One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Cipher Digital Inc.
CIFR · NMS · Technology · Information Technology Services
Current price
$6.86
52-week range
$6.62 - $30.14
Market cap
$2.85B
Balance sheet
Distressed
-9.23x Concerning
Net debt $4.75B. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
3 Risks
0 rewards · 3 risks
- Risk Net debt grew 24393.6% over 3 years.
- Risk Return on equity was -167.5% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 3.6% (peer median: 6.5%).
What this company does
Cipher Digital Inc.
Cipher Digital Inc. builds and runs huge buildings called data centers where they handle complex computer tasks for things like mining digital money (like Bitcoin) and powering super-fast computers for other companies. Their main income comes from renting out space and computer power in these data centers to big clients. This matters because it shows they have a steady stream of money coming in from their customers for these specialized services.
How the company got here
Cipher Digital Inc. was founded in 2021 and initially focused on bitcoin mining. The company went public in 2021 through a merger with a special purpose acquisition company. In February 2026, it changed its name from Cipher Mining Inc. to Cipher Digital Inc., signaling a strategic shift. This rebranding reflects the company's evolution from primarily a bitcoin miner to a broader developer of industrial-scale data centers, particularly for high-performance computing (HPC) workloads. The company's strategy has centered on building out its infrastructure, especially in Texas, and exploring opportunities beyond just cryptocurrency mining.
What it actually does
Cipher Digital Inc. builds and operates large-scale data centers. These are not your typical computer rooms; they are industrial facilities designed to handle massive amounts of computing power. Think of them as specialized buildings that house powerful computers for other companies. Cipher's expertise lies in managing everything from securing land and power to constructing and running these complex facilities. They aim to provide the infrastructure that powers advanced computing needs, including those for artificial intelligence (AI) and other data-intensive applications.
Bitcoin Mining
This is one of Cipher Digital's original business lines. Bitcoin mining involves using powerful computers to solve complex mathematical problems to verify and record transactions on the Bitcoin blockchain. For this work, miners are rewarded with newly created bitcoins. Cipher operates a bitcoin mining data center in Texas, utilizing significant amounts of electricity to power its specialized computer equipment. While this was a primary focus, the company is increasingly diversifying its revenue streams.
High-Performance Compute (HPC) Hosting
This is a rapidly growing area for Cipher Digital. HPC refers to the use of supercomputers and parallel processing techniques to solve complex computational problems. Companies, especially those in fields like artificial intelligence (AI), scientific research, and large-scale data analysis, need immense computing power. Cipher builds and leases out space and power in its data centers to these 'hyperscaler' tenants (large technology companies) who then install their own high-powered computing equipment. This segment is becoming a major focus, with the company securing significant long-term contracts for this type of service.
What management is betting on now
Cipher Digital's management is strategically pivoting the company towards becoming a leading platform for high-performance computing (HPC) infrastructure. They are focusing on securing long-term contracts with creditworthy technology tenants for their data center capacity. This involves developing data center facilities and leasing them out, essentially creating 'expressways for AI' to access computing power. The company is also diversifying its power strategy, including developing on-site generation capabilities, to ensure reliable and cost-effective operations. This strategic shift aims to provide more stable, contracted revenue streams compared to the more volatile bitcoin mining business.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-76.10M
FY2025 Q1
$-71.81M
FY2025 Q2
$-87.51M
FY2025 Q3
$-256.22M
FY2025 Q4
$-280.32M
FY2026 Q1
$-462.46M
FY2026 Q2
$-653.81M
FY2026 Q3
$-1.68B
Revenue
$26.70M
Net income
$31.61M
Diluted EPS
-0.22
Operating cash flow
$-131.19M
Free cash flow
$-1.68B
Fetching…
Sources
Revenue
$24.84M
Net income
$-267.53M
Diluted EPS
-0.65
Operating cash flow
$-243.54M
Free cash flow
$-653.81M
Fetching…
Sources
Revenue
$34.84M
Net income
$-114.32M
Diluted EPS
-0.28
Operating cash flow
$91.53M
Free cash flow
$-462.46M
Fetching…
Sources
Revenue
$59.71M
Net income
$-734.21M
Diluted EPS
-1.91
Operating cash flow
$-54.43M
Free cash flow
$-280.32M
Fetching…
Sources
Revenue
$71.71M
Net income
$-3.28M
Diluted EPS
-0.01
Operating cash flow
$-50.05M
Free cash flow
$-256.22M
Fetching…
Sources
Revenue
$43.56M
Net income
$-45.78M
Diluted EPS
-0.12
Operating cash flow
$-56.22M
Free cash flow
$-87.51M
Fetching…
Sources
Revenue
$48.96M
Net income
$-38.98M
Diluted EPS
-0.11
Operating cash flow
$-47.24M
Free cash flow
$-71.81M
Fetching…
Sources
Revenue
$42.22M
Net income
$17.51M
Diluted EPS
0.04
Operating cash flow
$-28.98M
Free cash flow
$-76.10M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $6.86
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $4.8B. Interest coverage -9.2x.
Net debt
$4.75B
Interest coverage
-9.23x
Cipher Digital Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 5 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
CIFR
BASELINE
Cipher Digital Inc.
Total debt $5.59B Interest coverage -9.23x This is the baseline the peer rows are being compared against.
Total debt $2.47B Interest coverage -16.99x Neither company has much profit cushion over interest right now.
Total debt $877.80M Interest coverage -14.22x Neither company has much profit cushion over interest right now.
Total debt $1.79B Interest coverage -9.44x Neither company has much profit cushion over interest right now.
Total debt $7.67B Interest coverage -3.24x Neither company has much profit cushion over interest right now.
Total debt $7.84B Interest coverage -6.39x Neither company has much profit cushion over interest right now.
What you should know
The case for and against CIFR
0 Rewards
3 Risks
Rewards
Risks
-
Net debt grew 24393.6% over 3 years.
-
Return on equity was -167.5% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 3.6% (peer median: 6.5%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
31.20x
P/B
5.06x
P/S
14.90x
EV/EBITDA
81.25x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
-10.0%
Operating margin
-301.7%
Net margin
0.0%
ROE
-167.5%
ROA
-0.8%
Health
Liquidity and balance-sheet strength
Debt / equity
9.51x
Current ratio
3.00x
Quick ratio
0.62x
Total debt
$5.59B
Total cash
$831.83M
Growth
How the business has been compounding
Revenue TTM
$146.09M
Revenue 5Y CAGR
319.3%
EPS TTM
-2.87
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-337.63M
Free CF TTM
$-695.86M
FCF margin
-476.3%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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