Galaxy Digital (GLXY) AI Stock Analysis

• Market Cap: C$15.05B
• Dividend Yield: N/A
• Average Volume (3M): 1.58M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.86
• Revenue Growth: N/A
• EPS Growth: -121.84%
• Country: CA
• Employees: 528
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 1.57
• Shares Outstanding: 192,417,340
• 10 Day Avg. Volume: 1,412,856
• 30 Day Avg. Volume: 1,578,110
• PEG Ratio: <0.01
• Price to Book (P/B): 2.43
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -134.23
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$63.12
• Price Target Upside: 79.01% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: C$41.00 ▲(16.28% Upside)

Score is held back primarily by volatile financial statement quality (negative reported margins, uneven returns, leverage and inconsistent multi-year cash flow), despite improving TTM results. Technicals are strong with bullish trend/momentum, and the latest earnings call was notably positive with record performance and strategic progress, partially tempered by cost and regulatory timing risks. Valuation impact is limited due to missing P/E and dividend yield.

Positive Factors

Institutional scale and execution

Delivering a record quarter with $500M+ net income and $17B of platform assets demonstrates durable institutional trust and execution capacity. Winning and executing very large client transactions (e.g., $9B Bitcoin trade) supports sustained trading fees, mandates, and deeper franchise relationships.

Recurring fee revenue and AUM growth

Material inflows into treasury mandates and AUM growth create predictable, recurring fee streams that diversify away from trading volatility. Stable fee revenue from institutional mandates underpins long-term margin stability and reduces dependence on principal trading swings.

Helios data center financing and partnerships

Securing project financing and an anchor capacity commitment from CoreWeave materially de-risks the Helios build-out. A funded, partner-backed infrastructure project can become a durable growth engine and recurring revenue source if demand for hosted compute and tokenization services persists.

Negative Factors

Meaningful leverage on the balance sheet

High debt relative to equity limits financial flexibility during crypto market stress. With sizable leverage, the firm faces refinancing, covenant, or forced-sale risk in downturns, which can amplify losses on principal investments and constrain strategic investments like Helios.

Volatile earnings quality and weak margins

Wide swings between losses and profits and persistently negative reported margins point to susceptibility to valuation changes, impairments, and shifting trading results. This instability undermines reliable margin capture and makes forecasting sustainable profitability difficult over cycles.

Inconsistent cash generation

Although TTM cashflow improved, historical multi-year negative operating and free cash flow shows cash conversion is inconsistent. That weakens self-funding ability for large capital projects and increases reliance on external financing at potentially unfavorable terms in stressed markets.

Galaxy Digital Business Overview & Revenue Model

Company Description

Galaxy Digital Holdings Ltd. (GLXY) is a diversified financial services and investment management company operating in the digital asset, cryptocurrency, and blockchain technology sectors. Founded by Michael Novogratz, the company offers a range of services, including trading, asset management, investment banking, and principal investments. Galaxy Digital is known for its expertise in digital assets and aims to bridge the gap between the worlds of cryptocurrency and institutional finance.

How the Company Makes Money

Galaxy Digital makes money through several key revenue streams. The company operates a trading business that generates income from trading digital assets and providing liquidity in cryptocurrency markets. Through its asset management division, Galaxy Digital earns management and performance fees from a range of investment products, including hedge funds and passive index funds focused on digital assets. The investment banking segment provides advisory services for mergers, acquisitions, and capital raising activities, generating fee-based revenues. Additionally, the company's principal investments arm makes strategic investments in early-stage companies within the blockchain and cryptocurrency sectors, generating returns through capital appreciation and exits. Significant partnerships with other financial institutions and technology firms also contribute to its earnings by expanding its service offerings and market reach.

Galaxy Digital Financial Statement Overview

Summary

Strong TTM rebound with sharply higher revenue and positive net income and operating/free cash flow, but earnings quality looks volatile: reported margins are deeply negative, returns are uneven, leverage is meaningful versus equity, and multi-year cash-flow consistency is weak.

Income Statement

TTM (Trailing-Twelve-Months) shows a sharp rebound in scale with revenue up ~145%, and the company remains profitable on an absolute basis (net income of ~$660M). However, reported margins are extremely weak/negative (gross, EBIT, EBITDA, and net margins all shown below zero), which points to highly volatile earnings quality and/or significant cost/valuation swings that can overwhelm revenue. Longer-term annual data is also inconsistent (large loss in 2022 followed by profits in 2023–2024), reinforcing that profitability is not yet stable.

Balance Sheet

The balance sheet has grown substantially in TTM (assets of ~$11.5B) with equity of ~$1.76B, but leverage is meaningful with total debt of ~$4.53B, which limits flexibility if market conditions turn. Returns on equity are weak in TTM (slightly negative), despite positive ROE in some prior annual periods—another sign results can swing materially year to year. Overall, the balance sheet is not distressed, but it carries notable leverage relative to equity and exhibits uneven return generation.

Cash Flow

Cash generation improved in TTM with positive operating cash flow (~$757M) and positive free cash flow (~$123M). That said, free cash flow growth is sharply negative (down materially versus the prior period), and the annual history shows multiple years of negative operating and free cash flow (2021–2024), indicating cash conversion has been inconsistent. While TTM net income is positive and free cash flow exceeds net income, the overall cash flow profile still looks volatile and not yet reliably self-funding across cycles.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	48.02B	0.00	0.00	0.00	0.00	0.00
Gross Profit	10.92B	0.00	0.00	0.00	0.00	0.00
EBITDA	11.32B	0.00	-2.16M	-2.48M	-4.25M	-1.90M
Net Income	659.53M	78.86M	454.76M	-522.68M	402.08M	103.39M
Balance Sheet
Total Assets	11.52B	1.12B	875.24M	394.27M	888.78M	267.77M
Cash, Cash Equivalents and Short-Term Investments	2.31B	1.81M	833.00K	10.05M	26.82M	142.40M
Total Debt	4.53B	0.00	0.00	0.00	0.00	366.24M
Total Liabilities	8.35B	98.19M	94.20M	94.97M	102.48M	20.78M
Stockholders Equity	1.76B	1.02B	781.03M	299.31M	786.29M	246.99M
Cash Flow
Free Cash Flow	122.52M	-18.55M	-16.52M	-76.77M	-19.55M	103.39M
Operating Cash Flow	757.02M	-18.55M	-16.52M	-76.77M	-19.55M	103.39M
Investing Cash Flow	-703.83M	-85.31M	6.86M	107.40M	12.24M	-49.28M
Financing Cash Flow	622.21M	104.83M	439.00K	-47.40M	34.13M	49.28M

Galaxy Digital Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 35.26
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GLXY, the sentiment is Negative. The current price of 35.26 is below the 20-day moving average (MA) of 40.62, below the 50-day MA of 37.33, and below the 200-day MA of 36.35, indicating a neutral trend. The MACD of 1.43 indicates Positive momentum. The RSI at 46.39 is Neutral, neither overbought nor oversold. The STOCH value of 18.82 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:GLXY.

Galaxy Digital Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
HUT	67 Neutral	C$8.22B	30.48	18.75%	―	7.46%	-4.30%
GLXY	65 Neutral	C$15.05B	―	-2.77%	―	―	-121.84%
BIGG	52 Neutral	C$22.76M	-1.63	-63.28%	―	36.80%	9.34%
DMGI	52 Neutral	$53.58M	-5.02	-10.10%	―	39.64%	-70.96%
BITF	46 Neutral	$1.79B	-9.56	-17.06%	―	51.69%	28.00%
NDA	43 Neutral	C$109.04M	-13.49	0.60%	―	-21.21%	-84.82%

Galaxy Digital Corporate Events

Galaxy Digital Sets February 3 Date to Report 2025 Results

Galaxy Digital said it will release its fourth-quarter and full-year 2025 financial results before markets open on February 3, 2026, on Nasdaq and the Toronto Stock Exchange. Chief executive Michael Novogratz and other members of management will host a conference call and live webcast that morning to brief investors and analysts on the company’s recent performance and operational developments, with a replay to be made available on its investor relations website and YouTube channel, underscoring its efforts to maintain active engagement and transparency with the market.

The most recent analyst rating on (TSE:GLXY) stock is a Hold with a C$39.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Galaxy Digital Doubles Approved Power Capacity at Helios AI Data Center to Over 1.6 GW

Galaxy Digital has completed a Large Load Interconnection Study and secured approval from Texas grid operator ERCOT for an additional 830 megawatts of power at its Helios data center campus in West Texas, doubling the site’s approved capacity to more than 1.6 gigawatts under utility contracts with AEP Texas and transmission support from WETT. The expanded capacity underpins Helios’s evolution into a multi-gigawatt, multi-tenant AI and high-performance computing hub, reinforces Galaxy’s credentials as a hyperscale data center developer, and extends its development runway as it begins delivering initial power under a long-term lease with CoreWeave in early 2026 while exploring further land and power opportunities in Texas and other markets.

The most recent analyst rating on (TSE:GLXY) stock is a Hold with a C$39.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Galaxy Raises $75 Million in Debut Tokenized CLO to Bring Private Credit Onchain

Galaxy Digital has completed the initial closing of its debut tokenized collateralized loan obligation, Galaxy CLO 2025-1, raising $75 million with an approximately $50 million anchor investment from Grove, an institutional-grade credit protocol in the Sky ecosystem. Issued and tokenized on the Avalanche blockchain and structured by Galaxy’s lending, infrastructure, and asset management units, the CLO finances an uncommitted credit facility to Arch Lending—backed by Galaxy Ventures—that provides overcollateralized consumer crypto loans, and can scale up to $200 million, offering monthly distributions and a senior coupon of SOFR plus 570 basis points. The deal is among the first of its kind in onchain credit, with INX handling token issuance and anticipated trading on its ATS platform, Anchorage Digital providing trustee, custody, and real-time collateral monitoring via its Atlas network, and Accountable supplying continuous loan-level data verification, collectively positioning Galaxy as a frontrunner in bringing private credit onchain and giving institutional investors a familiar securitization structure with enhanced transparency, efficiency, and potential secondary-market liquidity.

The most recent analyst rating on (TSE:GLXY) stock is a Hold with a C$39.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.

Galaxy Digital Expands into Liquid Staking with Alluvial Acquisition

Galaxy Digital Inc. has expanded its role in the liquid staking market by acquiring Alluvial Finance, the former development company behind Liquid Collective, a leading liquid staking protocol. This acquisition enhances Galaxy’s institutional staking infrastructure and aligns with its mission to provide comprehensive trading and investment services for institutions in onchain markets. By becoming the Development Company for Liquid Collective, Galaxy aims to leverage its expertise to broaden access to compliant liquid-staking products globally, while Liquid Collective continues to operate independently under The Liquid Foundation to ensure neutrality and transparency.

The most recent analyst rating on (TSE:GLXY) stock is a Buy with a C$42.00 price target. To see the full list of analyst forecasts on Galaxy Digital stock, see the TSE:GLXY Stock Forecast page.