Cleanspark Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Cleanspark Inc (CLSK) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Cleanspark Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 681M vs -M combined for tracked competitors (100.0% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-21.6% annualized vs trailing 12 months).
- Scale: Cleanspark Inc ranks #23 of 117 companies by market capitalization in the Miscellaneous Financial Services industry, holding 0.6% of industry market cap.
- Peer revenue share: Cleanspark Inc accounted for 100.0% of combined revenue among its tracked peer group, up from 100.0% a year earlier.
- Peer differentiation: Revenue per employee of $2.17M compares with $2.44M for the peer group (0.9x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
CLSK Sales vs. its Competitors, Q3 2026
Cleanspark Inc generated 100.00 % of the combined sales of its peer group, up from 100.00 % a year earlier.
For context: the Miscellaneous Financial Services industry grew revenue 293.3% year over year, combined, vs -32.8% for Cleanspark Inc. Cleanspark Inc's share of combined industry revenue moved from 0.24% to 0.04%, a loss of 0.20 percentage points.
Cleanspark Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Cleanspark Inc | No | Yes | Yes | No |
| Competitors combined (1) | ||||
| High-Confidence Competitors (10) | ||||
| Similar-Size Competitors (9) | ||||
| Similar Growth & Profitability (8) | 0.00 % (0 of 8) | 50.00 % (4 of 8) | 37.50 % (3 of 8) | 42.90 % (3 of 7) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
CLSK Stock Performance relative to its Competitors
CLSK Stock Performance relative to High-Confidence Competitors
CLSK Stock Performance relative to Similar-Size Competitors
CLSK Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Ipower Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Cleanspark Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Cleanspark Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Cleanspark Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Cleanspark Inc | - | 681.40 |
| Ipower Inc | 0.03 | 34.14 |
| SUBTOTAL | 0.03 | 715.55 |
Sources: Cleanspark Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Cleanspark Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Cleanspark Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Hive Digital Technologies Ltd | Named by the company | 85% |
| T-REX Acquisition Corp. | Named by the company | 85% |
| Datacentrex Inc | Named by the company | 85% |
| Stronghold Digital Mining Inc | Named by the company | 85% |
| Cipher Digital Inc | Named by the company | 85% |
| Mara Holdings Inc | Named by the company | 85% |
| TZUP | Named by the company | 85% |
| Big Digital Energy Inc | Named by the company | 85% |
| Hyperscale Data Inc | Named by the company | 85% |
| Soluna Holdings Inc | Named by the company | 85% |
| Submer Technologies | Named by the company | 85% |
| MIGI | Named by the company | 85% |
| Terawulf Inc | Named by the company | 85% |
| Bitdeer Technologies Group | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Cleanspark Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Cleanspark Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Cleanspark Inc | - | 2,170,076 | -3,284,682 |
| Ipower Inc | 0 | 2,438,697 | -571,396 |
| PEERS TOTAL | 0 | 2,438,697 | -571,396 |
Cleanspark Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 103 companies in Cleanspark Inc's industry classification, broader than the peer set above. Market cap in millions of $.Cleanspark Inc ranks #23 of 103 companies by market capitalization in its industry, holding 0.55 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,330, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | American Express Company | 207,998 | 32.18 % |
| 2 | Nu Holdings Ltd | 59,992 | 9.28 % |
| 3 | Coinbase Global Inc | 50,520 | 7.82 % |
| 4 | Eason Technology Limited | 36,989 | 5.72 % |
| 5 | Strategy Inc | 1,234 | 5.2% |
| 6 | Federal National Mortgage Association Fannie Mae | 1,234 | 5.2% |
| 7 | Synchrony Financial | 1,234 | 5.2% |
| 8 | Circle Internet Group Inc | 1,234 | 5.2% |
| 9 | Sofi Technologies Inc | 1,234 | 5.2% |
| 10 | Bitmine Immersion Technologies Inc | 1,234 | 5.2% |
| 23 | Cleanspark Inc | 3,573 | 0.55 % |
Market cap and industry share for the rest of Cleanspark Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Cleanspark Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 18 | Figure Technology Solutions Inc | 7,244 | -22.09 % |
| 19 | Cipher Digital Inc | 6,853 | 50.86 % |
| 20 | Core Scientific Inc | 5,374 | 1.84 % |
| 21 | Mara Holdings Inc | 4,621 | -21.06 % |
| 22 | Bullish | 1,234 | 12.3% |
| 23 | Cleanspark Inc | 3,573 | 1.24 % |
| 24 | Gpgi Inc | 1,234 | 12.3% |
| 25 | Sprott Inc | 1,234 | 12.3% |
| 26 | Upstart Holdings Inc | 1,234 | 12.3% |
| 27 | Strive Inc | 1,234 | 12.3% |
| 28 | Keel Infrastructure Corp | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Cleanspark Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Cleanspark Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Miscellaneous Financial Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (80 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 72.70 % | 53.42 % (avg) | +19.3 pp |
| Operating Margin | -131.17 % | industry median | -116.7 pp |
| EBITDA Margin | -41.89 % | 2.15 % (avg) | -44.0 pp |
| Capital Intensity (Capex / Revenue) | - | 4.86 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Cleanspark Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 115.48 % | 500.00 % | 10.80 % | 500.00 % | 33.56 % | 81.52 % | 117.70 % | 68.37 % |
| Operating Margin | -944.24 % | -340.51 % | -317.53 % | -21.83 % | -60.27 % | -34.36 % | 6.95 % | -26.42 % |
| Return on Invested Capital | -27.84 % | -37.84 % | -29.91 % | -3.04 % | -8.72 % | -5.69 % | 1.01 % | -4.26 % |
| P/E | - | - | - | - | - | - | 135.3x | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Cleanspark Inc's Strategic Group Map
Every company in Cleanspark Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Cleanspark Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Cleanspark Inc's BCG Growth-Share Matrix
Relative market share (vs Cleanspark Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Cleanspark Inc falls in the Dog quadrant: relative market share of 0.02x vs its largest competitor, in an industry growing revenue 3.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Cleanspark Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 1,330 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Cleanspark Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Cleanspark Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Cleanspark Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Cleanspark Inc falls in the Low attractiveness / Low strength cell: Harvest / Divest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Cleanspark Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Operating margin 116.7 points below the industry median.
- Return on equity 60.8 points below the industry aggregate.
- Latest-quarter revenue run-rate is decelerating (-21.6% annualized vs trailing 12 months).
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.02x).
Opportunities
- A meaningful share of tracked competitors (100.00 %) show financial-distress signals, a possible opening to gain share.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Cleanspark Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Cleanspark Inc | 0.60 | 5.06 | 0.86 |
| Ipower Inc | 0.05 | 1.49 | 0.19 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Cleanspark Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Cleanspark Inc | Q2 2026 | -32.8 % | - |
| Ipower Inc | Q1 2026 | -78.2 % | - |
| PEERS TOTAL | -36.2 % | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Cleanspark Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Cleanspark Inc | Q2 2026 | -5.2 % | -85.7 % |
| Ipower Inc | Q1 2026 | -70.8 % | - |
Cleanspark Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Cleanspark Inc | - | - | - |
| Ipower Inc | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Cleanspark Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Cleanspark Inc | - | - |
| Ipower Inc | - | 0.00 |
| PEERS AVERAGE | - | 0.00 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.