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Cleanspark, Inc. key statistics and ratios

In fiscal 2025, Cleanspark, Inc. had return on equity of 18.5% and a net margin of 47.6%. 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.

Fiscal year2010Sept 20102011Sept 20112012Sept 20122013Sept 20132014Sept 20142016Sept 20162017Sept 20172018Sept 20182019Sept 20192020Sept 20202021Sept 20212022Sept 20222023Sept 20232024Sept 20242025Sept 2025
Net margin————<−999%<−999%<−999%<−999%−576.2%−232.8%−55.5%−43.6%−82.0%−38.5%47.6%
Return on equity————−14.9%−15.2%−50.9%—−149.5%−132.2%−13.5%−16.2%−25.6%−12.0%18.5%
Return on assets<−999%<−999%<−999%<−999%−11.8%−15.0%−50.2%−245.2%−127.4%−102.0%−12.8%−14.9%−22.8%−10.7%14.2%
Effective tax rate——————————————10.7%
R&D as % of revenue—————2.2%0.1%1.2%32.1%1.6%—————

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

12 /100

Weak moat

How hard Cleanspark's competitive advantage looks for rivals to wear away, judged from 9 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 -15.9% of total assets over 9 years.

  • Pricing power 6 / 20

    Gross margin has been a median 39.1%, moving by 22.0 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median -114.4%; its worst year was -2986.5%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 8 years, at a median -103.6% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 8900.0% over five years; stock-based pay has been a median 22.3% 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 (17 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 Cleanspark, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cleanspark, Inc.