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Galaxy Digital
(NASDAQ:GLXY)
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Rating:53Neutral
Price Target:
$30.00
▲(17.60% Upside)
Action:N/A
Date:06/17/26
The score is held down primarily by weak financial performance, especially sustained negative operating and free cash flow alongside loss-making, thin-margin results. Offsetting this, technicals are supportive with an uptrend above major moving averages, and the latest earnings call highlighted improving near-term momentum (strong Q2-to-date adjusted EBITDA) and progress on data center ramp, though headline Q1 losses and crypto-driven volatility keep risk elevated.
Positive Factors
High‑margin, long‑dated data‑center contracts
A 15‑year CoreWeave lease with ~90% lease‑level EBITDA margins creates durable, asset‑backed recurring cash flows. This materially diversifies Galaxy away from crypto price correlation, supports project finance for Helios, and underpins predictable long‑dated EBITDA contribution.
Negative Factors
Consistent negative operating and free cash flow
Persistent negative operating cash flow and deep free‑cash‑flow burn indicate the business does not generate sufficient internal cash to fund growth or capital projects. Over months this raises dependence on external capital, increases refinancing and dilution risk, and constrains reinvestment flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
High‑margin, long‑dated data‑center contracts
A 15‑year CoreWeave lease with ~90% lease‑level EBITDA margins creates durable, asset‑backed recurring cash flows. This materially diversifies Galaxy away from crypto price correlation, supports project finance for Helios, and underpins predictable long‑dated EBITDA contribution.
Read all positive factors
Galaxy Digital (GLXY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.41B
Dividend YieldN/A
Average Volume (3M)6.38M
Price to Earnings (P/E)―
Beta (1Y)3.49
Revenue Growth351.14%
EPS Growth91.74%
CountryUS
Employees700
SectorFinancial
Sector Strength70
IndustryInvestment - Banking & Investment Services
Share Statistics
EPS (TTM)-0.23
Shares Outstanding191,491,820
10 Day Avg. Volume9,464,251
30 Day Avg. Volume6,375,777
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)1.85
Price to Sales (P/S)0.06
P/FCF Ratio-2.46
Enterprise Value/Market Cap1.15
Enterprise Value/Revenue0.22
Enterprise Value/Gross Profit9.10
Enterprise Value/Ebitda14.04
Forecast
1Y Price Target
$39.50Price Target Upside54.84% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-0.28
Revenue Forecast (FY)$46.61B
Galaxy Digital Business Overview & Revenue Model
Company Description
Galaxy Digital Inc. engages in the digital asset and data centre infrastructure businesses in North America and internationally. It operates through Digital Assets, Data Centers, and Treasury and Corporate segments. The Digital Assets segment prov...
How the Company Makes Money
Galaxy Digital generates revenue primarily from (1) trading and principal transactions in digital assets (e.g., market making, OTC/client trading, and related spreads/fees), (2) asset management fees earned on digital-asset investment products and...
Galaxy Digital Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call presents a mixed but ultimately constructive picture: near‑term headline financials were negative due to market‑driven mark‑to‑market losses and crypto price weakness, but underlying operating businesses showed resilience and meaningful progress. The Data Center business materially de‑risked with the delivery of the first data hall and clear construction progress on Phases I and II plus attractive long‑dated contract economics. The Digital Asset operating businesses demonstrated stability (flat adjusted gross profit, asset management inflows, Galaxy volumes flat while the market fell) and early product traction, and preliminary Q2 results point to improvement. Given strong operational execution, diversified revenue prospects from Helios and infrastructure products, and improving financing dynamics, positives outweigh the market‑driven negatives in the quarter.Positive Updates
Data Center Milestones and Execution
Delivered first data hall at the Helios campus (operational AI data center); on track to deliver ~133 MW of Phase I critical IT capacity by end of Q2; Phase II (260 MW) under greenfield construction with deliveries starting H1 2027; placed deposits and purchase orders for long‑lead electrical infrastructure; approved additional 830 MW of front‑of‑the‑meter capacity with active tenant conversations and a further 1.8 GW pipeline under study.
Negative Updates
Large GAAP Loss and Negative Firm‑Wide Adjusted EBITDA
Reported GAAP net loss of $216M (loss of $0.49 per share) and firm‑wide adjusted EBITDA of negative $188M for Q1, driven primarily by unrealized mark‑to‑market losses on digital asset holdings.
Read all updates
Q1-2026 Updates
Positive
Negative
Data Center Milestones and Execution
Delivered first data hall at the Helios campus (operational AI data center); on track to deliver ~133 MW of Phase I critical IT capacity by end of Q2; Phase II (260 MW) under greenfield construction with deliveries starting H1 2027; placed deposits and purchase orders for long‑lead electrical infrastructure; approved additional 830 MW of front‑of‑the‑meter capacity with active tenant conversations and a further 1.8 GW pipeline under study.
Read all positive updates
Company Guidance
Management said Q2 is off to a strong start with second‑quarter‑to‑date adjusted EBITDA of approximately $90 million (through last Friday) and that Data Center revenue will begin ramping in Q2 as data halls are delivered; Helios Phase I remains on track to deliver substantially all 133 MW of critical IT capacity by the end of Q2, Phase II is a 260‑MW build with data‑hall deliveries slated to commence in H1‑2027 and financing expected in short order, 830 MW of approved incremental capacity is in active tenant discussions and an additional ~1.8 GW is progressing through ERCOT studies (ERCOT draft PGRR145 could exempt 2028 projects from restudy; Galaxy completed interconnect studies on Jan 15 and has an executed service agreement). For Q1 the company reported a GAAP net loss of $216M (‑$0.49/sh), firm‑wide adjusted EBITDA of ‑$188M, a Treasury & Corporate adjusted gross loss of ~$140M, operating expenses of ~$147M, Digital Assets adjusted gross profit of $49M (Global Markets $31M; Asset Management $18M with ~$8B AUM and $69M net inflows and a subsequent $75M mandate); balance sheet highlights include ~$10B total assets (down from $11B), ~$2.8B equity (~60% allocated to operating businesses), ~$1.4B net digital assets/investments (‑19% q/q), cash & stablecoins of ~$2.6B, a ~20% q/q decline in average loan book, 3.2M shares repurchased for $65M (basic shares ~390M), and a $445M exchangeable note maturing in December; market context: total crypto market cap fell ~20% in Q1, Bitcoin traded down to ~$60k then bounced to ~$80k (now ~$76–77k), and industry volumes were down ~20–25% while Galaxy’s volumes were flat.Galaxy Digital Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
48
Neutral
Cash Flow
25
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 58.71B | 61.36B | 43.76B | 0.00 | 0.00 | 0.00 |
| Gross Profit | 1.44B | 1.15B | 1.30B | 0.00 | 0.00 | 0.00 |
| EBITDA | 933.20M | 609.18M | 768.35M | -2.16M | -2.48M | -4.25M |
| Net Income | -66.92M | -84.86M | 116.27M | 454.76M | -522.68M | 402.08M |
Balance Sheet | ||||||
| Total Assets | 9.99B | 11.35B | 7.12B | 875.24M | 394.27M | 888.78M |
| Cash, Cash Equivalents and Short-Term Investments | 910.69M | 6.67B | 4.48B | 833.00K | 10.05M | 26.82M |
| Total Debt | 3.06B | 5.33B | 2.96B | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 7.21B | 8.31B | 4.93B | 94.20M | 94.97M | 102.48M |
| Stockholders Equity | 1.81B | 1.92B | 2.19B | 781.03M | 299.31M | 786.29M |
Cash Flow | ||||||
| Free Cash Flow | -1.97B | -1.45B | -18.55M | -16.52M | -76.77M | -19.55M |
| Operating Cash Flow | -523.01M | -256.47M | -18.55M | -16.52M | -76.77M | -19.55M |
| Investing Cash Flow | -1.80B | -1.29B | -85.31M | 6.86M | 107.40M | 12.24M |
| Financing Cash Flow | 2.78B | 2.39B | 104.83M | 439.00K | -47.40M | 34.13M |
Galaxy Digital Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | C$19.66B | -44.97 | -20.57% | ― | 114.22% | -367.82% | |
53 Neutral | $11.41B | -127.22 | -3.82% | ― | 351.14% | 91.74% | |
53 Neutral | C$136.55M | -14.22 | -9.23% | ― | 7.99% | 55.86% | |
47 Neutral | C$23.13M | -19.70 | -63.28% | ― | -15.87% | 96.43% | |
41 Neutral | C$80.82M | -23.25 | -5.30% | ― | -34.67% | -203.85% |
* Financial Sector Average
GLXY
Galaxy Digital
28.53
6.63
30.27%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.