Sats Ledger

Since the response

Did each business compound faster than money was printed? A shareholder's return from the business is roughly the cash-flow yield plus the growth in free cash flow per share (banks: earnings per share). It's what the business itself delivered to each share, not the stock price's move. The yield is the same in any currency; the growth depends on the yardstick. In dollars, the bar is how fast the money supply grew. In bitcoin, it's how fast the bitcoin supply grew.

Reporting next

Each row shows the company's shareholder return since the anchor, which updates when its results land. The ruler adds context: its bitcoin bar is the revenue it would need this quarter to be as large in bitcoin as the same quarter four years ago. Mature companies almost never clear that bar, which is why it's context, not the verdict.

Reported this season

Who pays their own way

Free cash flow against what went back to shareholders (dividends plus buybacks). A company that pays out more than it generates fills the gap with new debt, new shares or cash it already had; we call that subsidized. Banks are scored on net income, since free cash flow doesn't mean much for a bank.

Share prices, in bitcoin

What one share costs in sats (one bitcoin is 100 million sats): the latest close divided by that day's bitcoin price. A share can rise in dollars and still get cheaper in bitcoin.

Bitcoin in SEC filings

Every new filing that mentions bitcoin, from any company: treasury purchases, miners' updates, capital raises, new funds. Pulled from EDGAR full-text search through the day.

Marked to today

Revenue grew in dollars and shrank in bitcoin

Every figure on this site is a dollar amount divided by the price of bitcoin, or gold, at the time it was earned. When the result falls, the dollars bought less of the hard asset than they used to. Here is trailing-twelve-month revenue for the companies we follow, now against four years ago.

To stand still in bitcoin, a business had to grow about 20% a year

Bitcoin sets a hurdle rate: the dollar growth needed just to hold value in BTC. Each row shows what a company delivered against that bar, and how much of its dollar growth the weaker dollar ate.

Few companies cleared the bar

Every company we cover, ranked by change in bitcoin terms. Switch the measure or the window; click a row for the full company page.

Share prices ran ahead of the businesses, and most still lost to bitcoin

What shareholders got, measured on the same windows as the fundamentals: the average dividend-adjusted share price over the last twelve months against the same twelve months four years earlier. The price-vs-revenue column shows how much of that came from the market paying more for each dollar of revenue.

Across the S&P 500, about one company in eight beat bitcoin

The whole S&P 500, not just the names above. Share prices with dividends, same windows and yardstick as the rest of the site. By default the universe is every company in the index when the base window began, including those later acquired, dropped or failed, so the results aren't flattered by hindsight.

What the cash they generated would have bought

What if every company had turned the cash it actually generated into bitcoin, every quarter? Each quarter's free cash flow (or retained earnings) is converted at that quarter's average BTC price and added to a running stack. Quarters that burn cash sell from it. The stack is then valued at today's price. Companies with shrinking stacks, or that pay shareholders more than they generate, are being subsidized: the gap is filled with borrowing, new shares or cash on hand.

Each company is its own what-if, as if it were the only buyer at the prices of the time, so the figures can't be added together. Buying at this scale would have moved the price, so read a stack as the hard-money value of the cash a business produced, not as bitcoin it could actually have bought.

What it adds up to

Find a company

Any company in the S&P 500 since 2021, plus sector funds, bitcoin, gold, home prices and the money supply. Companies with full earnings data (the S&P 100 plus bitcoin-native names) open their complete page below; everything else gets a price comparison.

Or browse every company A–Z, each with its own page →

All company analyses

Written analyses for the original 19 companies; the rest get the numbers on their company page. Tiers rank four-year trailing revenue measured in bitcoin: outgrew (above zero), nearly kept pace (down less than 15%), lost ground (down 15–35%), lost heavily (down more than 35%).

Compare anything

Up to four companies, funds or assets on one chart, measured in the yardstick you choose. Real dollars strips out consumer-price inflation; share of M2 shows what fraction of the money supply the item would buy.

Chart image

Close

Right-click or long-press the image to save or copy it.

Four-year growth, every year

Each cell is a rolling four-year change: fiscal year N against fiscal year N−4, with the last column the latest trailing twelve months. Reading across a row shows whether a business is closing the gap on hard money or falling further behind.

The yardstick row shows how much each asset's average price rose over that column's four years (calendar years; fiscal years run within a few months of them). In the early columns bitcoin rose 12 to 27 times, so in bitcoin terms they mostly show its early monetization. Switch to gold to see the dollar effect on its own.

By business model

Median four-year change in trailing revenue, measured in bitcoin. Credit-creation businesses (banks and brokers) sit next to asset-light tech and the physical economy.

Method

Post queue for X

Generated from the same numbers. Each earnings post ships with a chart image of that company's indexed revenue and carries no link, which keeps the per-post API cost at $0.015.