BitMine Immersion Technologies (BMNR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

BitMine Immersion Technologies

NYSE•Financial Services•Capital Markets

$24.21-0.56(-0.02%)Pre-market

Market Cap

$13.18B

P/S

215.4x

P/B

1.1x

Bitmine Immersion Technologies, Inc. operates as a blockchain technology company primarily in the United States. The company engages in ETH treasury operations; BTC ecosystem services, including consulting and advisory engagements and equipment leasing; facilitation and optimization of third-party power and hosting arrangements; and disciplined BTC treasury management while winding down proprietary self-mining exposure and deferring new site buildouts. It also offers digital asset ecosystem services, including consulting/advisory, and disciplined digital asset treasury management. In addition, the company sells mining equipment to customers and related parties. The company was formerly known as Sandy Springs Holdings Inc. Bitmine Immersion Technologies, Inc. was incorporated in 2019 and is based in Las Vegas, Nevada.

How this company scores

AverageMetricSide Score: 45/100

Strongest: Growth (16/25); weakest: Cash & Earnings Quality (5/25).

Profitability9/25

Growth16/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality5/25

Strengths

Growing revenueInterest easily coveredConsistent growthNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 3.0x5y range 3.0x – 3.0x

P/S · 215.4x5y range 2.9x – 1500.7x

Currently above its 17-quarter median.

P/B · 1.1x5y range 0.1x – 14.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $13.18B

Metrics at a Glance

as of May 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $61.19M
Q. Revenue: $46.53M
TTM EBITDA: $-8.88B
TTM Op. Income: $-8.88B
Q. Op. Income: $-11.87M
TTM Net Income: $-8.75B
Q. Net Income: $-83.59M
EPS: $-0.15
Shares Out.: $551.79M

$61.19M in TTM revenue grew 1022.3% YoY, reaching $46.53M last quarter. TTM EBITDA of $-8.88B and TTM operating income of $-8.88B show growth is flowing through to the bottom line. However, net income is negative at $8.75B — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 87.7%
EBITDA Margin: -24.7%
Op. Margin: -25.5%
Net Margin: -179.6%

Op. margin of -25.5% is down 2.7% YoY — costs are rising relative to revenue. Net margin at -179.6% and gross margin of 87.7% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 215.4x
P/B Ratio: 1.1x

P/S of 215.4x and P/B of 1.1x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $11.63B
Cash: $340.29M
Long-Term Debt: N/A
Book Value: $11.60B
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $29.01M
TTM Free Cash Flow: $-294.56M
FCF Margin: -481.4%
FCF / Net Income: 0.0

TTM FCF of $-294.56M on $29.01M in operating cash flow. The FCF / Net Income ratio of 0.0x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 18908% — an improving trend.