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Friday 6 November 2026 Export BMNR’s income statement to Excel — free account

BitMine Immersion Technologies, Inc.

BMNR Financial Capital Markets

BitMine Immersion Technologies, Inc.’s revenue for fiscal 2025 (year ended August 2025) was $6.1 million, up 84.1% from fiscal 2024.

Revenue
+2,167.8%
EPS
+51.6%
Free cash flow
−126,594.8%

Quarter to May 2026, against a year earlier

18.35 0.65 −3.42%
Market cap
$11.5B
P/E
0.0×
Fwd P/E
−0.9×
Dividend yield
0.05%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

BitMine Immersion Technologies, Inc. (BMNR) valuation and DCF model

What the price implies · reverse DCF

At $18.35 the price implies more than 60% a year of growth for ten years.

Return on equity averaged −34.7% over ten years; the price implies 8.2% for good.

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
Its base case
5.0% a year for five years, then 3.0%
$0.22
98.8% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record BitMine Immersion Technologies, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to May 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against BitMine Immersion Technologies, Inc.’s own cost of capital: risk-free 4.3% + beta 2.16 × equity premium 4.5% = 14.0% cost of equity; weighted, 14.0%.

Use 14.0%
Base case value per share $0.22 ten years discounted, and what follows
Current price $18.35 market price per share
Below today’s price 98.8% downside at the base case’s assumptions

How we got there$0.10 10 years of dividends+$0.12 terminal value=$0.22 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Capital Markets).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E — 36.98× 36.98× — 14.35× —
P/B 0.92× 3.54× 3.54× 74% below 1.36× 33% below
EV/EBITDA — 1.16× 1.16× — 3.38× —
EV/Sales — 23.34× 23.34× — 3.90× —
P/B EV/Sales
0.89×2.44×4.00×5.55×10Y avg 3.54×20222023202420252026

BMNR trades at 0.92× P/B, against a 10-year average of 3.54× (range 0.12×–5.56×). That is cheaper than 75% of the last 4 year-end readings; re-rating to the average implies $70.81 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.