CleanSpark, Inc. (CLSKW) stock analysis

CLSKWNasdaqFinance ServicesFiscal year ends September 30Also trades as CLSK

Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026Score 2/30

$0.19−0.01 (-4.65%)

Close on Oct 30, 2026Market cap $1.97BP/E –Yield –

StockData Score

Prices as of Oct 30, 2026How the score works

Weak2 of 30 checks passed

CleanSpark passes 2 of the 30 checks behind our score; 21 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 0/6
Growth: 1/6
Past performance: 0/6
Financial health: 1/6
Dividend: 0/6

What stands out

Revenue growing 10%+ a year
Revenue grew 79.9% a year over the last three fiscal years.
Short-term assets cover short-term debts
Current assets are 5.91 times current liabilities.

What to watch

Return on equity under 15%
Return on equity was -68.6% over the last twelve months and averaged -9.7% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -52.9%, below the 10% that usually covers the cost of capital.
Interest not well covered
Operating income covers interest expense -69.6 times; we look for at least 5.
Elevated bankruptcy risk
The Altman Z-score is -0.74; above 3 is the safe zone and below 1.8 the distress zone.

Valuation0/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B above the industry
CleanSpark's price-to-book of 2.59 is above the Finance services median of 1.04.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.

Growth1/6

Revenue growing 10%+ a year
Revenue grew 79.9% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growth against the industry
Needs revenue for this year and last.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance0/6

Return on equity under 15%
Return on equity was -68.6% over the last twelve months and averaged -9.7% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -52.9%, below the 10% that usually covers the cost of capital.
Return on equity below the industry
CleanSpark's return on equity of -68.6% is below the Finance services median of -34.6%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.

Financial health1/6

Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest not well covered
Operating income covers interest expense -69.6 times; we look for at least 5.
Short-term assets cover short-term debts
Current assets are 5.91 times current liabilities.
Elevated bankruptcy risk
The Altman Z-score is -0.74; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

No dividend
CleanSpark has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for CleanSpark. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/E at month end
Finance services median 18.8

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day: $183.58M
Value traded per 1% price move: $50.03M

Downside

High risk

Typical loss in a bad month: 40.2%
Volatility (annualized): 91%
Sharpe ratio, 1 year: -0.70
Beta to the S&P 500 (5Y): 2.27

Typical bad-month loss, week by week

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

55.2%+34.1 pts over 5 years

Operating margin

41.6%+192.6 pts over 5 years

Net margin

47.6%+280.4 pts over 5 years

Per year	1 year	3 years	5 years	10 years	Five-year pace
Revenue	+102.2%	+79.9%	+138.0%	–
Gross profit	+98.3%	+67.4%	+188.4%	–

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	-15.2%	-132.2%	18.5%
Return on assets	-15.0%	-102.0%	14.2%
Current ratio	1.69	1.53	4.18
Debt to equity	–	0.06	–
Net debt to EBITDA	–	0.17×	–
Interest coverage	-79414.1×	-1.4×	28.1×
Capex to revenue	11.8%	0.3%	18.9%
Diluted shares	2M	10M	318M

DuPont analysis

Return on equity split into margin, efficiency and leverage

Net margin47.6%

Asset turnover0.30×

Equity multiplier1.31×

Return on equity, FY202518.5%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	47.6%	0.30×	1.31×	18.5%
FY2024	-38.5%	0.28×	1.12×	-12.0%
FY2023	-82.0%	0.28×	1.12×	-25.6%
FY2022	-43.6%	0.34×	1.09×	-16.2%
FY2021	-55.5%	0.23×	1.05×	-13.5%
FY2020	-232.8%	0.44×	1.30×	-132.2%
FY2019	-576.2%	0.22×	1.17×	-149.5%
FY2018	-8123.6%	0.03×	1.05×	-258.3%
FY2017	-3013.3%	0.02×	1.02×	-50.9%
FY2016	-3097.1%	0.00×	1.01×	-15.2%