BTM vs. LQDT

Last updated Apr 2, 2026

Compare and contrast key facts about Bitcoin Depot Inc. (BTM) and Liquidity Services, Inc. (LQDT).

Performance

BTM vs. LQDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitcoin Depot Inc. (BTM) and Liquidity Services, Inc. (LQDT). The values are adjusted to include any dividend payments, if applicable.

BTM vs. LQDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BTM Bitcoin Depot Inc.	-77.08%	-20.37%	-49.85%	-10.53%
LQDT Liquidity Services, Inc.	1.81%	-6.13%	87.62%	4.30%

Fundamentals

EPS BTM : -$0.26 LQDT : $0.92
PS Ratio BTM : 0.12 LQDT : 2.10
Total Revenue (TTM) BTM : $614.85M LQDT : $475.56M
Gross Profit (TTM) BTM : $113.30M LQDT : $158.65M
EBITDA (TTM) BTM : $29.63M LQDT : $48.97M

Returns By Period

In the year-to-date period, BTM achieves a -77.08% return, which is significantly lower than LQDT's 1.81% return.

BTM

• 1D: -5.05%
• 1M: -56.96%
• YTD: -77.08%
• 6M: -92.26%
• 1Y: -79.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LQDT

• 1D: 0.95%
• 1M: -3.56%
• YTD: 1.81%
• 6M: 12.50%
• 1Y: -2.22%
• 3Y*: 32.82%
• 5Y*: 9.69%
• 10Y*: 19.58%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

BTM vs. LQDT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTM

BTM Risk / Return Rank: 9
BTM Sharpe Ratio Rank: 9
BTM Sortino Ratio Rank: 6
BTM Omega Ratio Rank: 8
BTM Calmar Ratio Rank: 10
BTM Martin Ratio Rank: 12

LQDT

LQDT Risk / Return Rank: 37
LQDT Sharpe Ratio Rank: 37
LQDT Sortino Ratio Rank: 33
LQDT Omega Ratio Rank: 33
LQDT Calmar Ratio Rank: 40
LQDT Martin Ratio Rank: 40

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTM vs. LQDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitcoin Depot Inc. (BTM) and Liquidity Services, Inc. (LQDT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BTM	LQDT	Difference
Sharpe ratio Return per unit of total volatility	-0.77	-0.06	-0.71
Sortino ratio Return per unit of downside risk	-1.46	0.20	-1.66
Omega ratio Gain probability vs. loss probability	0.84	1.03	-0.19
Calmar ratio Return relative to maximum drawdown	-0.84	-0.02	-0.83
Martin ratio Return relative to average drawdown	-1.40	-0.03	-1.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTM vs. LQDT - Sharpe Ratio Comparison

The current BTM Sharpe Ratio is -0.77, which is lower than the LQDT Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of BTM and LQDT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTM	LQDT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.77	-0.06	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.20	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	0.09	-0.70

Correlation

The correlation between BTM and LQDT is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BTM vs. LQDT - Dividend Comparison

Neither BTM nor LQDT has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

BTM vs. LQDT - Drawdown Comparison

The maximum BTM drawdown since its inception was -95.55%, roughly equal to the maximum LQDT drawdown of -95.31%. Use the drawdown chart below to compare losses from any high point for BTM and LQDT.

Drawdown Indicators

	BTM	LQDT	Difference
Max Drawdown Largest peak-to-trough decline	-95.55%	-95.31%	-0.24%
Max Drawdown (1Y) Largest decline over 1 year	-95.55%	-30.90%	-64.65%
Max Drawdown (5Y) Largest decline over 5 years	—	-58.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-72.78%	—
Current Drawdown Current decline from peak	-95.44%	-52.71%	-42.73%
Average Drawdown Average peak-to-trough decline	-52.88%	-62.35%	+9.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.54%	17.39%	+40.15%

Volatility

BTM vs. LQDT - Volatility Comparison

Bitcoin Depot Inc. (BTM) has a higher volatility of 34.82% compared to Liquidity Services, Inc. (LQDT) at 10.82%. This indicates that BTM's price experiences larger fluctuations and is considered to be riskier than LQDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTM	LQDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.82%	10.82%	+24.00%
Volatility (6M) Calculated over the trailing 6-month period	72.37%	28.21%	+44.16%
Volatility (1Y) Calculated over the trailing 1-year period	103.74%	39.28%	+64.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.92%	49.07%	+48.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.92%	53.30%	+44.62%

Financials

BTM vs. LQDT - Profitability Comparison

The chart below illustrates the profitability comparison between Bitcoin Depot Inc. and Liquidity Services, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BTM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Bitcoin Depot Inc. reported a gross profit of 17.31M and revenue of 116.04M. Therefore, the gross margin over that period was 14.9%.

LQDT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Liquidity Services, Inc. reported a gross profit of 0.00 and revenue of 121.22M. Therefore, the gross margin over that period was 0.0%.

BTM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Bitcoin Depot Inc. reported an operating income of -4.12M and revenue of 116.04M, resulting in an operating margin of -3.6%.

LQDT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Liquidity Services, Inc. reported an operating income of 9.37M and revenue of 121.22M, resulting in an operating margin of 7.7%.

BTM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Bitcoin Depot Inc. reported a net income of -24.86M and revenue of 116.04M, resulting in a net margin of -21.4%.

LQDT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Liquidity Services, Inc. reported a net income of 7.49M and revenue of 121.22M, resulting in a net margin of 6.2%.