DeFi Development Corp. (DFDV) Key Metrics
DFDV valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $123.0M
- Enterprise value
- $302.0M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 8.1 10-yr median 4.3
- Price / book
- 9.3 10-yr median 1.5
- EV / EBITDA
- 2.4
- Dividend yield
- —
- Beta
- −3.53
DFDV key metrics, 2020–2025
Fiscal year ended December 31, 2025 · U.S. dollarsDFDV valuation Price multiples at each fiscal year-end price.
DFDV returns How much profit the business earns on the capital it uses.
DFDV per-share figures Results divided by the shares outstanding at year-end.
DFDV financial health Debt, liquidity and how easily interest is covered.
DFDV efficiency & capital use Working capital cycle and where the cash goes.
DFDV valuation history
DFDV returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DFDV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DFDV cash returned to shareholders
DFDV price vs earnings per share
DFDV key metrics
2020–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Valuation | ||||||
| Market capitalization | $93.2M | $6.8M | $8.7M | — | — | — |
| Enterprise value | $211.1M | $3.9M | $3.7M | — | — | — |
| Price / sales | 8.2 | 3.2 | 4.3 | — | — | — |
| Price / book | 0.9 | 1.9 | 1.5 | — | — | — |
| EV / sales | 18.5 | 1.9 | 1.8 | — | — | — |
| Earnings yield | −79.2% | −40.3% | −38.8% | — | — | — |
| Free cash flow yield | −19.3% | −36.0% | −18.3% | — | — | — |
| Shareholder yield (dividends + buybacks) | 93.5% | 0.1% | 0.0% | — | — | — |
| Share price at fiscal year-end | $5.05 | $0.69 | $1.18 | — | — | — |
| Per share | ||||||
| Revenue per share | $0.62 | $0.22 | $0.27 | $0.25 | $0.23 | $0.18 |
| Earnings per share | −$4.00 | −$0.28 | −$0.46 | −$0.14 | −$0.18 | $0.04 |
| Operating cash flow per share | −$0.97 | −$0.25 | −$0.21 | −$0.12 | $0.01 | $0.04 |
| Free cash flow per share | −$0.97 | −$0.25 | −$0.22 | −$0.12 | $0.01 | $0.04 |
| Cash per share | $0.52 | $0.29 | $0.69 | $0.11 | $0.20 | $0.05 |
| Book value per share | $5.38 | $0.36 | $0.79 | $0.06 | $0.05 | −$0.02 |
| Tangible book value per share | $5.18 | $0.26 | $0.61 | $0.06 | $0.05 | −$0.02 |
| Dividends per share | — | — | — | $0.00 | $0.01 | $0.06 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $6.91 | $0.00 | $0.01 | $0.01 | — | — |
| Shares outstanding | 18.5M | 9.8M | 7.4M | 8.7M | 8.7M | 8.7M |
| Change in shares outstanding | +89.0% | +32.1% | −15.4% | 0.0% | 0.0% | — |
| Returns & profitability | ||||||
| Return on equity (ROE) | −143.6% | −58.5% | −106.4% | −267.1% | — | — |
| Return on invested capital (ROIC) | −5.5% | −323.8% | — | — | — | — |
| Return on assets (ROA) | −47.3% | −49.3% | −84.1% | −79.0% | −124.5% | 43.1% |
| Return on tangible assets | −24.3% | −80.4% | −62.5% | −95.5% | −87.8% | 44.1% |
| Free cash flow margin | −157.8% | −116.1% | −79.7% | −47.6% | 3.3% | 22.2% |
| Income quality (OCF / net income) | — | — | — | — | — | 1.14 |
| Financial health | ||||||
| Total debt | $127.5M | $13,933 | $66,664 | $112,573 | — | — |
| Cash & short-term investments | $9.6M | $2.9M | $5.1M | $981,125 | $1.7M | $415,713 |
| Net debt | $117.9M | −$2.8M | −$5.0M | −$868,552 | −$1.7M | −$415,713 |
| Debt / equity | 1.28 | 0.00 | 0.01 | 0.21 | — | — |
| Debt / assets | 0.41 | 0.00 | 0.01 | 0.08 | — | — |
| Net debt / EBITDA | — | — | — | −1.89 | — | −0.96 |
| Current ratio | 1.51 | 5.52 | 7.84 | 5.01 | 22.26 | 24.62 |
| Quick ratio | 1.51 | 5.52 | 7.84 | 5.01 | 22.26 | 24.62 |
| Interest coverage | -0.9 | — | — | — | — | 4.2 |
| Working capital | $41.1M | $2.7M | $4.6M | $822,082 | $1.8M | $692,386 |
| Invested capital | $217.1M | $658,502 | $807,033 | −$343,174 | −$1.3M | −$549,822 |
| Tangible asset value | $95.6M | $2.5M | $4.5M | $509,200 | $403,128 | −$150,287 |
| Net current asset value | −$86.2M | $2.4M | $4.4M | $215,443 | $400,734 | −$152,610 |
| Graham net-net per share | −$10.76 | $0.22 | $0.58 | $0.02 | $0.04 | −$0.03 |
| Capital allocation | ||||||
| Dividends paid | — | — | — | $0 | $66,500 | $529,247 |
| Share buybacks (net) | $87.2M | $5,243 | $0 | — | — | — |
| Dividend payout ratio | — | — | — | — | — | 165.9% |
| Dividends + buybacks / free cash flow | — | — | — | — | 101.0% | 152.7% |
| Capex / revenue | 0.0% | 0.9% | 1.5% | 0.0% | 0.0% | 1.0% |
| Capex / operating cash flow | — | — | — | — | 0.0% | 4.5% |
| Capex / depreciation | 0.00 | 0.09 | 31.85 | 0.00 | 0.00 | 0.83 |
| Stock-based compensation / revenue | 14.7% | 19.7% | 74.2% | 24.6% | 55.3% | — |
| R&D / revenue | 10.0% | 31.2% | 39.5% | 19.8% | 1.9% | 7.1% |
| SG&A / revenue | 145.6% | 195.7% | 230.4% | 160.1% | 151.3% | 67.7% |
| Efficiency | ||||||
| Days sales outstanding | 4.0 | 24.5 | 11.3 | 14.3 | 39.7 | 70.2 |
| Days payables outstanding | 5,248.3 | 5,027.9 | — | — | — | — |
| Cash conversion cycle (days) | -5,244.3 | -5,003.5 | — | — | — | — |
| Receivables turnover | 92.05 | 14.92 | 32.20 | 25.49 | 9.20 | 5.20 |
| Payables turnover | 0.07 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 |
| Asset turnover | 0.07 | 0.38 | 0.50 | 1.35 | 1.52 | 2.11 |
| Average receivables | $123,699 | $140,768 | $62,212 | $84,370 | $215,278 | $300,102 |
| Average payables | $3.6M | $439,387 | $349,258 | $121,028 | $55,997 | $29,317 |
| Intangibles / total assets | 1.2% | 22.5% | 19.2% | 1.2% | 0.9% | 2.2% |
Computed from DFDV's annual financial statements (latest annual report filed March 30, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DFDV valuation and financial ratios
DeFi Development earned a return on equity of −143.6% and a return on invested capital of −5.5% in fiscal 2025. It ended the year with $127.5 million of debt and $9.6 million in cash and short-term investments, net debt of $117.9 million. It returned $87.2 million to shareholders: $0 in dividends and $87.2 million in share buybacks. The share count rose 111.0% from 8.7M to 18.5M over 5 years.
See the DFDV income statement, the DFDV chart for price history, or the DFDV stock overview for the latest quote and news.
DFDV key metrics FAQ
What is DeFi Development's return on equity?
DeFi Development's return on equity (ROE) was −143.6% in fiscal 2025: net income of -$73.8 million on average shareholders' equity of $51.4 million.
What is DeFi Development's ROIC?
DeFi Development's return on invested capital was −5.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does DeFi Development have?
DeFi Development had total debt of $127.5 million at the end of fiscal 2025, a debt-to-equity ratio of 1.28.
Does DeFi Development buy back its shares?
Yes. DeFi Development spent $87.2 million on net share repurchases in fiscal 2025 Shares outstanding changed +89.0% over the year, to 18.5M..
What is DeFi Development's free cash flow yield?
DeFi Development generated -$18.0 million of free cash flow in fiscal 2025, a free cash flow yield of −19.3% on its market value at year-end ($93.2 million).
What is DeFi Development's current ratio?
DeFi Development's current ratio was 1.51 at the end of fiscal 2025: current assets were 1.51 times current liabilities.