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Cipher Mining Inc.

CIFR NASDAQ Categories PDF
Financial Services · Financial - Capital Markets · United States · Updated May 10, 8:16pm
$20.55
Price
$8.4B
Market Cap
43
Employees
3.15
Beta
Rodney Tyler Page
CEO
Business Description

Cipher Mining Inc., a technology company, operates in the bitcoin mining ecosystem in the United States. It engages in developing and growing a cryptocurrency mining business that specializes in bitcoin. The company was incorporated in 2021 and is based in New York, New York.

Business History
Price Overview
Last updated: May 11, 2026 1:53pm (just now)
$21.23
+0.68 (+3.28%)
Day Range
$19.14 – $21.49
52-Week Range
$3.02 – $25.52
50-Day MA
$16.18
200-Day MA
$14.79
Volume
16,083,659.00
Analyst Price Targets
Low $18.00
Consensus $27.63
High $40.50
(23 analysts)
Share Structure
Outstanding 409,049,000.00
Float 332,688,550.00
Free Float 81.3%
High free float — 81.3% of shares trade freely, ~18.7% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
-9.56
Stock Price: $20.55
EPS (Diluted): -2.15
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
6.99
Stock Price: $20.55
Total Equity: $805.54M
Shares: 381,602,904
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
-13.38
Market Cap: $8.41B
Total Debt: $2.75B
Cash: $628.26M
EBITDA: -$588.38M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$7.8B
Market Cap: $8.41B
Total Debt: $2.75B
Cash: $628.26M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
28.4%
Gross Profit: $63.60M
Revenue: $223.94M
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
-150.7%
Operating Income: -$337.40M
Revenue: $223.94M
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
-367.2%
Net Income: -$822.24M
Revenue: $223.94M
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
-117.6%
Net Income: -$822.24M
Total Equity: $805.54M
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
-6.5%
Operating Income: -$337.40M
Tax Rate: 0.4%
Equity: $805.54M
Total Debt: $2.75B
Cash: $628.26M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
3.79
Current Assets: $2.65B
Current Liabilities: $699.07M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
3.41
Short-Term Debt: $37.79M
Long-Term Debt: $2.71B
Total Debt: $2.75B
Total Equity: $805.54M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$0.59
Revenue: $223.94M
Shares: 381,602,904
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$2.11
Total Equity: $805.54M
Shares: 381,602,904
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$-1.82
Operating CF: -$207.94M
CapEx: -$487.92M
Shares: 381,602,904
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $20.55
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$822.24M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares CIFR against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $0 $3.0M $126.8M $151.3M $223.9M
Cost of Revenue $4,867 $748,000 $50.3M $123.2M $160.3M
Gross Profit $-4,867 $2.3M $76.5M $28.1M $63.6M
Operating Expenses $72.1M $39.7M $96.6M $71.8M $401.0M
Operating Income -$72.2M -$37.4M -$20.1M -$43.7M -$337.4M
Net Income -$72.2M -$39.1M -$25.8M -$44.6M -$822.2M
EBITDA -$72.1M -$31.9M $39.7M $61.1M -$588.4M
EPS $-0.36 $-0.16 $-0.10 $-0.14 $-2.15
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $209.8M $11.9M $86.1M $5.6M $628.3M
Total Current Assets $223.7M $47.7M $155.5M $168.2M $2.7B
Total Assets $354.2M $418.5M $566.1M $855.4M $4.3B
Current Liabilities $499,251 $40.3M $33.8M $131.8M $699.1M
Long-Term Debt $0 $0 $0 $0 $2.7B
Total Liabilities $636,051 $75.6M $74.8M $173.5M $3.5B
Total Equity $353.5M $342.9M $491.3M $682.0M $805.5M
Retained Earnings -$72.2M -$111.2M -$136.8M -$181.4M -$1.0B
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow -$31.7M -$20.9M -$94.2M -$87.5M -$207.9M
Capital Expenditure -$5.1M -$227.9M -$55.0M -$139.5M -$487.9M
Free Cash Flow -$36.8M -$248.8M -$149.3M -$227.0M -$695.9M
Acquisitions (net) $0 $0 -$3.5M $0 $0
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks -$25.4M -$3.1M -$3.9M -$27.6M -$89.6M
Net Change in Cash $208.6M -$197.9M $74.2M -$66.1M $2.6B
Analyst Estimates (Annual)
Metric 2026 2027 2028 2029
Revenue $247.9M
$212.5M – $283.3M
 $802.3M
$254.3M – $1.4B
 $1.1B
$738.9M – $1.4B
 $1.9B
$1.3B – $2.5B
EBITDA -$14.0M
-$16.0M – -$12.0M
 -$45.4M
-$76.5M – -$14.4M
 -$60.7M
-$78.3M – -$41.8M
 -$108.7M
-$140.2M – -$74.9M
Net Income -$344.2M
-$473.5M – -$123.8M
 -$50.0M
-$69.8M – -$30.2M
 $114.0M
$68.8M – $159.1M
 -$129.7M
-$178.6M – -$77.3M
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth — +4,076.6% +19.3% +48.0%
Gross Profit Growth +47,131.0% +3,243.5% -63.3% +126.2%
Operating Income Growth +48.1% +46.2% -117.2% -672.1%
Net Income Growth +45.9% +34.0% -73.2% -1,742.2%
EBITDA Growth +55.7% +224.4% +53.9% -1,063.2%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-05-06 Williams Wesley Hastie S-Sale 28,169.00 $22.26 $627,042
2026-05-06 GROSSMAN CARY M S-Sale 20,000.00 $21.82 $436,400
2026-03-31 Mumford Gregory J.D. M-Exempt 17,108.00 $0.00 $0
2026-03-31 Mumford Gregory J.D. M-Exempt 17,108.00 $0.00 $0
2026-03-31 Mumford Gregory J.D. F-InKind 7,114.00 $12.87 $91,557
2026-03-31 Page Tyler M-Exempt 254,756.00 $0.00 $0
2026-03-31 Page Tyler F-InKind 130,053.00 $12.87 $1.7M
2026-03-31 Page Tyler M-Exempt 105,285.00 $0.00 $0
2026-03-31 Page Tyler F-InKind 53,748.00 $12.87 $691,737
2026-03-31 Page Tyler M-Exempt 113,225.00 $0.00 $0
2026-03-31 Page Tyler F-InKind 46,147.00 $12.87 $593,912
2026-03-31 Page Tyler M-Exempt 113,225.00 $0.00 $0
2026-03-31 Page Tyler M-Exempt 105,285.00 $0.00 $0
2026-03-31 Page Tyler M-Exempt 254,756.00 $0.00 $0
2026-03-31 Iwaschuk William M-Exempt 76,427.00 $0.00 $0
2026-03-31 Iwaschuk William F-InKind 40,146.00 $12.87 $516,679
2026-03-31 Iwaschuk William M-Exempt 29,611.00 $0.00 $0
2026-03-31 Iwaschuk William F-InKind 11,934.00 $12.87 $153,591
2026-03-31 Iwaschuk William M-Exempt 33,968.00 $0.00 $0
2026-03-31 Iwaschuk William F-InKind 13,825.00 $12.87 $177,928
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27