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Friday 6 November 2026
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DeFi Development Corp.
DFDV Financial Asset Management
DeFi Development Corp.’s revenue for fiscal 2025 (year ended December 2025) was $11.4 million, up 442.2% from fiscal 2024.
- Revenue
- +66.9%
- EPS
- −191.7%
- Free cash flow
- +110.7%
- Total debt
- +457.2%
Quarter to June 2026, against a year earlier
3.29
0.12
+3.79%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 2 | 2 | 2 | 2 | 2 | 11 | 15 | +48.8% | 17 | 23 | 45 | +58.3% | |
| Gross margin, % | — | — | — | — | 0.00 | 100.00 | 100.00 | 100.00 | 98.48 | 97.81 | 97.76 | +97.8 pt | ||||||
| EBT | — | — | — | — | 0 | (2) | (1) | (3) | (3) | (74) | (200) | n/m | ||||||
| EBT margin, % | — | — | — | — | 20.43 | (81.63) | (58.66) | (168.42) | (129.86) | (647.98) | (1,327.35) | (668.4) pt | ||||||
| Net income | — | — | — | — | 0 | (2) | (1) | (3) | (3) | (74) | (199) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.16 | 0.34 | 0.36 | 0.27 | 0.22 | 0.62 | 0.55 | +31.6% | |||||
| Earnings | — | — | — | — | 0.03 | (0.28) | (0.21) | (0.46) | (0.28) | (4.00) | (10.24) | n/m | ||||||
| Cash flow | — | — | — | — | 0.04 | 0.01 | (0.17) | (0.21) | (0.25) | (0.97) | (1.10) | n/m | ||||||
| Capex | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (10.96) | (4.17) | n/m | ||||||
| Free cash flow | — | — | — | — | 0.04 | 0.01 | (0.17) | (0.22) | (0.25) | (11.94) | (5.27) | n/m | ||||||
| Book value | — | — | — | — | (0.01) | 0.07 | 0.09 | 0.79 | 0.36 | 5.38 | (0.44) | n/m | ||||||
| Shares, m | — | — | — | — | 10 | 6 | 6 | 7 | 10 | 18 | 24 | +13.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | 13.15 | 13.15 | 13.15 | 4.25 | 3.21 | 8.18 | 5.80 | 9.2 | ||||||
| P/B | — | — | — | — | 24.33 | 24.33 | 24.33 | 1.46 | 1.92 | 0.94 | 0.00 | 12.9 | ||||||
| EV/Sales | — | — | — | — | 12.43 | 12.43 | 12.43 | 1.75 | 1.89 | 18.54 | — | 9.9 | ||||||
| EV/FCF | — | — | — | — | (24.78) | (24.78) | (24.78) | (2.20) | (1.62) | (0.96) | — | (13.2) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 0 | 0 | (1) | (2) | (2) | (18) | (30) | n/m | |||||
| Capex | — | — | — | — | 0 | — | — | 0 | 0 | (202) | (114) | +559.6% | ||||||
| Free cash flow | — | — | — | — | 0 | 0 | (1) | (2) | (2) | (220) | (144) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 1 | 2 | 1 | 5 | 3 | 3 | 1 | +31.5% | |||||
| Net debt | — | — | — | — | 0 | (2) | (1) | (5) | (3) | 118 | 114 | n/m | ||||||
| Shareholders’ equity | — | — | — | — | 0 | 0 | 1 | 6 | 4 | 99 | (12) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | 0.00 | (124.48) | (78.96) | (84.13) | (49.31) | (47.33) | (128.23) | (47.3) pt | |||||
| ROIC | — | — | — | — | 0.00 | 0.00 | 0.00 | (287.42) | (290.99) | (10.48) | (79.93) | (10.5) pt | ||||||
| ROE | — | — | — | — | 0.00 | (1,134.29) | (267.11) | (106.41) | (58.53) | (143.61) | (589.29) | (143.6) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | 28 | 39 | 26 | 16 | — | (17.0%) | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.08 | 0.05 | 0.08 | 0.71 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026
DeFi Development Corp. vs peers in Asset Management (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| WHF WhiteHorse Finance, Inc. | $177.0M | 10.4× | 8.3× | −23.72% (below 0%: shrinking) | +380.00% (above 0%: growing) | −159.82% (below 0%: shrinking) | 100.00% | 66.34% | Compare |
| NSLR Neostellar Capital Corp. | $148.3M | 1.5× | 1.3× | +79.14% (above 0%: growing) | n/m | +8,274.08% (above 0%: growing) | 100.00% | 0.00% | Compare |
| AMBR Amber International Holding Limited - Sponsored ADR | $143.5M | 291× | — (loss-making) | −26.53% (below 0%: shrinking) | +57.00% (above 0%: growing) | +274.25% (above 0%: growing) | 79.48% | 7.43% | Compare |
| SAMG Silvercrest Asset Management Group Inc. | $131.1M | 91.4× | 22.0× | +4.52% (above 0%: growing) | +14.29% (above 0%: growing) | −23.65% (below 0%: shrinking) | 100.00% | 5.75% | Compare |
| EARN Ellington Credit Company | $120.2M | 10.5× | 13.0× | +8.08% (above 0%: growing) | n/m | +293.76% (above 0%: growing) | 93.62% | 30.14% | Compare |
| HSDT Solana Company | $117.2M | — (loss-making) | — (loss-making) | +5,774.42% (above 0%: growing) | n/m | −331.34% (below 0%: shrinking) | 96.95% | (1,293.47%) | Compare |
| SPMC Sound Point Meridian Capital, Inc. | $115.8M | — (loss-making) | — | — | +76.60% (above 0%: growing) | — | — | — | Compare |
| DFDV DeFi Development Corp. | $103.4M | — (loss-making) | — (loss-making) | +66.87% (above 0%: growing) | n/m | +110.69% (above 0%: growing) | 99.37% | (689.20%) | |
| HNNA Hennessy Advisors, Inc. | $83.2M | 10.0× | 10.6× | +4.17% (above 0%: growing) | −3.85% (below 0%: shrinking) | −6.00% (below 0%: shrinking) | 100.00% | 34.72% | Compare |
| Median of peers | $125.7M | 10.5× | 10.6× | +4.52% | +57.00% | −6.00% | 100.00% | 7.43% |