Stock fact sheet · data as of
Ionic Digital Inc. Class A (IOND): fair value, margin of safety and Wheel Score
Ticker symbol IOND · Technology · Software - Services · United States · Class A common stock · Speculative
IOND is Ionic Digital Inc. Class A's Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is IOND undervalued?
Ionic Digital Inc. Class A (IOND) closed at 60.55 on 5 Nov 2026, 79% above the GLS average fair value of 33.88. 1 of the 1 models that produced a number value the shares below the current price. A gap this wide usually means the market is paying for growth or a story the trailing numbers do not show yet; the models work from filed results, not forecasts, so they are conservative by design.
Only 1 of the nine models produced a value (DCF); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.
The nightly engine files IOND under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for IOND
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 33.88 | -44% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | 5.37 | -91% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 96.33 | +59% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
No Piotroski health score is on file for IOND (the statements it needs were not available), so the Health part of the Wheel Score counts it at half marks - 10 of 20 - rather than marking the stock down for missing data. The GLS Moat score is low at 1.5 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
Returns on capital are thin or negative - ROIC -45.6%, ROE -45.6%, ROA -40.9% - with debt at 0.00 times equity and negative free cash flow.
Ionic Digital Inc. Class A pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Cryptocurrency Mining Revenue 100% (quarter Q2 FY2026).
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | - / 9 | ROIC | -45.6% |
|---|---|---|---|
| GLS Moat | 1.5 / 10 | ROE | -45.6% |
| Debt / equity | 0.00 | ROA | -40.9% |
| Free-cash-flow yield | -1.8% | Payout ratio | 0% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 26: Weak
IOND scores 26 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 3, below fair value - trades 79% above our fair value, and the parts are thin too - value weak, premium good, moat weak, health fair, red flags strong, option trading fair, stability weak. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 78% on the near-the-money contracts 20-60 days out - above the 60% top of the sweet spot. It still passes the 25-80% filter, but the Wheel Score rewards it less because volatility this high usually comes with a reason. Chain open interest is 5,790 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 670k shares a day on a market cap of $2.7B, with a beta of 2.56 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score rates that weak.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Fails | speculative (a loss, or a weak Piotroski score) |
| 3 | Below fair value | Fails | trades 79% above our fair value |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 79% above fair value | |
| Premium | Good | implied volatility 78% | |
| Moat | Weak | moat 1.5/10 | |
| Health | Fair | no Piotroski score on file - half marks | |
| Red Flags | Strong | Red Flags score 100/100 | |
| Option trading | Fair | 2,791 contracts a day, 5,790 open interest | |
| Stability | Weak | beta 2.56, $2.7B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for IOND in the nightly calendar.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Software - Services
The 12 companies below are the closest to Ionic Digital Inc. Class A by market cap within the Software - Services industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
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|---|---|---|---|---|---|
| IREN IREN Limited | 21.71 | - | - | 15Weak | $8.8B |
| CART Maplebear Inc. | 59.22 | 87.21 | +32% | 78Good | $14.0B |
| VRSK Verisk Analytics, Inc. | 197.85 | 129.96 | -52% | 41Weak | $25.8B |
| ZSQR Z Squared Inc. | 3.61 | 2.58 | -40% | 13No options | $191M |
| AIB AIB Data Centers Inc. | 0.7151 | 1.14 | +37% | 25No options | $54M |
| DTCX Datacentrex, Inc. | 0.9923 | - | - | 14Weak | $40M |
| GIFT Giftify, Inc. | 0.5901 | - | - | 13No options | $21M |
| FIVN Five9, Inc. | 36.35 | 31.98 | -14% | 31Weak | $2.7B |
| BVC BitVentures Limited | 16.33 | 2.83 | -477% | 16No options | $2.7B |
| DGII Digi International Inc. | 72.58 | 44.69 | -62% | 35Weak | $2.8B |
| AMBA Ambarella, Inc. | 60.92 | 7.60 | -702% | 24Weak | $2.7B |
| BELFB Bel Fuse Inc. | 217.43 | 112.91 | -93% | 37Weak | $2.7B |
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about IOND
What kind of share is IOND?
IOND is Ionic Digital Inc. Class A's Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is IOND undervalued right now?
No: at 60.55 the stock trades 79% above the GLS average fair value of 33.88 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of IOND and what does it mean?
IOND scores 26 out of 100 (Weak) - it fails Wheel Trade Filters 2, 3. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for IOND?
33.88 per share as of 5 Nov 2026 - the simple average of the 1 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Ionic Digital Inc. Class A report earnings next?
No upcoming earnings date is recorded for IOND in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does IOND have listed options, and how liquid are they?
Yes. The nightly snapshot found 66 listed contracts with 5,790 open interest across all expiries and implied volatility of 78% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.