Cipher Digital (CIFR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Cipher Digital

NasdaqGS•Technology•Information Technology Services

$17.63+0.69(0.04%)Market open

Market Cap

$7.22B

P/S

37.8x

P/B

12.8x

Cipher Digital Inc., together with its subsidiaries, develops and operates industrial-scale data centers for bitcoin mining and high-performance compute (HPC) hosting in the United States. It develops HPC data center facilities across various sites for hyperscaler tenants; operates power at one bitcoin mining data center; and maintains a pipeline across various sites. The company was formerly known as Cipher Mining Inc. and change its name to Cipher Digital Inc. in February 2026. The company was founded in 2021 and is headquartered in New York, New York.

How this company scores

WeakMetricSide Score: 32/100

Grade capped at D — Interest coverage below 1× (-2.0x) — earnings cannot cover interest. Strongest: Growth (16/25); weakest: Balance Sheet & Red Flags (1/25).

Profitability7/25

Growth16/25

Balance Sheet & Red Flags1/25

Cash & Earnings Quality8/25

Strengths

Growing revenueCash-backed earningsConsistent growthImproving margins

Grade capped at D

Interest coverage below 1× (-2.0x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 71.9x5y range 69.9x – 71.9x

P/S · 37.8x5y range 5.5x – 45.6x

Currently above its 15-quarter median.

P/B · 12.8x5y range 0.4x – 12.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $7.22B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $191.09M
Q. Revenue: $24.84M
TTM EBITDA: $-381.54M
TTM Op. Income: $-531.34M
Q. Op. Income: $-78.54M
TTM Net Income: $-1.12B
Q. Net Income: $-267.53M
EPS: $-0.65
Shares Out.: $409.38M

$191.09M in TTM revenue grew 20.3% YoY, reaching $24.84M last quarter. TTM EBITDA of $-381.54M and TTM operating income of $-531.34M show growth is flowing through to the bottom line. However, net income is negative at $1.12B — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -238.2%
Op. Margin: -316.2%
Net Margin: -1077.1%

Op. margin of -316.2% is down 212.4% YoY — costs are rising relative to revenue. Net margin at -1077.1% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 37.8x
P/B Ratio: 12.8x

P/S of 37.8x and P/B of 12.8x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $7.50B
Cash: $831.83M
Long-Term Debt: $5.45B
Book Value: $562.06M
D/E Ratio: 9.7
Debt/EBITDA: N/A

With $7.50B in assets and $5.45B in long-term debt, D/E is 9.7and book value is $562.06M — elevated leverage, meaning significant financial risk in a downturn. Across the last 5 quarters, debt/equity has risen for 4 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-243.54M
TTM Free Cash Flow: $-1.65B
FCF Margin: -864.9%
FCF / Net Income: 1.5

TTM FCF of $-1.65B on $-243.54M in operating cash flow. The FCF / Net Income ratio of 1.5x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 6 consecutive quarters — a weakening trend.