Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading
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Overview
What the business is, what it costs, and how it reads on four questions.
Market dataSEC filingComputed
Four questions, at a glance
Quality
Return on invested capital, after tax
n/mComputed
From the FY2024 filing
Why n/m
Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
Operating margin for Argo Blockchain plc in FY2024: n/a. No revenue line is filed for this year, so a margin is not computed.
Is it safe
Current ratio was 1.24 in FY2024, in the band labelled "Tight" (1.00 to 1.50), on lines anchored on Graham's defensive-investor criteria.
Today, against the Financial - Capital Markets industry (40 companies), 1.24 sits at the 34th percentile; the middle half of that group runs from 1.10 to 3.40.
The direction
Which way Argo Blockchain plc's current ratio has moved, and how steadily. (FY2018 to FY2024, 6 filed years of Argo Blockchain plc)
What could explain it
What in Argo Blockchain plc's filed statements could explain the movements. (1 reading drawn from the statement lines Argo Blockchain plc filed)
These are ARBK’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.
Research ARBKPart of Serious. New accounts start with 30 days of Professional, free, no card.
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What changed
The newest filing, what it moved, and when the next one is due.
SEC filingCompany statement
The newest accounts on file are the FY2024 annual report: 20-F, filed May 15, 2025, accession 0001104659-25-049311.
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Quality
The returns the business earns on its capital, and the margins behind them.
SEC filingComputed
Argo Blockchain plc: returns on capital and margins, each with its source
Figure
Value, source and document
Return on invested capital, after taxWhy n/m
Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
Book equity is zero or negative. Return on equity computed over it flips sign and can read as a strong positive on a loss-making company, so we will not show a number.
Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.
n/mComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049311
Debt to equity: FY2024: Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).
Interest cover: FY2024: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.
5 of 10
Valuation context
What the market charges for it, against its own record and companies like it.
Market dataComputed
Argo Blockchain plc: what the market charges, each with its source
Figure
Value, source and document
Price to earningsWhy n/m
Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
n/mComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049311
P/E on trailing twelve monthsWhy n/a
A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.
n/aComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to bookWhy n/m
Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.
n/mComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049311
Price to salesWhy n/a
Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
n/aComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049311
Enterprise value to EBITWhy n/m
Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
n/mComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049311
Enterprise value to EBITDAWhy n/m
Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
n/mComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049311
Price to earnings over growthWhy n/m
Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
n/mComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049311
Diluted earnings per shareWhy n/a
The FY2024 filing carries no diluted earnings per share we could read.
Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
We publish no fair value or price target of our own. Value ARBK on your own assumptions in the DCF workbench, starting from the filed figures.
›Its own record, and companies like it
Valuation
What the market charges for Argo Blockchain plc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.
Argo Blockchain plc: valuation
Share price
1.92 USD
Market capitalisation
610.6K USD
Enterprise value to EBITDA
n/m
Graham number
n/m
Diluted earnings per share, FY2019
n/a
Diluted earnings per share, FY2019: Filed before the 1-for-216 split on 12 Dec 2025, and the filing it was read from cannot be placed against it, so it is not put on today's share count and is not shown beside figures that are.
Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.
Same industry (Financial - Capital Markets) and size band (Nano, under 50M), nearest in market value and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.
Whether profit arrives as cash, and what is paid back to shareholders.
Computed
Argo Blockchain plc: cash generation and what is paid out, each with its source
Figure
Value, source and document
Free cash flow yieldWhy n/m
For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
n/mComputedClose of Oct 15, 2026 · FY2024 20-F, filed May 15, 2025, 0001104659-25-049311
Free cash flowWhy n/a
The FY2024 filing carries no free cash flow we could read.
For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.
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Filings
Every figure, the year it is for and the document it was read from.
SEC filingMarket data
The filed figures
Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.
Argo Blockchain plc: the eight ratios, with the fiscal year and filing date behind each.
Figure
Value
Year
As of
n/m
FY2024
Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted.
As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing.
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years.
As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing.
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line.
As ofThe filing date of the statements below, for FY2024.
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old.
As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing.
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
FormulaMarket capitalisation / revenue
As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing.
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets
As ofThe close on Oct 15, 2026, over the filed figures of FY2024: a price is in this figure, and it moved after the filing.
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals
As ofThe filing date of the statements below, for FY2024.
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover.
As ofThe filing date of the statements below, for FY2024.
The figures are computed from the accounts for fiscal 2024, the newest full year on file. 4 filed fiscal years on record, FY2021 to FY2024, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.
The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.
›Ten years of filed figures, year by year
Ten years of filed figures
6 fiscal years, FY2018 to FY2024. 4 read from the annual reports Argo Blockchain plc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in the currency each report was stated in.
Argo Blockchain plc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
Revenue, compound annual growth FY2018 to FY2019: 1377.7%
Earnings: Earnings was not positive in both 2018 and 2024, so a compound rate across the window is not defined. Both figures are in the table.
Earnings per share: Fewer than two filed years carry earnings per share.
Free cash flow: Free cash flow was not positive in both 2018 and 2023, so a compound rate across the window is not defined. Both figures are in the table.
Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.
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Risks and guardrails
The accounting screens, the published tests, and the lines you can set to be told.
ComputedCompany statement
Argo Blockchain plc: accounting screens and published tests, each with its source
Figure
Value, source and document
Beneish M-scoreWhy n/m
The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
Of 30 tests value investors published: 0 met, 7 not met, 23 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.
Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Large cap, low P/E; Low beta, profitable; Z-score and coverage (Edward Altman); Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Tangible book or below
Not measured
Defensive investor (Benjamin Graham); Deep value; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; ROIC at or above WACC; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Book or below, low debt (Walter Schloss); Cash-covered dividend; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(31)
Current Ratio: Graham set this test for industrial companies.
Debt to Equity: Filed shareholders equity is zero or below, so debt measured against it is not a measurement (n/m).
Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
P/B Ratio: Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.
Piotroski F-Score: 2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
EV/EBIT: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
Return on Invested Capital: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
Altman Z-Score: Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.
Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
Return on Equity: Book equity is zero or negative. Return on equity computed over it flips sign and can read as a strong positive on a loss-making company, so we will not show a number.
Rev Growth 5Y: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Gross Margin: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Asset Turnover: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
EV/EBITDA: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
Interest Coverage: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
Free Cash Flow Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
ROIC-WACC Spread: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
Owner Earnings Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
Capex To Ocf: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
P/S Ratio: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Dividend Coverage Ratio: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
Price Tangible Book: Book equity is zero or negative, so a ratio measured against it (debt to equity, price to book) is not a measurement, and we will not show a number.
A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.
›More on this company
What this cannot tell you
31 figures could not be read on this company, among them Current Ratio, Debt to Equity, Positive Earnings Streak. Each blank in the table above names the rest, with its reason. 23 named tests come back incomplete because of them, which is neither met nor missed.
We hold 4 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.
And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.
Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.
ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.
Margin Notes
Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.
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