Detailed financial statements for CoinShares PLC Ordinary Shares (CSHR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
CoinShares PLC, a Jersey-based entity, focuses on crafting financial products that utilize digital assets and blockchain technology. The company's business is organized into three primary segments: Asset Management, Capital Markets, and Principal Investments. Its diverse product lineup features offerings such as CoinShares Physical, CoinShares Valkyrie, CoinShares XBT, and The Blockchain Global Equity Index.
Analysis Summary
Trailing-twelve-month margins: gross margin 83.5%, operating margin 101.4%, net margin 113.8%.
At $4.30 (closing price, October 29, 2026), CSHR trades at a P/E of 7.77 and an ROE of 11.32%. Market capitalisation stands at $567M.
Balance sheet quality for CSHR: current ratio of 0.4, net debt of $157,781. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$119,412 represents -2% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $109.0M | $15.6M | $65.4M | $109.6M | 0 |
| Cost of Revenue | $20.1M | $7.7M | $13.7M | $16.8M | 0 |
| Gross Profit | $88.8M | $8.0M | $51.7M | $92.8M | 0 |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $20.3M | 0 | $12.6M | $18.1M | 0 |
| Operating Expenses | $3.36B | -$622.0M | $13.4M | -$31.3M | $3.9M |
| Operating Income | -$3.27B | $630.0M | $47.1M | $124.1M | -$3.9M |
| EBITDA | -$3.24B | $641.2M | $57.5M | $146.2M | $8.7M |
| Interest Expense | $9.5M | $7.7M | 0 | $11.3M | 0 |
| Pre-tax Income | -$3.25B | $630.0M | $47.4M | $131.9M | $5.5M |
| Income Tax | $1.4M | $446,169 | $578,320 | $917,814 | 0 |
| Net Income | -$3.26B | $629.6M | $46.8M | $130.9M | $5.5M |
| EPS | $-48.91 | $9.23 | $0.70 | $1.96 | $0.19 |
| EPS (Diluted) | $-48.91 | $8.73 | $0.66 | $1.86 | $0.19 |
| Shares Outstanding (Diluted) | 69.9 M | 72.1 M | 71.3 M | 70.2 M | 29.3 M |
Income Statement (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|---|---|---|---|
| Revenue | $29.6M | $30.0M | 0 | 0 |
| Gross Profit | $26.1M | $25.0M | 0 | 0 |
| Operating Income | $25.8M | $33.2M | -$1.8M | -$969,000 |
| EBITDA | $26.6M | $35.1M | $586,000 | $1.3M |
| Net Income | $23.6M | $32.3M | $586,000 | $1.3M |
| EPS | $0.36 | $0.49 | $0.02 | $0.04 |
| EPS (Diluted) | $0.33 | $0.49 | $0.02 | $0.04 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $14.5M | $133.0M | $32.5M | $24.9M | $91,870 |
| Short-term Investments | $1.34B | 0 | $269.3M | $1.20B | 0 |
| Receivables | $235.7M | $1.4M | $1.7M | $2.2M | 0 |
| Inventory | 0 | $740.9M | 0 | $3.07B | 0 |
| Total Current Assets | $5.34B | $1.17B | $3.40B | $5.98B | $91,870 |
| Property, Plant & Equipment | $1.1M | 0 | $3.9M | $3.0M | 0 |
| Goodwill | $8.7M | 0 | $1.2M | $2.8M | 0 |
| Intangible Assets | $15.8M | 0 | $12.4M | $11.1M | 0 |
| Total Assets | $5.40B | $1.23B | $3.48B | $6.02B | $233.7M |
| Accounts Payable | $396.7M | $3.9M | 0 | $100.5M | 0 |
| Short-term Debt | $217.8M | 0 | $54,306 | $26.2M | $249,651 |
| Total Current Liabilities | $5.13B | $1.01B | $3.14B | $5.60B | $249,651 |
| Long-term Debt | 0 | 0 | $29.5M | $24.7M | 0 |
| Total Liabilities | $5.13B | $1.03B | $3.18B | $5.63B | $3.7M |
| Retained Earnings | $4.00B | 0 | 0 | $331.6M | -$3.4M |
| Total Equity | $269.9M | 0 | $304.8M | $393.9M | $230.0M |
| Total Debt | $218.2M | 0 | $33.3M | $53.9M | $249,651 |
| Net Debt | -$1.14B | -$133.0M | -$268.5M | -$1.17B | $157,781 |
| Working Capital | $207.3M | $161.2M | $257.7M | $376.1M | -$157,781 |
Balance Sheet (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $57.1M | $606,000 | $92,000 | $47.1M |
| Total Assets | $227.8M | $229.9M | $234.0M | $3.52B |
| Total Liabilities | $8.9M | $9.2M | $3.7M | $3.07B |
| Total Equity | $218.9M | $220.7M | $230.3M | $453.2M |
| Total Debt | $50.4M | $72.2M | $250,000 | $2.1M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Income | -$3.26B | $629.6M | $46.8M | $130.9M | $114.3M |
| Depreciation & Amortization | $1.7M | $3.5M | $3.2M | $3.0M | $3.1M |
| Stock-based Compensation | $2.2M | $1.5M | $997,897 | $1.3M | $2.8M |
| Change in Working Capital | 0 | 0 | -$15.5M | -$432.3M | $31,787 |
| Operating Cash Flow | 0 | 0 | -$96.6M | -$87.4M | -$119,411 |
| Capital Expenditure | -$538,380 | -$1.2M | -$1.3M | -$1.7M | 0 |
| Acquisitions | 0 | -$24.5M | 0 | $26,881 | 0 |
| Stock Repurchased | 0 | -$276,389 | 0 | -$337,529 | 0 |
| Dividends Paid | 0 | 0 | 0 | -$41.2M | -$25.1M |
| Free Cash Flow | 0 | 0 | -$97.9M | -$89.1M | -$119,412 |
Cash Flow (Quarterly)
| Year | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $7.9M | -$231,736 | $150.6M | -$212,000 |
| Capital Expenditure | -$697,520 | -$660,222 | -$631,571 | 0 |
| Free Cash Flow | $7.2M | -$88.3M | $150.0M | -$212,000 |
| Dividends Paid | -$26.7M | -$357,436 | 0 | -$12.8M |
| Stock-based Compensation | $195,758 | $136,524 | $150,186 | $39,330 |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue Growth (YoY) | -85.7% | +318.3% | +67.6% | -100.0% | |
| Net Income Growth (YoY) | +119.3% | -92.6% | +179.7% | -95.8% | |
| EPS Growth (YoY) | +118.9% | -92.4% | +180.0% | -90.3% | |
| Shares Change (YoY) | +3.2% | -1.2% | -1.5% | -58.2% | |
| FCF Growth (YoY) | +9.0% | +99.9% | |||
| Gross Margin | 81.5% | 51.0% | 79.1% | 84.7% | |
| Operating Margin | -2,997.2% | 4,030.3% | 72.1% | 113.2% | |
| EBITDA Margin | -2,975.6% | 4,101.6% | 87.9% | 133.4% | |
| Net Margin | -2,987.2% | 4,027.4% | 71.6% | 119.5% | |
| FCF Margin | 0.0% | 0.0% | -149.7% | -81.3% | |
| Effective Tax Rate | -0.0% | 0.1% | 1.2% | 0.7% | 0.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| FCF Per Share | $0.00 | $0.00 | $-1.37 | $-1.27 | $-0.00 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.59 | $0.85 |
| Shares Outstanding (Basic) | 66.6 M | 68.2 M | 67.3 M | 66.5 M | 29.3 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 11.32% |
| Return on Invested Capital | 6.59% |
| Return on Assets | 0.97% |
| Gross Margin | 83.52% |
| Operating Margin | 101.36% |
| Net Margin | 113.76% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 1.14 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 50.26 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| P/E | -0.16 | 0.95 | 11.94 | 4.33 | 55.95 |
| P/B | 1.94 | 0.00 | 1.85 | 1.43 | 1.36 |
| P/S | 4.80 | 38.33 | 8.60 | 5.16 | 0.00 |
| Gross Margin | 81.5% | 51.0% | 79.1% | 84.7% | 0.0% |
| Operating Margin | -2,997.2% | 4,030.3% | 72.1% | 113.2% | 0.0% |
| Net Margin | -2,987.2% | 4,027.4% | 71.6% | 119.5% | 0.0% |
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Explore sector: Financial Services · Financial - Capital Markets
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