Galaxy Digital Inc. is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.
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 $57.4bn.
Our model value for Galaxy Digital is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 10, 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.
Galaxy Digital Inc.'s trailing-twelve-month revenue grew 24.7% year on year, with a free-cash-flow margin of -3.3%.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 261.5% while net income fell 54.1%: a 207pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
Galaxy Digital Inc. reports on Tuesday 27 October, before the market opens. Analysts expect full-year EPS of −$0.76; these are the numbers and trends the report will test.
No model value for Galaxy Digital Inc. at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Galaxy Digital Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 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: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$1.0 ~$10–$41 | Left out: out of range vs price (0.07x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: This model is withheld pending its input or assumption review. |
| 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: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Galaxy Digital Inc. with brokers, investment banks and exchanges 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.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.07 | +89% | $52.0bn | −38% |
| Next | −$0.46 | −686% | $59.1bn | +14% |
Next year's EPS estimate has moved −957.4% in 90 days, across 11 analysts.
The consensus EPS forecast for the current fiscal year is −86.6% on 90 days ago. In the last 30 days, 1 analyst raised Galaxy Digital Inc.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.51 | $0.05 |
| 60 days ago | −$0.79 | −$0.38 |
| 30 days ago | −$0.83 | −$0.38 |
| 7 days ago | −$0.74 | −$0.38 |
| Now | −$0.07 | −$0.46 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.20 | $0.66 | +236.0% |
| Jun 2026 | −$0.28 | −$0.09 | +68.2% |
| Mar 2026 | −$0.94 | −$0.48 | +49.1% |
| Dec 2025 | −$1.06 | −$1.08 | −1.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2026 to date |
|---|---|
| Return | |
| GLXY | −35% |
| Industry peers (median) | −16% |
| S&P 500 | +11% |
| Months that ended higher | |
| GLXY | 36% |
| S&P 500 | 46% |
| Largest fall from a high during the year | |
| GLXY | −58% |
| S&P 500 | −9% |
Worst fall since May 16, 2025: 66% from October 21, 2025 to November 2, 2026. Getting back needed a 194% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 27, 2026 | +21.7% | +0.9% | — | — |
| August 5, 2026 | −11.7% | −0.4% | −4.8% | +19.7% |
| April 28, 2026 | +1.5% | −0.5% | +21.0% | +20.3% |
| February 3, 2026 | −23.8% | −1.3% | −19.9% | −14.0% |
| November 10, 2025 | −2.6% | +1.8% | −20.7% | −6.5% |
| October 21, 2025 | −5.8% | −0.5% | −6.0% | −35.0% |
| August 5, 2025 | −5.4% | +0.3% | −3.4% | −20.7% |
| June 13, 2025 | −0.3% | −0.2% | −4.9% | +25.4% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q4 | $33.3B |
| FY25 Q1 | $46.2B |
| FY25 Q2 | $46B |
| FY25 Q3 | $65.8B |
| FY25 Q4 | $60.4B |
| FY26 Q1 | $57.5B |
| FY26 Q2 | $57.4B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY25 Q2 | -1.1% |
| FY25 Q3 | -0.4% |
| FY25 Q4 | -2.5% |
| FY26 Q1 | -3.5% |
| FY26 Q2 | -3.3% |
| Fiscal year | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 51.6 | 42.6 | 60.4 | 57.4 |
| Net income | 0.2 | 0.3 | −0.2 | −0.3 |
| Growth (year on year) | ||||
| Revenue | — | −17.5% | +41.8% | +24.7% |
| Margins | ||||
| Net margin | 0.4% | 0.8% | −0.4% | −0.5% |
| Free-cash-flow margin | −0.1% | −0.6% | −2.5% | −3.3% |
| Cash flow | ||||
| Cash from operations | −0.0 | −0.2 | −0.3 | −0.4 |
| Capital spending | 0.0 | 0.1 | 1.2 | 1.5 |
| Free cash flow | −0.0 | −0.3 | −1.5 | −1.9 |
| Stock-based pay | 0.1 | 0.1 | 0.1 | 0.1 |
| Free cash flow after stock pay | −0.1 | −0.3 | −1.6 | −2.0 |
| Balance sheet | ||||
| Cash | 0.3 | 0.5 | 1.2 | 0.9 |
| Total debt | 0.0 | 0.8 | 2.9 | 3.3 |
| Net debt (negative = net cash) | −0.3 | 0.4 | 1.6 | 2.4 |
| Diluted shares | 326m | 357m | 366m | — |
| 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 | 8.6 | 15.8 | 13.0 | 8.7 | 28.4 | 10.4 | 10.0 | 8.6 |
| Net income | −0.0 | 0.1 | −0.3 | 0.0 | 0.5 | −0.5 | −0.2 | −0.1 |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | −2.5% | +231.4% | −34.4% | −22.6% | −1.2% |
| Margins | ||||||||
| Net margin | −0.4% | 0.7% | −2.3% | 0.4% | 1.8% | −4.6% | −2.2% | −1.0% |
| Free-cash-flow margin | −0.6% | −2.6% | 0.5% | −1.6% | 0.7% | −15.7% | −4.2% | −0.3% |
| Cash flow | ||||||||
| Cash from operations | −0.0 | −0.4 | 0.2 | 0.2 | 0.4 | −1.1 | −0.1 | 0.4 |
| Capital spending | 0.0 | 0.0 | 0.1 | 0.3 | 0.2 | 0.6 | 0.3 | 0.4 |
| Free cash flow | −0.1 | −0.4 | 0.1 | −0.1 | 0.2 | −1.6 | −0.4 | −0.0 |
| Stock-based pay | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Free cash flow after stock pay | −0.1 | −0.4 | 0.1 | −0.1 | 0.2 | −1.6 | −0.4 | −0.0 |
| Last 12 months unless stated | GLXY | GS | MS | SCHW | SNEX | LPLA | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $57.4bn | $69.7bn | $78.0bn | $26.0bn | $157.7bn | $20.4bn | $2.0bn |
| Revenue growth, last 12 months | 24.7% | 18.7% | 18.0% | 20.3% | 20.6% | 31.0% | 20.8% |
| Revenue growth, 3-year average | — | 15.3% | 13.3% | 7.8% | 37.5% | 27.9% | 16.2% |
| Revenue growth, latest quarter | −1.2% | 23.0% | 27.1% | 20.9% | 15.4% | 17.4% | 16.7% |
| Net margin | −0.5% | 31.8% | 25.8% | 38.8% | 0.3% | 6.8% | 5.6% |
| Cash from operations / revenue | −0.6% | −54.3% | −20.0% | 43.9% | 2.4% | 8.7% | 6.8% |
| Free-cash-flow margin | −3.3% | −57.4% | −25.6% | 41.5% | 2.4% | 4.9% | 4.9% |
| Free-cash-flow margin, 3-year average | — | −69.3% | −27.0% | 56.3% | 1.3% | −2.2% | 16.8% |
| Stock pay / revenue | 0.1% | 5.0% | 2.6% | 1.3% | 0.0% | 0.4% | 4.6% |
| Change in share count | — | −4.6% | −1.4% | −3.2% | 1.7% | 2.8% | 1.2% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Digital Assets | $60.4B | 100.0% | ▲ 42.1% |
| Treasury and Corporate | $12.9M | 0.0% | ▼ 87.0% |
| Data Centers | $8.4M | 0.0% | — |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Digital Assets Sales | $59.9B | 99.3% | ▲ 42.0% |
| Blockchain Rewards | $220M | 0.4% | ▲ 21.6% |
| Fee | $159M | 0.3% | ▲ 53.7% |
| Proprietary Mining | $14.5M | 0.0% | ▼ 77.1% |
From Galaxy Digital Inc.'s 10-K filed February 26, 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 |
|---|---|---|---|---|
| Capital Research Global Investors | $501M | 18.3M | 12.6% | ▲ 0.6% |
| FMR LLC | $451M | 16.5M | 11.3% | ▼ 21.1% |
| Blackrock, Inc. | $269M | 9.8M | 6.7% | ▲ 69.8% |
| Vanguard Capital Management LLC | $227M | 8.3M | 5.7% | ▲ 0.4% |
| Vanguard Portfolio Management LLC | $196M | 7.2M | 4.9% | ▲ 3.7% |
| D. E. Shaw & Co., Inc. | $163M | 6.0M | 4.1% | ▲ 17.8% |
| Jane Street Group, LLC | $143M | 5.2M | 3.6% | ▲ 250.3% |
| Geode Capital Management, LLC | $121M | 3.6M | 3.0% | ▲ 45.4% |
| State Street Corp | $105M | 3.8M | 2.6% | ▲ 99.7% |
| Invesco Ltd. | $101M | 3.7M | 2.5% | ▲ 18.9% |
| Tidal Investments LLC | $80.1M | 2.9M | 2.0% | ▼ 2.5% |
| Rubric Capital Management LP | $64.1M | 2.3M | 1.6% | 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 Galaxy Digital Inc.'s complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Adams Medina Rhonda Director | October 30, 2026 | Sell | 12,000 | $16.45 | $197,424 |
| Friedrich Matthew W. Chief Legal Officer | September 9, 2026 | Sell pre-set plan | 4,993 | $27.03 | $134,961 |
| Deason Douglas R Director | August 12, 2026 | Buy | 12,000 | $21.54 | $258,480 |
| Bandrowczak Steven John Director | August 10, 2026 | Buy | 5,100 | $19.63 | $100,113 |
| Rico Robert Daniel Chief Accounting Officer | August 6, 2026 | Sell | 9,095 | $19.66 | $178,808 |
| Rico Robert Daniel Chief Accounting Officer | June 15, 2026 | Sell | 19,000 | $34.22 | $650,180 |
| Rico Robert Daniel Chief Accounting Officer | June 9, 2026 | Sell | 19,000 | $31.62 | $600,780 |
| Daffey Michael D Director | May 22, 2026 | Sell | 160,765 | $28.66 | $4.6M |
| Daffey Michael D Director | May 22, 2026 | Sell | 89,235 | $29.27 | $2.6M |
| Daffey Michael D Director | May 21, 2026 | Sell | 171,076 | $28.66 | $4.9M |
| Daffey Michael D Director | May 21, 2026 | Sell | 78,924 | $29.03 | $2.3M |
| Deason Douglas R Director | February 4, 2026 | Buy | 10,000 | $21.12 | $211,200 |
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.
Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced
| 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 |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
