Big Digital Energy, Inc. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
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~$0.8
Price-to-sales vs peers
Base case. Range ~$0.8–$26. Sales per share times peers' typical price-to-sales; used only when earnings are negative.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Big Digital Energy, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $27m, down 46.0% on a year earlier, a steeper fall than the 43.4% decline a quarter earlier. That puts it 26 of 27 for growth among the internet services & infrastructure companies we cover. Our price-to-sales vs peers value is $0.91 a share.
Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Big Digital Energy, Inc.'s trailing-twelve-month revenue fell 46.0% year on year, with a free-cash-flow margin of -90.9%. Where it lags: revenue growth of -46.0% ranks 31 of 34 internet services & infrastructure companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 613.7% while net income grew 11.9%: a 626pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Big Digital Energy, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.75 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.8 ~$3.2–$26 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$0.8 ~$0.8–$26 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Big Digital Energy, Inc. with Internet Services & Infrastructure in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Big Digital Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -79.1% of total assets over 10 years.
Gross margin has been a median 37.1%, moving by 8.7 percentage points (standard deviation) across 5 years.
Operating margin has been a median -79.5%; its worst year was -101.3%.
Free cash flow was positive in 1 of 5 years, at a median -52.7% of revenue.
The diluted share count rose 39510.2% over five years; stock-based pay has been a median 22.1% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (18 before it).
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$5.34 | — | $21m | — |
| Next | −$7.58 | −42% | $20m | −4% |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2025 | −$10.60 | $0.20 | +101.9% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| BGDE | +216% | −97% | +132% | −74% | −75% | −26% |
| Industry peers (median) | +12% | −80% | +44% | −15% | −10% | −30% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| BGDE | 50% | 17% | 50% | 42% | 33% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| BGDE | −63% | −97% | −87% | −82% | −88% | −73% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 100% from May 17, 2016 to April 2, 2026. Getting back needed a 1700953% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| February 6, 2026 | +18.5% | +2.4% | +5.6% | −4.2% |
| November 25, 2025 | +0.8% | +1.6% | −3.9% | −11.8% |
| November 14, 2025 | −16.9% | −0.9% | −62.3% | −64.6% |
| October 17, 2025 | +0.6% | +1.6% | −18.0% | −70.7% |
| March 28, 2025 | −3.8% | −1.4% | −21.2% | +32.7% |
| January 14, 2025 | +2.3% | +2.0% | −1.1% | −23.9% |
| November 20, 2024 | −9.2% | +0.6% | +13.0% | −48.9% |
| November 14, 2024 | −6.8% | −1.9% | −12.1% | −36.3% |
| August 19, 2024 | +1.4% | +0.8% | +17.4% | −10.9% |
| May 15, 2024 | −0.9% | +1.0% | +3.6% | +52.7% |
| March 23, 2023 | +3.1% | +0.9% | −2.5% | −5.6% |
| March 21, 2022 | −6.7% | +1.1% | +10.9% | −9.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $46.4M |
| FY23 Q4 | $43.6M |
| FY24 Q1 | $54.7M |
| FY24 Q2 | $57.2M |
| FY24 Q3 | $58.2M |
| FY24 Q4 | $59.3M |
| FY25 Q1 | $54.3M |
| FY25 Q2 | $50.7M |
| FY25 Q3 | $51.6M |
| FY25 Q4 | $39.8M |
| FY26 Q1 | $30.8M |
| FY26 Q2 | $27.4M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -46.8% |
| FY23 Q4 | -48.4% |
| FY24 Q1 | -24.7% |
| FY24 Q2 | -9.7% |
| FY24 Q3 | 25.4% |
| FY24 Q4 | 36.0% |
| FY25 Q1 | -0.7% |
| FY25 Q2 | -11.4% |
| FY25 Q3 | -11.4% |
| FY25 Q4 | -32.9% |
| FY26 Q1 | -43.4% |
| FY26 Q2 | -46.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -147.7% |
| FY23 Q4 | -138.6% |
| FY24 Q1 | -103.1% |
| FY24 Q2 | -79.5% |
| FY24 Q3 | -69.8% |
| FY24 Q4 | -52.6% |
| FY25 Q1 | -42.1% |
| FY25 Q2 | -44.8% |
| FY25 Q3 | -18.9% |
| FY25 Q4 | -48.5% |
| FY26 Q1 | -91.1% |
| FY26 Q2 | -101.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -72.9% |
| FY23 Q4 | -18.1% |
| FY24 Q1 | -7.7% |
| FY24 Q2 | 6.3% |
| FY24 Q3 | 5.7% |
| FY24 Q4 | 2.7% |
| FY25 Q1 | -1.4% |
| FY25 Q2 | -6.9% |
| FY25 Q3 | -6.0% |
| FY25 Q4 | -17.7% |
| FY26 Q1 | -77.0% |
| FY26 Q2 | -90.9% |
| Fiscal year | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 0 | −0 | 0 | 4 | 44 | 84 | 44 | 59 | 40 | 27 |
| Gross profit | — | — | — | 1 | 34 | 37 | 15 | 20 | 17 | 10 |
| EBITDA | −1 | −4 | −3 | 2 | −29 | 19 | −22 | −13 | −14 | −23 |
| Operating income | −1 | −4 | −3 | −2 | −43 | −44 | −60 | −31 | −19 | −28 |
| Net income | −3 | −3 | −3 | −5 | −45 | −53 | −60 | −46 | −24 | −22 |
| Diluted EPS | −$0.67 | −$9.49 | −$0.28 | −$11.05 | −$16.00 | −$83.20 | −$3.86 | −$51.75 | −$20.11 | — |
| Growth (year on year) | ||||||||||
| Revenue | — | −166.7% | — | +>999% | +885.9% | +92.4% | −48.4% | +36.0% | −32.9% | −46.0% |
| EBITDA | — | — | — | — | <−999% | — | −216.3% | — | — | — |
| Margins | ||||||||||
| Gross margin | — | — | — | 29.1% | 77.4% | 43.5% | 34.5% | 34.2% | 43.6% | 36.9% |
| EBITDA margin | <−999% | >999% | <−999% | 49.0% | −65.1% | 22.6% | −51.0% | −22.4% | −34.4% | −83.4% |
| Operating margin | <−999% | >999% | <−999% | −54.9% | −97.3% | −52.3% | −138.4% | −52.6% | −48.5% | −101.3% |
| Net margin | <−999% | >999% | <−999% | −113.8% | −102.5% | −62.5% | −138.7% | −77.8% | −59.5% | −80.7% |
| Free-cash-flow margin | <−999% | >999% | — | −128.0% | −122.8% | −42.3% | −18.1% | 2.7% | −17.7% | −90.9% |
| Cash flow | ||||||||||
| Cash from operations | −1 | −2 | −2 | −0 | 23 | 14 | −3 | 4 | −7 | −25 |
| Capital spending | 0 | 0 | — | 6 | 77 | 50 | 5 | 2 | 0 | 0 |
| Free cash flow | −1 | −2 | — | −6 | −54 | −36 | −8 | 2 | −7 | −25 |
| Stock-based pay | 0 | 1 | 1 | 0 | 22 | 3 | 11 | 14 | 9 | 7 |
| Free cash flow after stock pay | −1 | −4 | — | −6 | −76 | −39 | −19 | −12 | −16 | −32 |
| Balance sheet | ||||||||||
| Cash | 0 | 3 | 1 | 1 | 5 | 1 | 4 | 6 | 13 | 16 |
| Total debt | 3 | 3 | 0 | 1 | 11 | 52 | 21 | 21 | 25 | 30 |
| Net debt (negative = net cash) | 3 | −1 | −1 | −1 | 6 | 51 | 16 | 15 | 12 | 14 |
| Diluted shares | — | — | — | — | — | — | — | — | 1m | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 12 | 15 | 14 | 10 | 13 | 3 | 5 | 6 |
| Gross profit | 4 | 5 | 6 | 4 | 9 | −1 | 1 | 2 |
| EBITDA | −8 | −4 | 2 | −5 | 3 | −14 | −7 | −5 |
| Operating income | −11 | −5 | 1 | −7 | 2 | −15 | −8 | −6 |
| Net income | −12 | −5 | −0 | −8 | 0 | −16 | 1 | −7 |
| Diluted EPS | −$0.66 | −$49.38 | −$0.33 | −$7.93 | $0.01 | −$19.71 | $0.12 | −$1.33 |
| Growth (year on year) | ||||||||
| Revenue | +8.7% | +7.5% | −26.4% | −27.3% | +7.0% | −78.5% | −65.1% | −35.5% |
| EBITDA | — | — | — | — | — | — | −434.7% | — |
| Operating income | — | — | — | — | — | — | <−999% | — |
| Margins | ||||||||
| Gross margin | 35.1% | 30.9% | 42.9% | 41.3% | 65.0% | −33.3% | 20.9% | 26.1% |
| EBITDA margin | −63.3% | −24.0% | 15.0% | −53.2% | 21.9% | −420.1% | −144.2% | −84.5% |
| Operating margin | −92.6% | −35.2% | 4.2% | −68.9% | 12.0% | −460.3% | −169.1% | −102.4% |
| Net margin | −99.3% | −30.0% | −2.3% | −84.1% | 2.5% | −484.3% | 12.7% | −119.9% |
| Free-cash-flow margin | −10.4% | 2.9% | −3.7% | −22.3% | −6.5% | −109.7% | −356.1% | −54.0% |
| Cash flow | ||||||||
| Cash from operations | −1 | 0 | −1 | −2 | −1 | −3 | −17 | −3 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −1 | 0 | −1 | −2 | −1 | −4 | −17 | −3 |
| Stock-based pay | 5 | 3 | 2 | 1 | −1 | 7 | 0 | 1 |
| Free cash flow after stock pay | −7 | −2 | −3 | −3 | 1 | −11 | −18 | −4 |
| Last 12 months unless stated | BGDE | ORBS | SLNH | MCHX | BTCS | BTCT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $27m | $25m | $42m | $44m | $17m | $14m | $242m |
| Revenue growth, last 12 months | −46.0% | −42.7% | 50.9% | −7.5% | 120.9% | 20.3% | 8.3% |
| Revenue growth, 3-year average | −24.4% | −24.0% | 38.9% | −4.3% | 133.1% | — | 7.6% |
| Revenue growth, latest quarter | −35.5% | −72.7% | 144.6% | −5.6% | −11.9% | 338.2% | 5.5% |
| Gross margin | 36.9% | −4.8% | 1.4% | 61.2% | 26.9% | −22.5% | 49.5% |
| Operating margin | −101.3% | −306.2% | −127.0% | −11.4% | <−999% | −62.7% | −56.0% |
| Operating margin, 3-year average | −75.2% | −112.8% | −120.0% | −10.2% | <−999% | — | −25.3% |
| Net margin | −80.7% | <−999% | −185.9% | −12.4% | −746.3% | −64.5% | −55.8% |
| Cash from operations / revenue | −90.5% | −83.6% | −46.2% | −1.7% | −47.0% | −37.4% | −10.4% |
| Free-cash-flow margin | −90.9% | −83.6% | −117.2% | −4.5% | −47.0% | −98.1% | −25.9% |
| Free-cash-flow margin, 3-year average | −30.5% | — | −73.4% | −4.2% | −114.5% | −55.6% | −17.4% |
| Stock pay / revenue | 25.6% | 62.7% | 62.9% | 5.4% | 1.1% | 13.0% | 11.9% |
| Change in share count | 0.0% | — | 27.8% | — | 135.1% | 172.0% | 5.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -46.0% | 10.1% | 31 of 34 |
| Change in growth rate Growth | -2.7pp | -0.6pp | 19 of 34 |
| Operating margin Profitability | -101.3% | -49.3% | 19 of 33 |
| Net margin Profitability | -80.7% | -47.1% | 19 of 34 |
| Stock pay as % of revenue Cash generation | 25.6% | 12.4% | 27 of 32 |
| Long-term debt as % of assets Balance sheet | 43.8% | 20.2% | 19 of 25 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Digital Colocation Revenues | $26.1M | 65.6% | ▼ 32.4% |
| Energy Management Revenue | $11.8M | 29.7% | ▲ 55.7% |
| Digital Assets Mining Revenue | $1.9M | 4.7% | ▼ 85.1% |
From Big Digital Energy, Inc.'s 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Jane Street Group, LLC | $519,697 | 58K | 19.6% | New |
| Vanguard Capital Management LLC | $406,939 | 46K | 15.3% | ▲ 607.6% |
| Newedge Advisors, LLC | $338,808 | 38K | 12.7% | New |
| Geode Capital Management, LLC | $338,404 | 38K | 12.7% | ▲ 40.6% |
| UBS Group AG | $294,369 | 33K | 11.1% | ▲ 6804.0% |
| Bluefin Capital Management, LLC | $226,015 | 25K | 8.5% | ▲ 67.8% |
| Vanguard Fiduciary Trust Co | $187,775 | 21K | 7.1% | ▲ 616.5% |
| Susquehanna International Group, LLP | $120,019 | 13K | 4.5% | New |
| State Street Corp | $105,256 | 12K | 4.0% | New |
| Chicago Partners Investment Group LLC | $98,766 | 18K | 3.7% | New |
| Citigroup Inc | $7,814 | 1K | 0.3% | ▲ 87500.0% |
| Royal Bank Of Canada | $5,000 | 1K | 0.2% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Big Digital Energy, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Six Thirty Ai, Llc 10% owner | September 21, 2026 | Buy | 795 | $6.21 | $4,937 |
| Six Thirty Ai, Llc 10% owner | September 18, 2026 | Buy | 494 | $5.99 | $2,959 |
| Pm Squared Llc 10% owner | September 15, 2026 | Buy | 1,325 | $5.99 | $7,937 |
| Smith Cody 10% owner | September 14, 2026 | Buy | 153 | $6.47 | $990 |
| Smith Cody 10% owner | September 14, 2026 | Buy | 152 | $6.51 | $990 |
| Smith Cody 10% owner | September 14, 2026 | Buy | 152 | $6.55 | $996 |
| Smith Cody 10% owner | September 14, 2026 | Buy | 152 | $6.42 | $976 |
| Smith Cody 10% owner | September 14, 2026 | Buy | 151 | $6.55 | $989 |
| Smith Cody 10% owner | September 14, 2026 | Buy | 152 | $6.43 | $977 |
| Smith Cody 10% owner | September 11, 2026 | Buy | 988 | $6.30 | $6,224 |
| Smith Cody 10% owner | September 11, 2026 | Buy | 150 | $6.66 | $999 |
| Smith Cody 10% owner | September 9, 2026 | Buy | 980 | $6.30 | $6,174 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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