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Galaxy Digital
(NASDAQ:GLXY)
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Rating:50Neutral
Price Target:
$26.00
▲(4.88% Upside)
Action:Reiterated
Date:09/06/26
The score is held back primarily by weak financial performance (sharp TTM revenue contraction, net losses, and significant cash burn). Offsetting this, the earnings call supports a stronger forward narrative in the data center build-out with improving revenue visibility and high projected project margins, and technical indicators show constructive momentum. Valuation remains constrained by negative earnings and no provided dividend yield.
Positive Factors
Data-center execution and margin potential
Successful Phase I execution provides tangible evidence that Galaxy can deliver complex infrastructure projects and begin monetizing capacity. The reported operating profit, together with expected leasing revenue and very high project margins, could support a more recurring and profitable earnings base over coming quarters.
Negative Factors
Persistent losses and negative EBITDA
Current consolidated profitability remains weak despite progress in data centers, with losses still reflecting crypto-market exposure and treasury or corporate results. Sustained negative EBITDA limits internally generated funding, makes earnings less predictable, and leaves the broader business dependent on successful execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Data-center execution and margin potential
Successful Phase I execution provides tangible evidence that Galaxy can deliver complex infrastructure projects and begin monetizing capacity. The reported operating profit, together with expected leasing revenue and very high project margins, could support a more recurring and profitable earnings base over coming quarters.
Read all positive factors
Galaxy Digital (GLXY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.29B
Dividend YieldN/A
Average Volume (3M)6.58M
Price to Earnings (P/E)―
Beta (1Y)3.28
Revenue Growth92.52%
EPS Growth80.32%
CountryUS
Employees700
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.42
Shares Outstanding194,292,390
10 Day Avg. Volume5,882,178
30 Day Avg. Volume6,577,869
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)1.85
Price to Sales (P/S)0.06
P/FCF Ratio-2.46
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$37.45Price Target Upside51.07% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-0.72
Revenue Forecast (FY)$37.43B
Galaxy Digital Business Overview & Revenue Model
Company Description
Galaxy Digital Inc. engages in the digital asset and data centre infrastructure businesses in North America and internationally. It operates through Digital Assets, Data Centers, and Treasury and Corporate segments. The Digital Assets segment prov...
How the Company Makes Money
Galaxy Digital generates revenue primarily from (1) trading and principal transactions in digital assets (e.g., market making, OTC/client trading, and related spreads/fees), (2) asset management fees earned on digital-asset investment products and...
Galaxy Digital Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Positive
The call highlights strong operational execution and strategic progress, particularly in the data center business: on-time, on-budget delivery of Helios Phase I, a sizable financed pipeline (including a $3.5B financing), multiple new campus acquisitions expanding potential capacity to >5.7 GW, and improving near-term data center revenue visibility (expected ~$80M quarterly leasing and >90% project EBITDA margin). The digital assets business showed resilience with a 34% QoQ increase in adjusted gross profit despite weaker markets and demonstrated early commercial traction with institutional products (GOFR ~$300M originations) and partnerships (BNY, Morgan Stanley). Offsetting these positives are near-term financial and market headwinds: GAAP loss of $85M and firm-wide adjusted EBITDA of negative $77M, declines in net digital assets (-15%) and AUM/AUS (-12%), increased operating expenses and heavy CapEx, and regulatory and interconnection timing risks in the U.S./Texas. Overall, the company appears to be transitioning toward a more diversified, infrastructure-driven earnings profile with meaningful execution wins, though near-term profitability and macro/regulatory uncertainty remain challenges.Positive Updates
Successful Helios Phase I Delivery and Cash Generation
Delivered Phase I at Helios on schedule and on budget; 133 MW of critical IT delivered to CoreWeave; campus is generating cash flow. Data center segment reported $20M adjusted gross profit and $11M adjusted EBITDA in Q2.
Negative Updates
Firm-Wide Losses and Negative Adjusted EBITDA
Reported GAAP net loss of $85M ($0.09 per share) and firm-wide adjusted EBITDA of negative $77M in Q2, driven in part by crypto price depreciation and treasury/corporate losses.
Read all updates
Q2-2026 Updates
Positive
Negative
Successful Helios Phase I Delivery and Cash Generation
Delivered Phase I at Helios on schedule and on budget; 133 MW of critical IT delivered to CoreWeave; campus is generating cash flow. Data center segment reported $20M adjusted gross profit and $11M adjusted EBITDA in Q2.
Read all positive updates
Company Guidance
Management guided that data centers will be a growing cash engine: Phase I should produce its first full quarter of leasing revenue in Q3 of ~$80 million with a project-level adjusted EBITDA margin >90%, after Q2 data-center results of $20M adjusted gross profit, $11M adjusted EBITDA, $21M of operating expenses (ex pass‑through) and $448M of CapEx (up from $354M in Q1) — CapEx is expected to continue rising as Phase II construction (funded by a $3.5B five‑year senior secured note at ~85% loan‑to‑cost) progresses, with Phase II deliveries starting Q2 2027 (7 of 8 halls online by end‑2027), adding ~260 MW of critical IT next year and Phase III adding ~200 MW gross / 133 MW critical IT through 2028; Galaxy also reported Helios segment assets of ~$2.5B and liabilities of ~$1.5B, posted ~$50M (Helios III) and ~$45M (Caspian) of Batch‑Zero security, placed >$180M of long‑lead equipment POs, and expanded a Texas pipeline (Merlin initial 74 MW energization target in 2028, Caspian 700 MW, Selene 900 MW) to a total potential >5.7 GW; firm‑wide guidance and context included Q2 GAAP net loss of $85M ($0.09/sh), firm‑wide adjusted EBITDA of -$77M, total assets $10.8B, cash & stablecoins $2.5B, net digital assets/investments ~$1.2B, Digital Assets adjusted gross profit $66M (up 34% q/q), GOFR ~ $300M of loan originations, and Asset Management/AUS about $7B (down 12% q/q), with management expecting continued investment in both digital‑assets infrastructure and data‑center build‑out.Galaxy Digital Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
48
Neutral
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 58.37B | 61.36B | 43.76B | 0.00 | 0.00 | 0.00 |
| Gross Profit | 1.25B | 1.15B | 1.30B | 0.00 | 0.00 | 0.00 |
| EBITDA | 524.68M | 609.18M | 768.35M | -2.16M | -2.48M | -4.25M |
| Net Income | -99.33M | -84.86M | 116.27M | 454.76M | -522.68M | 402.08M |
Balance Sheet | ||||||
| Total Assets | 10.84B | 11.35B | 7.12B | 875.24M | 394.27M | 888.78M |
| Cash, Cash Equivalents and Short-Term Investments | 1.55B | 6.67B | 4.48B | 833.00K | 10.05M | 26.82M |
| Total Debt | 3.26B | 5.33B | 2.96B | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 8.12B | 8.31B | 4.93B | 94.20M | 94.97M | 102.48M |
| Stockholders Equity | 1.82B | 1.92B | 2.19B | 781.03M | 299.31M | 786.29M |
Cash Flow | ||||||
| Free Cash Flow | -1.74B | -1.45B | -18.55M | -16.52M | -76.77M | -19.55M |
| Operating Cash Flow | -209.48M | -256.47M | -18.55M | -16.52M | -76.77M | -19.55M |
| Investing Cash Flow | -2.16B | -1.29B | -85.31M | 6.86M | 107.40M | 12.24M |
| Financing Cash Flow | 2.73B | 2.39B | 104.83M | 439.00K | -47.40M | 34.13M |
Galaxy Digital Technical Analysis
Positive
24.79
Price Trends
23.30
Positive
26.26
Positive
25.07
Positive
Market Momentum
0.73
Negative
59.77
Neutral
69.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLXY, the sentiment is Positive. The current price of 24.79 is above the 20-day moving average (MA) of 23.02, above the 50-day MA of 23.30, and below the 200-day MA of 25.07, indicating a bullish trend. The MACD of 0.73 indicates Negative momentum. The RSI at 59.77 is Neutral, neither overbought nor oversold. The STOCH value of 69.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GLXY.
Galaxy Digital Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
58 Neutral | C$15.96B | -17.57 | -39.50% | ― | 128.38% | -448.69% | |
52 Neutral | C$118.37M | -8.98 | -13.93% | ― | -13.15% | 24.49% | |
50 Neutral | $10.29B | -62.26 | -5.43% | ― | 92.52% | 80.32% | |
46 Neutral | C$85.95M | -515.38 | 0.28% | ― | -37.84% | ― |
* Financial Sector Average
GLXY
Galaxy Digital
26.33
2.11
8.71%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.