BTC Digital Ltd. key statistics and ratios

In fiscal 2025, BTC Digital Ltd. had return on equity of -23.5%, an operating margin of -62.7%, debt equal to 5.8% of equity and a current ratio of 7.79. 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.

BTC Digital Ltd.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	55.9%	47.8%	32.3%	33.6%	14.9%	−12.5%	1.0%	−22.5%
Operating margin	—	—	—	—	8.8%	−27.3%	−22.9%	−62.7%
Net margin	3.8%	−15.5%	−46.0%	−53.0%	65.0%	−31.1%	−17.0%	−64.5%
Free-cash-flow margin	1.0%	−7.5%	−41.1%	−73.0%	−337.4%	14.4%	−10.2%	−98.1%
Return on equity	—	—	—	—	62.5%	−14.6%	−6.7%	−23.5%
Return on assets	—	—	−37.6%	−39.4%	9.1%	−10.3%	−6.1%	−22.4%
Asset turnover	—	—	0.82	0.74	0.14	0.33	0.36	0.35
Current ratio	—	—	0.21	0.55	1.27	1.75	27.50	7.79
Debt to equity	—	—	—	0.0%	35.0%	20.9%	1.2%	5.8%
Interest cover (operating income ÷ interest)	—	—	—	—	52.4x	n/m	n/m	n/m
R&D as % of revenue	—	—	3.6%	2.5%	—	—	—	—
Capital spending as % of revenue	4.5%	6.0%	2.9%	10.0%	75.0%	27.6%	23.5%	60.7%
Free cash flow ÷ net income	26.5%	—	—	—	−519.4%	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

BTC Digital Ltd.: financial ratios, quarterly
Quarter	2023 Q1Mar 2023	2023 Q2Jun 2023	2023 Q3Sept 2023	2023 Q4Dec 2023	2024 Q1Mar 2024	2024 Q2Jun 2024	2024 Q3Sept 2024	2024 Q4Dec 2024
Gross margin	−37.8%	3.7%	−64.0%	−51.3%	−4.8%	−9.2%	−10.2%	17.4%
Operating margin	−110.3%	−1.6%	−82.1%	−72.9%	−40.3%	−27.0%	−21.2%	−10.6%
Net margin	−108.0%	−2.1%	−119.2%	−74.4%	−27.6%	−30.2%	−22.3%	0.4%
Free-cash-flow margin	424.3%	−51.2%	−43.0%	115.0%	−16.3%	3.3%	−11.5%	−13.0%
Current ratio	—	—	—	1.75	2.03	1.91	2.14	27.50
Debt to equity	—	—	—	0.6%	1.5%	2.6%	2.7%	1.2%

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

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

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 BTC Digital Ltd.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to BTC Digital Ltd.