CleanSpark, Inc.
CLSK · Other · FY2028 filings · · Shallow moat ·
Doesn't clear the bar
The five investor questions
2024–2025 (latest 2 aligned FYs; v3 window cap 5): revenue $379M to $766M, increasing; diluted EPS -0.67 to 1.15, increasing. Diluted EPS was derived from net income and diluted weighted-average shares in 2 years where the direct tag was absent. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%. Two-year history is scoreable but carries less confidence than a full-cycle record.
Median gross margin 55.2% over 7y, variable.
Median ROIC -7.5%, above the 12% hurdle in 0% of years.
Net debt/EBITDA 0.9x, interest coverage 28x.
Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- $255M
- Unavailable — insufficient owner-earnings data
- Unavailable — insufficient growth-model data
- $12.65
- No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. Flag status unavailable — four adjacent recent FY revenue observations are required.
Among the current top-score group, the median current price is 238% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Score records captured Sep 4, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE
Missing a usable price or zero-growth estimate: ANF.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
21 years of fundamentals
The business, in plain English
ROIC is not available for the latest filed year, FY2028. Across the full 12-year measurable filed record, median ROIC was −11.9%. Over the v3 recent window (7 measurable filed years), median ROIC was −7.5%. The Returns on Capital filter above scores it 0/100.
CLSK's latest filed year, FY2028, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
Put together: Balance-Sheet Safety is the strongest of the five filters (88/100) and Returns on Capital the weakest (0/100), which is how CLSK lands at 56/100 — a Shallow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Score history begins Sep 4, 2026 — the record builds forward from here.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
None yet — CLSK has read Shallow moat for every logged capture since Sep 4, 2026.
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for CLSK.
Other context
#28 of 99 scored Other companies, ranked by Moat Score.
Nearest peers by Moat Score
- #26PGY Pagaya Technologies Ltd.57.9 out of 100, Shallow moatShallow moat
- #27HKHC HORIZON KINETICS HOLDING CORPORATION57.7 out of 100, Shallow moatShallow moat
- #29NDAQ Nasdaq, Inc.54.7 out of 100, Shallow moatShallow moat
- #30CG Carlyle Group Inc.54.6 out of 100, Shallow moatShallow moat
Compare CLSK with its nearest peers →All Other companies on the Index →
Common questions about CLSK
- Does CleanSpark, Inc. have an economic moat?
- Based on its FY2028 SEC filings, the Moat Index scores CleanSpark, Inc. (CLSK) 55.8 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 85, pricing power 63, returns on capital 0, balance-sheet safety 88, capital allocation 44.
- How has CLSK's Moat Score changed over time?
- The record logs 1 reading since Sep 4, 2026; the latest reads 55.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.