Is Bitcoin Depot, Inc. overvalued or undervalued?

As of 21 November 2025, the valuation grade for Bitcoin Depot, Inc. has moved from attractive to very attractive, indicating a positive shift in its perceived value. The company appears to be undervalued, particularly when considering its valuation ratios, such as an EV to EBITDA of 5.52 and an EV to Sales ratio of 0.53, which suggest a favorable valuation relative to its earnings and sales. However, the negative Price to Book Value of -17.55 and the lack of a P/E ratio due to losses highlight significant financial challenges.
In comparison to peers, Bitcoin Depot, Inc. has a notably lower EV to EBITDA ratio than A-Mark Precious Metals, Inc., which stands at 16.2462, and a much more attractive valuation than B. Riley Financial, Inc., which has a negative P/E ratio. While Bitcoin Depot's recent stock performance has lagged behind the S&P 500, with a 1-year return of -20.74% compared to the S&P's 11.00%, the current valuation metrics suggest that the stock may present a buying opportunity for investors looking for value in the capital markets sector.