A Business at a Glance
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CLEANSPARK, INC.
CLSK
$4.7B
Mkt Cap
$14.52
-6.98%
CLEANSPARK, INC. (CLSK) has a current P/E ratio of 13.0, compared to its historical median P/E of 11.6. The stock is currently considered Expensive based on its historical valuation range.
CLEANSPARK, INC. (CLSK) has a 5-year average return on invested capital (ROIC) of -8.1%. This is below average and may indicate limited pricing power.
CLEANSPARK, INC. (CLSK) has a market capitalization of $3.7B. It is classified as a mid-cap stock.
Yes, CLEANSPARK, INC. (CLSK) pays a dividend with a trailing twelve-month yield of 0.30%. The company also returns capital through share buybacks, with a buyback yield of 12.39%.
Based on historical P/E analysis, CLEANSPARK, INC. (CLSK) appears expensive. The current P/E of 13.0 is 12% above its historical median of 11.6.
CLEANSPARK, INC. (CLSK) operates in the Finance Services industry, within the Financials sector.
CLEANSPARK, INC. (CLSK) reported annual revenue of $766 million in its most recent fiscal year, based on SEC EDGAR filings.
As used in this Annual Report on Form 10-K, the terms “we,” “us,” “our,” the “Company,” “CleanSpark, Inc.” and “CleanSpark” mean CleanSpark, Inc. and its consolidated subsidiaries, unless otherwise indicated. Dollar amounts presented in this Annual Report on Form 10-K are presented in thousands, except per share amounts, bitcoin price, and information set forth under the heading “Bitcoin Mining Operations”. CleanSpark is a data center developer, until recently focused exclusively on bitcoin mining. We independently own, lease and operate a large portfolio of data centers and power assets across the United States with locations in Georgia, Tennessee, Mississippi and Wyoming for a total contracted power capacity of approximately 1,027 megawatts (“MW”) as of September 30, 2025. We intend to continue our growth in these regions and are actively developing plans for additional capacity in these states and other domestic regions.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 877M | 766M | 379M | 168M | 132M | 39M |
| Net Income | -261M | 364M | -146M | -138M | -57M | -22M |
| EPS | $-0.93 | $1.12 | $-0.69 | $-1.30 | $-0.95 | $-0.75 |
| Free Cash Flow | -627M | -606M | -300M | -79M | 54M | -163M |
| ROIC | -7.3% | 15.9% | -11.9% | -25.1% | -15.8% | -3.7% |
| Gross Margin | - | 55.2% | 56.3% | 44.4% | 68.6% | 17.7% |
| Debt/Equity | 1.29 | 0.30 | 0.00 | 0.01 | 0.03 | - |
| Dividends/Share | $0.04 | $0.03 | $0.02 | $0.00 | $0.01 | $0.01 |
| Operating Income | -208M | 319M | -149M | -131M | -38M | -12M |
| Operating Margin | -23.7% | 41.6% | -39.3% | -77.8% | -28.8% | -30.3% |
| ROE | -18.9% | 18.5% | -12.0% | -25.6% | -16.2% | - |
| Shares Outstanding | 256M | 325M | 211M | 106M | 60M | 29M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 0 | N/A | N/A | N/A | N/A | N/A | N/A | 39M | 132M | 168M | 379M | 766M | 877M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 17.7% | 68.6% | 44.4% | 56.3% | 55.2% | N/A |
| R&D | N/A | N/A | 2K | 0 | 7K | 1.5M | 164K | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 25K | 15K | 86K | 366K | 280K | 917K | 1.1M | 5.7M | 10M | 21M | 30M | 53M | 58M |
| EBIT | -25K | -59K | -2.5M | -13M | -7.1M | -17M | -15M | -12M | -38M | -131M | -149M | 319M | -208M |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -30.3% | -28.8% | -77.8% | -39.3% | 41.6% | -23.7% |
| Net Income | -32K | -45K | -2.5M | -13M | -47M | -26M | -23M | -22M | -57M | -138M | -146M | 364M | -261M |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -55.5% | -43.6% | -82.0% | -38.5% | 47.6% | -29.8% |
| Non-Recurring | 0 | 0 | 0 | 13K | 5.0M | 0 | -5K | 977K | 13M | -1.9M | -5.5M | 336K | 336K |
| Returns on Capital | |||||||||||||
| ROIC | N/M | -7.4% | -7.7% | -64.3% | -35.6% | -138.0% | -122.2% | -3.7% | -15.8% | -25.1% | -11.9% | 15.9% | -7.3% |
| ROE | 35.0% | -14.9% | N/A | N/A | -258.3% | -149.5% | -132.2% | N/A | -16.2% | -25.6% | -12.0% | 18.5% | -18.9% |
| ROA | -3037.5% | -11.8% | -15.0% | -50.2% | -245.2% | -127.4% | -102.0% | -12.8% | -14.9% | -22.8% | -10.7% | 14.2% | -7.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -18K | -104K | -438K | -1.4M | -1.3M | -5.7M | -6.6M | -24M | 73M | -17M | -234M | -461M | -503M |
| Free Cash Flow | -18K | -107K | -448K | -1.4M | -1.3M | -5.8M | -6.7M | -163M | 54M | -79M | -300M | -606M | -627M |
| Owner Earnings | -18K | -105K | -2.5M | -3.7M | -3.6M | -9.6M | -12M | -42M | -7.1M | -162M | -418M | -855M | -946M |
| CapEx | 0 | 4K | 10K | 5K | 15K | 103K | 35K | 139M | 19M | 61M | 66M | 145M | 124M |
| Maint. CapEx | 0 | 2K | 578K | 2.3M | 855K | 1.9M | 2.8M | 9.3M | 49M | 121M | 155M | 348M | 388M |
| Growth CapEx | N/A | 2K | 0 | 0 | 0 | 0 | 0 | 130M | 0 | 0 | 0 | 0 | 0 |
| D&A | 0 | 2K | 578K | 2.3M | 855K | 1.9M | 2.8M | 9.3M | 49M | 121M | 155M | 348M | 388M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 27.0% | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 178K | 315K | 21K | 3.4M | 11M | 11M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.1% | 0.0% | 0.1% | 0.3% | 0.3% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 893K | 0 | 0 | 0 | 145M | 460M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.4% | 12.4% |
| Stock-Based Comp | N/A | N/A | 1.5M | 136K | 1.5M | 2.0M | 2.1M | 8.5M | 31M | 24M | 30M | 45M | 54M |
| Debt Repayment | 0 | 36K | 0 | 0 | 13M | 625K | 217K | 5.9M | 0 | 0 | 0 | 2.0M | 2.0M |
| Balance Sheet | |||||||||||||
| Net Debt | 15K | -72K | N/A | 269K | -344K | -2.0M | -2.6M | -17M | -6.8M | -20M | -114M | 602M | 873M |
| Cash & Equiv. | 0 | 117K | 437K | 57K | 413K | 7.8M | 3.1M | 18M | 20M | 29M | 121M | 43M | 916M |
| Long-Term Debt | N/A | 45K | N/A | 150K | N/A | 2.9M | N/A | 458K | 13M | 8.9M | 7.2M | 645M | 1.8B |
| Debt/Equity | -0.15 | 0.06 | N/A | N/A | 0.00 | 0.31 | 0.03 | N/A | 0.03 | 0.01 | 0.00 | 0.30 | 1.29 |
| Interest Coverage | -3.7 | -1.3 | -79414.1 | -4621.1 | -7.7 | -1.8 | -1.4 | -81.6 | -35.1 | -44.0 | -60.7 | 28.1 | 28.1 |
| Equity | -101K | 708K | N/A | N/A | 16M | 19M | 16M | N/A | 404M | 676M | 1.8B | 2.2B | 1.4B |
| Total Assets | 0 | 763K | 33M | 21M | 18M | 23M | 22M | 317M | 453M | 762M | 2.0B | 3.2B | 3.3B |
| Total Liabilities | 102K | 55K | N/A | N/A | 1.5M | 4.5M | 5.9M | N/A | 49M | 86M | 202M | 1.0B | 1.9B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | 7.4M | 7.0M | 8.2M | 6.5M | 4.6M | 3.0M | 5.8M | 4.9M |
| Retained Earnings | -364K | -409K | -6.4M | -20M | -67M | -93M | -116M | -138M | -196M | -334M | -479M | -126M | -505M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | -0.00 | -0.01 | -0.28 | -1.05 | -34.05 | -15.63 | -0.97 | -0.75 | -0.95 | -1.30 | -0.69 | 1.12 | -0.93 |
| Owner EPS | -0.00 | -0.02 | -0.27 | -0.29 | -2.62 | -5.74 | -0.48 | -1.44 | -0.12 | -1.53 | -1.98 | -2.63 | -3.70 |
| Book Value | -0.01 | 0.13 | N/A | N/A | 11.63 | 11.30 | 0.69 | N/A | 6.70 | 6.36 | 8.33 | 6.68 | 5.40 |
| Cash Flow/Share | -0.00 | -0.02 | -0.05 | -0.11 | -0.91 | -3.41 | -0.28 | -0.82 | 1.22 | -0.16 | -1.11 | -1.42 | 0.50 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.01 | 0.01 | 0.00 | 0.02 | 0.03 | 0.04 |
| Shares Out. | 7.6M | 5.4M | 9.2M | 12.9M | 1.4M | 1.7M | 24.0M | 29.1M | 60.3M | 106.3M | 211.3M | 325.4M | 255.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11.6 | -15.6 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.8 | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 15.5 | N/A |
| Price/Book | N/A | N/A | N/A | N/A | 12.7 | 10.3 | 30.3 | N/A | 1.6 | 1.7 | 1.2 | 1.9 | 2.7 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 34.6 | 12.8 | 6.4 | 6.9 | 4.4 | 4.2 |
| FCF Yield | N/A | N/A | N/A | -1.2% | -0.6% | -3.0% | -1.3% | -19.8% | 8.6% | -7.0% | -14.0% | -14.4% | -16.9% |
| Market Cap | N/A | N/A | N/A | 111M | 204M | 195M | 497M | 823M | 628M | 1.1B | 2.1B | 4.2B | 3.7B |
| Avg. Price | N/A | N/A | N/A | 37.35 | 24.79 | 24.31 | 5.03 | 18.07 | 9.09 | 3.66 | 12.40 | 10.47 | 14.52 |
| Year-End Price | N/A | N/A | N/A | 34.50 | 59.00 | 8.15 | 12.00 | 10.94 | 3.40 | 3.86 | 10.13 | 12.96 | 14.52 |
CLEANSPARK, INC. passes 2 of 9 quality checks, indicating weak fundamentals.
CLEANSPARK, INC. trades at 13.0x trailing earnings, compared to its 15-year median P/E of 11.6x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average gross margin is 48.5%. Total shareholder yield (dividends + buybacks) is 12.7%. At current prices, the estimated annualized return to fair value is -10.4%.
CLEANSPARK, INC. (CLSK) has a net profit margin of 47.6%. This is a strong margin indicating high profitability.
CLEANSPARK, INC. (CLSK) generated $-606 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
CLEANSPARK, INC. (CLSK) has a debt-to-equity ratio of 0.30. This indicates a conservatively financed balance sheet.
CLEANSPARK, INC. (CLSK) reported earnings per share (EPS) of $1.12 in its most recent fiscal year.
CLEANSPARK, INC. (CLSK) has a return on equity (ROE) of 18.5%. This indicates the company generates strong returns for shareholders.
CLEANSPARK, INC. (CLSK) has a 5-year average gross margin of 48.5%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for CLEANSPARK, INC. (CLSK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CLEANSPARK, INC. (CLSK) has a book value per share of $6.68, based on its most recent annual SEC filing.