Ebang International Holdings

EBON

Computer Hardware · Technology

Price

$2.32

+0.14 (+6.18%)

Market Cap

$15.2M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+5.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 5.9M (2021) → 6.3M (2025)

Winston Score History

The full picture

Ebang International Holdings is a Chinese company that makes Bitcoin mining machines, called ASIC miners. These are specialized computers designed to do one thing: solve the complex math problems that power the Bitcoin network. The company sells its hardware to cryptocurrency miners around the world who use the machines to earn Bitcoin as a reward.

Ebang earns money primarily by selling its mining hardware, though it has also attempted to expand into cryptocurrency exchange services. The company is based in China and is relatively small, with a market cap near zero and very thin gross margins of around 6%. Its operating losses are severe, meaning it spends far more running the business than it earns in revenue. The biggest risk Ebang faces is its heavy dependence on Bitcoin's price cycle — when crypto markets fall, demand for mining machines drops sharply, and the company has little pricing power or diversification to cushion the blow.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+36.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

0.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$197M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Ebang International Holdings is growing revenue at 10% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

18.5%

Thin — 18.5% gross margin

Profit after running costs

Operating Margin

-260.5%

Losing money on operations — -260.5%

Return on the money invested

ROCE

-9.2%

Weak — -9.2% 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

-6.2%

Shrinking sales (-6.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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