Bitfarms - Public Comps and Valuation Multiples

Bitfarms Overview

About Bitfarms

Bitfarms Ltd engaged in the cryptocurrency Mining industry mainly consists of selling its computational power used for hashing calculations for cryptocurrency mining in multiple jurisdictions. Its geographic operations are currently located in Canada, the United States, Argentina. It owns and operates server farms comprised of computers designed to validate transactions on the Bitcoin Blockchain.

Founded

2018

HQ

Employees

197

Website

bitfarms.com

Sectors

Blockchain & Crypto
FinTech

Financials

LTM Revenue $421M

LTM EBITDA $122M

EV

$2.7B

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Bitfarms Financials

As of September 2025, Bitfarms reported last 12-month revenue of $421M and EBITDA of $122M.

In the same period, Bitfarms generated $59.6M in LTM gross profit and -$108M in net income.

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Bitfarms P&L

In the most recent fiscal year, Bitfarms reported revenue of $137M and EBITDA of $53.0M.

Bitfarms 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	$421M	XXX	$137M	XXX	XXX	XXX
Gross Profit	$59.6M	XXX	-$23.0M	XXX	XXX	XXX
Gross Margin	14%	XXX	-17%	XXX	XXX	XXX
EBITDA	$122M	XXX	$53.0M	XXX	XXX	XXX
EBITDA Margin	29%	XXX	39%	XXX	XXX	XXX
EBIT	-$120M	XXX	-$73.8M	XXX	XXX	XXX
EBIT Margin	-29%	XXX	-54%	XXX	XXX	XXX
Net Profit	-$108M	XXX	-$38.5M	XXX	XXX	XXX
Net Margin	-26%	XXX	-28%	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 Bitfarms including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $421M. EBITDA for the last twelve months was $122M. In the most recent fiscal year, Bitfarms achieved $137M in revenue and $53.0M 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	$421M	Analyst estimates available to subscribers	$137M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$59.6M	Analyst estimates available to subscribers	-$23.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	14.2% gross margin	Analyst estimates available to subscribers	-16.8% 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)	$122M	Analyst estimates available to subscribers	$53.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	29.0% EBITDA margin	Analyst estimates available to subscribers	38.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$120M	Analyst estimates available to subscribers	-$73.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-28.6% EBIT margin	Analyst estimates available to subscribers	-53.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$108M	Analyst estimates available to subscribers	-$38.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-25.7% net profit margin	Analyst estimates available to subscribers	-28.0% 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 Bitfarms

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

Recent Performance Highlights

Bitfarms generated $421M in revenue over the last twelve months.
The company achieved $122M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $59.6M.
Net income over the last twelve months reached -$108M.

Fiscal Year Performance

In the most recent fiscal year, Bitfarms reported $137M in total revenue.
Fiscal year EBITDA was $53.0M.
The company maintained a gross profit margin of -16.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 38.5%.
Net profit margin reached -28.0% in the most recent fiscal year.

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

Bitfarms Stock Performance

Bitfarms has current market cap of CAD 3.9B (or $2.8B), and EV of CAD 3.8B (or $2.7B).

Market Cap Evolution

Bitfarms Stock Data

As of October 17, 2025, Bitfarms's stock price is CAD 7 (or $5).

See Bitfarms trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.7B	$2.8B	XXX	XXX	XXX	XXX	$-0.14

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Bitfarms Valuation Multiples

Bitfarms's trades at 19.5x EV/Revenue multiple, and 50.7x EV/EBITDA.

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Bitfarms Financial Valuation Multiples

As of October 17, 2025, Bitfarms has market cap of $2.8B and EV of $2.7B.

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

Bitfarms has a P/E ratio of -35.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.8B	XXX	$2.8B	XXX	XXX	XXX
EV (current)	$2.7B	XXX	$2.7B	XXX	XXX	XXX
EV/Revenue	9.0x	XXX	19.5x	XXX	XXX	XXX
EV/EBITDA	30.9x	XXX	50.7x	XXX	XXX	XXX
EV/EBIT	-31.3x	XXX	-36.4x	XXX	XXX	XXX
EV/Gross Profit	63.3x	XXX	n/a	XXX	XXX	XXX
P/E	-35.7x	XXX	-71.5x	XXX	XXX	XXX
EV/FCF	-5.5x	XXX	-7.8x	XXX	XXX	XXX

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

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Bitfarms Margins & Growth Rates

Bitfarms's last 12 month revenue growth is 17%

Bitfarms's revenue per employee in the last FY averaged $0.7M, while opex per employee averaged $0.3M for the same period.

Bitfarms's rule of 40 is 12% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Bitfarms's rule of X is 71% (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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Bitfarms Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	17%	XXX	61%	XXX	XXX	XXX
EBITDA Margin	29%	XXX	39%	XXX	XXX	XXX
EBITDA Growth	37%	XXX	n/a	XXX	XXX	XXX
Rule of 40	12%	XXX	55%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	71%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.7M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	37%	XXX	XXX	XXX

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

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