BitMine Immersion Technologies, Inc. (BMNR) stock analysis
Close on Nov 12, 2026Market cap $11.02BP/E –Yield 0.05%
StockData Score
Prices as of Nov 12, 2026How the score works
Mixed11 of 30 checks passed
BitMine Immersion Technologies passes 11 of the 30 checks behind our score; 16 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
- 1/6
- Growth
- 3/6
- Past performance
- 0/6
- Financial health
- 6/6
- Dividend
- 1/6
What stands out
No debt
BitMine Immersion Technologies has no borrowings on its latest balance sheet.
Revenue growing 10%+ a year
Revenue grew 478% a year over the last three fiscal years.
Interest well covered
No meaningful interest expense to cover.
Debt covered by cash flow
There is no debt to cover.
What to watch
Return on capital under 10%
Return on invested capital was -45.1%, below the 10% that usually covers the cost of capital.
Yield below Treasuries
The 0.1% yield is below the 4.6% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.9% or more; BitMine Immersion Technologies yields 0.1%.
Valuation1/6
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 below the industry
BitMine Immersion Technologies's price-to-book of 0.74 is below the Finance services median of 0.79.
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.
Growth3/6
Revenue growing 10%+ a year
Revenue grew 478% 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.
Growing faster than the industry
Revenue grew 1948% over the last twelve months; the Finance services median is 9.8%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin improving
Gross margin was 85.3% over the last twelve months, against 5.1% a year earlier.
Past performance0/6
Return on equity
Needs positive equity and five years of results.
Return on capital under 10%
Return on invested capital was -45.1%, below the 10% that usually covers the cost of capital.
Return on equity against the industry
Needs positive equity.
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 health6/6
No debt
BitMine Immersion Technologies has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets cover short-term debts
Current assets are 27.27 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 196.05; above 3 is the safe zone and below 1.8 the distress zone.
Dividend1/6
Pays a dividend
BitMine Immersion Technologies paid dividends worth 0.1% of the share price over the last twelve months.
Yield below Treasuries
The 0.1% yield is below the 4.6% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.9% or more; BitMine Immersion Technologies yields 0.1%.
Dividend stability
Fewer than five years of dividend history.
Earnings cover
Needs dividends paid and net income.
Cash-flow cover
Needs dividends paid and free cash flow.
Fair value
How we estimate itWe don't publish a fair value for BitMine Immersion Technologies. 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/B at month end
- Own 5-year median 0.4
- Finance services median 0.8
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
- $685.47M
- Value traded per 1% price move
- $226.00M
Downside
High risk
- Typical loss in a bad month
- 35.7%
- Volatility (annualized)
- 89%
- Sharpe ratio, 1 year
- -0.65
- Beta to the S&P 500 (5Y)
- –
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2020 to 2026
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1947.8% | +478.3% | – | – | |
| Gross profit | +34258.1% | +682.3% | – | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2020 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | – | -99.4% | – | |
| Return on assets | – | -47.6% | – | |
| Current ratio | 0.04 | 0.77 | 27.27 | |
| Interest coverage | – | – | – | |
| Capex to revenue | – | – | – | |
| Diluted shares | – | 0M | 482M |
Cash use needs five years of cash flow figures
BitMine Immersion Technologies does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5719.1% | 0.00× | 1.01× | 8.0% |
| FY2024 | -99.5% | 0.43× | 1.50× | -63.7% |
| FY2023 | -382.0% | 0.08× | 1.18× | -36.1% |
| FY2022 | -468.9% | 0.10× | 1.11× | -51.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero-$305.15M
- Return on assets improvedROA up on the prior year4786.8% → –
- Earnings backed by cashOperating cash flow above net income-$305.15M vs –
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose51.50 → 27.27
- No dilutionShare count did not rise25M → 482M
- Gross margin improvedGross margin up on the prior year5.09% → 85.34%
- More efficientAsset turnover rose0.84 → 0.01
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