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 20M combined for its competitors (97.2% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-21.6% annualized vs trailing 12 months), vs decelerating (-71.3%) for its tracked peer group.
- Growth: Cleanspark Inc generated -32.8% revenue growth year over year in Q3 2026, vs -87.5% for its competitors combined.
- Profitability: Its -179.6% net margin compares with -446.6% for the peer group.
- Scale: Cleanspark Inc ranks #28 of 116 companies by market capitalization in the Miscellaneous Financial Services industry, holding 0.3% of industry market cap.
- Peer revenue share: Cleanspark Inc accounted for 98.9% of combined revenue among its tracked peer group, up from 94.5% a year earlier.
- Peer differentiation: Revenue per employee of $2.17M compares with $9.98M for the peer group (0.2x).
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 reported revenue contraction of 32.83 % year on year in Q3 2026, above its competitors' combined revenue change of -87.53 %.
With a net margin of -179.61 %, Cleanspark Inc achieved higher profitability than its competitors (-446.63 %).
Cleanspark Inc generated 98.94 % of the combined sales of its peer group, up from 94.54 % a year earlier.
API endpoints for this dataset
Cleanspark Inc vs. its Competitors, Q3 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Cleanspark Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Cleanspark Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Cleanspark Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (6) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (6) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Cleanspark Inc's competitor groups requires a Commercial License.
For context: the Miscellaneous Financial Services industry grew revenue 354.9% 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 0.21 percentage points.
Cleanspark Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Cleanspark Inc | - | Yes | Yes | Yes |
| Competitors combined (1) | ||||
| High-Confidence Competitors (11) | ||||
| Similar-Size Competitors (9) |
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
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 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 |
0.39 | 19.96 |
| SUBTOTAL | 0.39 | 701.36 |
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
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 Cleanspark Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Hive Digital Technologies Ltd | Company report | 85% |
| Hyperscale Data Inc | Company report | 85% |
| Soluna Holdings Inc | Company report | 85% |
| Submer Technologies | Company report | 85% |
| T-REX Acquisition Corp. | Company report | 85% |
| Datacentrex Inc | Company report | 85% |
| TZUP | Company report | 85% |
| Bitdeer Technologies Group | Company report | 85% |
| Cipher Digital Inc | Company report | 85% |
| Big Digital Energy Inc | Company report | 85% |
| MIGI | Company report | 85% |
| Terawulf Inc | Company report | 85% |
| Stronghold Digital Mining Inc | Company report | 85% |
| Mara Holdings Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Cleanspark Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
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 | 9,978,469 | -5,791,593 |
| PEERS TOTAL | 0 | 9,978,469 | -5,791,593 |
Cleanspark Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 99 companies in Cleanspark Inc's industry classification, broader than the peer set above. Market cap in millions of $.Cleanspark Inc ranks #28 of 99 companies by market capitalization in its industry, holding 0.28 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,648, indicating a moderately concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | American Express Company | 217,952 | 36.88 % |
| 2 | Nu Holdings Ltd | 59,035 | 9.99 % |
| 3 | Strategy Inc | 45,452 | 7.69 % |
| 4 | Coinbase Global Inc | 35,497 | 6.01 % |
| 5 | Federal National Mortgage Association Fannie Mae | 1,234 | 5.2% |
| 6 | Synchrony Financial | 1,234 | 5.2% |
| 7 | Sofi Technologies Inc | 1,234 | 5.2% |
| 8 | Eason Technology Limited | 1,234 | 5.2% |
| 9 | Circle Internet Group Inc | 1,234 | 5.2% |
| 10 | Federal Home Loan Mortgage Corporation | 1,234 | 5.2% |
| 28 | Cleanspark Inc | 1,650 | 0.28 % |
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 2026-11-06.
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 |
|---|---|---|---|
| 23 | Cipher Digital Inc | 2,679 | -76.28 % |
| 24 | Mara Holdings Inc | 2,423 | -65.21 % |
| 25 | Upstart Holdings Inc | 2,402 | -47.07 % |
| 26 | Wealthfront Corporation | 1,850 | - |
| 27 | Pagaya Technologies Ltd | 1,234 | 12.3% |
| 28 | Cleanspark Inc | 1,650 | -64.93 % |
| 29 | Strive Inc | 1,234 | 12.3% |
| 30 | Qfin Holdings Inc | 1,234 | 12.3% |
| 31 | X Financial | 1,234 | 12.3% |
| 32 | Perella Weinberg Partners | 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 2026-11-06. 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 (126 companies). See the full Miscellaneous Financial Services industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 72.70 % | 39.51 % (avg) | +33.2 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | -41.73 % | 5.96 % (avg) | -47.7 pp |
| Capital Intensity (Capex / Revenue) | - | 5.16 % (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 company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 115.48 % | 500.00 % | 10.80 % | 500.00 % | 33.56 % | 75.40 % | 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 % | -5.97 % | 1.01 % | -4.26 % |
| P/E | - | - | - | - | - | - | 134.6x | - |
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 BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Cleanspark Inc falls in the Dog quadrant: relative market share of 0.01x vs its largest competitor, in an industry growing revenue 3.5% (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. A caveat worth reading alongside this chart: American Express Company alone holds 37% of this industry's market cap. In an industry this dominated by one leader, the framework will place nearly every OTHER company in "Dog" or "Question Mark" purely because relative share is measured against that leader, regardless of how strong those other companies actually are on their own fundamentals. Check the Profitability, Valuation and Financial Strength sections above before treating this quadrant label as a verdict.
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 | Moderate | Industry HHI of 1,648 (see Industry Market Structure & Concentration above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Cleanspark Inc's dedicated Suppliers and Customers pages, not here.
Cleanspark Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
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
- Return on equity 66.4 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 (0.01x).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
- A meaningful share of competitors (100.00 %) show financial-distress signals, a possible opening to gain share.
Threats
- Industry dominated by American Express Company, holding 36.88 % of industry market cap.
- Tracked peer group's revenue run-rate is broadly decelerating (-71.3% annualized).
Methodology: see Methodology: SWOT Analysis.
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 | 0.03 | 1.55 | 0.18 |
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 | Q2 2026 | - | - |
| PEERS TOTAL | -37.8 % | - |
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 | Q2 2026 | -70.0 % | +31.7 % |
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 | - | 0.02 |
| 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.