CLSK Financial ServicesBeta data

CleanSpark, Inc.

$8.15+13.99%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Financial Services
Industry: Capital Markets
Country: United States
Market cap: 2.1B USD
Full-time employees: 309

Overall health

Not enough data: too little is reported yet for an overall view

Only 2 of 3 categories have enough reported data; an overall score needs at least 3.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 361% from September 2022 to August 2026.
CleanSpark had 361% more shares at August 2026 than at September 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.CleanSpark had 361% more shares at August 2026 than at September 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock pay is large next to buybacks. Stock-based pay expense $99M vs $145M spent repurchasing shares over the 3 fiscal years to FY Sep 2025.
Over three fiscal years CleanSpark recorded $99M of stock-based pay expense and spent $145M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years CleanSpark recorded $99M of stock-based pay expense and spent $145M repurchasing shares.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -117%).
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $10M in FY Sep 2020 to $766M in FY Sep 2025.
CleanSpark's fiscal-year revenue rose in each of the five years to FY Sep 2025, from $10M to $766M.

StockQuotient Score

—Fundamentals: Yahoo Finance, not primary filings

Valuation

Is the price right?

2/100

Weak

2/2 inputs reported · High confidence

Since last year: ▲ Stronger

Share count down 8.6%

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ P/B

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield36.4%

Yahoo FinanceReported value40% base weight · Z-score -1.52Sector median: 0.7950 · MAD: 0.2843

Earnings yield-46.4%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price60% base weight · Z-score -3.12Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yield-23.0%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share priceInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield-49.6%

Yahoo Finance · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share priceInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

Insufficient data

Insufficient data: 0 of 1 inputs reported (at least 1 needed). We leave it blank rather than fill the gap with a made-up middle value.

Profitability

Does it earn well?

0/100

Weak

2/2 inputs reported · High confidence

Since last year: ▼ Weaker

Turned to a loss over the last 12 months

Why

Weaker than most peers on:

▼ ROA
▼ ROE

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets-36.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile50% base weight · Z-score -2.09Sector median: 0.0117 · MAD: 0.0062

Return on equity-68.6%

Yahoo Finance · trailing 12 monthsOutlier capped at sector 5th/95th percentile50% base weight · Z-score -2.86Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating margin-116.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about CleanSpark

Is CleanSpark getting weaker?: Its latest SEC filing (Aug 6, 2026) was mixed: some things better, some worse: turned to a loss over the last 12 months; share count down 8.6%.
How is CleanSpark valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 2/100 against 950 banks & insurance peers. Earnings yield -46.4% vs a peer median of 7.9% (weaker than 100% of peers).Earnings yield -46.4% vs peers 7.9% (weaker than 100% of peers).
Is CleanSpark growing?: Insufficient data: 0 of 1 inputs reported (at least 1 needed).
How profitable is CleanSpark?: Less profitable than most of its peers. Profitability scores 0/100 against 950 banks & insurance peers. Return on assets -36.9% vs a peer median of 1.2% (weaker than 100% of peers).Return on assets -36.9% vs peers 1.2% (weaker than 100% of peers).
How risky is CleanSpark?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Year ended Sep 30, 2025 · filed Aug 6, 2026 · compared with the year ended Sep 30, 2024

Mixed: some things better, some worse

Turned to a loss over the last 12 months
Share count down 8.6%
Debt up 176%
Operating profit now covers interest only 0.0x

Worth watching: CleanSpark is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous year	Latest year	Change
Revenue (12 months)	379.0M USD	766.3M USD	+102.2%
Net income (12 months)	303.2M USD	−997.8M USD	turned negative
Operating margin	66.6%	-116.6%	−183.3 pts
Free cash flow (12 months)	−490.4M USD	−620.0M USD	+26.4%
Debt	643.9M USD	1.8B USD	+176.4%
Cash	34.6M USD	202.6M USD	+486.3%
Shares outstanding	281.1M	256.8M	−8.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Industry valuation context

Industry: Capital Markets · 24 companies

Valuations in Capital Markets are above their usual range since Nov 2016.

62% of months since Nov 2016 were valued lower than now.
56% of companies are in the most expensive fifth of their own price-to-book history.
Over 24 months, company values +34% and earnings +87% (medians): earnings grew faster than prices.
Median price-to-book is +21% vs the whole market, against a usual +28%.

Nov 2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Sep 2021	FY Sep 2022	FY Sep 2023	FY Sep 2024	FY Sep 2025	Change
Operating margin	-30.3%	-28.8%	-77.8%	-39.3%	41.6%	▲ 81 pts
Net margin	-55.5%	-43.6%	-82.0%	-38.5%	47.6%	▲ 86 pts
Return on assets (ROA)	-6.9%	-12.7%	-18.1%	-7.4%	11.4%	▲ 19 pts
Return on equity (ROE)	-7.1%	-14.2%	-20.4%	-8.3%	16.8%	▲ 25 pts
Debt to equity	—	0.03×	0.01×	0.00×	0.30×	▲ >999%
Interest coverage	-81.65×	-35.12×	-44.02×	-60.71×	28.14×	▲ 146%

CLSK price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Not enough data: too little is reported yet for an overall view

Only 2 of 3 categories have enough reported data; an overall score needs at least 3.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 361% from September 2022 to August 2026.

CleanSpark had 361% more shares at August 2026 than at September 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.CleanSpark had 361% more shares at August 2026 than at September 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock pay is large next to buybacks. Stock-based pay expense $99M vs $145M spent repurchasing shares over the 3 fiscal years to FY Sep 2025.

Over three fiscal years CleanSpark recorded $99M of stock-based pay expense and spent $145M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years CleanSpark recorded $99M of stock-based pay expense and spent $145M repurchasing shares.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -117%).

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $10M in FY Sep 2020 to $766M in FY Sep 2025.

CleanSpark's fiscal-year revenue rose in each of the five years to FY Sep 2025, from $10M to $766M.

Questions investors ask about CleanSpark

Is CleanSpark getting weaker?

Its latest SEC filing (Aug 6, 2026) was mixed: some things better, some worse: turned to a loss over the last 12 months; share count down 8.6%.

How is CleanSpark valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 2/100 against 950 banks & insurance peers. Earnings yield -46.4% vs a peer median of 7.9% (weaker than 100% of peers).Earnings yield -46.4% vs peers 7.9% (weaker than 100% of peers).

Is CleanSpark growing?

Insufficient data: 0 of 1 inputs reported (at least 1 needed).

How profitable is CleanSpark?

Less profitable than most of its peers. Profitability scores 0/100 against 950 banks & insurance peers. Return on assets -36.9% vs a peer median of 1.2% (weaker than 100% of peers).Return on assets -36.9% vs peers 1.2% (weaker than 100% of peers).

How risky is CleanSpark?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous year

Latest year

Change

Revenue (12 months)

379.0M USD

766.3M USD

+102.2%

Net income (12 months)

303.2M USD

−997.8M USD

turned negative

Operating margin

66.6%

-116.6%

−183.3 pts

Free cash flow (12 months)

−490.4M USD

−620.0M USD

+26.4%

Debt

643.9M USD

1.8B USD

+176.4%

Cash

34.6M USD

202.6M USD

+486.3%

Shares outstanding

281.1M

256.8M

−8.6%

Key ratios

FY Sep 2021

FY Sep 2022

FY Sep 2023

FY Sep 2024

FY Sep 2025

Change

Operating margin

-30.3%

-28.8%

-77.8%

-39.3%

41.6%

▲ 81 pts

Net margin

-55.5%

-43.6%

-82.0%

-38.5%

47.6%

▲ 86 pts

Return on assets (ROA)

-6.9%

-12.7%

-18.1%

-7.4%

11.4%

▲ 19 pts

Return on equity (ROE)

-7.1%

-14.2%

-20.4%

-8.3%

16.8%

▲ 25 pts

Debt to equity

—

0.03×

0.01×

0.00×

0.30×

▲ >999%

Interest coverage

-81.65×

-35.12×

-44.02×

-60.71×

28.14×

▲ 146%