Share count
366Mpeak FY2025
← All companies ← GLW Manual GM → ← GEMI Capital Markets & Asset Management GOLD →
GLXY, Galaxy Digital Inc.
Capital Markets & Asset Management financial
Galaxy Overview Galaxy is a global financial services and infrastructure company focused on digital assets and HPC.
We developed a suite of financial products and services tailored for institutions looking to allocate capital to the digital asset space.
From derivatives instruments to venture capital funds to investment banking services, we positioned ourselves as a one-stop shop for companies seeking exposure to every corner of the digital assets ecosystem.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$60.4B
+41.8% YoY
Vital signs · TTM, with 3-yr average
Revenue $57.5B 3-yr avg $51.5B
Net margin −0.3% 3-yr avg 0.3%
Revenue $10.0B −22.6% vs yr-ago qtr
Net income ($216M) yr-ago ($295M)
Net margin −2.2% yr-ago −2.3%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Assets under management and the fee rate on them. What decides it: net flows in or out, the market's move on the assets already there (the firm rises and falls with the indices it invests in), the drift toward cheaper passive products, and the operating leverage on a largely fixed cost base. 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?
- Operating margin has been modest for a fee business (median 0%). It earns this on little capital, so return on equity has run near 13%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the assets stay (net flows, not last year's market) is what the flow disclosures and the 10-K settle, not the multiple.
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, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $51.6B | $42.6B | $60.4B | $57.5B | RevenueRevenue |
| 0.5% | 0.8% | −0.4% | −0.4% | Operating marginOp. mgn |
| 0.4% | 0.8% | −0.4% | −0.3% | Net marginNet mgn |
| $229M | $347M | ($241M) | ($162M) | Net incomeNet inc. |
| 7% | -5% | — | — | Effective tax rateTax rate |
| Cash flow & returns | ||||
| ($27M) | ($252M) | ($351M) | ($587M) | Owner earningsOwner earn. |
| 13% | 16% | -12% | -9% | Return on equityROE |
| 13% | 16% | −12% | −9% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $7.1B | $11.3B | $10.0B | Total assetsAssets |
| $317M | $1.3B | $2.0B | $1.5B | Cash & investmentsCash+inv |
| $1.7B | $2.2B | $2.0B | $1.8B | Shareholders’ equityEquity |
| Per share | ||||
| 326M | 357M | 366M | 390M | Shares out (diluted)Shares |
| $158.37 | $119.41 | $164.83 | $147.18 | Revenue / shareRev/sh |
| $0.70 | $0.97 | $-0.66 | $-0.42 | EPS (diluted)EPS |
| $-0.08 | $-0.71 | $-0.96 | $-1.50 | Owner earnings / shareOE/sh |
| $5.25 | $6.15 | $5.34 | $4.64 | Book value / shareBVPS |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Revenue+41.7%
“Total revenues were $60.4 billion, an increase of $17.8 billion, or 42% for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase in total revenues for the year ended December 31, 2025 was primarily driven by a $17.7 billion increase in Digital assets sales.”
✓ figure matches the filed record - Digital Assets+42.1%
“Digital assets sales increased for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily due to a significant trade executed in the third quarter of 2025 of 80,000 BTC and supplemented by higher average prices of digital assets during 2025.”
✓ direction matches the filed record
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$60.4Blow FY2024
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- Operating margin −0.4%Thin for a fee businessOperating income ($271M) ÷ revenue $60.4BIndustry peers: median 25%
What this means
The heart of a asset manager: how much of each fee dollar survives the cost of running the business. Fees ride on assets under management, so the swing factors are net flows in or out and the market's move on the assets already there; the cost base is largely fixed, which lifts margins in a bull market and squeezes them in a bear one. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin −0.4%SlimNet income ($241M) ÷ revenue $60.4B
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity −12%Below the cost of equityNet income ($241M) ÷ equity $2.0BIndustry peers: median 14%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“AI and related industries are under increasing scrutiny from regulators due to their concerns about market concentration, anti-competitive practices, and the pace of partnerships and acquisitions involving generative AI startups.”
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
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, 2026Can 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$6.9B
- Cash & short-term investments$1.5B
- Receivables$103M
- Other current assets$5.3B
Current liabilities$4.1B
- Accounts payable$270M
- Other current liabilities$3.8B
Current ratio1.70×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.70×stricter: inventory excluded
Cash ratio0.38×strictest: cash alone against what's due
Working capital$2.9Bthe cushion left after near-term bills
Cash runway0.8 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Revenue, latest quarter vs. a year ago−22.6%the freshest read on whether the business is still growing
Current ratio, recent quarters1.5× → 1.7×
Deeper floors
Tangible book value$1.7Bequity stripped of goodwill & intangibles
Net current asset value($273M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$9M$9M of it operating leases
Deferred revenue$183Mcustomer 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.
- Insider ownership51.5%
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$54M
The slice of the business handed to employees in shares this year, 0% of revenue. 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.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Credit & receivables 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 fee margins. 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 | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| SNEXStoneX Group | $132.4B | 0.4% | 0.3% | 14% |
| GLXYGalaxy Digital Inc. | $60.4B | 0.5% | 0.4% | 13% |
| APOApollo Global Management | $32.0B | 13.8% | 13.2% | 21% |
| BLKBlackRock Inc. | $24.2B | 35.4% | 29.9% | 14% |
| KKRKKR & Co. Inc. | $19.5B | 75.8% | 28.6% | 14% |
| AMPAmeriprise Financial Inc. | $18.9B | 21.7% | 16.1% | 46% |
| JEFJefferies Financial Group | $10.8B | 30.1% | 6.1% | 6% |
| IBKRInteractive Brokers Group Inc. | $6.2B | 24.6% | 10.1% | 13% |
| Group median | — | 23.2% | 11.6% | 14% |
The price
What a price has to assume.
What the price implies
reverse-DCFGalaxy Digital 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
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−3%
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, "Galaxy Digital Inc. (GLXY), the owner's record," https://ownerscorecard.com/c/GLXY, data as of 2026-07-09.
Manual order: ← GLW its page in the Manual GM →
Industry order: ← GEMI the Capital Markets & Asset Management chapter GOLD →