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Saturday 7 November 2026
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Cipher Digital Inc.
CIFR Technology Information Technology Services
Cipher Digital Inc.’s revenue for fiscal 2025 (year ended December 2025) was $223.9 million, up 48.0% from fiscal 2024.
- Revenue
- −62.8%
- EPS
- +861.0%
- Free cash flow
- −1,669.4%
- Total debt
- +443.0%
Quarter to September 2026, against a year earlier
6.52
0.97
+17.48%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 3 | 127 | 151 | 224 | 146 | +319.3% | 217 | 853 | 1,045 | +67.1% | |
| Gross margin, % | — | — | — | — | — | 0.00 | 75.37 | 60.34 | 58.77 | 63.73 | 50.46 | +63.7 pt | ||||||
| EBT | — | — | — | — | 0 | (72) | (37) | (22) | (44) | (826) | (1,088) | +499.1% | ||||||
| EBT margin, % | — | — | — | — | 0.00 | 0.00 | (1,225.32) | (17.51) | (29.30) | (368.65) | (744.63) | (368.7) pt | ||||||
| Net income | — | 0 | — | — | 0 | (72) | (39) | (26) | (45) | (822) | (1,084) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.00 | 0.00 | 0.01 | 0.50 | 0.47 | 0.59 | 0.35 | n/m | |||||
| Earnings | — | — | — | — | (0.03) | (0.33) | (0.16) | (0.10) | (0.14) | (2.15) | (2.77) | +140.5% | ||||||
| Cash flow | — | — | — | — | (0.08) | (0.15) | (0.08) | (0.37) | (0.27) | (0.54) | (0.81) | +46.7% | ||||||
| Capex | — | — | — | — | 0.00 | (0.55) | (0.92) | (0.22) | (0.94) | (1.30) | (6.49) | n/m | ||||||
| Free cash flow | — | — | — | — | (0.08) | (0.70) | (1.00) | (0.59) | (1.21) | (1.84) | (7.31) | +87.2% | ||||||
| Book value | — | — | — | — | 0.34 | 1.62 | 1.38 | 1.95 | 2.11 | 2.11 | 1.45 | +44.4% | ||||||
| Shares, m | — | — | — | — | 4 | 218 | 248 | 252 | 323 | 382 | 403 | +148.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | 0.00 | 8.22 | 9.91 | 25.15 | 18.52 | 10.8 | ||||||
| P/B | — | — | — | — | — | — | 0.46 | 2.12 | 2.20 | 6.99 | 4.51 | 2.9 | ||||||
| EV/Sales | — | — | — | — | — | — | 0.00 | 7.70 | 10.14 | 26.77 | 40.44 | 11.2 | ||||||
| EV/FCF | — | — | — | — | — | — | (0.66) | (6.57) | (3.92) | (8.54) | (1.95) | (4.9) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 0 | (32) | (21) | (94) | (88) | (208) | (338) | +264.9% | |||||
| Capex | — | — | — | — | — | (120) | (228) | (55) | (304) | (494) | (2,694) | +42.5% | ||||||
| Free cash flow | — | — | — | — | 0 | (152) | (249) | (149) | (391) | (702) | (3,032) | +365.4% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 1 | 223 | 7 | 122 | 36 | 1,954 | 1,017 | +322.9% | |||||
| Net debt | — | — | — | — | (1) | (210) | 4 | (75) | 34 | 363 | 3,202 | n/m | ||||||
| Shareholders’ equity | — | — | — | — | 1 | 354 | 343 | 491 | 682 | 806 | 600 | +259.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | (0.12) | (27.45) | (10.11) | (5.24) | (6.28) | (31.95) | (20.64) | (31.8) pt | |||||
| ROIC | — | — | — | — | (133.05) | (31.38) | (6.74) | (3.02) | (3.81) | (22.55) | (9.30) | +110.5 pt | ||||||
| ROE | — | — | — | — | (0.04) | (40.66) | (11.22) | (6.18) | (7.61) | (110.55) | (156.77) | (110.5) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 2 | 10 | 26 | 35 | 43 | 66 | — | +101.2% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.12 | 3.62 | 3.52 | 3.39 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
Cipher Digital Inc. vs peers in Information Technology Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| KD Kyndryl Holdings, Inc. | $3.5B | 46.7× | 9.3× | −1.88% (below 0%: shrinking) | −6.69% (below 0%: shrinking) | −243.48% (below 0%: shrinking) | 23.47% | 4.03% | Compare |
| CIFR Cipher Digital Inc. | $2.5B | — (loss-making) | — (loss-making) | −62.76% (below 0%: shrinking) | n/m | −1,669.40% (below 0%: shrinking) | 42.46% | (269.33%) | |
| DXC DXC Technology Company. | $2.4B | 24.1× | 11.7× | −4.02% (below 0%: shrinking) | −58.90% (below 0%: shrinking) | −48.75% (below 0%: shrinking) | 21.75% | 1.81% | Compare |
| CSQR Csquare, Inc. | $2.3B | — | — | — | n/m | — | 52.49% | 21.10% | Compare |
| PENG Penguin Solutions, Inc. | $2.2B | 14.8× | 14.1× | +67.70% (above 0%: growing) | +1,227.27% (above 0%: growing) | −128.21% (below 0%: shrinking) | 27.51% | 12.26% | Compare |
| GLOB Globant S.A. | $2.1B | 18.4× | 19.7× | +0.04% (above 0%: growing) | n/m | +476.16% (above 0%: growing) | 33.89% | 3.23% | Compare |
| CNXC Concentrix Corporation | $1.9B | — (loss-making) | — (loss-making) | −1.19% (below 0%: shrinking) | n/m | +38.49% (above 0%: growing) | 34.60% | (37.10%) | Compare |
| FORTY Formula Systems (1985) Ltd. | $1.7B | 2.6× | 13.9× | +29.82% (above 0%: growing) | +55.10% (above 0%: growing) | +1,330.84% (above 0%: growing) | 20.25% | 9.16% | Compare |
| MGRT Mega Fortune Company Limited | $1.6B | — | — | — | — | — | — | — | Compare |
| Median of peers | $2.2B | 18.4× | 13.9× | −0.58% | +24.21% | −5.13% | 27.51% | 4.03% |
Pay and ownership Proxy statement filed 20 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 14.97m | 155.54m | 2,635.71 |
| 2024 | 17.35m | 28.95m | 828.57 |
| 2023 | 5.66m | 13.87m | 737.50 |
Ownership
Directors and executive officers, together
3.09%
Entities Affiliated with Bitfury
15.11%
BlackRock, Inc.
5.39%
Jane Street Group, LLC
5.19%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Cipher Digital Inc. (CIFR) Latest News
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30 Oct
CIFR metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Altman Z-score
- Beneish M-score