Share count
109Mpeak FY2025
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BGIN, Bgin Blockchain Limited
Capital Markets & Asset Management capital-intensive
Revenue is Cryptocurrency mining (72%), Sale of mining machines (23%) and Other (5%).
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$67M
−77.7% YoY
Vital signs · TTM, with 3-yr average
Revenue $67M 3-yr avg $209M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
- What moves the needle
- Operating margin has run about 27% through the cycle, a wide margin for the work it does — whether that reflects a durable edge or one that can fade is what the record weighs. The operating margin has swung widely — from −261% to 68% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Cryptocurrency mining is 72% of revenue, with Sale of mining machines the other meaningful segment at 23%.
Revenue by reportable segment, FY2025
- Cryptocurrency mining72%$49M
- Sale of mining machines23%$15M
- Other5%$3M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| $257M | $302M | $67M | $67M | RevenueRevenue |
| 77% | 42% | — | — | Gross marginGross mgn |
| $174M | $82M | ($176M) | ($176M) | Operating incomeOp. inc. |
| 67.5% | 27.0% | −261.3% | −261.3% | Operating marginOp. mgn |
| $140M | $66M | ($177M) | ($177M) | Net incomeNet inc. |
| 19% | 18% | — | — | Effective tax rateTax rate |
| Cash flow & returns | ||||
| ($31M) | ($199M) | ($167M) | ($167M) | Operating cash flowOp. cash |
| $3M | $10M | $21M | $21M | DepreciationDeprec. |
| ($174M) | ($275M) | ($11M) | ($11M) | Working capital & otherWC & other |
| $7M | $13M | $4M | $4M | CapexCapex |
| 2.6% | 4.3% | 6.2% | 6.2% | Capex / revenueCapex/rev |
| ($34M) | ($209M) | ($171M) | ($171M) | Owner earningsOwner earn. |
| −13.3% | −69.1% | −253.8% | −253.8% | Owner earnings marginOE mgn |
| ($38M) | ($212M) | ($171M) | ($171M) | Free cash flowFCF |
| −14.8% | −70.2% | −253.8% | −253.8% | Free cash flow marginFCF mgn |
| — | — | $4M | $4M | Dividends paidDiv. paid |
| — | 70% | -493% | -493% | ROICROIC |
| — | 32% | -325% | -325% | Return on equityROE |
| — | — | −332% | −332% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $115M | $26M | $26M | Cash & investmentsCash+inv |
| — | — | $10K | $10K | ReceivablesReceiv. |
| — | $12M | $8M | $8M | InventoryInvent. |
| — | $12M | $8M | $8M | Operating working capitalOper. WC |
| — | $195M | $64M | $64M | Current assetsCur. assets |
| — | $61M | $38M | $38M | Current liabilitiesCur. liab. |
| — | 3.2× | 1.7× | 1.7× | Current ratioCurr. ratio |
| — | $271M | $93M | $93M | Total assetsAssets |
| — | ($115M) | ($26M) | ($26M) | Net debt / (cash)Net debt |
| — | $210M | $54M | $54M | Shareholders’ equityEquity |
| Per share | ||||
| 108M | 108M | 109M | 109M | Shares out (diluted)Shares |
| $2.39 | $2.80 | $0.62 | $0.62 | Revenue / shareRev/sh |
| $1.30 | $0.61 | $-1.62 | $-1.62 | EPS (diluted)EPS |
| $-0.32 | $-1.94 | $-1.57 | $-1.57 | Owner earnings / shareOE/sh |
| $-0.35 | $-1.97 | $-1.57 | $-1.57 | Free cash flow / shareFCF/sh |
| — | — | $0.04 | $0.04 | Dividends / shareDiv/sh |
| $0.06 | $0.12 | $0.04 | $0.04 | Cap. spending / shareCapex/sh |
| — | $1.95 | $0.50 | $0.50 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($171M)owner earningsvs.($177M)net incomelow FY2024
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned a $177M loss into ($171M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | ($177M) | $66M | $140M |
| Depreciation & amortizationnon-cash charge added back | +$21M | +$10M | +$3M |
| Working capital & othertiming of cash in and out, other non-cash items | −$11M | −$275M | −$174M |
| Cash from operations | ($167M) | ($199M) | ($31M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$4M | −$10M | −$3M |
| Owner earnings | ($171M) | ($209M) | ($34M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | −$3M | −$4M |
| Free cash flow | ($171M) | ($212M) | ($38M) |
| Owner-earnings marginowner earnings ÷ revenue | -254% | -69% | -13% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Material weakness in financial controls
“We have identified a certain material weakness in our internal control over financial reporting.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $26M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $26M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median -20%
What this means
The filing data didn't include the inputs for this check.
- Consumes cash through the cycle3-yr median margin, range -254%–-13%; latest ($171M) = operating cash ($167M) − maintenance capex $4MIndustry peers: median -55%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -254% of revenue this year, a -69% median across 3 years.
- Are earnings backed by cash? ($167M)Loss, and burning cashNet income ($177M) · cash from operations ($167M)
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- No surplus to allocate
What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
- Investing or harvesting? 0.20×HarvestingCapex $4M ÷ depreciation $21M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $67M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity NearCurrent ratio ≥ 2× · 1.68×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.09/share (latest year $-1.56), the averaged base the calculator's gate runs on, and book value is $0.48/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$64M
- Cash & short-term investments$26M
- Receivables$10K
- Inventory$8M
- Other current assets$30M
Current liabilities$38M
- Other current liabilities$38M
Current ratio1.68×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.47×stricter: inventory excluded
Cash ratio0.69×strictest: cash alone against what's due
Working capital$26Mthe cushion left after near-term bills
Cash runway0.2 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$54Mequity stripped of goodwill & intangibles
Net current asset value$26MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$132K$132K of it operating leases
Deferred revenue$268Kcustomer cash collected before delivery; operating float
From the company's latest filing.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$12M · 17% of revenue on the largest customers (TTM)
“Two customers' purchases each contributed more than 10% of our total revenue for the fiscal year ended December 31, 2023, representing approximately 17.38% and 13.3% of our total revenue, respectively.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Capital Markets & Asset Management
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| HIVEHIVE Digital Technologies Ltd. | $298M | — | 1.8% | 0% | -42% |
| HUTHut 8 Corp. | $235M | 54% | -55.2% | -8% | -73% |
| CRCLCircle Internet Group Inc. | $110M | — | 1102.0% | -4% | 699% |
| BGINBgin Blockchain Limited | $67M | — | 27.0% | -493% | -69% |
| DGXXDigi Power X Inc. | $34M | — | — | — | -95% |
| ORBSEightco Holdings Inc. | $33M | 9% | -20.7% | -39% | -33% |
| SLNHPSoluna Holdings, Inc. | $30M | 23% | -113.3% | -33% | -55% |
| BMNPBitmine Immersion Technologies, Inc. | $6M | — | -224.0% | -32% | -139% |
| Group median | — | — | -20.7% | -32% | -62% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Bgin Blockchain Limited reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Bgin Blockchain Limited is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−254%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Bgin Blockchain Limited (BGIN), the owner's record," https://ownerscorecard.com/c/BGIN, data as of 2026-07-09.
Manual order: ← BEPJ its page in the Manual BGM →
Industry order: ← BGDE the Capital Markets & Asset Management chapter BKKT →