Forensic Analysis · General / Diversified · as of Jun 27, 2026
Galaxy Digital Inc. (GLXY)
A forensic read on Galaxy Digital Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
2.0
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-3.7%
ROE
$11.4B
Market cap
Galaxy Digital Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 2.0, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-1.57×Cash conversion.Over FY2023–FY2025, operating cash flow was -1.57× cumulative net income. Reported profit is not turning into cash — a classic earnings-quality warning.
-4%Return on invested capital.Return on invested capital is -4% and slipping from 13% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+6.2%/yrShare-count dilution.Diluted share count changed +12% over the last 2 years to FY2025 (+6.2%/yr). The count is GROWING — existing holders are being diluted. That's ~6.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~12%.
Key fundamentals
Net Margin-0.4%
Free Cash Flow$-1.51B
Latest Revenue$60.41B
Return on Equity-12.3%
Revenue Growth YoY+41.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Galaxy Digital Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about GLXY's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown