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CLSK, CleanSpark Inc.

Capital Markets & Asset Management capital-intensive Distress / turnaroundCapital build-out

CleanSpark is a data center developer, until recently focused exclusively on bitcoin mining.

All transactions on the bitcoin blockchain are transparent, allowing those running the appropriate software to confirm the validity of each and every transaction.

Latest annual: FY2025 10-K

CLSK · CleanSpark Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$766M

+102.2% YoY · 138% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $766M 5-yr avg $297M

Gross margin 52% 5-yr avg 56%

Operating margin −54.2% 5-yr avg −26.9%

ROIC −13% 5-yr avg −5%

Owner-earnings margin −85% 5-yr avg −50%

Free cash flow margin −85% 5-yr avg −116%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Capital build-out. Capital spending has surged to 19% of sales, today's earnings are charged less depreciation than tomorrow's will be.
What moves the needle: Operating margin has reached 42% at its best but run negative through the cycle (median −151%) on a 44% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. The cash cycle has run negative through the cycle (a median of −187 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −12%, above 15% in 0 of 10 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMSep 2025
											Income statement
$82K	$448K	$579K	$5M	$10M	$39M	$132M	$168M	$379M	$766M	$766M	RevenueRevenue
62%	34%	32%	29%	25%	—	69%	44%	56%	55%	52%	Gross marginGross mgn
105%	82%	48%	20%	11%	15%	8%	12%	8%	7%	8%	SG&A / revenueSG&A/rev
2%	0%	1%	—	—	—	—	—	—	—	0%	R&D / revenueR&D/rev
($3M)	($13M)	($7M)	($17M)	($15M)	($12M)	($38M)	($131M)	($149M)	$319M	($415M)	Operating incomeOp. inc.
n/m	n/m	n/m	−366.5%	−151.0%	−30.3%	−28.8%	−77.8%	−39.3%	41.6%	−54.2%	Operating marginOp. mgn
($3M)	($13M)	($47M)	($26M)	($23M)	($22M)	($57M)	($138M)	($146M)	$364M	($501M)	Net incomeNet inc.
											Cash flow & returns
($438K)	($1M)	($1M)	($6M)	($7M)	($24M)	$73M	($17M)	($234M)	($461M)	($526M)	Operating cash flowOp. cash
$578K	$2M	$855K	$2M	$3M	$9M	$49M	$121M	$155M	$348M	$425M	DepreciationDeprec.
$2M	$10M	$43M	$17M	$12M	($20M)	$50M	($24M)	($272M)	($1.2B)	($514M)	Working capital & otherWC & other
$10K	$5K	$15K	$103K	$35K	$139M	$19M	$61M	$66M	$145M	$128M	CapexCapex
11.8%	1.1%	2.6%	2.3%	0.3%	354.4%	14.7%	36.5%	17.4%	18.9%	16.7%	Capex / revenueCapex/rev
($448K)	($1M)	($1M)	($6M)	($7M)	($33M)	$54M	($79M)	($300M)	($606M)	($654M)	Owner earningsOwner earn.
−545.9%	−305.2%	−220.5%	−128.0%	−66.6%	−84.8%	41.2%	−46.7%	−79.1%	−79.0%	−85.3%	Owner earnings marginOE mgn
($448K)	($1M)	($1M)	($6M)	($7M)	($163M)	$54M	($79M)	($300M)	($606M)	($654M)	Free cash flowFCF
−545.9%	−305.2%	−220.5%	−128.0%	−66.6%	−415.5%	41.2%	−46.7%	−79.1%	−79.0%	−85.3%	Free cash flow marginFCF mgn
—	—	—	—	—	$0	$20M	$0	$0	—	$0	AcquisitionsAcquis.
—	—	—	—	—	—	—	$0	$0	$145M	—	BuybacksBuybacks
-6%	-52%	-35%	-94%	-86%	-3%	-8%	-16%	-7%	10%	-13%	ROICROIC
-8%	-66%	-293%	-138%	-142%	-7%	-14%	-20%	-8%	17%	-51%	Return on equityROE
−8%	−66%	−293%	−138%	−142%	−7%	−14%	−20%	−8%	17%	−51%	Retained to equityRetained/eq
											Balance sheet
$437K	$57K	$413K	$8M	$3M	$18M	$20M	$29M	$121M	$43M	$260M	Cash & investmentsCash+inv
$57K	$42K	$34K	$778K	$860K	$307K	$27K	$5K	—	—	$0	ReceivablesReceiv.
$291K	$143K	$132K	$849K	$5M	$7M	$25M	$40M	$83M	$15M	$18M	Accounts payablePayables
($234K)	($101K)	($98K)	($71K)	($4M)	($7M)	($25M)	($40M)	—	—	($17M)	Operating working capitalOper. WC
$604K	$129K	$548K	$10M	$8M	$58M	$51M	$102M	$705M	$1.3B	$1.1B	Current assetsCur. assets
$357K	$301K	$1M	$2M	$5M	$10M	$34M	$74M	$188M	$316M	$133M	Current liabilitiesCur. liab.
1.7×	0.4×	0.4×	6.6×	1.5×	5.7×	1.5×	1.4×	3.8×	4.2×	8.3×	Current ratioCurr. ratio
$5M	$5M	$5M	$5M	$6M	$12M	$0	$8M	$8M	$132M	$132M	GoodwillGoodwill
$33M	$21M	$18M	$23M	$22M	$317M	$453M	$762M	$2.0B	$3.2B	$2.9B	Total assetsAssets
—	$150K	$150K	$3M	$531K	—	$13M	$9M	$7M	$645M	$1.8B	Total debtDebt
—	$93K	($263K)	($5M)	($3M)	—	($7M)	($20M)	($114M)	$602M	$1.5B	Net debt / (cash)Net debt
-79414.1×	-4621.1×	-7.7×	-1.8×	-1.4×	-81.6×	-35.1×	-44.0×	-60.7×	28.1×	-29.1×	Interest coverageInt. cov.
$33M	$20M	$16M	$19M	$16M	$306M	$404M	$676M	$1.8B	$2.2B	$986M	Shareholders’ equityEquity
—	30.3%	259.6%	44.0%	20.5%	21.8%	23.9%	14.3%	7.8%	5.9%	8.3%	Stock comp / revenueSBC/rev
											Per share
22.5M	32.2M	3.5M	4.2M	9.6M	29.4M	42.6M	103M	217M	318M	275M	Shares out (diluted)Shares
$0.00	$0.01	$0.17	$1.09	$1.05	$1.33	$3.09	$1.64	$1.75	$2.41	$2.79	Revenue / shareRev/sh
$-0.11	$-0.42	$-13.62	$-6.25	$-2.44	$-0.74	$-1.35	$-1.35	$-0.67	$1.15	$-1.82	EPS (diluted)EPS
$-0.02	$-0.04	$-0.37	$-1.39	$-0.70	$-1.13	$1.27	$-0.77	$-1.38	$-1.91	$-2.38	Owner earnings / shareOE/sh
$-0.02	$-0.04	$-0.37	$-1.39	$-0.70	$-5.54	$1.27	$-0.77	$-1.38	$-1.91	$-2.38	Free cash flow / shareFCF/sh
$0.00	$0.00	$0.00	$0.02	$0.00	$4.73	$0.45	$0.60	$0.30	$0.46	$0.46	Cap. spending / shareCapex/sh
$1.45	$0.63	$4.65	$4.52	$1.72	$10.38	$9.48	$6.58	$8.12	$6.85	$3.59	Book value / shareBVPS

The diluted share count moved ×1.43 into 2017 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1/9.32 into 2018 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×2.29 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×3.08 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.45 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×2.41 into 2023 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×2.11 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.47 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+105.8%/yr	+18.1%/yr
Capital spending / share	+116.8%/yr	+162.5%/yr
Book value / share	+18.8%/yr	+31.8%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

318Mpeak FY2025

ROIC

10%low FY2019

Gross margin

55%low FY2020

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($606M)owner earningsvs.$364Mnet incomelow FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

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 reported $364M of profit but ($606M) of owner earnings: $970M less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$364M	($146M)	($138M)	($57M)	($22M)
Depreciation & amortizationnon-cash charge added back	+$348M	+$155M	+$121M	+$49M	+$9M
Stock-based compensationreal costnon-cash, but a real cost	+$45M	+$30M	+$24M	+$31M	+$9M
Working capital & othertiming of cash in and out, other non-cash items	−$1.2B	−$272M	−$24M	+$50M	−$20M
Cash from operations	($461M)	($234M)	($17M)	$73M	($24M)
Maintenance capital expenditurethe spending needed just to hold position and volume	−$145M	−$66M	−$61M	−$19M	−$9M
Owner earnings	($606M)	($300M)	($79M)	$54M	($33M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	—	—	−$130M
Free cash flow	($606M)	($300M)	($79M)	$54M	($163M)
Owner-earnings marginowner earnings ÷ revenue	-79%	-79%	-47%	41%	-85%

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 . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $45M), owner earnings is nearer ($651M).

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

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.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Material weakness in financial controls

“Our assessments must include disclosure of identified material weaknesses 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?

Can it pay its interest? 28.1×

Comfortable

Operating income $319M ÷ interest expense $11M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $602M · 1.9× operating profit

Modest net debt

Cash $43M − debt $645M

What this means
Netting $43M of cash and short-term investments against $645M of debt leaves $602M owed, about 1.9× a year's operating profit (2.0× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -16d

Negative, funded by others

DSO 0 + DIO 0 − DPO 16 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital -16%

Below average through the cycle

10-yr median, range -94%–10%; 10% latest = NOPAT $288M ÷ invested capital $2.8B

Industry peers: median -6%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 10% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -85%

Consumes cash through the cycle

10-yr median margin, range -546%–41%; latest ($606M) = operating cash ($461M) − maintenance capex $145M

Industry peers: median -42%

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 -79% of revenue this year, a -85% median across 10 years. Treating stock comp as the real expense it is (less $45M of SBC) leaves ($651M).
Are earnings backed by cash? -1.26×

Thinly cash-backed

Cash from ops ($461M) ÷ net income $364M

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
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

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? 0.42×

Harvesting

Capex $145M ÷ depreciation $348M

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 · 2 of 5 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 Miss

Revenue ≥ $2B · $766M

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 Pass

Current ratio ≥ 2× · 4.18×

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.
Conservative debt Pass

Debt ≤ working capital · $645M vs $1.0B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 9 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
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 $0.10/share (latest year $1.42), the averaged base the calculator's gate runs on, and book value is $8.48/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.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 1 of 10

What this means
Lost money in 9 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 8 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −2436% → −25% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −2436% early to −25% lately, median −151% — pricing power intact or improving.
Reinvestment, incremental ROIC 2%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Worst year 2016 · −3097.9% op. margin

What this means
Operations went underwater in 2016, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“In particular, diverting future power capacity to AI and HPC workloads may limit our ability to deploy that power for mining, which is a highly competitive and capital-intensive industry.”

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, and the company is using it that way.

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 the latest quarter, Mar 31, 2026

Can 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$1.1B

Cash & short-term investments$260M
Inventory$2M
Other current assets$837M

Current liabilities$133M

Debt due within a year$531K
Accounts payable$18M
Other current liabilities$114M

Current ratio8.26×all current assets ÷ what's due · Graham looked for 2×

Quick ratio8.25×stricter: inventory excluded

Cash ratio1.96×strictest: cash alone against what's due

Working capital$966Mthe cushion left after near-term bills

Debt due this year vs. cash$531K due · $260M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Cash runway0.4 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Current ratio, recent quarters8.9× → 8.3×

Deeper floors

Tangible book value$850Mequity stripped of goodwill & intangibles

Net current asset value($828M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.8B$1M of it operating leases

Deferred revenue$750customer cash collected before delivery; operating float

From the company's latest filing.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2022	$27.0M	$9.0M	$54M
2023	$7.0M	$8.8M	($79M)
2024	$15.4M	$31.4M	($300M)
2025	$44.9M	$66.2M	($606M)
2025	$48.8M	$31.4M	($606M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership2.1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$45M
The slice of the business handed to employees in shares this year, 6% of revenue, equal to 14% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why CleanSpark Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 3 tests turned up something to look into; the other 2 came back clean.

Look hereAre "one-time" charges a yearly habit?5 of 10 years
Management took an impairment or write-down in 5 of the last 10 years, $413M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

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
AFRMAffirm Holdings	$1.1B	—	-89.3%	-13%	-29%
CLSKCleanSpark Inc.	$766M	44%	-114.4%	-12%	-82%
RIOTRiot Platforms Inc. Common Stock	$647M	26%	-128.7%	-24%	-105%
IRENIREN Limited	$501M	53%	-14.5%	-3%	1%
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%
DGXXDigi Power X Inc.	$34M	—	—	—	-95%
Group median	—	49%	-55.2%	-8%	-57%

The price

What a price has to assume.

What the price implies

reverse-DCF

CleanSpark Inc. 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.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered101%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−85%

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.

Weigh CLSK against another business →

Cite: Owner Scorecard, "CleanSpark Inc. (CLSK), the owner's record," https://ownerscorecard.com/c/CLSK, data as of 2026-07-09.

Manual order: ← CLS its page in the Manual CLVT →

Industry order: ← CIFR the Capital Markets & Asset Management chapter CME →