Gross margin
63.7% Fiscal year 2025
No rank: too few peers or not computed yet.
Share of revenue left after the direct cost of the products sold.
Cipher Mining runs large data centers in Texas that have so far mainly mined Bitcoin. The company increasingly also leases space and power at its sites for computing power in the field of artificial intelligence. As of Oct 16, 2026
Cipher Digital develops and operates large data centers for energy-intensive computing and has transformed itself from a pure Bitcoin miner for this purpose. Until the end of 2025, revenue came from Bitcoin mining, for which the company supplied computing power to mining pools in return for block rewards and fees. In 2025 a subsidiary signed long-term leases with Fluidstack for a data center it is building in Barber Lake; Google backstops certain obligations of the tenant. In October 2025 this was followed by a 15-year lease with Amazon Web Services for the Black Pearl data center under construction. It also operates a data center for Bitcoin mining in Texas and holds further sites in Texas and Ohio.
Automatically summarized from SEC annual report (10-K, filed Feb 24, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 17, 2026
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
This method currently detects no pattern for CIFR. The check runs daily after the close.
You see new patterns immediately from Watcher, on the free plan 2 days after they form. Plans and pricing
What is this? The price has formed two similarly deep lows and broken above the neckline between them. This is seen as a sign that the downward move is ending.
This is a calculated analysis, not a forecast and not a call to buy. Risk notice and investment advice
Cipher Mining · Sector Technology · amounts in USD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 24, 2026.
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
63.7% Fiscal year 2025
No rank: too few peers or not computed yet.
Share of revenue left after the direct cost of the products sold.
−188.2% Fiscal year 2025
No rank: too few peers or not computed yet.
Operating income divided by revenue: what the core business earns before interest and taxes.
−367.2% Fiscal year 2025
No rank: too few peers or not computed yet.
Profit after all costs, interest and taxes divided by revenue.
−102.1% Fiscal year 2025
No rank: too few peers or not computed yet.
Net income divided by equity at fiscal year end.
−19.2% Fiscal year 2025 (total assets at year end)
No rank: too few peers or not computed yet.
Net income divided by total assets at fiscal year end.
18.8% Fiscal year 2025
No rank: too few peers or not computed yet.
Equity as a share of total assets. Usually low for banks.
−310.7% Fiscal year 2025
No rank: too few peers or not computed yet.
Free cash flow divided by revenue.
−695.9M USD Fiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
+319.3% per year
No rank: too few peers or not computed yet.
Average growth per year over 3 fiscal years.
3 of 9 Fiscal year 2025
No rank: too few peers or not computed yet.
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
3.37 at fiscal year end
No rank: too few peers or not computed yet.
Long-term financial debt divided by equity.
3.79 at fiscal year end
No rank: too few peers or not computed yet.
Current assets divided by current liabilities.
+53.7% in 3 years
No rank: too few peers or not computed yet.
Change in diluted share count. Negative = share buybacks, positive = new shares.
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
No reported values for “Dividend per share” in this interval.
No reported values for “Dividend per share” in this interval.
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 223.9M USD · Net income −822.2M USD · Net margin −367.2%
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Of 100 USD of revenue, 63.7 USD gross profit remained.
Operating loss: −188.2% of revenue
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 223.9M USD | 100.0% |
| Gross profit | 142.7M USD | 63.7% |
| Cost of revenue | 81.2M USD | 36.3% |
| Operating expenses | 564.3M USD | 252.0% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
The operating margin fell in 2 years from −15.9% to −188.2%.
Gross marginOperating marginNet margin Margins above ±200% hidden (revenue very small relative to the result).Return on equity fell in 3 years from −11.4% to −102.1%.
Return on equityReturn on assetsThe equity ratio fell in 3 years from 81.9% to 18.8%.
EquityLong-term debt in USD Long-term debt, depending on the filing, includes the current portion or leases.The current ratio rose in 3 years from 1.18 to 3.79.
Current ratioFree cash flow fell in 3 years from −60.7M USD to −695.9M USD.
Operating cash flowCapital expenditureFree cash flow in USDThe share count rose in 3 years by 53.7% – more new shares were issued than repurchased (dilution).
Diluted share countFrom annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
Over 4 years, 124.2M USD went back to shareholders, 100% of it through share repurchases. Free cash flow over those years was not positive in total. This was offset by new shares issued for 556.5M USD (including employee plans).
Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in USDDividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users. Log in
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 97 symbols in the Technology sector on our list (current members of the S&P 500 and other lists).
+319.3% per year, last 3 years
Sector Technology: median +10.0% (93 symbols)
What does this mean? Revenue: over 3 years it grew by 319.3% per year on average – at least as fast as the median company in the sector (+10.0%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
– per year, last 5 years
Sector Technology: median +13.3% (62 symbols)
per share: not available
What does this mean? There was a loss in the first or last year. An annual growth rate cannot be calculated meaningfully then.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
−367.2% last fiscal year
Sector Technology: median 12.5% (97 symbols)
What does this mean? Of every 100 USD in revenue there was no profit but a loss of 367.17 USD.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
9.69 latest balance sheet
Sector Technology: median 0.46 (65 symbols)
What does this mean? For every 1 USD of equity there is 9.69 USD of financial debt – more than twice as much as the median company in the sector (0.46). More debt amplifies good and bad years alike.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
– Dividend / earnings per share
Sector Technology: median 30% (36 symbols)
What does this mean? The loaded SEC filings of the last two fiscal years contain no dividend per share. Either the company pays none, or it reports it under a different tag.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
0 of 5 fiscal years with a profit
What does this mean? In 0 of the last 5 fiscal years the bottom line showed a profit. 5 years ended with a loss.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 223.9M | −822.2M | −367.2% | −2.15 | – | – |
| 2024 | Dec 31, 2024 | 151.3M | −44.6M | −29.5% | −0.14 | – | – |
| 2023 | Dec 31, 2023 | 126.8M | −25.8M | −20.3% | −0.10 | – | – |
| 2022 | Dec 31, 2022 | 3.0M | −39.1M | −1,285.9% | −0.16 | – | – |
| 2020 | Dec 31, 2020 | – | −107.0K | – | – | – | – |
| Quarter | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| Q2/26 | Jun 30, 2026 | 24.8M | −267.5M | −1,077.1% | −0.65 | – | – |
| Q1/26 | Mar 31, 2026 | 34.8M | −114.3M | −328.1% | −0.28 | – | – |
| Q4/25* | Dec 31, 2025 | 59.7M | −734.2M | −1,229.6% | – | – | – |
| Q3/25 | Sep 30, 2025 | 71.7M | −3.3M | −4.6% | −0.01 | – | – |
| Q2/25 | Jun 30, 2025 | 43.6M | −45.8M | −105.1% | −0.12 | – | – |
| Q1/25 | Mar 31, 2025 | 49.0M | −39.0M | −79.6% | −0.11 | – | – |
| Q4/24* | Dec 31, 2024 | 42.2M | 17.5M | 41.5% | – | – | – |
| Q3/24 | Sep 30, 2024 | 24.1M | −86.8M | −359.9% | −0.26 | – | – |
| Q2/24 | Jun 30, 2024 | 36.8M | −15.3M | −41.5% | −0.05 | – | – |
| Q1/24 | Mar 31, 2024 | 48.1M | 39.9M | 82.9% | 0.13 | – | – |
| Q4/23* | Dec 31, 2023 | 43.4M | 11.2M | 25.9% | – | – | – |
| Q3/23 | Sep 30, 2023 | 30.3M | −17.7M | −58.4% | −0.07 | – | – |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $00 people | $00 people | $0 |
| 6 months | $00 people | $86.4M6 people | −$86.4M |
| 12 months | $00 people | $97.1M8 people | −$97.1M |
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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