BitGo Holdings, Inc. (BTGO) vs CoinShares PLC (CSHR)

BitGo Holdings, Inc. and CoinShares PLC are both Capital Markets companies. BitGo Holdings, Inc. is the larger, with a market value of $936.8M against $769.7M — 1.2× the size. BitGo Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; CoinShares PLC trades at 7.3×. CoinShares PLC has the higher net margin (0.00% vs −0.55%) and the higher return on invested capital (0.00% vs 0.00%). Across the 11 metrics below, CoinShares PLC leads on 7 and BitGo Holdings, Inc. on 4.

Valuation

Metric BTGO CSHR Capital Markets median
P/E n/m 7.32 15.78
P/S 0.05 n/m 2.32
P/B n/m n/m 1.89
Price to free cash flow n/m n/m 6.25
EV/EBITDA n/m n/m 8.87
EV/Sales (0.19) n/m 2.28
Earnings yield (11.55%) 13.65% (3.77%)
Free cash flow yield (7.43%) (3.07%) (1.49%)

Profitability

Metric BTGO CSHR Capital Markets median
Gross margin 37.64% — 62.80%
Operating margin 36.69% 0.00% 0.00%
Net margin (0.55%) 0.00% (0.55%)
Free cash flow margin (0.39%) 0.00% 0.00%
Return on equity 0.00% (103.66%) 0.00%
Return on assets (3.02%) 4.73% 0.00%
Return on invested capital 0.00% 0.00% 0.00%

Growth

Metric BTGO CSHR Capital Markets median
Revenue growth (TTM) — — 21.02%
EPS growth (last fiscal year) (114.62%) 147.36% —
Revenue growth, 5-year CAGR — — 18.16%
Net income growth, 5-year CAGR — — 0.00%

Health

Metric BTGO CSHR Capital Markets median
Debt to equity 1.75 0.00 0.08
Current ratio 1.07 0.18 1.51
Net debt to EBITDA (329.19) 0.02 (0.24)

Dividend

Metric BTGO CSHR Capital Markets median
Dividend yield — — 2.20%
Payout ratio — — 0.00

Size

Metric BTGO CSHR Capital Markets median
Market cap 936.84m 769.71m 724.58m

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