Galaxy Digital

GLXY

Financial - Capital Markets · Financial Services

Price

$23.64

+0.17 (+0.72%)

Market Cap

$7.84B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+69.0% over 4y

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

Diluted shares outstanding: 94.2M (2021) → 159.2M (2025)

Winston Score History

The full picture

Galaxy Digital is a financial services company focused entirely on cryptocurrency and digital assets. It offers services like trading, asset management, investment banking, and lending — all built around crypto markets. Its main customers are large institutions, hedge funds, and companies that want professional help navigating the digital asset world.

Galaxy makes money through trading fees, investment returns, and fees from managing crypto funds and providing financial advice on deals involving blockchain companies. It operates primarily in North America but serves clients globally, and its edge comes from being one of the few large, regulated financial firms specializing in crypto. The company is listed on the Toronto Stock Exchange and has been working toward a US listing. Its growth depends heavily on whether institutional adoption of crypto continues to expand, but its thin margins and direct exposure to volatile crypto prices mean a sharp market downturn could quickly hurt its bottom line.

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

-7.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-180.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

67.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~14 months

$1.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

Galaxy Digital's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

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Quality

Profit per sale

Gross Margin

217.5%

Premium pricing power — 217.5% gross margin

Profit after running costs

Operating Margin

2.9%

Thin — 2.9% operating margin

Return on the money invested

ROCE

16.5%

Strong — 16.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+23.2%

Fast-growing sales (+23.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-3.4%

Burning cash (-3.4%)

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

1.79

Elevated debt (1.79)

Covers its interest

Interest Cover

11.39x

Comfortably covers interest (11.4x)

Interest coverage above 8. Profits cover interest many times over.

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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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