Bitmine Immersion Technologies, Inc. key statistics and ratios

In fiscal 2025, Bitmine Immersion Technologies, Inc. had return on equity of 8.0%, an operating margin of 7288.1%, debt equal to 0.0% of equity and a current ratio of 51.50. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Bitmine Immersion Technologies, Inc.: financial ratios, annual
Fiscal year	2021Aug 2021	2022Aug 2022	2023Aug 2023	2024Aug 2024	2025Aug 2025	LTMMay 2026
Gross margin	—	−30.2%	34.5%	23.0%	5.1%	84.4%
Operating margin	—	−400.8%	−374.0%	−73.9%	>999%	<−999%
Net margin	—	−468.9%	−382.0%	−99.5%	>999%	<−999%
Free-cash-flow margin	—	<−999%	−220.4%	−3.2%	−85.5%	−481.4%
Return on equity	−42.8%	−51.6%	−36.1%	−63.7%	8.0%	−86.3%
Return on assets	−23.9%	−46.5%	−30.5%	−42.5%	7.9%	−85.7%
Asset turnover	—	0.10	0.08	0.43	0.00	0.01
Current ratio	0.77	2.80	0.56	0.49	51.50	36.68
Debt to equity	76.9%	0.0%	0.0%	—	0.0%	0.0%
Interest cover (operating income ÷ interest)	—	—	—	n/m	—	—
Effective tax rate	—	—	—	—	20.9%	—
Capital spending as % of revenue	—	647.1%	94.9%	2.3%	17.5%	2.4%
Free cash flow ÷ net income	—	—	—	—	−1.5%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Bitmine Immersion Technologies, Inc.: financial ratios, quarterly
Quarter	2024 Q4Aug 2024	2025 Q1Nov 2024	2025 Q2Feb 2025	2025 Q3May 2025	2025 Q4Aug 2025	2026 Q1Nov 2025	2026 Q2Feb 2026	2026 Q3May 2026
Gross margin	16.4%	10.0%	20.1%	23.9%	−5.1%	55.3%	87.1%	87.7%
Operating margin	−96.9%	−73.6%	−60.2%	−22.8%	>999%	<−999%	<−999%	−25.5%
Net margin	−119.3%	−81.1%	−76.2%	−30.4%	>999%	<−999%	<−999%	−179.6%
Free-cash-flow margin	31.8%	−9.5%	−14.2%	81.7%	−495.3%	<−999%	−799.2%	62.3%
Current ratio	0.49	0.33	0.25	0.41	51.50	6.48	54.19	36.68

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

10 /100

Weak moat

How hard Bitmine Immersion Technologies's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median -43.2% of total assets over 5 years.
Pricing power 0 / 20

Gross margin has been a median 18.8%, moving by 31.9 percentage points (standard deviation) across 5 years.
Durability 10 / 20

Operating margin has been a median -331.1%; its worst year was -14505.1%.
Cash conversion 2 / 20

Free cash flow was positive in 1 of 5 years, at a median -481.4% 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 (15 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Bitmine Immersion Technologies, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bitmine Immersion Technologies, Inc.