Bitmine Immersion Technologies, Inc.

BMNR · Financial Services · Capital Markets · Valued as of 2026-11-03 · Statements 2025-08-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

11.61B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

11.61B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

11.61B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

11.61B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

13.53B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.86×

the ratio the screener ranks by

Margin of Safety

-16.5%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 11.61B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).

The earnings power value was not computed (a NOPAT at or below zero this year), so the value is the book value today, 11.61B USD.

Market value

Market Cap13.53B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-16.5%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 11.61B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 11.61B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap13.53B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-16.5%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 11.61B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an operating profit at or below zero in the latest three years), so the value is the book value today, 11.61B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap13.53B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-16.5%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 15.94%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.91×Market Risk Premium 6.00%= 15.94%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 92.39M USDPretax Income 441.31M USD= 20.93%

The tax the interest saves.

Interest Expense =EBIT 441.56M USD−Pretax Income 441.31M USD= 245.24K USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 245.24K USDTotal Debt 1.22M USD×(1 − Tax Rate for WACC 20.93%)= 15.93%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 1.22M USDMarket Cap + Total Debt 13.53B USD + 1.22M USD= 0.01%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 99.99%×Cost of Equity 15.94%+Debt Weight 0.01%×Cost of Debt 15.93%= 15.94%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-05-31.

Total Assets 11.64B USD − Total Liabilities 30.16M USD = Book Value Today 11.61B USD

Net debt today 0: a bank's debt is the money it lends on, not how the business is financed.

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 123242.2%at most 5%does not pass579,652,432 / 2,483,282
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-3.0%at least -10.0%passes(-4.15M USD − 348.93M USD) ÷ 11.64B USD
Price to bookMarket Cap ÷ Book Value Today1.16×at most 3×passes13.53B USD ÷ 11.61B USD
Operating marginOperating Income ÷ Revenue-5949.7%above 10.0%does not pass-363.00M USD ÷ 6.10M USD
Revenue growthRevenue ÷ Revenue a Year Before − 184.1%above 10.0%passes6.10M USD / 3.31M USD
Net cash(Cash − Total Debt) ÷ Market Cap2.5%above -30%passes(340.63M USD − 1.22M USD) ÷ 13.53B USD
Operating efficiencyOperating Income ÷ Gross Profit-116978.4%above 25.0%does not pass-363.00M USD ÷ 310.31K USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

22.42 USD

Enterprise value

13.19B USD

the provider's own figure

EV / EBITDA

-44.80×

Price / book

1.12×

the provider's book

Price / earnings

—

Return on equity

-150.9%

the provider's figure, not this page's

Profit margin

0.0%

Revenue growth

2167.8%

Analyst target, mean

45.92 USD

Analysts

3

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

428.10K645.92K3.31M6.10M

Gross profit

-129.16K222.69K-163.16K310.31K

Operating income

-1.70M-2.31M-2.44M-363.00M

EBITDA

operating income before depreciation and amortisation

-1.71M-1.90M-2.10M442.32M

Pretax income

-2.01M-2.47M-3.30M441.31M

Net income

-2.01M-2.47M-3.30M348.93M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

-2.00M-2.36M-2.97M348.91M

R&D

————
Balance sheet, year end

Total assets

7.98M8.21M7.29M8.80B

Total liabilities

570.56K1.95M3.20M102.36M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

7.41M6.26M4.09M8.70B

Total debt

—1.30M1.63M—

Cash and equivalents

392.94K270.82K499.50K512.51M

Net PP&E

fixed assets after depreciation

6.54M4.95M4.78M516.52K

Working capital

current assets less current liabilities

571.84K-679.78K-1.59M503.55M
Cash flow

Operating cash flow

-1.63M-810.52K-30.03K-4.15M

Capital expenditure

paid out, so below zero

-2.77M-612.90K-76.08K-1.07M

Depreciation and amortisation

3.13K471.18K924.92K761.76K

Free cash flow

operating cash flow plus capital expenditure

-4.40M-1.42M-106.11K-5.22M