Saturday 17 October 2026 Export CIFR’s income statement to Excel — free account

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.

8.98 1.06 −10.56%

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Market cap: $4.2B
P/E: 0.0×
Fwd P/E: −24.2×
Dividend yield: —
F-score: 3/9
Altman Z: 0.92
Beneish M: −4.95
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 97.15

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	6	3	1	1	4	—	5	3	1	—	—	—

Insider Ownership 15.82%

Capital & Financial Ratios $m

Market Cap 4,170.00

Revenue 191.09

Net Income (1,119.33)

Free Cash Flow (1,442.50)

Net Debt 1,521.86

Current Ratio 3.00

Debt/Equity 9.86

P/E ratio 0.00

Fwd P/E (24.20)

P/S ratio 19.24

P/B ratio 6.54

Past 5Y EPS Growth —

This Y EPS Growth 39.68%

Next Y EPS Growth 77.97%

Next Y revenue growth (2.25%)

Next 5Y EPS Growth 32.02%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 63.48%

10-year low 10-year high

P/B against its own 10 years 69.95%

10-year low 10-year high

EV/Sales against its own 10 years 68.32%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	86	6	2,390	4,020
Receivables	1	35	1	20
Inventory	—	—	—	—
Other	65	124	254	57
	155	168	2,653	4,132

	2023	2024	2025	Q'26
Payables	7	23	40	289
ST’ Debt	—	32	38	94
Other	0	—	525	632
	34	132	699	1,379

Compound Annual Growth %

	10y	5y	3y
Sales	—	—	319.34%
Cash Flow	—	0.00%	0.00%
Earnings	—	0.00%	0.00%
Book Value	—	259.12%	32.94%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	35	25	—	—	—
’25	49	44	72	60	224
’24	48	37	24	42	151
’23	22	31	30	43	127

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	92	(244)	—	—	—
’25	(47)	(56)	(50)	(54)	(208)
’24	(27)	(25)	(7)	(29)	(88)
’23	(10)	(18)	(19)	(48)	(94)
’22	(3)	(7)	1	(12)	(21)
’21	0	(1)	(26)	(5)	(32)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(440)	(623)	—	—	—
’25	(147)	(175)	(95)	(285)	(702)
’24	(39)	(65)	(183)	(104)	(391)
’23	(29)	(30)	(25)	(65)	(149)
’22	(107)	(73)	(42)	(27)	(249)
’21	0	(1)	(101)	(50)	(152)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.28)	(0.65)	—	—	—
’25	(0.11)	(0.12)	(0.01)	(1.92)	(2.15)
’24	0.13	(0.05)	(0.26)	0.06	(0.14)
’23	(0.02)	(0.05)	(0.07)	0.05	(0.10)
’22	(0.07)	(0.12)	0.24	(0.21)	(0.16)
’21	0.00	0.00	(0.01)	(0.32)	(0.33)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	9.70	4.35	0.38	0.58	2.16	1.86	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	10.93	15.39	4.72	5.60	7.99	25.52
People
People	Employees	—	—	—	—	2	10	26	35	43	66
	Revenue/emp, $m	—	—	—	—	0.00	0.00	0.12	3.62	3.52	3.39
Income, $m
Income, $m	Revenue	—	—	—	—	—	—	3	127	151	224
	Gross margin, %	—	—	—	—	—	0.00	75.37	60.34	58.77	63.73
	EBT	—	—	—	—	0	(72)	(37)	(22)	(44)	(826)
	EBT margin, %	—	—	—	—	0.00	0.00	(1,225.32)	(17.51)	(29.30)	(368.65)
	Net income	—	0	—	—	0	(72)	(39)	(26)	(45)	(822)
	Depreciation	—	—	—	—	—	0	5	60	104	219
Per share, $
Per share, $	Revenue	—	—	—	—	0.00	0.00	0.01	0.50	0.47	0.59
	Earnings	—	—	—	—	(0.03)	(0.33)	(0.16)	(0.10)	(0.14)	(2.15)
	Cash flow	—	—	—	—	(0.08)	(0.15)	(0.08)	(0.37)	(0.27)	(0.54)
	Capex	—	—	—	—	0.00	(0.55)	(0.92)	(0.22)	(0.94)	(1.30)
	Free cash flow	—	—	—	—	(0.08)	(0.70)	(1.00)	(0.59)	(1.21)	(1.84)
	Book value	—	—	—	—	0.34	1.62	1.38	1.95	2.11	2.11
	Shares, m	—	—	—	—	4	218	248	252	323	382
Valuation, ×
Valuation, ×	P/E	—	—	—	—	—	—	0.00	0.00	0.00	0.00
	P/S	—	—	—	—	—	—	0.00	8.22	9.91	25.15
	P/B	—	—	—	—	—	—	0.46	2.12	2.20	6.99
	EV/Sales	—	—	—	—	—	—	0.00	7.70	10.14	26.77
	EV/FCF	—	—	—	—	—	—	(0.66)	(6.57)	(3.92)	(8.54)
Cash, $m
Cash, $m	Operating cash flow	—	—	—	—	0	(32)	(21)	(94)	(88)	(208)
	Capex	—	—	—	—	—	(120)	(228)	(55)	(304)	(494)
	Free cash flow	—	—	—	—	0	(152)	(249)	(149)	(391)	(702)
Balance, $m
Balance, $m	Working capital	—	—	—	—	1	223	7	122	36	1,954
	Total debt	—	—	—	—	—	—	16	11	40	2,753
	Net debt	—	—	—	—	(1)	(210)	4	(75)	34	363
	Shareholders’ equity	—	—	—	—	1	354	343	491	682	806
Returns, %
Returns, %	ROA	—	—	—	—	(0.12)	(27.45)	(10.11)	(5.24)	(6.28)	(31.95)
	ROIC	—	—	—	—	(133.05)	(31.38)	(6.74)	(3.02)	(3.81)	(22.55)
	ROE	—	—	—	—	(0.04)	(40.66)	(11.22)	(6.18)	(7.61)	(110.55)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
INGM Ingram Micro Holding Corporation	$6.2B	14.5×	14.0×	+13.58% (above 0%: growing)	+200.00% (above 0%: growing)	−69.92% (below 0%: shrinking)	6.60%	1.62%	Compare
APLD Applied Digital Corporation	$6.2B	— (loss-making)	— (loss-making)	+432.38% (above 0%: growing)	n/m	−506.67% (below 0%: shrinking)	15.30%	(18.25%)	Compare
EXLS ExlService Holdings, Inc.	$5.9B	24.9×	17.5×	+15.61% (above 0%: growing)	+2.44% (above 0%: growing)	−22.73% (below 0%: shrinking)	37.99%	14.68%	Compare
SAIC Science Applications International Corporation	$5.6B	15.4×	14.6×	+6.27% (above 0%: growing)	−11.40% (below 0%: shrinking)	+13.91% (above 0%: growing)	12.71%	8.09%	Compare
GDS GDS Holdings	$4.9B	8.5×	26.4×	+12.41% (above 0%: growing)	n/m	+142.21% (above 0%: growing)	21.51%	14.22%	Compare
PSN Parsons Corporation	$4.7B	30.0×	25.4×	−0.53% (below 0%: shrinking)	n/m	−72.44% (below 0%: shrinking)	18.73%	0.08%	Compare
CIFR Cipher Digital Inc.	$4.2B	— (loss-making)	— (loss-making)	−42.99% (below 0%: shrinking)	n/m	−255.68% (below 0%: shrinking)	39.42%	(316.21%)
PENG Penguin Solutions, Inc.	$3.2B	18.6×	24.6×	+67.70% (above 0%: growing)	+1,452.18% (above 0%: growing)	−128.21% (below 0%: shrinking)	27.51%	12.26%	Compare
KD Kyndryl Holdings, Inc.	$2.9B	35.7×	8.2×	−3.34% (below 0%: shrinking)	n/m	−80.63% (below 0%: shrinking)	21.45%	(1.22%)	Compare
Median of peers	$5.3B	18.6×	17.5×	+13.00%	+101.22%	−71.18%	20.09%	4.85%

All 73 Information Technology Services stocks →

Cipher Digital Inc. (CIFR) key facts

Strength: Cipher Digital Inc.’s revenue for fiscal 2025 (year ended December 2025) was $223.9 million, up 48.0% from fiscal 2024.
Cipher Digital Inc. (CIFR) is an Information Technology Services company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, CIFR traded at $8.98, a market capitalization of $4.2 billion.
Return on equity was −110.6% and debt-to-equity 9.86.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 0.92 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.