ValueScreener company report

Bitfarms Ltd. (KEEL)

Name: Bitfarms Ltd. (KEEL) filed financial figures
Creator: ValueScreener

NASDAQ / Financial Services / Financial - Capital Markets

Share price

2.57 USD Market dataClose of Oct 15, 2026

Market capitalisation

1.55B USD Market dataClose of Oct 15, 2026

Market data: Oct 15, 2026
Filed accounts: FY2025, filed Mar 31, 2026
Ratios computed: Oct 15, 2026
Filed years: 3, FY2023 to FY2025

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

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Quality

Return on equity

-50.8% Computed

From the FY2025 filing

Read quality

Financial strength

Debt to equity

1.22 Computed

From the FY2025 filing

Read financial strength

Valuation

Price to book

2.53x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/m Computed

FY2025 accounts, priced at the latest close

Why 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.

Read cash generation

Revenue and net income, by fiscal year

Revenue Net income9 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.

Named tests met: 0 of 30 Which tests

The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -50.8% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Financial - Capital Markets industry (63 companies), -50.8% sits at the 11th percentile; the middle half of that group runs from -23.6% to 16.6%.

Is it safe

Debt to equity was 1.22 in FY2025, in the band labelled "Leveraged" (1.00 to 2.00), on lines anchored on Graham's defensive-investor criteria.

Today, against the Financial Services sector (76 companies), 1.22 sits at the 70th percentile; the middle half of that group runs from 0.23 to 1.44.

Year by year against peers: Whether Bitfarms Ltd.'s gross margin stayed above the median of the Financial Services sector, year by year. (FY2022 to FY2025, 4 fiscal years of Bitfarms Ltd. with a comparable figure)
The direction: Which way Bitfarms Ltd.'s gross margin has moved, and how steadily. (FY2017 to FY2025, 9 filed years of Bitfarms Ltd.)
What could explain it: What in Bitfarms Ltd.'s filed statements could explain the movements. (6 readings drawn from the statement lines Bitfarms Ltd. filed)
What to check next: What to check next on Bitfarms Ltd., and where in its filings. (4 questions for Bitfarms Ltd.)
In one paragraph: One paragraph on Bitfarms Ltd.'s returns, cash, balance sheet and price. (7 of sixteen figures read for Bitfarms Ltd.)

These are KEEL’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research KEELPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

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 FY2025 annual report: 10-K, filed Mar 31, 2026, accession 0001213900-26-037514.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Bitfarms Ltd: returns on capital and margins, each with its source
Figure	Value, source and document
Return on invested capital, after tax 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.	n/m ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Return on equity	-50.8% ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Return on capital employed, pre-tax 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.	n/m ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Return on assets	-21.9% ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Gross margin	-8.3% ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Operating margin	-65.3% ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Net margin	-124.1% ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514

KEEL -124.1%

-2618.4%16.2%

Net margin: KEEL against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Bitfarms Ltd: leverage, liquidity and distress, each with its source
Figure	Value, source and document
Debt to equity	1.22 ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Current ratio	5.58 ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Quick ratio	5.52 ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Interest coverage Why n/m Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).	n/m ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Altman Z-score Why n/m 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/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Net debt	52.8M ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514

Total assets Total liabilities Shareholders’ equity

The balance sheet, line by line

Financial health

What Bitfarms Ltd owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 31, 2026, 0001213900-26-037514).

Bitfarms Ltd: balance sheet position
Total assets	1.30B FiledFY2025 10-K, filed Mar 31, 2026
Total liabilities	736.0M FiledFY2025 10-K, filed Mar 31, 2026
Shareholders' equity	560.4M FiledFY2025 10-K, filed Mar 31, 2026
Cash	631.0M FiledFY2025 10-K, filed Mar 31, 2026
Total debt	683.8M FiledFY2025 10-K, filed Mar 31, 2026
Net debt	52.8M
Current ratio	5.58
Debt to equity	1.22

Interest cover: FY2025: 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 dataSEC filingComputed

Bitfarms Ltd: what the market charges, each with its source
Figure	Value, source and document
Price to earnings Why 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/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
P/E on trailing twelve months Why n/a Fewer than twenty trading days carry a meaningful trailing price to earnings ratio, so no range is stated.	n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book	2.53x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Price to sales	6.18x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Enterprise value to EBIT Why 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/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Enterprise value to EBITDA Why 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/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Price to earnings over growth Why 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/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Diluted earnings per share	-0.52 USD FiledFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Graham number Why 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/m ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514

We publish no fair value or price target of our own. Value KEEL 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 Bitfarms Ltd today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Bitfarms Ltd: valuation
Share price	2.57 USD
Market capitalisation	1.55B USD
Enterprise value to EBITDA	n/m
Graham number	n/m
Diluted earnings per share, FY2025	-0.52 USD

Price to earnings on trailing twelve months: Fewer than twenty trading days carry a meaningful trailing price to earnings ratio, so no range is stated.

Companies like Bitfarms Ltd

Same industry (Financial - Capital Markets) and size band (Small, 300M to 2B), nearest in market value, net margin 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.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Bitfarms Ltd: cash generation and what is paid out, each with its source
Figure	Value, source and document
Free cash flow yield Why 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/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Free cash flow	-326.9M USD ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Free cash flow margin Why 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/m ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Dividend yield Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Payout ratio Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514

Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

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.

Bitfarms Ltd.: the eight ratios, with the fiscal year and filing date behind each.
Figure	Value	Year	As of
	n/m	FY2025	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 FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itIncome statementFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tab
	2.53x	FY2025	Oct 15, 2026
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tab
	n/m	FY2025	Oct 15, 2026
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 FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itIncome statementFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tabForm10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tab
	n/m	FY2025	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tab
	n/m	FY2025	Mar 31, 2026
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 FY2025. Form10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itIncome statementFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tabForm10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tab
	n/a	FY2025	Oct 15, 2026
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 FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tab
	1.22	FY2025	Mar 31, 2026
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2025. Form10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tab
	5.58	FY2025	Mar 31, 2026
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2025. Form10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tab
	6.18x	FY2025	Oct 15, 2026
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itIncome statementFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tab
	n/m	FY2025	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itIncome statementFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tab
	n/m	FY2025	Oct 15, 2026
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 FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itIncome statementFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tabForm10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tab
	n/m	FY2025	Mar 31, 2026
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 FY2025. Form10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itIncome statementFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tabForm10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tabForm10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tab
	n/m	FY2025	Mar 31, 2026
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 FY2025. Form10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itIncome statementFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tabForm10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tabForm10-KFiledMar 31, 2026PeriodFY2025Accession0001213900-26-037514What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001213900-26-037514, leaves this page and opens in a new tab

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 3 filed fiscal years on record, FY2023 to FY2025, 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

9 fiscal years, FY2017 to FY2025. 3 read from the annual reports Bitfarms Ltd filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Bitfarms Ltd: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
Year	Revenue	Operating income	Net income	EPS, diluted	Free cash flow	Operating margin	Return on equity	Filing
FY2025	229.3M	-149.6M	-284.5M	-0.52	-326.9M	-65.3%	-50.8%	10-K, Mar 31, 20260001213900-26-037514
FY2024	133.3M	-28.0M	-28.4M	-0.07	-428.6M	-21.0%	-4.6%	10-K, Mar 31, 20260001213900-26-037514
FY2023	120.4M	-50.0M	-55.5M	-0.21	-155.3M	-41.5%	n/a	10-K, Mar 31, 20260001213900-26-037514
FY2022	142.4M	-284.0M	-175.6M	-0.85	-158.7M	-199.4%	-68.8%	Market data, supplied Oct 15, 2026accession n/a
FY2021	169.5M	63.6M	22.1M	0.13	-230.4M	37.5%	6.2%	Market data, supplied Oct 15, 2026accession n/a
FY2020	34.7M	-6.7M	-16.3M	-0.19	2.7M	-19.4%	-105.5%	Market data, supplied Oct 15, 2026accession n/a
FY2019	32.4M	1.4M	2.9M	0.04	-17.8M	4.3%	10.3%	Market data, supplied Oct 15, 2026accession n/a
FY2018	33.8M	-18.0M	-9.4M	-0.16	-9.0M	-53.2%	-60.6%	Market data, supplied Oct 15, 2026accession n/a
FY2017	9.0M	7.4M	5.1M	0.09	-6.2M	82.5%	18.2%	Market data, supplied Oct 15, 2026accession n/a

Revenue, compound annual growth FY2017 to FY2025: 49.9%
Earnings: Earnings was not positive in both 2017 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
Earnings per share: Earnings per share was not positive in both 2017 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
Free cash flow: Free cash flow was not positive in both 2017 and 2025, 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.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Bitfarms Ltd: accounting screens and published tests, each with its source
Figure	Value, source and document
Beneish M-score Why 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.	n/m ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Piotroski F-score Why n/m 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.	n/m ComputedFY2025 10-K, filed Mar 31, 2026, 0001213900-26-037514
Named tests met	0 of 30 Computed
Beta	2.43 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 19 not met, 11 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: Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured: Earnings yield and ROIC (Joel Greenblatt); Three forensic scores; EV/EBITDA and coverage; ROIC at or above WACC; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Owner earnings yield; Cash-covered dividend; Cash-flow yield and ROIC; Cheapest quarter on P/E (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(21)

Current Ratio: Graham set this test for industrial companies.
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.
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.
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.
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.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

Value it in the DCF workbench

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.

What this cannot tell you

21 figures could not be read on this company, among them Current Ratio, Piotroski F-Score, P/E Ratio. Each blank in the table above names the rest, with its reason. 11 named tests come back incomplete because of them, which is neither met nor missed.
We hold 3 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.

Monitor my portfolio How this is computed

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Analyze your own portfolio

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.

Four questions, at a glance

Quality

Financial strength

Valuation

Cash generation

Revenue and net income, by fiscal year

The reading, in brief

Financial health

Valuation

Companies like Bitfarms Ltd

The filed figures

Ten years of filed figures

The named tests

What this cannot tell you

Margin Notes