Share count
170Mpeak FY2025
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FUFU, BitFuFu Inc.
We provide or procure mining equipment hosting services, including rack space, power, network, hardware maintenance, and other infrastructure from various suppliers, and combine them with our proprietary services into an integrated hosting solution.
Revenue from sales of mining equipment represents our sales income of the mining equipment that we first purchase from our suppliers and then sell to our customers.
Customers can entrust us to deploy their own miners within our own hosting facilities or those of our suppliers.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$478M
+3.1% YoY · 47% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $478M 5-yr avg $305M
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
- Revenue is led by Cloud mining solutions (74%) and Selfmining Revenue Member (13%), with 2 more lines behind.
- 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. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
- What moves the needle
- Gross margin has run about 8.8% and operating margin about 5.7% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from −5.0% to 14% over the years, so the cost line is where the needle moves. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has run high across the record (median 21%, above 15% in 3 of 4 years). Owner earnings, the cash-based check, have been thin too. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.
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 →Cloud mining solutions is 74% of revenue, with Selfmining Revenue Member the other meaningful line at 13%.
Revenue by product line, FY2025
- Cloud mining solutions74%$353M
- Selfmining Revenue Member13%$63M
- Sales of mining equipment11%$54M
- Hosting services and others2%$8M
- Revenue recognized in U.S. dollars payment1%$3M
By geographyAfrica33%Asia23%Oceania16%North America13%Others1%Europe1%
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, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $103M | $198M | $284M | $463M | $478M | $478M | RevenueRevenue |
| 9% | 18% | — | — | 6% | 6% | Gross marginGross mgn |
| $6M | $4M | $17M | $66M | ($24M) | ($24M) | Operating incomeOp. inc. |
| 5.7% | 2.0% | 5.8% | 14.3% | −5.0% | −5.0% | Operating marginOp. mgn |
| $5M | $2M | $10M | $54M | ($31M) | ($31M) | Net incomeNet inc. |
| 17% | — | 17% | 12% | — | — | Effective tax rateTax rate |
| Cash flow & returns | ||||||
| $16M | ($7M) | ($196M) | ($220M) | ($113M) | ($113M) | Operating cash flowOp. cash |
| $2.9B | $18M | $25M | $25M | $28M | $28M | DepreciationDeprec. |
| ($2.8B) | ($28M) | ($231M) | ($299M) | ($110M) | ($110M) | Working capital & otherWC & other |
| $54K | $4M | $68K | $37K | $9M | $9M | CapexCapex |
| 0.1% | 1.9% | 0.0% | 0.0% | 1.9% | 1.9% | Capex / revenueCapex/rev |
| $16M | ($11M) | ($196M) | ($220M) | ($122M) | ($122M) | Owner earningsOwner earn. |
| 15.4% | −5.7% | −69.0% | −47.5% | −25.5% | −25.5% | Owner earnings marginOE mgn |
| $16M | ($11M) | ($196M) | ($220M) | ($122M) | ($122M) | Free cash flowFCF |
| 15.4% | −5.7% | −69.0% | −47.5% | −25.5% | −25.5% | Free cash flow marginFCF mgn |
| 100% | 7% | 16% | 26% | — | -7% | ROICROIC |
| 102% | 36% | 61% | 33% | — | -19% | Return on equityROE |
| 102% | 36% | 61% | 33% | — | −19% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| — | $60M | $32M | $38M | $28M | $28M | Cash & investmentsCash+inv |
| — | $6M | $4M | $11M | $12M | $12M | ReceivablesReceiv. |
| — | — | — | $246K | $145K | $145K | InventoryInvent. |
| — | $38K | $806K | $14M | $5M | $5M | Accounts payablePayables |
| — | $6M | $3M | ($3M) | $8M | $8M | Operating working capitalOper. WC |
| — | $88M | $121M | $265M | $325M | $325M | Current assetsCur. assets |
| — | $82M | $86M | $64M | $98M | $98M | Current liabilitiesCur. liab. |
| — | 1.1× | 1.4× | 4.2× | 3.3× | 3.3× | Current ratioCurr. ratio |
| — | $198M | $210M | $378M | $358M | $358M | Total assetsAssets |
| — | $109M | $102M | $101M | $116M | $116M | Total debtDebt |
| — | $49M | $70M | $63M | $89M | $89M | Net debt / (cash)Net debt |
| — | 1.5× | 3.0× | 10.5× | -2.8× | -2.8× | Interest coverageInt. cov. |
| $5M | $7M | $17M | $162M | — | $162M | Shareholders’ equityEquity |
| Per share | ||||||
| 143M | 149M | 150M | 166M | 170M | 167M | Shares out (diluted)Shares |
| $0.72 | $1.33 | $1.89 | $2.80 | $2.81 | $2.87 | Revenue / shareRev/sh |
| $0.03 | $0.02 | $0.07 | $0.33 | $-0.18 | $-0.19 | EPS (diluted)EPS |
| $0.11 | $-0.08 | $-1.31 | $-1.33 | $-0.72 | $-0.73 | Owner earnings / shareOE/sh |
| $0.11 | $-0.08 | $-1.31 | $-1.33 | $-0.72 | $-0.73 | Free cash flow / shareFCF/sh |
| $0.00 | $0.03 | $0.00 | $0.00 | $0.05 | $0.05 | Cap. spending / shareCapex/sh |
| $0.03 | $0.05 | $0.12 | $0.98 | — | $0.98 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +40.5%/yr | +40.5%/yr (4-yr) |
| Capital spending / share | +244.2%/yr | +244.2%/yr (4-yr) |
| Book value / share | +207.0%/yr (3-yr) | +207.0%/yr (3-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
ROIC
26%low FY2022
Gross margin
6%low FY2025
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($122M)owner earningsvs.($31M)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 reported a $31M loss but ($122M) of owner earnings: $91M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($31M) | $54M | $10M | $2M | $5M |
| Depreciation & amortizationnon-cash charge added back | +$28M | +$25M | +$25M | +$18M | +$2.9B |
| Working capital & othertiming of cash in and out, other non-cash items | −$110M | −$299M | −$231M | −$28M | −$2.8B |
| Cash from operations | ($113M) | ($220M) | ($196M) | ($7M) | $16M |
| Capital expenditurecash put back in to keep running and to grow | −$9M | −$37K | −$68K | −$4M | −$54K |
| Owner earnings | ($122M) | ($220M) | ($196M) | ($11M) | $16M |
| Owner-earnings marginowner earnings ÷ revenue | -26% | -47% | -69% | -6% | 15% |
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
“In the course of preparing our consolidated financial statements, we identified one 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?
- Can it pay its interest? -2.8×Does not cover its interestOperating income ($24M) ÷ interest expense $9M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net debt against an operating lossCash $28M − debt $116M
What this means
Netting $28M of cash and short-term investments against $116M of debt leaves $89M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 9 + DIO 0 − DPO 4 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- High through the cycle4-yr median, range 7%–100%; -7% latest = NOPAT ($19M) ÷ invested capital $251MIndustry peers: median 5%
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 4 years (it ran -7% 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.
- Consumes cash through the cycle5-yr median margin, range -69%–15%; latest ($122M) = operating cash ($113M) − maintenance capex $9MIndustry peers: median 15%
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 -26% of revenue this year, a -26% median across 5 years.
- Are earnings backed by cash? ($113M)Loss, and burning cashNet income ($31M) · cash from operations ($113M)
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?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.32×HarvestingCapex $9M ÷ depreciation $28M
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 MissRevenue ≥ $2B · $478M
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 PassCurrent ratio ≥ 2× · 3.30×
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 PassDebt ≤ working capital · $116M vs $226M 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 NearA profit every year (5-yr record) · 1 loss year
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted 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.
- 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 $0.07/share (latest year $-0.19), the averaged base the calculator's gate runs on, and book value is $0.98/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, 2021–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 4 of 5
What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 2 of 3 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 4% → 5% (2-yr avg ends)
What this means
Through the cycle the operating margin held roughly steady — about 4% early, 5% lately, median 6%.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2025 · −5.0% op. margin
What this means
Operations went underwater in 2025, understand why before trusting the good years.
- Share count +4.5%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
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$325M
- Cash & short-term investments$28M
- Receivables$12M
- Inventory$145K
- Other current assets$284M
Current liabilities$98M
- Debt due within a year$15M
- Accounts payable$5M
- Other current liabilities$79M
Current ratio3.30×all current assets ÷ what's due · Graham looked for 2×
Quick ratio3.29×stricter: inventory excluded
Cash ratio0.28×strictest: cash alone against what's due
Working capital$226Mthe cushion left after near-term bills
Debt due this year vs. cash$15M due · $28M cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet
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$158Mequity stripped of goodwill & intangibles
Net current asset value$117MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$117M$251K of it operating leases
Deferred revenue$51Mcustomer cash collected before delivery; operating float
From the company's latest filing.
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 |
|---|---|---|---|---|---|
| PGYPagaya Technologies Ltd. | $1.3B | 41% | -1.3% | 4% | 3% |
| PWPPerella Weinberg Partners | $751M | — | -7.6% | — | 15% |
| RMRegional Management Corp. | $646M | — | 21.6% | 6% | 43% |
| WRLDWorld Acceptance Corporation | $585M | — | 16.9% | 8% | 44% |
| DAVEDave Inc. | $554M | — | -4.2% | -12% | 13% |
| FUFUBitFuFu Inc. | $478M | 9% | 5.7% | 21% | -26% |
| WDWalker & Dunlop | $320M | — | 143.4% | 14% | 149% |
| GEMIGemini Space Station Inc. | $180M | — | -192.5% | -95% | -123% |
| Group median | — | — | 2.2% | 6% | 14% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. BitFuFu Inc. 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.
BitFuFu 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.
$
The assumptions
Revenue, delivered48%/yr’21→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−26%
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, "BitFuFu Inc. (FUFU), the owner's record," https://ownerscorecard.com/c/FUFU, data as of 2026-07-09.
Manual order: ← FTS its page in the Manual FUFUW →
Industry order: ← FRHC the Capital Markets & Asset Management chapter FUFUW →