Cipher Digital Inc.CIFR
NasdaqGS•Technology•Information Technology Services
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.
Cipher Digital Inc. (CIFR) reported trailing twelve months revenue of $209.82M as of March 2026, a 38.0% increase year-over-year. Quarterly revenue reached $34.84M, reflecting continued top-line momentum.
Cipher Digital Inc. reported a TTM net loss of $897.59M, with quarterly EBITDA of $-95.56M. The operating margin contracted from -77.8% to -328.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-328.9%) and net margin (-328.1%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from -79.6% a year ago, reflecting increased costs or interest expense.
CIFR trades at a P/S of 50.9x. The price-to-book ratio of 14.9x indicates a significant premium over book value.
The company reported negative free cash flow of $-462.46M, indicating cash consumption over the period. The balance sheet shows $6.39B in total assets with $4.38B in long-term debt against $714.19M in stockholders equity for a debt-to-equity ratio of 6.1, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -181.1%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 6.1 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 28.9% — significant dilution, likely from stock compensation or capital raises.