Cipher Digital vs Keel Infrastructure
Keel Infrastructure reported revenue of $229 million in fiscal 2025, about the same as Cipher Digital's $224 million in fiscal 2025. Cipher Digital's revenue grew 48.0% in its latest year, and Keel Infrastructure's grew 72.0%. Cipher Digital had an operating margin of -188.2%, against -65.2% at Keel Infrastructure. Free cash flow was −$696 million at Cipher Digital and −$327 million at Keel Infrastructure.
Side by side
| Cipher Digital | Keel Infrastructure | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $224M | $229M |
| Revenue growth | 48.0% | 72.0% |
| Revenue growth a year, last 5 years | — | 45.9% |
| Gross margin | 63.7% | −8.2% |
| Operating margin | −188.2% | −65.2% |
| Net margin | −367.2% | −124.1% |
| Free cash flow | −$696M | −$327M |
| Free cash flow margin | −310.7% | −142.6% |
| Return on capital | −18.2% | −20.5% |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $90M | $0M |
| Change in diluted share count | 18.1% | 33.0% |
| Last close | $6.54 | $1.87 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | sold $93.3 million | bought $525,657, sold $0 |
| Piotroski F-score | 3 of 9 | 2 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Cipher DigitalKeel Infrastructure
Operating margin
Percent of revenue
Cipher DigitalKeel Infrastructure
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Cipher DigitalKeel Infrastructure
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Cipher Digital and Keel Infrastructure pages.