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. In the quarter to June 2026, revenue fell 43.0%, EPS fell 441.7%, free cash flow fell 255.7% and total debt rose 3,115.0%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Cipher Digital Inc. (CIFR) Altman Z-score
Cipher Digital Inc.'s Altman Z-score for fiscal 2025 is 0.92, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.92 | (4.03) |
| FY2024 | 4.95 | (3.44) |
| FY2023 | 8.39 | 7.92 |
| FY2022 | 0.46 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.46 | — | 0.55 | |
| Retained earnings / total assets | (0.23) | — | −0.33 | |
| EBIT / total assets | (0.10) | — | −0.32 | |
| Market value of equity / total liabilities | 1.62 | — | 0.97 | |
| Sales / total assets | 0.05 | — | 0.05 | |
| Altman Z-score | Distress zone | 0.92 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.81 | ||
Z and Z″ put Cipher Digital Inc. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| EXLS ExlService Holdings, Inc. compare | 8.6× |
| INGM Ingram Micro Holding Corporation compare | 3.1× |
| PSN Parsons Corporation compare | 3.1× |
| SAIC Science Applications International Corporation compare | 2.8× |
| PENG Penguin Solutions, Inc. compare | 2.1× |
| APLD Applied Digital Corporation compare | 1.3× |
| KD Kyndryl Holdings, Inc. compare | 1.2× |
| CIFR Cipher Digital Inc. | 0.9× |
| GDS GDS Holdings compare | 0.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets