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Friday 6 November 2026
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Galaxy Digital Inc.
GLXY Financial Capital Markets
Galaxy Digital Inc.’s revenue for fiscal 2025 (year ended December 2025) was $60.4 billion, up 41.8% from fiscal 2024.
- Revenue
- −0.99%
- EPS
- −190.0%
- Free cash flow
- +80.1%
- Total debt
- +189.9%
Quarter to June 2026, against a year earlier
13.08
0.89
−6.37%
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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 | — | — | — | — | — | — | — | 51,627 | 42,597 | 60,407 | 57,387 | +8.2% | 51,917 | 59,337 | 71,546 | +5.8% | |
| Gross margin, % | — | — | — | — | — | — | — | 0.22 | 0.37 | 0.30 | 0.40 | +0.1 pt | ||||||
| EBT | — | — | — | — | — | — | — | 244 | 330 | (271) | (374) | n/m | ||||||
| EBT margin, % | — | — | — | — | — | — | — | 0.47 | 0.77 | (0.45) | (0.65) | (0.9) pt | ||||||
| Net income | — | — | — | — | — | — | — | 229 | 347 | (241) | (278) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | 488.53 | 352.48 | 379.44 | 297.54 | (11.9%) | |||||
| Earnings | — | — | — | — | — | — | — | 2.16 | 2.87 | (1.52) | (0.76) | n/m | ||||||
| Cash flow | — | — | — | — | — | — | — | (0.04) | (1.70) | (1.99) | (1.85) | +617.8% | ||||||
| Capex | — | — | — | — | — | — | — | (0.43) | (0.46) | (7.42) | (7.93) | +317.6% | ||||||
| Free cash flow | — | — | — | — | — | — | — | (0.46) | (2.16) | (9.41) | (9.78) | +350.3% | ||||||
| Book value | — | — | — | — | — | — | — | 0.00 | 18.16 | 19.06 | 14.10 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | — | 106 | 121 | 159 | 180 | +22.7% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 18.87 | 18.87 | 0.00 | 0.00 | 12.6 | |||||
| P/S | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.06 | 0.04 | 0.0 | ||||||
| P/B | — | — | — | — | — | — | — | 0.00 | 0.95 | 1.17 | 0.93 | 0.7 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 0.08 | 0.08 | 0.05 | — | 0.1 | ||||||
| EV/FCF | — | — | — | — | — | — | — | (23.03) | (23.03) | (2.07) | — | (16.0) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | (4) | (205) | (317) | (357) | +781.1% | |||||
| Capex | — | — | — | — | — | — | — | (45) | (56) | (1,181) | (1,529) | +412.6% | ||||||
| Free cash flow | — | — | — | — | — | — | — | (49) | (261) | (1,498) | (1,887) | +452.7% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | — | 1,993 | 3,204 | 2,425 | +60.8% | |||||
| Net debt | — | — | — | — | — | — | — | — | (301) | (459) | 503 | +52.6% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | — | 2,194 | 3,035 | 2,720 | +38.3% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | 0.00 | 9.74 | (2.61) | (1.94) | (2.6) pt | |||||
| ROIC | — | — | — | — | — | — | — | 0.00 | 11.84 | (5.77) | (7.30) | (5.8) pt | ||||||
| ROE | — | — | — | — | — | — | — | 0.00 | 0.00 | (9.23) | (7.22) | (9.2) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 550 | 700 | — | +27.3% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.00 | 77.45 | 86.30 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Business profile
Galaxy Digital Inc. vs peers in Capital Markets (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 |
|---|---|---|---|---|---|---|---|---|---|
| MKTX MarketAxess Holdings Inc. | $5.8B | 19.5× | 21.3× | −0.48% (below 0%: shrinking) | +1.05% (above 0%: growing) | −83.73% (below 0%: shrinking) | 100.00% | 41.15% | Compare |
| RIOT Riot Platforms, Inc. | $5.5B | — (loss-making) | — (loss-making) | +0.66% (above 0%: growing) | −96.67% (below 0%: shrinking) | −276.72% (below 0%: shrinking) | 0.00% | 0.67% | Compare |
| GLXY Galaxy Digital Inc. | $5.0B | — (loss-making) | 205× | −0.99% (below 0%: shrinking) | n/m | +80.14% (above 0%: growing) | 0.86% | (1.21%) | |
| WULF TeraWulf Inc. | $5.0B | — (loss-making) | — (loss-making) | −6.02% (below 0%: shrinking) | n/m | −695.25% (below 0%: shrinking) | 72.30% | (313.74%) | Compare |
| BGC BGC Group, Inc. | $4.9B | 25.7× | 7.4× | +7.85% (above 0%: growing) | +36.36% (above 0%: growing) | +164.18% (above 0%: growing) | 97.58% | 12.38% | Compare |
| MC Moelis & Company | $4.7B | 19.3× | 21.1× | +12.05% (above 0%: growing) | +16.36% (above 0%: growing) | +8.25% (above 0%: growing) | 100.00% | 17.79% | Compare |
| PIPR Piper Sandler Companies | $4.7B | 15.8× | 14.2× | −7.56% (below 0%: shrinking) | −33.84% (below 0%: shrinking) | +58.77% (above 0%: growing) | 98.61% | 15.04% | Compare |
| FIGR Figure Technology Solutions, Inc. | $4.7B | 19.6× | 20.3× | +112.66% (above 0%: growing) | +254.55% (above 0%: growing) | −119.20% (below 0%: shrinking) | 87.18% | 34.46% | Compare |
| MRX Marex Group PLC | $4.7B | 15.3× | 10.4× | +76.97% (above 0%: growing) | +94.87% (above 0%: growing) | +54.74% (above 0%: growing) | 100.00% | 21.10% | Compare |
| Median of peers | $4.8B | 19.4× | 17.3× | +4.26% | +16.36% | −37.74% | 98.10% | 16.42% |
From the latest earnings call
- Michael Novogratz said Galaxy delivered Helios Phase I on schedule and on budget, and that the campus was generating cash flow.
- Anthony Paquette said Helios Phase II was fully funded with debt and equity, while Galaxy expected a separate debt financing for Phase III.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
36.98%
Held by the ten largest
22.24%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Capital Group | 18.33m | 4.69% | +117.07k |
| Vanguard | 16.99m | 4.35% | +340.30k |
| Fidelity (FMR) | 16.50m | 4.22% | −4.40m |
| BlackRock | 9.83m | 2.51% | +4.04m |
| D. E. Shaw | 5.97m | 1.53% | +903.56k |
| Jane Street | 5.23m | 1.34% | +3.74m |
| State Street | 3.83m | 0.98% | +1.91m |
| Invesco | 3.68m | 0.94% | +585.30k |
| Geode Capital Management | 3.64m | 0.93% | +1.13m |
| Tidal Investments LLC | 2.93m | 0.75% | −76.30k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 8 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 7.65m | 13.12m | 98.00 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
Galaxy Digital Inc. (GLXY) Latest News
29 Oct
28 Oct
27 Oct
26 Oct
GLXY metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Shares outstanding
- Book value per share
Galaxy Digital is a financial services and infrastructure company focused on digital assets and high-performance computing. Founded in 2018, it is headquartered in New York and led by chief executive Michael Novogratz.
Its Digital Assets business helps institutions trade, borrow against and invest in digital assets. It offers over-the-counter trading, derivatives, lending and advice on mergers and capital raising. It also manages investment funds and provides technology for staking, tokenization and self-custody. Staking involves operating validator nodes that help secure blockchains and enable clients to earn rewards; self-custody technology helps institutions manage their own digital asset keys.