Grayscale Stella Financials

GXLM

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE September

This page shows Grayscale Stella (GXLM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GXLM FY2025 2026-05-08

Equity-funded balance-sheet swings, not leverage or operating revenue, drove FY2025's sharp rebound in net assets and reported returns.

With zero liabilities in every valid year, FY2025 profit of $30.5M on $43.1M of assets translated directly into equity growth. That one-to-one capital structure explains why ROA and ROE matched and why returns swung from -15.0% in FY2024 to 70.8% in FY2025.

Because shares outstanding rose from 824.6K in FY2023 to 1.4M in FY2025, the ownership base expanded materially even before considering the earnings rebound. With liabilities still at $0, that points to equity funding rather than borrowing as the mechanism behind balance-sheet growth, so scale did not come from creditors.

Assets compressed from $21.3M in FY2021 to $8.2M in FY2023, showing the FY2025 balance sheet was rebuilt after a drawdown rather than extended from a stable base. Because no revenue or operating cash flow is reported, these results read more like net-asset remeasurement than a conventional cash-conversion business, so profit volatility says more about balance-sheet value than about recurring operations.

Financial Health Signals

Financial Profile 30/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Grayscale Stella's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Grayscale Stella carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

Grayscale Stella earns a strong 70.8% return on equity (ROE), meaning it generates $71 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 78/100. This is up from -15.0% the prior year.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$30.5M

YoY+2025.0%

Grayscale Stella reported $30.5M in net income in fiscal year 2025. This represents an increase of 2025.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

YoY+13.5%

Grayscale Stella had 1M shares outstanding in fiscal year 2025. This represents an increase of 13.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

70.8%

YoY+85.8pp

Grayscale Stella's ROE was 70.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 85.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

GXLM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	$30.5M+2025.0%	-$1.6M-280.1%	-$417K+96.7%	-$12.7M-790.0%	$1.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$3.7M+81.3%	-$19.9M	N/A	-$2.8M+65.5%	-$8.1M-129.9%	$27.0M	N/A	-$4.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GXLM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$43.1M+307.4%	$10.6M+28.4%	$8.2M-4.8%	$8.7M-59.5%	$21.3M
Current Assets	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$0	$0	$0	$0	$0
Current Liabilities	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$43.1M+307.4%	$10.6M+28.4%	$8.2M-4.8%	$8.7M-59.5%	$21.3M
Retained Earnings	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$19.6M-15.5%	$23.2M-46.2%	$43.1M+51.0%	$28.5M-8.9%	$31.3M-20.5%	$39.4M+272.5%	$10.6M+21.2%	$8.7M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$0	$0	$0	$0	$0	$0	$0	$0
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$19.6M-15.5%	$23.2M-46.2%	$43.1M+51.0%	$28.5M-8.9%	$31.3M-20.5%	$39.4M+272.5%	$10.6M+21.2%	$8.7M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GXLM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	70.8%+85.8pp	-15.0%-9.9pp	-5.1%+141.6pp	-146.6%-155.3pp	8.6%
Return on Assets	70.8%+85.8pp	-15.0%-9.9pp	-5.1%+141.6pp	-146.6%-155.3pp	8.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-19.0%+66.8pp	-85.8%	N/A	-9.8%+16.0pp	-25.8%-94.2pp	68.5%	N/A	-51.6%
Return on Assets	-19.0%+66.8pp	-85.8%	N/A	-9.8%+16.0pp	-25.8%-94.2pp	68.5%	N/A	-51.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is Grayscale Stella profitable?

Yes, Grayscale Stella (GXLM) reported a net income of $30.5M in fiscal year 2025.

What is Grayscale Stella's return on equity (ROE)?

Grayscale Stella (GXLM) has a return on equity of 70.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What are Grayscale Stella's total assets?

Grayscale Stella (GXLM) had $43.1M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Grayscale Stella have outstanding?

Grayscale Stella (GXLM) had 1M shares outstanding as of fiscal year 2025.

What is Grayscale Stella's debt-to-equity ratio?

Grayscale Stella (GXLM) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Grayscale Stella's return on assets (ROA)?

Grayscale Stella (GXLM) had a return on assets of 70.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

How financially healthy is Grayscale Stella?

Grayscale Stella (GXLM) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.