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Galaxy Digital
(NASDAQ:GLXY)
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Rating:47Neutral
Price Target:
$15.50
▼(-37.47% Downside)
Action:Reiterated
Date:10/27/26
The score is held down primarily by weak financial performance (sharp revenue contraction, losses, and significant cash burn) and bearish technicals (price below all major moving averages with negative MACD). These are partly offset by a notably positive earnings-call outlook tied to Helios leasing revenue and a visible buildout pipeline, while valuation is difficult to support given the negative P/E and no dividend yield provided.
Positive Factors
Helios recurring revenue and expansion
Helios provides a growing source of contracted infrastructure revenue that can diversify Galaxy beyond volatile digital-asset activities. Phase II adds substantial capacity and is funded through construction, supporting a clearer multi-quarter earnings contribution as additional data halls are delivered.
Negative Factors
Sharp revenue contraction and losses
The steep top-line contraction and continuing losses show that Galaxy’s current earnings base remains fragile. Very low operating margins leave limited room for revenue volatility or execution setbacks, and sustained weakness could constrain reinvestment and reduce the durability of reported growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Helios recurring revenue and expansion
Helios provides a growing source of contracted infrastructure revenue that can diversify Galaxy beyond volatile digital-asset activities. Phase II adds substantial capacity and is funded through construction, supporting a clearer multi-quarter earnings contribution as additional data halls are delivered.
Read all positive factors
Galaxy Digital (GLXY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.13B
Dividend YieldN/A
Average Volume (3M)6.07M
Price to Earnings (P/E)―
Beta (1Y)3.38
Revenue Growth92.52%
EPS Growth80.32%
CountryUS
Employees700
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.42
Shares Outstanding194,292,390
10 Day Avg. Volume8,108,802
30 Day Avg. Volume6,067,604
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 Cap1.55
Enterprise Value/Revenue0.16
Enterprise Value/Gross Profit7.70
Enterprise Value/Ebitda18.14
Forecast
1Y Price Target
$35.05Price Target Upside41.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)-0.57
Revenue Forecast (FY)$37.30B
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...
Galaxy Digital Earnings Call Summary
Earnings Call Date:Oct 27, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 09, 2027
Earnings Call Sentiment Positive
The call was strongly optimistic, supported by a sharp improvement in net income, adjusted gross profit, and adjusted EBITDA; growth in trading volumes, lending, AUM, staking assets, and AI investments; and the initial contribution from Helios. Management also emphasized a large data center pipeline, strong liquidity, and continued institutional demand. The main challenges were the delayed Helios II lease, Texas regulatory and ERCOT uncertainty, negative EBITDA in the digital assets segment, higher capital spending, the upcoming exchangeable note maturity, and stressed credit markets. Overall, the number and magnitude of the stated positive developments significantly outweighed the challenges.Positive Updates
Strong Third-Quarter Financial Improvement
Galaxy reported third-quarter net income of $323 million, adjusted gross profit of $569 million, and adjusted EBITDA of $455 million, marking a sharp improvement from second-quarter performance.
Negative Updates
Helios II Lease Announcement Delayed
Galaxy was in advanced discussions regarding a potential Helios II transaction but decided not to proceed on the terms being considered after market dynamics shifted materially in late summer. Management chose to broaden the process and would not compromise on terms simply to meet an announcement date.
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Q3-2026 Updates
Positive
Negative
Strong Third-Quarter Financial Improvement
Galaxy reported third-quarter net income of $323 million, adjusted gross profit of $569 million, and adjusted EBITDA of $455 million, marking a sharp improvement from second-quarter performance.
Read all positive updates
Company Guidance
Galaxy expects approximately $80 million of leasing revenue per quarter from Helios Phase I and to exit 2027 at an annualized leasing revenue run rate of between $80 million to $150 million as Phase II comes online next year; Phase II will deliver an additional 260 megawatts of critical IT capacity, with data hall deliveries scheduled to begin in the second quarter of 27 and a significant portion of the remaining construction expenditures anticipated in the first half of 27. Galaxy expects additional sizable partner launches before year end, expects greater clarity on power allocation and anticipated energization timelines for certain projects in April 2027, and intends to pursue Phase III financing in the first half of 27 while Phase III is fully equity funded. Fund II is expected to reach a first close towards the end of Q4 with a fund target size of $250 million to $300 million, and Galaxy expects to roll out expanded brokerage capabilities in Q1 27.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 | 1.24B | 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
Negative
24.79
Price Trends
22.19
Negative
23.86
Negative
24.40
Negative
Market Momentum
-2.16
Positive
32.81
Neutral
12.35
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLXY, the sentiment is Negative. The current price of 24.79 is above the 20-day moving average (MA) of 19.22, above the 50-day MA of 22.19, and above the 200-day MA of 24.40, indicating a bearish trend. The MACD of -2.16 indicates Positive momentum. The RSI at 32.81 is Neutral, neither overbought nor oversold. The STOCH value of 12.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GLXY.
Galaxy Digital Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | C$10.88B | -11.83 | -39.50% | ― | 128.38% | -448.69% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | C$86.18M | -6.54 | -13.93% | ― | -13.15% | 24.49% | |
47 Neutral | $6.13B | -37.33 | -5.43% | ― | 92.52% | 80.32% | |
46 Neutral | C$65.42M | -392.31 | 0.28% | ― | -37.84% | ― |
* General Sector Average
GLXY
Galaxy Digital
17.18
-20.11
-53.93%
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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.