A Business at a Glance
0 of 5 daily views used (5 remaining). Sign up free for 10 daily views, or try AAPL for a full preview.
Unless the context otherwise requires, references in this Annual Report to the “Company,” “Cipher,” “Cipher Digital,” “we,” “us” or “our” refers to Cipher Digital Inc. and its consolidated subsidiaries, unless otherwise indicated. Business Overview We are dedicated to developing and operating industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision, and excellence. Over the past several years, we have intentionally evolved from a pure-play bitcoin miner into a vertically integrated data center development and operations platform focused on energy-intensive compute infrastructure. Our vertical integration spans critical stages of the data center value chain, including land and power origination and interconnection, site development, data center design and construction, oversight and ongoing facility operations.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue | 0 | - | 151M | 127M | - |
| Net Income | -822M | -822M | -45M | -26M | -39M |
| EPS | $-2.15 | $-2.15 | $-0.14 | $-0.10 | $-0.16 |
| Free Cash Flow | -696M | -696M | -227M | -115M | -60M |
| ROIC | -11.4% | -39.2% | -6.5% | -5.1% | -11.0% |
| Gross Margin | - | - | - | - | - |
| Debt/Equity | 3.42 | 3.42 | 0.05 | 0.03 | 0.05 |
| Dividends/Share | $0.00 | - | - | - | - |
| Operating Income | -422M | -422M | -44M | -20M | -37M |
| Operating Margin | 0.0% | - | -28.9% | -15.9% | - |
| ROE | -102.1% | -110.6% | -6.5% | -5.2% | -11.4% |
| Shares Outstanding | 382M | 382M | 319M | 258M | 244M |
| Metric | 2022 | 2023 | |||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | N/A | 127M | 151M | N/A | 0 |
| Gross Margin | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | 71M | 28M | 33M | 36M | 36M |
| EBIT | -37M | -20M | -44M | -422M | -422M |
| Op. Margin | N/A | -15.9% | -28.9% | N/A | 0.0% |
| Net Income | -39M | -26M | -45M | -822M | -822M |
| Net Margin | N/A | -20.3% | -29.5% | N/A | 0.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||
| ROIC | -11.0% | -5.1% | -6.5% | -39.2% | -11.4% |
| ROE | -11.4% | -5.2% | -6.5% | -110.6% | -102.1% |
| ROA | -9.3% | -4.6% | -5.2% | -31.9% | -19.2% |
| Cash Flow | |||||
| Op. Cash Flow | -21M | -94M | -88M | -208M | -208M |
| Free Cash Flow | -60M | -115M | -227M | -696M | -696M |
| Owner Earnings | -67M | -192M | -232M | -460M | -460M |
| CapEx | 39M | 20M | 139M | 488M | 488M |
| Maint. CapEx | 4.4M | 59M | 102M | 199M | 199M |
| Growth CapEx | 35M | 0 | 37M | 289M | 289M |
| D&A | 4.4M | 59M | 102M | 199M | 199M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 3.1M | 3.9M | 28M | 90M | 90M |
| Buyback Yield | 3.1% | 0.3% | 1.8% | 1.5% | 1.3% |
| Stock-Based Comp | 42M | 38M | 42M | 53M | 53M |
| Debt Repayment | 0 | 0 | 0 | 25M | 25M |
| Balance Sheet | |||||
| Net Debt | -6.5M | -158M | 25M | 1.5B | 2.1B |
| Cash & Equiv. | 12M | 86M | 5.6M | 628M | 628M |
| Long-Term Debt | 12M | 11M | 0 | 2.7B | 2.7B |
| Debt/Equity | 0.05 | 0.03 | 0.05 | 3.42 | 3.42 |
| Interest Coverage | -273.1 | -10.1 | -25.6 | -11.5 | -11.5 |
| Equity | 343M | 491M | 682M | 806M | 806M |
| Total Assets | 418M | 566M | 855M | 4.3B | 4.3B |
| Total Liabilities | 76M | 75M | 173M | 3.5B | 3.5B |
| Intangibles | 1.2M | 16M | 18M | 155M | 155M |
| Retained Earnings | -111M | -137M | -181M | -1.0B | -1.0B |
| Working Capital | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||
| EPS | -0.16 | -0.10 | -0.14 | -2.15 | -2.15 |
| Owner EPS | -0.27 | -0.74 | -0.73 | -1.20 | -1.20 |
| Book Value | 1.40 | 1.91 | 2.14 | 2.11 | 2.11 |
| Cash Flow/Share | -0.09 | -0.37 | -0.27 | -0.54 | -1.63 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 244.1M | 257.8M | 318.8M | 382.4M | 382.4M |
| Valuation | |||||
| P/E Ratio | N/A | N/A | N/A | N/A | -8.3 |
| P/FCF | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 0.3 | 2.5 | 2.3 | 7.2 | 8.4 |
| Price/Sales | N/A | 5.2 | 9.2 | N/A | N/A |
| FCF Yield | -59.8% | -9.3% | -14.7% | -12.0% | -10.2% |
| Market Cap | 101M | 1.2B | 1.5B | 5.8B | 6.8B |
| Avg. Price | 2.11 | 2.58 | 4.38 | 8.24 | 17.76 |
| Year-End Price | 0.41 | 4.81 | 4.86 | 15.19 | 17.76 |
Cipher Digital Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
Total shareholder yield (buybacks) is 1.3%.
Cipher Digital Inc. (CIFR) has a 5-year average return on invested capital (ROIC) of -15.5%. This is below average and may indicate limited pricing power.
Cipher Digital Inc. (CIFR) has a market capitalization of $6.8B. It is classified as a mid-cap stock.
Cipher Digital Inc. (CIFR) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.32%.
Cipher Digital Inc. (CIFR) operates in the Finance Services industry, within the Financials sector.
Cipher Digital Inc. (CIFR) generated $-696 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Cipher Digital Inc. (CIFR) has a debt-to-equity ratio of 3.42. This indicates higher leverage, which may increase financial risk.
Cipher Digital Inc. (CIFR) reported earnings per share (EPS) of $-2.15 in its most recent fiscal year.
Cipher Digital Inc. (CIFR) has a return on equity (ROE) of -110.6%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 4 years of financial data for Cipher Digital Inc. (CIFR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Cipher Digital Inc. (CIFR) has a book value per share of $2.11, based on its most recent annual SEC filing.