performance

Bitdeer has current market cap of $5.1B, and EV of $5.3B.

Market Cap Evolution

Bitdeer Stock Data

As of October 17, 2025, Bitdeer's stock price is $24.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$5.3B	$5.1B	XXX	XXX	XXX	XXX	$-0.01

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Bitdeer Valuation Multiples

Bitdeer's trades at 15.1x EV/Revenue multiple, and -10.5x EV/EBITDA.

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Bitdeer Financial Valuation Multiples

As of October 17, 2025, Bitdeer has market cap of $5.1B and EV of $5.3B.

Equity research analysts estimate Bitdeer's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Bitdeer has a P/E ratio of 72.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$5.1B	XXX	$5.1B	XXX	XXX	XXX
EV (current)	$5.3B	XXX	$5.3B	XXX	XXX	XXX
EV/Revenue	9.9x	XXX	15.1x	XXX	XXX	XXX
EV/EBITDA	140.7x	XXX	-10.5x	XXX	XXX	XXX
EV/EBIT	61.0x	XXX	-59.2x	XXX	XXX	XXX
EV/Gross Profit	46.4x	XXX	n/a	XXX	XXX	XXX
P/E	72.4x	XXX	-8.6x	XXX	XXX	XXX
EV/FCF	-5.4x	XXX	-7.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Bitdeer Margins & Growth Rates

Bitdeer's last 12 month revenue growth is 90%

Bitdeer's revenue per employee in the last FY averaged $1.4M, while opex per employee averaged $0.6M for the same period.

Bitdeer's rule of 40 is 98% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Bitdeer's rule of X is 232% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Bitdeer Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	90%	XXX	79%	XXX	XXX	XXX
EBITDA Margin	7%	XXX	-144%	XXX	XXX	XXX
EBITDA Growth	816%	XXX	12%	XXX	XXX	XXX
Rule of 40	98%	XXX	-54%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	232%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	22%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	45%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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