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Cipher Digital Inc.

CIFR · Financials (finance services) · 9 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31

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Cipher Digital Inc. reported revenue of $223.9 million in fiscal 2025. On the accounting screens, it passes 3 of 9 Piotroski tests and its Altman Z'' of 1.81 is in the grey zone; 1 of the six cross-checks between its statements fires.

Revenue, fiscal 2025 223.9M  
Operating margin -188.2% gross margin 63.7%
Return on invested capital -11.9% -7.6% on average over 3 years
Free cash flow after stock pay -748.6M -334.3% of revenue
Net debt ÷ EBITDA -9.5× net debt 2.1B
Piotroski F-score 3/9 tests of improvement passed

Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units: 50-for-1 before fiscal 2021.

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income
Compound growth a year
3 yrs5 yrs8 yrs
Revenue+319.3%——
Shares+15.4%+9.1%+5.9%

Falling shares are buybacks: each remaining share owns more of the company.

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

GrossOperatingNetFree cash flow

Return on invested capital

Return on invested capital

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity
-102.1%
Return on assets
-19.2%
Asset turnover
0.05×
Overheads (SG&A)
16.2% of revenue

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Per share

Earnings per shareFree cash flow per shareDividend per share

Shares outstanding

Diluted shares

Debt and liquidity

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt
Net debt ÷ EBITDA
-9.5×
Interest coverage
-12× operating income ÷ interest
Current ratio
3.79 current assets ÷ current liabilities
Cash conversion cycle
—

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

3of 9 tests passed
  • ProfitableReturn on assets above zero failed
  • Cash from operationsOperating cash flow above zero failed
  • Profitability improvedReturn on assets higher than a year before failed
  • Profit backed by cashOperating cash flow above net income (low accruals) passed
  • Less long-term debtLong-term debt as a share of assets fell failed
  • More liquidCurrent ratio higher than a year before passed
  • No new sharesShare count did not grow failed
  • Better gross marginGross margin higher than a year before passed
  • Sells more per assetAsset turnover higher than a year before failed

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

1.81grey zone
  • Working capital ÷ assets 0.46 × 6.56+2.99
  • Retained earnings ÷ assets -0.23 × 3.26-0.76
  • Operating income ÷ assets -0.10 × 6.72-0.66
  • Equity ÷ liabilities 0.23 × 1.05+0.24

Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

The accounts lack too many of the lines it needs.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

The effective tax rate is -0.4%.

Benign

A favourable geographic mix, or legitimate tax credits.

Worrying

Not sustainable; projecting it forward inflates the valuation.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue
M $

revenue of fiscal 2025

%

revenue grew +319.2% a year over the last 3 years; it fades to the terminal rate by the last year

yrs

ten years for growth to fade to the terminal rate

Cash from each sale
%

free cash flow to the firm after stock-based pay ÷ revenue, last 3 fiscal years together

%

the margin in year ten; by default the business keeps today's

The long run
%

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate
%

10-year US Treasury par yield (U.S. Treasury), 2026-09-28

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

%

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

%

interest expense ÷ debt = 1.3%, kept between the risk-free rate and +8 points

%

effective rate in the last fiscal year, -0.4%, kept within 0–35%

The price
$

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Event 2026-09-25
Published information for investors; published other information
Quarterly 2026-08-04
Quarterly report
Results 2026-08-04
Reported results; published information for investors
Event 2026-06-15
Signed a material agreement; took on a financial obligation
Event 2026-06-09
Published other information
Event 2026-06-08
Published the results of a shareholder vote
Event 2026-06-08
Published information for investors; published other information
Quarterly 2026-05-05
Quarterly report
Estimatein 36d
Results for the period ending 2026-09-29

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period
Sold on the open market$4.9M2 sale(s) by 1 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
Other lines220 awards · 11 option exercises · 11 tax withholdings
DateWhoWhatSharesPriceValueHolds after
9 Jul 2026 Page TylerChief Executive Officer Sold on the open market · pre-arranged plan 112,500 $22.68 $2.6M 9.0M
8 Jul 2026 Page TylerChief Executive Officer Sold on the open market · pre-arranged plan 112,500 $21.19 $2.4M 9.1M
30 Jun 2026 Mumford Gregory J.d.Chief Financial Officer Shares withheld for taxes 6,895 $24.50 $168,928 20,207
30 Jun 2026 Iwaschuk WilliamCo-President and CLO Exercised options 33,967 — — 1.6M
30 Jun 2026 Iwaschuk WilliamCo-President and CLO Shares withheld for taxes 18,784 $24.50 $460,208 1.6M
30 Jun 2026 Iwaschuk WilliamCo-President and CLO Exercised options 29,611 — — 1.6M
30 Jun 2026 Iwaschuk WilliamCo-President and CLO Shares withheld for taxes 16,375 $24.50 $401,188 1.6M
30 Jun 2026 Iwaschuk WilliamCo-President and CLO Exercised options 76,427 — — 1.6M
30 Jun 2026 Iwaschuk WilliamCo-President and CLO Shares withheld for taxes 42,265 $24.50 $1.0M 1.6M
30 Jun 2026 Kelly Patrick ArthurCo-President and COO Exercised options 33,967 — — 1.6M
30 Jun 2026 Kelly Patrick ArthurCo-President and COO Shares withheld for taxes 17,341 $24.50 $424,854 1.6M
30 Jun 2026 Kelly Patrick ArthurCo-President and COO Exercised options 29,611 — — 1.6M
30 Jun 2026 Kelly Patrick ArthurCo-President and COO Exercised options 76,427 — — 1.6M
30 Jun 2026 Kelly Patrick ArthurCo-President and COO Shares withheld for taxes 39,016 $24.50 $955,892 1.6M
30 Jun 2026 Page TylerChief Executive Officer Exercised options 113,225 — — 9.1M
30 Jun 2026 Page TylerChief Executive Officer Shares withheld for taxes 57,802 $24.50 $1.4M 9.0M
30 Jun 2026 Page TylerChief Executive Officer Exercised options 105,285 — — 9.1M
30 Jun 2026 Page TylerChief Executive Officer Shares withheld for taxes 53,748 $24.50 $1.3M 9.1M
30 Jun 2026 Page TylerChief Executive Officer Exercised options 254,756 — — 9.3M
30 Jun 2026 Page TylerChief Executive Officer Shares withheld for taxes 130,053 $24.50 $3.2M 9.2M
30 Jun 2026 Kelly Patrick ArthurCo-President and COO Shares withheld for taxes 15,117 $24.50 $370,366 1.6M
30 Jun 2026 Mumford Gregory J.d.Chief Financial Officer Exercised options 17,108 — — 27,102
22 Jun 2026 Page TylerChief Executive Officer Exercised options 1.4M — — 9.7M
22 Jun 2026 Page TylerChief Executive Officer Shares withheld for taxes 724,520 $28.14 $20.4M 9.0M

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Which large funds report holding it

From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.

FundSharesValueShare of the fundSince the quarter before
Tiger Global 30 Jun 2026 927,000 $22.7M 0.1% New
Tudor Investment 30 Jun 2026 287,578 $7.0M 0.0% Added to

All the funds and what they reported ›

Companies like this one

Same SEC industry (finance services) first, then the rest of financials.

AXP American Express CoMSTR Strategy IncCOIN Coinbase Global, Inc.BMNR Bitmine Immersion Technologies, Inc.RIOT Riot Platforms, Inc.WULF Terawulf Inc.CORZ Core Scientific, Inc./txMARA Mara Holdings, Inc.

Every figure, year by year

9 fiscal years · 30 measures
202020212021202120212022202320242025
Size
Revenue—————3.0M126.8M151.3M223.9M
Revenue growth——————+4076.6%+19.3%+48.0%
Operating income—————-37.4M-20.1M-43.7M-421.6M
Net income—————-39.1M-25.8M-44.6M-822.2M
Margins
Gross margin—————75.4%60.3%58.8%63.7%
Operating margin—————-1232.2%-15.9%-28.9%-188.2%
Net margin—————-1285.9%-20.3%-29.5%-367.2%
Free cash flow margin—————-1980.0%-90.4%-150.1%-310.7%
R&D ÷ revenue—————————
SG&A ÷ revenue—————2332.4%21.9%21.6%16.2%
Cash
Free cash flow—————-60.1M-114.7M-227.0M-695.9M
Stock-based pay—————41.5M38.5M42.1M52.8M
Free cash flow after stock pay—————-101.6M-153.2M-269.1M-748.6M
Free cash flow to the firm—————-74.1M15.3M-81.1M-712.2M
Free cash flow ÷ net income—————1.5×4.5×5.1×0.8×
Capex ÷ revenue—————1291.4%16.1%92.2%217.9%
Returns
Return on invested capital——————-4.8%-6.2%-11.9%
Return on equity—————-11.4%-5.2%-6.5%-102.1%
Return on assets—————-9.3%-4.6%-5.2%-19.2%
Asset turnover—————0.0×0.2×0.2×0.1×
Economic profit—————————
Per share
Earnings per share—————$-0.16$-0.10$-0.14$-2.15
Free cash flow per share—————$-0.24$-0.45$-0.70$-1.82
Dividend per share—————————
Payout ratio—————————
Book value per share$0.02———$1.42$1.39$1.69$1.94$1.99
Diluted shares241.5M——246.4M249.3M248.2M252.4M323.1M381.6M
Balance sheet
Net debt——————-74.2M26.7M2.1B
Net debt ÷ EBITDA——————-1.9×0.5×-9.5×
Interest coverage—————-273.1×-10.1×-25.6×-11.5×
Current ratio0.0×———448.2×1.2×4.6×1.3×3.8×
Cash conversion cycle (days)—————————
Scores
Piotroski F-score—00002303
Altman Z''—————3.417.283.371.81
Beneish M——————34.65——

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.