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Canaan Inc.
How the company evolved, year by year. Revenue and debt come from the annual reports — for most companies, the 10-K filings with the SEC since 2009; dividends from the payments themselves.
The bars are a balance on the closing date; the lines are what happened during the year. Revenue above equity is ordinary, not an anomaly — it means the company turns its capital over more than once a year.
Major managers that reported this stock in their latest 13F.
▼ -95.6% over 5Y.
today you would have $61.73▼ -93.8%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 4 closed years. Each multiple uses that year’s closing price and that year’s reported numbers — not today’s. The range is set by the annual reports on record.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Year-end price | $0.69 | $2.05 | $2.31 | $2.06 | |
| P/E | — | — | — | — | 3.7x |
| P/S | 26.0x | 13.5x | 40.8x | 38.4x | 7.9x |
| P/B | 19.8x | 16.4x | 41.3x | 23.3x | 8.5x |
| EPS | -$0.45 | -$0.92 |
P/E and P/B say nothing about a company like this: many have no operating profit, and what shows up on the earnings line is the revaluation of their own bitcoin. The question that remains is whether buying the stock is cheaper or dearer than buying the crypto directly.
Enterprise value — market cap plus net debt plus preferred stock — is 197% above the crypto the company holds. The market pays that much more than the coins are worth: for the management, the access, or the expectation that it keeps buying.
Market cap ÷ crypto, ignoring debt and preferred stock. It is the number most trackers show — and it flatters leveraged companies, because creditors and preferred holders rank ahead of common shareholders on the same coins. The gap between the two is what common shareholders do not own.
Fair value on the balance sheet of Dec 31, 2025, filed with the SEC.
Market cap plus net debt plus preferred stock, at the Sep 28, 2026 price: what it costs to buy the whole company today.
The headline ratio divides today’s market cap by crypto reported up to a quarter ago — that is how the market quotes mNAV, and the only way possible without the number of coins, which the SEC does not publish usably. The quarterly chart has no such mismatch.
Companies of similar size in Technology, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| FXHOUTime Ltd | $10.38 | — | 0.0x | — | -253.66% | $272.75M |
| TTGTTechTarget, Inc. | $3.77 | — | 0.5x | — | -30.41% | $272.69M |
| GPROGoPro, Inc. | $1.31 | — | — | — | -497.15% | $270.33M |
| BKTIBK Technologies Corp | $73.52 |
Canaan Inc. engages in the research and development, design, and sale of integrated circuits, and bitcoin mining equipment and related components. The company is involved in the assembly and distribution of mining equipment and spare parts; and mining business. It has operations in the United States, Mainland China, the United Arab Emirates, Ethiopia, Hong Kong Special Administrative Region, Malaysia, Kazakhstan, Canada, Netherlands, Singapore, Ireland, Georgia, Brazil, and internationally. Canaan Inc. was founded in 2013 and is headquartered in Singapore.
Company description provided by Yahoo Finance.
| -$2.41 |
| $0.56 |
| Profit margin | -66.21% | -39.69% | -92.73% | -195.84% | 10.73% |
| ROE | -70.94% | -48.08% | -93.80% | -118.95% | 11.50% |
Median, not average: a single year of near-zero profit produces a P/E of 400 and would drag an average on its own. P/E years above 200x are left out, the same cut the fair price uses — so this median matches the “its own history” method below. Price and EPS have no median: they are series that grow.
| 21.6x |
| 5.3x |
| — |
| 30.64% |
| $277.13M |
| LAWCS Disco, Inc. | $4.34 | — | 2.3x | — | -31.34% | $278.34M |
| XPERXperi Inc. | $5.50 | — | 0.6x | — | -7.79% | $268.25M |