eToro Group Ltd. (ETOR) vs Ionic Digital Inc. (IOND)

eToro Group Ltd. and Ionic Digital Inc. are both Capital Markets companies. Ionic Digital Inc. is the larger, with a market value of $2.5B against $1.8B — 1.3× the size. Ionic Digital Inc. has negative trailing earnings, so its P/E is not meaningful; eToro Group Ltd. trades at 7.4×. eToro Group Ltd. has the higher net margin (2.20% vs −24.9%) and the higher return on invested capital (111.1% vs −3.52%). Across the 14 metrics below, eToro Group Ltd. leads on 11 and Ionic Digital Inc. on 3.

Valuation

Metric ETOR IOND Capital Markets median
P/E 7.39 n/m 14.35
P/S 0.16 11.53 2.07
P/B 1.36 4.03 1.36
Price to free cash flow 6.14 n/m 9.28
EV/EBITDA — 102.91 —
EV/Sales — 10.83 —
Earnings yield 13.53% (2.15%) (8.28%)
Free cash flow yield 16.29% (5.18%) (1.12%)

Profitability

Metric ETOR IOND Capital Markets median
Gross margin 7.09% 68.15% 68.15%
Operating margin 3.00% (14.07%) 0.00%
Net margin 2.20% (24.90%) (0.34%)
Free cash flow margin 2.55% (59.70%) 0.00%
Return on equity 19.50% 0.00% 0.00%
Return on assets 14.65% 0.00% 0.00%
Return on invested capital 111.10% (3.52%) 0.00%

Growth

Metric ETOR IOND Capital Markets median
Revenue growth (TTM) (9.93%) — 19.72%
EPS growth (last fiscal year) 0.65% — 16.79%
Revenue growth, 5-year CAGR — — 17.41%
Net income growth, 5-year CAGR — — 0.00%

Health

Metric ETOR IOND Capital Markets median
Debt to equity 0.02 0.00 0.07
Current ratio 4.02 24.39 1.51
Net debt to EBITDA (3.89) 0.00 (0.03)

Dividend

Metric ETOR IOND Capital Markets median
Dividend yield — — 1.58%
Payout ratio — — 0.19

Size

Metric ETOR IOND Capital Markets median
Market cap 1.84b 2.46b 527.01m

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