Cipher Digital

CIFR · Nasdaq · Information Technology · Financials, fiscal 2020 to 2025

CIFR · Last close · November 6, 2026

$6.54

Cipher Digital's revenue rose 48.0% to $224 million in fiscal 2025. Its operating margin was −188.2%, down from −28.9% a year earlier. Free cash flow was −$696 million. It paid out $90 million in dividends and buybacks. The diluted share count rose 18.1%.

Cipher Digital Inc. Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0001819989-26-000009 Updated November 6, 2026

Revenue

$224M

48.0%

Operating margin

−188.2%

159.4 pts

Net income

−$822M

Free cash flow

−$696M

Return on capital

−18.2%

Market cap

$2.9B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Net debt to EBITDA for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs.

Charts show fiscal years, from the 10-K filings.

What Cipher Digital does

Cipher Digital develops and runs large data centers built for high-performance computing, which means the heavy computing behind artificial intelligence. The company was formerly a bitcoin miner and changed its name to Cipher Digital on February 20, 2026. It says it has become a vertically integrated data center developer and operator.

Its business covers securing land and electric power, connecting to the grid, developing sites, designing and building data centers, and operating them. The company plans to lease its data centers to large cloud companies, which it calls hyperscalers, and other computing customers under long-term contracts. It still runs bitcoin mining at times, as an interim or complementary use of the power at its sites.

Its income depends on tenants. It says its business has significant tenant concentration. Building the data centers takes large amounts of money and it relies on financing and debt to pay for them.

Its biggest risks, as it describes them

Not finishing its data centers on time or within its cost estimates.
Needing large amounts of capital and financing to build them.
Depending on a small number of tenants for its data center leases.
Higher power costs, outages, or not having enough access to power.
Demand for data centers, and the AI industry that drives it, not growing as expected.

From Cipher Digital's annual report on Form 10-K, filed February 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Cipher Digital lost money in fiscal 2025: a net loss of $822 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	—	12	74	6	628
Debt incl. finance leases	—	—	—	44	2,757
Net debt (negative means net cash)	—	—	—	38	2,128
Net debt to EBITDA	—	—	—	0.6x	—
Debt to equity	—	—	—	0.1x	3.4x
Interest coverage	−2,672.3x	−273.1x	−10.1x	−25.6x	−11.5x
Current ratio	448.2x	1.2x	4.6x	1.3x	3.8x
Quick ratio	448.2x	1.2x	4.6x	1.3x	3.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Cipher Digital's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Cipher Digital's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Cipher Digital shares on the open market, and 8 insiders sold $93.3 million, $8.2 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 9, 2026	Tyler PageChief Executive Officer, Director	Sold plan	112,500	$22.68	$2.6 million	Form 4
Jul 8, 2026	Tyler PageChief Executive Officer, Director	Sold plan	112,500	$21.19	$2.4 million	Form 4
Jun 18, 2026	Cary M GrossmanDirector	Sold	15,000	$29.43	$441,450	Form 4
Jun 16, 2026	James E NewsomeDirector	Sold	3,758	$26.60	$99,963	Form 4
Jun 4, 2026	Bitfury Group Ltd10% owner	Sold	1,200,000	$25.49	$30.6 million	Form 4
Jun 3, 2026	Valerijs Vavilovs10% owner	Sold	1,800,000	$26.62	$47.9 million	Form 4
May 21, 2026	Wesley Hastie WilliamsDirector	Sold	14,567	$21.41	$311,879	Form 4
May 12, 2026	Patrick Arthur KellyCo-President and COO	Sold	48,000	$19.36	$929,280	Form 4
May 11, 2026	James E NewsomeDirector	Sold	3,342	$20.96	$70,048	Form 4
May 6, 2026	Wesley Hastie WilliamsDirector	Sold	28,169	$22.26	$627,042	Form 4
May 6, 2026	Cary M GrossmanDirector	Sold	20,000	$21.82	$436,400	Form 4
Mar 25, 2026	Tyler PageChief Executive Officer, Director	Sold plan	37,500	$16.11	$604,125	Form 4

The latest 12 of 25 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	3 of 9
Rule of 40	3,986.1%	−130.8%	−262.7%
Altman Z''	7.28	3.37	1.81
Accruals ratio	13.9%	6.0%	−23.9%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Fail	Fail	Pass
Debt fell relative to assets	—	—	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Pass	Fail	Fail
F-score	—	—	3 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Cipher Digital side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Cipher Digital	FY25	48.0%	−188.2%	−310.7%	−18.2%	—	3
Keel Infrastructure	FY25	72.0%	−65.2%	−142.6%	−20.5%	—	2	Compare
Hut 8	FY25	44.8%	−136.9%	—	—	—	—	Compare
TeraWulf	FY25	20.3%	−110.5%	−702.5%	—	—	1	Compare
Core Scientific	FY25	−37.5%	−77.0%	−141.3%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

6 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	—	—	3	127	151	224
Revenue growth	—	—	—	4,076.6%	19.3%	48.0%
Gross profit	—	—	2	76	89	143
Research and development	—	—	—	—	—	—
Operating income	−0	−72	−37	−20	−44	−422
Net income	−0	−72	−39	−26	−45	−822
Diluted EPS (US$)	—	−0.33	−0.16	−0.10	−0.14	−2.15
Diluted shares (millions)	—	218	248	252	323	382
Cash flow
Cash from operations	—	−32	−21	−94	−88	−208
Capital expenditure	—	5	39	20	140	488
Free cash flow	—	−37	−60	−115	−227	−696
Dividends paid	0	0	0	0	0	0
Share buybacks	0	23	3	4	28	90
Acquisitions	0	0	0	0	0	0
Stock-based compensation	—	64	42	38	42	53
Balance sheet at fiscal year end
Cash and short-term investments	171	—	12	74	6	628
Debt incl. finance leases	—	—	—	—	44	2,757
Total assets	172	354	418	566	855	4,292
Total liabilities	0	1	76	75	174	3,456
Shareholders' equity	1	354	343	491	682	806
Margins and ratios
Gross margin	—	—	75.4%	60.3%	58.8%	63.7%
Operating margin	—	—	−1,232.2%	−15.9%	−28.9%	−188.2%
Net margin	—	—	−1,285.9%	−20.3%	−29.5%	−367.2%
Free cash flow margin	—	—	−1,980.0%	−90.4%	−150.1%	−310.7%
Rule of 40 (growth + FCF margin)	—	—	—	3,986.1%	−130.8%	−262.7%
Return on capital	—	—	—	—	—	−18.2%
Return on equity	—	−40.7%	−11.2%	−6.2%	−7.6%	−110.5%
Return on assets	—	−27.4%	−10.1%	−5.2%	−6.3%	−31.9%
Net debt to EBITDA	—	—	—	—	0.6x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Cipher Digital's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Cipher Digital.