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Bitcoin mining company operating large-scale US data centers, expanding into AI/HPC hosting.
Bitcoin mining company operating large-scale US data centers, expanding into AI/HPC hosting.
Earns bitcoin as the reward for processing transactions on the network, then sells or holds the coin, so revenue follows the bitcoin price and how hard the network is to mine. Power cost is the main expense. Its AI and HPC hosting would instead earn lease fees from tenants under long-term contracts.
Moat: none (scale, installed base). Large mining fleet and power contracts, but bitcoin mining is a commodity, low-margin business.
Headquarters: New York, US · Founded: 2019 · Employees: 66
Size Cipher Digital (CIFR) is a United States Information Technology company (Data Processing Services) with a market value of $2.99B, the 1560th largest of 3,117 United States companies the cockpit tracks. Shares closed at $6.54 on 6 Nov 2026.
Performance Over six months the shares fell 68.2%, against -29.5% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 19 in its peer set.
Growth Revenue fell 29.2% over the last twelve months (peer median +11.2%); the operating margin is -171.7% (peer median -1.0%).
Valuation It trades at 42.6× enterprise value to sales against a peer median of 5.3× (2nd most expensive of 21).
Capital Return on invested capital runs 15.6 points below its cost of capital (10.4% WACC).
Credit Cipher Digital has 2 bonds outstanding ($2.15B).
Short interest Short interest is 22.1% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $146M | $224M | $151M | $127M | $3.04M |
| Revenue growth | — | +48% | +19% | +4,077% | — |
| Gross profit | -$186M | -$135M | -$74.3M | $17.4M | -$2.86M |
| EBITDA | -$139M | $29.5M | -$3.30M | -$5.84M | -$67.8M |
| Net income | -$1.08B | -$822M | -$44.6M | -$25.8M | -$39.1M |
| Free cash flow | -$3.08B | -$696M | -$227M | -$115M | -$60.7M |
| Capital expenditure | $2.74B | $524M | $141M | $21.1M | $39.8M |
| Total debt | $5.62B | $2.77B | $56.4M | $22.0M | $20.7M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Cipher Digital CIFR | $2.99B | -68% | -29% | -172% | 42.6× | n/a |
| Hut 8 HUT | $6.49B | -47% | +71% | -89% | 26.1× | n/a |
| TeraWulf WULF | $5.67B | -51% | +15% | -227% | 49.3× | n/a |
| Applied Digital APLD | $4.70B | -62% | +290% | -24% | 11.8× | n/a |
| MARA MARA | $2.45B | -51% | +1% | -123% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CIFR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -51.5% | -10.9% | lowest of 21 |
| 6-month return | -68.2% | -29.5% | 2nd lowest of 19 |
| Distance from 52-week high | -78.3% | -39.6% | 2nd lowest of 21 |
| Revenue growth (TTM) | -29.2% | +11.2% | 3rd lowest of 21 |
| Operating margin | -171.7% | -1.0% | 2nd lowest of 21 |
| EV / Sales | 42.6× | 5.3× | 2nd most expensive of 21 |
| ROIC minus cost of capital | -15.6 pp | -7.5 pp | 6th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cipher Digital CIFR | United States | $2.99B | -68% | -29% | -172% | 42.6× | n/a | n/a |
| Megaport MP1.AX | Australia | $2.80B | +86% | +37% | -10% | 11.9× | n/a | n/a |
| Tgs TGS.OL | Norway | $2.73B | -13% | -30% | 12% | 2.4× | 5.5% | +36.2% |
| Beijing Sinnet Technology 300383.SZ | China | $2.70B | -37% | -2% | -11% | 3.3× | 46.5% | -0.7% |
| Ionic Digital IOND | United States | $2.68B | n/a | -8% | -44% | 18.5× | n/a | n/a |
| Kingsoft Cloud 3896.HK | Hong Kong | $2.54B | -47% | +35% | -3% | 1.8× | n/a | n/a |
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 0.4× | 1.6% | -4.9% |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 2.8× | 0.3% | +8.7% |
| Sunevision 1686.HK | Hong Kong | $2.46B | -29% | +6% | 52% | 11.2× | 10.9% | +10.7% |
| Csquare CSQR | United States | $2.39B | n/a | +9% | 10% | 7.9× | n/a | n/a |
| DXC Technology DXC | United States | $2.31B | +58% | -3% | 1% | 0.4× | 3.2% | -6.5% |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 1.2× | 19.8% | +2.1% |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 5.5× | n/a | n/a |
| Shenzhen Xunce Technology 3317.HK | Hong Kong | $1.93B | -79% | +287% | -3% | 6.4× | n/a | n/a |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | 11.8× | n/a | n/a |
| Bitdeer Technologies BTDR | United States | $1.63B | -55% | +128% | -30% | 3.8× | n/a | n/a |
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | 20.9× | n/a | n/a |
| IONOS IOS.DE | Germany | $5.49B | +23% | -34% | 23% | 5.0× | 11.0% | +5.9% |
| TeraWulf WULF | United States | $5.67B | -51% | +15% | -227% | 49.3× | n/a | n/a |
| ChronoScale CHRN | United States | $1.57B | -31% | +190% | -68% | 32.6× | n/a | n/a |
| JMDC 4483.T | Japan | $1.52B | +10% | +19% | 20% | 5.0× | 19.7% | +24.6% |
Cipher Digital has 2 bonds outstanding with $2.15B face value.