Defi Capital Markets, Inc. key statistics and ratios

In fiscal 2026, Defi Capital Markets, Inc. had return on equity of -59.2%, an operating margin of -96.0%, debt equal to 18.6% of equity and a current ratio of 3.55. 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.

Defi Capital Markets, Inc.: financial ratios, annual
Fiscal year	2012Mar 2012	2013Mar 2013	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026	LTMJun 2026
Gross margin	—	—	30.6%	31.6%	25.4%	32.2%	30.9%	28.6%	28.7%	29.0%	16.6%	10.5%
Operating margin	<−999%	<−999%	−4.9%	1.1%	−10.6%	0.8%	0.4%	4.4%	−2.9%	1.7%	−96.0%	−429.1%
Net margin	−895.8%	−500.4%	15.2%	7.7%	−39.3%	1.5%	−0.4%	3.2%	−3.6%	2.1%	−51.3%	−437.8%
Free-cash-flow margin	<−999%	−882.0%	3.6%	0.0%	0.1%	7.9%	−9.5%	6.7%	3.1%	−4.5%	11.1%	−107.9%
Return on equity	−1.8%	−1.7%	11.4%	11.4%	−75.9%	5.9%	−1.7%	14.4%	−13.9%	10.2%	−59.2%	−148.1%
Return on assets	−1.8%	−1.6%	9.7%	7.1%	−42.9%	3.4%	−0.8%	7.2%	−8.3%	5.5%	−34.7%	−105.6%
Asset turnover	0.00	0.00	0.64	0.93	1.09	2.24	2.06	2.23	2.33	2.60	0.68	0.24
Current ratio	9.11	14.15	1.43	1.29	2.86	4.28	1.68	2.80	2.23	2.11	3.55	3.39
Debt to equity	0.1%	0.1%	12.6%	17.0%	35.1%	0.4%	48.7%	29.1%	16.5%	40.7%	18.6%	20.5%
Interest cover (operating income ÷ interest)	—	—	n/m	0.4x	n/m	1.5x	0.5x	4.1x	n/m	1.5x	n/m	—
Effective tax rate	—	—	—	—	—	0.0%	—	2.0%	—	—	—	—
R&D as % of revenue	>999%	600.6%	4.4%	2.9%	4.7%	2.7%	2.2%	1.8%	—	—	—	—
SG&A as % of revenue	>999%	>999%	31.0%	27.7%	31.3%	28.7%	28.3%	22.4%	29.4%	25.5%	108.0%	429.5%
Capital spending as % of revenue	17.4%	13.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	—	—	23.6%	0.4%	—	517.3%	—	207.1%	—	−209.4%	—	—
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	—	—	431.3%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Defi Capital Markets, Inc.: financial ratios, quarterly
Quarter	2025 Q2Sept 2024	2025 Q3Dec 2024	2025 Q4Mar 2025	2026 Q1Jun 2025	2026 Q2Sept 2025	2026 Q3Dec 2025	2026 Q4Mar 2026	2027 Q1Jun 2026
Gross margin	27.7%	18.5%	43.7%	18.2%	60.4%	—	−30.3%	8.3%
Operating margin	9.4%	−15.7%	15.9%	−13.9%	−122.2%	<−999%	−418.8%	−672.9%
Net margin	8.0%	−16.9%	20.9%	47.3%	−131.6%	<−999%	−419.8%	−604.3%
Free-cash-flow margin	—	—	—	—	—	—	—	−669.2%
Current ratio	1.64	1.75	2.11	12.50	2.18	1.70	3.55	3.39
SG&A as % of revenue	16.8%	31.8%	26.3%	29.1%	172.5%	>999%	379.7%	678.9%

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.

Financial health

2 of 2 checks passed · June 30, 2026

What it owns · $5m

Short-term assets $5mLonger-term assets $0m

What it owes, and who funded it · $5m

Short-term liabilities $1mLonger-term liabilities $0mShareholders' equity $3m

Short-term assets cover short-term liabilities $5m of assets due within a year against $1m of liabilities due within a year.
Short-term assets cover long-term liabilities $5m short-term assets against $0 of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Defi Capital Markets, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

26 /100

Weak moat

How hard Defi Capital Markets'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.

Returns on capital 0 / 20

Cash operating profit has been a median -4.8% of total assets over 10 years.
Pricing power 6 / 20

Gross margin has been a median 28.6%, moving by 6.2 percentage points (standard deviation) across 9 years.
Durability 10 / 20

Operating margin has been a median -0.0%; its worst year was -429.1%.
Cash conversion 7 / 20

Free cash flow was positive in 5 of 9 years, at a median 2.3% of revenue.
Discipline 8 / 20

The diluted share count rose 10.4% over five years.

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 (31 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 Defi Capital Markets, 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 Defi Capital Markets, Inc.