Argo Blockchain

ARBK

Financial - Capital Markets · Financial Services

Exchange

NASDAQ Global Select

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Good

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Winston Score History

The full picture

Argo Blockchain is a company that mines cryptocurrency, mainly Bitcoin. It does this by running large warehouses full of powerful computers that compete to solve complex math puzzles — and when they win, they earn Bitcoin as a reward. The company is based in the United Kingdom but operates mining facilities in North America, particularly in Texas.

Argo makes money by selling the Bitcoin it mines on the open market. It is a relatively small player in the global crypto mining industry, with no strong competitive moat — its profitability depends heavily on the price of Bitcoin and the cost of electricity to run its machines. The deeply negative operating margin and poor return on capital reflect how difficult conditions have been. The biggest risk the company faces is that rising energy costs or a falling Bitcoin price can quickly make mining unprofitable, threatening its ability to stay in business.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

11.0%

Thin — 11.0% gross margin

Profit after running costs

Operating Margin

-44.9%

Losing money on operations — -44.9%

Return on the money invested

ROCE

-67.0%

Weak — -67.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

-539%

Weak — only -539% of profit becomes cash

Spare cash per sale

FCF Margin

-173.1%

Burning cash (-173.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.13

Conservative — low debt load (0.13)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

0.2x

no trend

Attractive valuation — P/E 0.2

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-0.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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