Soluna Holdings Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Soluna Holdings Inc (SLNH) 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: Soluna Holdings Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 27M vs 15,248M combined for its competitors (0.2% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+119.8% annualized vs trailing 12 months), vs accelerating (+3.9%) for its tracked peer group.
- Growth: Soluna Holdings Inc generated 145.4% revenue growth year over year in Q2 2026, vs 0.4% for its competitors combined.
- Profitability: Its -150.2% net margin compares with 8.9% for the peer group.
- Scale: Soluna Holdings Inc ranks #73 of 116 companies by market capitalization in the Miscellaneous Financial Services industry, holding 0.0% of industry market cap.
- Peer revenue share: Soluna Holdings Inc accounted for 0.4% of combined revenue among its tracked peer group, up from 0.2% a year earlier.
- Peer differentiation: Revenue per employee of $0.50M compares with $0.35M for the peer group (1.4x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
SLNH Sales vs. its Competitors, Q2 2026
Soluna Holdings Inc reported revenue growth of 145.44 % year on year in Q2 2026, above its competitors' combined revenue growth of 0.39 %.
With a net margin of -150.23 %, Soluna Holdings Inc reported lower profitability than its competitors (8.87 %).
Soluna Holdings Inc generated 0.38 % of the combined sales of its peer group, up from 0.16 % a year earlier.
API endpoints for this dataset
Soluna Holdings Inc vs. its Competitors, Q2 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 Soluna Holdings 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 Soluna Holdings Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Soluna Holdings Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (14) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (6) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Soluna Holdings Inc's competitor groups requires a Commercial License.
For context: the Miscellaneous Financial Services industry grew revenue 354.9% year over year, combined, vs 145.4% for Soluna Holdings Inc. Soluna Holdings Inc's share of combined industry revenue moved from 0.01% to 0.00%, a gain of 0.00 percentage points.
Soluna Holdings Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Soluna Holdings Inc | - | Yes | No | No |
| Competitors combined (1) | ||||
| High-Confidence Competitors (23) | ||||
| 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.
SLNH Stock Performance relative to its Competitors
SLNH Stock Performance relative to High-Confidence Competitors
SLNH 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 | Stanley Black and Decker Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Soluna Holdings Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Soluna Holdings Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Soluna Holdings Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Soluna Holdings Inc |
71.32 | 27.41 |
 Stanley Black and Decker Inc |
17,791.53 | 15,247.70 |
| SUBTOTAL | 17,862.85 | 15,275.11 |
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Soluna Holdings Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Soluna Holdings Inc's Competitors Named by the Company
Competitive relationships identified from Soluna Holdings Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Hive Blockchain Technologies | Company report | 85% |
| CoreWeave | Company report | 85% |
| TeraWulf | Company report | 85% |
| Hut 8 | Company report | 85% |
| Lambda | Company report | 85% |
| Bitfarms | Company report | 85% |
| Canaan | Company report | 85% |
| Compass Mining | Company report | 85% |
| Digital Realty | Company report | 85% |
| Greenidge Generation Holdings | Company report | 85% |
| Bit Digital | Company report | 85% |
| Blockware | Company report | 85% |
| Nebius | Company report | 85% |
| Cipher Mining | Company report | 85% |
| Riot Platforms | Company report | 85% |
| Crusoe | Company report | 85% |
| FluidStack | Company report | 85% |
| IREN | Company report | 85% |
| Marathon Digital Holdings | Company report | 85% |
| Applied Digital | Company report | 85% |
| BitFuFu | Company report | 85% |
| Cango | Company report | 85% |
| Core Scientific | Company report | 85% |
| Bitdeer | Company report | 85% |
| NeoCloud | Company report | 85% |
| Cleanspark | Company report | 85% |
| Foundry | Company report | 85% |
| Blockstream | Company report | 85% |
| Border | Company report | 85% |
| Iris Energy | Company report | 85% |
| Riot Blockchain, Inc. | Company report | 85% |
| Sphere 3dD Corp. | Company report | 85% |
| Mawson Infrastructure Group | Company report | 85% |
| Stronghold Digital Mining | Company report | 85% |
| DMG Blockchain Solutions | Company report | 85% |
| Digihost Technology Inc | Company report | 85% |
| Argo Blockchain PLC | Company report | 85% |
| Capacitec, Inc. | Company report | 85% |
| E+H Metrology GmbH | Company report | 85% |
| ACES Systems | Company report | 85% |
| Micro-Epsilon Messtechnik GmbH & Co. KG | Company report | 85% |
| Omron Corporation | Company report | 85% |
| Keyence Corporation | Company report | 85% |
| Turck Inc. | Company report | 85% |
| Microsense LLC | Company report | 85% |
| Pepperl+Fuchs Inc. | Company report | 85% |
| KLA Corporation | Company report | 85% |
| Meggitt Sensing Systems (Vibrometer) | Company report | 85% |
| Schmitt Industries Inc. | Company report | 85% |
| Marathon Patent Group | Company report | 85% |
| Motion Tech Automation Inc. | Company report | 85% |
| Powered Brands | Company report | 85% |
Company report basis, confidence, active dates and source counts for Soluna Holdings Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Soluna Holdings Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Stanley Black and Decker Inc | Tools and Outdoor 89.40 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Soluna Holdings 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 |
|---|---|---|---|
| Soluna Holdings Inc | 71 | 498,291 | -1,497,873 |
| Stanley Black and Decker Inc | 17,792 | 350,522 | 14,264 |
| PEERS TOTAL | 17,792 | 350,522 | 14,264 |
Soluna Holdings Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Stanley Black and Decker Inc | United States 61.43 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Soluna Holdings Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 99 companies in Soluna Holdings Inc's industry classification, broader than the peer set above. Market cap in millions of $.Soluna Holdings Inc ranks #73 of 99 companies by market capitalization in its industry, holding 0.01 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,657, indicating a moderately concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | American Express Company | 217,504 | 37.06 % |
| 2 | Nu Holdings Ltd | 58,937 | 10.04 % |
| 3 | Strategy Inc | 43,429 | 7.40 % |
| 4 | Coinbase Global Inc | 35,345 | 6.02 % |
| 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% |
| 73 | Soluna Holdings Inc | 68 | 0.01 % |
Market cap and industry share for the rest of Soluna Holdings Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-09.
Soluna Holdings 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 |
|---|---|---|---|
| 68 | Greystone Housing Impact Investors Lp | 103 | -40.00 % |
| 69 | Defi Development Corp | 88 | -60.31 % |
| 70 | The Marygold Companies Inc | 85 | 94.09 % |
| 71 | Sui Group Holdings Limited | 77 | -61.69 % |
| 72 | Jiayin Group Inc | 1,234 | 12.3% |
| 73 | Soluna Holdings Inc | 68 | -83.04 % |
| 74 | Yiren Digital Ltd | 1,234 | 12.3% |
| 76 | Mega Matrix Corp | 1,234 | 12.3% |
| 77 | Beneficient | 1,234 | 12.3% |
| 78 | Btcs Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Soluna Holdings Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-09. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Soluna Holdings Inc's Valuation vs Competitive Position
Valuation multiples vs the Miscellaneous Financial Services industry average (127 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Miscellaneous Financial Services industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 19.3x | - |
| EV / EBITDA | - | 13.4x | - |
| P/B | 1.5x | 2.9x | -1.4x |
| Return on Equity | -64.89 % | industry aggregate | -63.63 % |
| Return on Invested Capital | -19.16 % | -4.39 % (avg) | -14.77 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Soluna Holdings 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 | 2016 | 2017 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 11.47 % | 0.07 % | 44.73 % | 39.06 % | 99.00 % | -26.21 % | 45.45 % | -49.27 % |
| Operating Margin | -5.12 % | 8.33 % | 21.33 % | -31.20 % | -297.02 % | -96.08 % | - | - |
| Return on Invested Capital | -9.31 % | 6.76 % | 21.90 % | -5.38 % | -49.83 % | -14.61 % | -36.82 % | -20.96 % |
| P/E | - | 18.1x | - | - | - | - | - | - |
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.
Soluna Holdings Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Soluna Holdings Inc falls in the Dog quadrant: relative market share of 0.00x vs its largest competitor, in an industry growing revenue 2.8% (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.
Soluna Holdings 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 1,657 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 109.02 % vs industry average 5.13 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Soluna Holdings Inc's dedicated Suppliers and Customers pages, not here.
Soluna Holdings Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Soluna Holdings 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.
Soluna Holdings 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
- Latest-quarter revenue run-rate is accelerating (+119.8% annualized vs trailing 12 months).
Weaknesses
- Return on equity 63.6 points below the industry aggregate.
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.00x).
Opportunities
No rule matched.
Threats
- Industry dominated by American Express Company, holding 37.06 % of industry market cap.
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
Soluna Holdings 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 |
|---|---|---|---|
| Soluna Holdings Inc | 1.39 | 1.72 | 0.21 |
| Stanley Black and Decker Inc | 0.07 | 1.19 | 0.66 |
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.
Soluna Holdings 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 |
|---|---|---|---|
| Soluna Holdings Inc | Q2 2026 | +145.4 % | - |
| Stanley Black and Decker Inc | Q2 2026 | +0.4 % | +244.7 % |
| PEERS TOTAL | +0.6 % | +249.2 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Soluna Holdings 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 |
|---|---|---|---|
| Soluna Holdings Inc | Q2 2026 | +187.6 % | +72.7 % |
| Stanley Black and Decker Inc | Q2 2026 | -7.8 % | -18.5 % |
Soluna Holdings Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Soluna Holdings Inc | - | - | - |
| Stanley Black and Decker Inc | 2.93% | 4.28% | 6.90% |
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).
Soluna Holdings Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Soluna Holdings Inc | - | 2.60 |
| Stanley Black and Decker Inc | 28.80 | 1.17 |
| PEERS AVERAGE | 33.20 | 1.17 |
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.