Fact based stock research
Bitfarms (TSX:BITF)

CA09173B1076

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Bitfarms stock research in summary

bitfarms.io

ANALYSIS: With an Obermatt Combined Rank of 56 (better than 56% compared with investment alternatives), Bitfarms (Application Software, Canada) shares have above-average financial characteristics compared with similar stocks. Shares of Bitfarms are a good value (attractively priced) with a consolidated Value Rank of 76 (better than 76% of alternatives), are safely financed (Safety Rank of 67, which means low debt burdens), but show below-average growth (Growth Rank of 7). ...read more

RECOMMENDATION: A Combined Rank of 56, is a buy recommendation based on Bitfarms's financial characteristics. As the company Bitfarms's key financial metrics exhibit good value (Obermatt Value Rank of 76) but low growth (Obermatt Growth Rank of 7) while being safely financed (Obermatt Safety Rank of 67), it may be a safer investment because companies with low debt can better withstand times of crises. Yet the good value, better than 76% of comparable companies, may also indicate that the company's future is challenging. If you believe that low growth is temporary or just due to a specific current event, you may conclude that the good value of the stock provides an attractive investment opportunity and the downside is limited due to below-average financing risks. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	76
Growth Rank	7
Safety Rank	67
Combined Rank	56

Country	Canada
Industry	Application Software
Index	NASDAQ
Size class	X-Small

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Bitfarms

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	83	76	59	76
GROWTH
GROWTH	100	89	19	7
SAFETY
SAFETY	34	83	73	67
SENTIMENT
SENTIMENT	7	96	21	^new
360° VIEW
360° VIEW	73	100	24	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Bitfarms is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	83	76	59	76
GROWTH
GROWTH	100	89	19	7
SAFETY
SAFETY	34	83	73	67
COMBINED
COMBINED	95	100	40	56

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Bitfarms the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 76 (better than 76% compared with alternatives) for 2025, Bitfarms shares are significantly less expensive than comparable stocks. The Value Rank is based on consolidating four value indicators, with three out of four indicators above average for Bitfarms. Price-to-Sales (P/S) is 81, which means that the stock price compared with what market professionals expect for future sales is lower than for 81% of comparable companies, indicating a good value regarding Bitfarms's revenue size. The same is valid for expected Price to Profits (or Price / Earnings, P/E), more favorable than for 57% of alternatives, and it's also true for the Price-to-Book Capital ratio (also referred to as market-to-book ratio) with a Price-to-Capital Rank of 81. But, compared with other companies in the same industry, dividend yields are expected to be lower than average; only 1% of all competitors have even lower dividend yields than Bitfarms (a Dividend Yield Rank of 1). 99% alternative investments in the same business provide a higher dividend yield. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 76, is a buy recommendation based on Bitfarms's stock price compared with the company's operational size and dividend yields. The below-average dividend yield may be a good sign, as it could mean the company has more attractive investment opportunities for the generated cash than to pay it out as dividends. A low dividend yield can also indicate a growth phase. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	68	50	76	81
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	91	81	62	57
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	80	75	86	81
DIVIDEND YIELD
DIVIDEND YIELD	1	1	1	1
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	83	76	59	76

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Bitfarms; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 7 (better than 7% compared with alternatives), Bitfarms shows one of the most restricted growth dynamics in its industry. There is little momentum in this company. The Growth Rank is based on consolidating four value indicators, with three out of four metrics below average for Bitfarms. While Profit Growth has a good rank of 82, as professionals currently expect the company to grow its profits more than 82% of its competitors, all other growth indicators are below market averages. Sales Growth has a rank of 4, which means that currently professionals expect the company to grow less than 96% of its competitors, while Capital Growth has a rank of 1 and Stock Returns have been below market median, with a rank of 3 (97% of alternative investments were better). ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 7, is a sell recommendation for growth and momentum investors. While revenue growth and capital growth are good growth momentum indicators, profit is less reliable, because profits may increase due to cost-cutting measures which typically indicate negative growth momentum. "You can save a dollar only once" is the saying about such situations. Growth Investors should look at company priorities closely if they are interested in growth, because the increase in profits is not usually an indicator of growth, and stock prices have been below market, too. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is limited here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	89	100	97	4
PROFIT GROWTH
PROFIT GROWTH	93	70	47	82
CAPITAL GROWTH
CAPITAL GROWTH	91	69	7	1
STOCK RETURNS
STOCK RETURNS	91	99	3	3
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	100	89	19	7

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Bitfarms.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 67 (better than 67% compared with alternatives), the company Bitfarms has financing practices on the safer side, which mean that their overall debt burden is lower than average. This doesn't mean that the business of Bitfarms is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators where two out of three are above average for Bitfarms.Leverage is at 71, meaning the company has a below-average debt-to-equity ratio. It has less debt than 71% of its competitors.Refinancing is at a rank of 79, meaning that the portion of the debt that is about to be refinanced is below average. It has less debt in the refinancing stage than 79% of its competitors. Liquidity is at 9, meaning that the company generates less profit to service its debt than 91% of its competitors. This indicates that the company is on the riskier side regarding debt service. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 67 (better than 67% compared with alternatives), Bitfarms has a financing structure that is safer than that of its competitors. Low leverage and low refinancing risk mean a safer financing situation. However, low liquidity means that current company cash flows are low in relation to the level of debt. This is a sign of caution in case it is expected for profits to remain low. Investors should compare Obermatt’s Value, Growth, and Sentiment Ranks before deciding. They may also want to investigate why cash flows are expected to be low, making debt service for Bitfarms more challenging. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	9	58	72	71
REFINANCING
REFINANCING	77	47	84	79
LIQUIDITY
LIQUIDITY	50	62	17	9
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	34	83	73	67

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Bitfarms and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	97	66	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	100	50	^new
PRO HOLDINGS
PRO HOLDINGS	25	84	13	^new
MARKET PULSE
MARKET PULSE	4	38	30	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	7	96	21	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Bitfarms.
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