CIFR Chart
About

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.

Fundamentals
Scroll to Statements
Sector Technology Industry Information Technology S Market Cap 6.11B
Enterprise Value 8.30B Income -822.24M Sales 223.94M
Book/sh 1.99 Cash/sh 1.55 Dividend Yield
Payout 0.00% Employees 66 IPO
P/E Forward P/E 25.77 PEG
P/S 27.27 P/B 7.58 P/C
EV/EBITDA 35.10 EV/Sales 37.08 Quick Ratio 0.90
Current Ratio 3.79 Debt/Eq 331.04 LT Debt/Eq
EPS (ttm) -2.15 EPS next Y 0.58 EPS Growth
Revenue Growth 41.40% Earnings 2026-05-05 ROA 0.90%
ROE -108.35% ROIC Gross Margin 28.40%
Oper. Margin 236.11% Profit Margin 0.00% Shs Outstand 405.12M
Shs Float 330.08M Short Float 20.85% Short Ratio 1.95
Short Interest 52W High 25.52 52W Low 1.86
Beta 3.01 Avg Volume 28.86M Volume 13.81M
Target Price $27.10 Recom Strong_buy Prev Close $15.14
Price $15.07 Change -0.43%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$27.10
Mean price target
2. Current target
$15.09
Latest analyst target
3. DCF / Fair value
$-67.59
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$15.09
Low
$18.00
High
$53.00
Mean
$27.10

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-11 main Keefe, Bruyette & Woods Outperform → Outperform $20
2026-02-25 main HC Wainwright & Co. Buy → Buy $25
2026-02-25 main Needham Buy → Buy $22
2026-01-27 main Keefe, Bruyette & Woods Outperform → Outperform $22
2025-12-15 main Canaccord Genuity Buy → Buy $27
2025-11-24 up JP Morgan Neutral → Overweight $18
2025-11-19 init Citizens — → Market Outperform $30
2025-11-05 reit BTIG Buy → Buy $25
2025-11-04 main Clear Street Buy → Buy $34
2025-11-04 main Canaccord Genuity Buy → Buy $27
2025-11-04 main Rosenblatt Buy → Buy $33
2025-11-04 main Needham Buy → Buy $26
2025-11-04 main HC Wainwright & Co. Buy → Buy $30
2025-10-22 main Macquarie Outperform → Outperform $27
2025-10-16 main Rosenblatt Buy → Buy $25
2025-10-14 main BTIG Buy → Buy $25
2025-09-30 main Needham Buy → Buy $15
2025-09-29 main Macquarie Outperform → Outperform $16
2025-09-29 main HC Wainwright & Co. Buy → Buy $17
2025-09-29 main Rosenblatt Buy → Buy $14
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 45161 710834.0 Sale at price 15.74 per share. NEWSOME JAMES E Director 2026-03-04 00:00:00 D
1 3862 Stock Award(Grant) at price 0.00 per share. DUDA THOMAS DAVID Director 2026-02-25 00:00:00 D
2 35568 552015.0 Sale at price 15.52 per share. KELLY PATRICK ARTHUR President 2026-02-17 00:00:00 D
3 35568 631688.0 Sale at price 17.76 per share. KELLY PATRICK ARTHUR President 2026-01-15 00:00:00 D
4 26000 Stock Gift at price 0.00 per share. IWASCHUK WILLIAM President 2025-12-19 00:00:00 D
5 21821 349791.0 Sale at price 16.03 per share. NEWSOME JAMES E Director 2025-12-19 00:00:00 D
6 49867 801861.0 Sale at price 16.08 per share. WILLIAMS WESLEY HASTIE Director 2025-12-19 00:00:00 D
7 305707 nan IWASCHUK WILLIAM President 2025-12-19 00:00:00 D
8 305707 nan KELLY PATRICK ARTHUR President 2025-12-19 00:00:00 D
9 1019022 nan PAGE TYLER Chief Executive Officer 2025-12-19 00:00:00 D
Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems-176.76K11.59M7.90M15.15M
TaxRateForCalcs0.000.210.210.21
NormalizedEBITDA-544.33M5.90M2.07M-104.07M
TotalUnusualItems-44.05M55.19M37.63M72.15M
TotalUnusualItemsExcludingGoodwill-44.05M55.19M37.63M72.15M
NetIncomeFromContinuingOperationNetMinorityInterest-822.24M-44.63M-25.78M-39.05M
ReconciledDepreciation200.62M103.70M59.91M5.15M
ReconciledCostOfRevenue158.70M121.91M106.89M748.00K
EBITDA-588.38M61.09M39.70M-31.93M
EBIT-789.00M-42.61M-20.21M-37.08M
NetInterestIncome-17.08M1.68M-1.83M78.00K
InterestExpense36.56M1.71M2.00M137.00K
InterestIncome19.48M3.38M164.00K215.00K
NormalizedIncome-778.37M-88.24M-55.51M-96.05M
NetIncomeFromContinuingAndDiscontinuedOperation-822.24M-44.63M-25.78M-39.05M
TotalExpenses561.35M249.53M182.30M75.50M
TotalOperatingIncomeAsReported-421.56M-43.70M-20.11M-37.42M
DilutedAverageShares381.60M323.10M252.44M248.23M
BasicAverageShares381.60M323.10M252.44M248.23M
DilutedEPS-2.15-0.14-0.10-0.16
BasicEPS-2.15-0.14-0.10-0.16
DilutedNIAvailtoComStockholders-822.24M-44.63M-25.78M-39.05M
NetIncomeCommonStockholders-822.24M-44.63M-25.78M-39.05M
NetIncome-822.24M-44.63M-25.78M-39.05M
MinorityInterests0.000.000.00
NetIncomeIncludingNoncontrollingInterests-822.24M-44.63M-25.78M-39.05M
NetIncomeContinuousOperations-822.24M-44.63M-25.78M-39.05M
TaxProvision-3.31M318.00K3.57M1.84M
PretaxIncome-825.56M-44.32M-22.21M-37.21M
OtherIncomeExpense-471.07M52.26M35.08M35.18M
OtherNonOperatingIncomeExpenses-406.20M-2.54M-17.00K
SpecialIncomeCharges0.00-1.47M
WriteOff0.001.47M
EarningsFromEquityInterest-20.82M-384.00K-2.53M-36.97M
GainOnSaleOfSecurity-44.05M55.19M37.63M73.61M
NetNonOperatingInterestIncomeExpense-17.08M1.68M-1.83M78.00K
InterestExpenseNonOperating36.56M1.71M2.00M137.00K
InterestIncomeNonOperating19.48M3.38M164.00K215.00K
OperatingIncome-337.40M-98.25M-55.46M-72.47M
OperatingExpense401.00M126.36M74.59M74.76M
OtherOperatingExpenses165.65M-8.74M-12.30M-458.00K
DepreciationAmortizationDepletionIncomeStatement198.97M102.45M59.09M4.38M
DepreciationAndAmortizationInIncomeStatement198.97M102.45M59.09M4.38M
DepreciationIncomeStatement4.38M
SellingGeneralAndAdministration36.38M32.66M27.80M70.84M
GeneralAndAdministrativeExpense36.38M32.66M27.80M70.84M
OtherGandA36.38M32.66M27.80M70.84M
GrossProfit63.60M28.11M19.13M2.29M
CostOfRevenue160.34M123.16M107.71M748.00K
TotalRevenue223.94M151.27M126.84M3.04M
OperatingRevenue223.94M151.27M126.84M3.04M
Line Item2025-12-312024-12-312023-12-312022-12-31
TreasurySharesNumber7.11M10.65M5.32M3.54M
OrdinarySharesNumber404.96M350.78M290.96M247.55M
ShareIssued412.07M361.43M296.28M251.10M
NetDebt2.12B26.75M
TotalDebt2.77B56.42M21.98M20.66M
TangibleBookValue728.15M673.07M483.23M342.30M
InvestedCapital3.55B714.28M491.34M342.89M
WorkingCapital1.95B36.43M121.70M7.41M
NetTangibleAssets728.15M673.07M483.23M342.30M
CapitalLeaseObligations17.61M24.09M21.98M20.66M
CommonStockEquity805.53M681.95M491.34M342.89M
TotalCapitalization3.52B681.95M491.34M342.89M
TotalEquityGrossMinorityInterest835.85M681.95M491.34M342.89M
MinorityInterest30.32M0.00
StockholdersEquity805.53M681.95M491.34M342.89M
TreasuryStock7.00K11.00K5.00K4.00K
RetainedEarnings-1.00B-181.41M-136.78M-111.21M
AdditionalPaidInCapital1.81B863.01M627.82M453.85M
CapitalStock412.00K361.00K296.00K251.00K
CommonStock412.00K361.00K296.00K251.00K
PreferredStock0.000.000.000.00
TotalLiabilitiesNetMinorityInterest3.46B173.49M74.80M75.57M
TotalNonCurrentLiabilitiesNetMinorityInterest2.76B41.72M41.01M35.24M
DerivativeProductLiabilities0.00137.00K
NonCurrentDeferredLiabilities0.004.27M5.21M1.84M
NonCurrentDeferredTaxesLiabilities0.004.27M5.21M1.84M
LongTermDebtAndCapitalLeaseObligation2.72B17.16M17.41M16.72M
LongTermCapitalLeaseObligation11.64M17.16M17.41M16.72M
LongTermDebt2.71B
LongTermProvisions33.70M20.28M18.39M16.68M
CurrentLiabilities699.07M131.78M33.79M40.33M
OtherCurrentLiabilities557.39M1.33M566.00K223.00K
CurrentDebtAndCapitalLeaseObligation43.76M39.26M4.57M3.94M
CurrentCapitalLeaseObligation5.97M6.92M4.57M3.94M
CurrentDebt37.79M32.33M
OtherCurrentBorrowings37.79M7.30M
LineOfCredit32.33M0.00
PensionandOtherPostRetirementBenefitPlansCurrent5.85M4.45M5.80M0.00
PayablesAndAccruedExpenses92.07M86.75M22.86M36.17M
CurrentAccruedExpenses42.70M41.14M1.14M0.00
Payables49.37M45.60M21.72M36.17M
OtherPayable8.30M
DuetoRelatedPartiesCurrent3.08M0.00
TotalTaxPayable9.31M14.61M15.18M18.80M
AccountsPayable40.06M22.70M6.53M17.37M
TotalAssets4.29B855.45M566.14M418.46M
TotalNonCurrentAssets1.64B687.24M410.64M370.73M
OtherNonCurrentAssets837.07M18.35M
NonCurrentPrepaidAssets27.73M19.78M23.86M17.73M
NonCurrentDeferredAssets0.00174.00K
FinancialAssets22.72M54.02M61.71M45.63M
InvestmentsAndAdvances29.40M53.91M35.26M37.48M
LongTermEquityInvestment29.40M53.91M35.26M37.48M
GoodwillAndOtherIntangibleAssets77.39M8.88M8.11M596.00K
OtherIntangibleAssets77.39M8.88M8.11M596.00K
NetPPE644.74M532.30M281.70M269.29M
AccumulatedDepreciation-334.17M-158.64M-59.08M-4.20M
GrossPPE978.90M690.94M340.78M273.49M
Leases134.12M137.58M138.88M94.81M
ConstructionInProgress287.43M120.89M30.86M93.45M
OtherProperties122.02M41.33M7.52M5.09M
MachineryFurnitureEquipment342.11M163.52M230.00K60.00K
BuildingsAndImprovements66.59M0.00
LandAndImprovements79.05M49.02M0.00
Properties289.68M342.11M163.52M79.91M
CurrentAssets2.65B168.21M155.50M47.73M
OtherCurrentAssets7.98M3.39M3.67M7.25M
HedgingAssetsCurrent34.09M31.65M31.88M21.07M
AssetsHeldForSaleCurrent94.88M0.00
RestrictedCash1.76B0.00
PrepaidAssets7.25M13.82M
Inventory125.40M92.65M32.98M6.28M
FinishedGoods125.40M92.65M32.98M6.28M
Receivables958.00K34.93M867.00K1.20M
OtherReceivables32.25M
DuefromRelatedPartiesCurrent271.00K2.09M245.00K1.10M
AccountsReceivable687.00K596.00K622.00K98.00K
CashCashEquivalentsAndShortTermInvestments628.26M5.58M86.11M11.93M
CashAndCashEquivalents628.26M5.58M86.11M11.93M
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow-702.17M-391.39M-149.26M-248.83M
RepurchaseOfCapitalStock-89.58M-27.64M-3.90M-3.09M
RepaymentOfDebt-29.83M-5.54M-12.88M0.00
IssuanceOfDebt3.15B25.00M0.000.00
IssuanceOfCapitalStock245.47M221.69M132.44M0.00
CapitalExpenditure-494.24M-303.88M-55.02M-227.92M
InterestPaidSupplementalData0.00
IncomeTaxPaidSupplementalData0.00
EndCashPosition2.66B19.98M86.11M11.93M
BeginningCashPosition19.98M86.11M11.93M209.84M
ChangesInCash2.64B-66.13M74.18M-197.91M
FinancingCashFlow3.19B213.51M115.66M-3.09M
CashFlowFromContinuingFinancingActivities3.19B213.51M115.66M-3.09M
NetOtherFinancingCharges-82.68M-3.49M-3.40M
NetCommonStockIssuance155.89M194.05M128.54M-3.09M
CommonStockPayments-89.58M-27.64M-3.90M-3.09M
CommonStockIssuance245.47M221.69M132.44M0.00
NetIssuancePaymentsOfDebt3.12B19.46M-12.88M0.00
NetShortTermDebtIssuance0.0025.00M0.00
ShortTermDebtIssuance0.0025.00M0.00
NetLongTermDebtIssuance3.12B-5.54M-12.88M0.00
LongTermDebtPayments-29.83M-5.54M-12.88M0.00
LongTermDebtIssuance3.15B0.000.000.00
InvestingCashFlow-336.61M-192.13M52.76M-173.91M
CashFlowFromContinuingInvestingActivities-336.61M-192.13M52.76M-173.91M
NetOtherInvestingChanges-3.68M
DividendsReceivedCFI0.000.003.81M54.01M
NetInvestmentPurchaseAndSale179.75M148.87M111.19M0.00
SaleOfInvestment214.74M148.87M111.19M0.00
PurchaseOfInvestment-34.98M0.000.000.00
NetBusinessPurchaseAndSale-22.13M-37.12M-3.54M0.00
PurchaseOfBusiness-22.13M-37.12M-3.54M0.00
NetIntangiblesPurchaseAndSale-1.44M-1.42M-634.00K-596.00K
PurchaseOfIntangibles-1.44M-1.42M-634.00K-596.00K
NetPPEPurchaseAndSale-492.80M-302.45M-54.39M-227.32M
PurchaseOfPPE-492.80M-302.45M-54.39M-227.32M
OperatingCashFlow-207.94M-87.51M-94.24M-20.91M
CashFlowFromContinuingOperatingActivities-207.94M-87.51M-94.24M-20.91M
ChangeInWorkingCapital-68.05M18.34M-10.73M822.00K
ChangeInOtherCurrentLiabilities0.00-890.00K-203.00K
ChangeInOtherCurrentAssets-3.96M0.00
ChangeInPayablesAndAccruedExpense11.46M-5.52M3.17M
ChangeInAccruedExpense3.47M5.31M748.00K
ChangeInPayable8.00M-10.84M2.42M
ChangeInAccountPayable8.00M-10.84M2.42M
ChangeInPrepaidAssets12.65M-2.59M-945.00K
ChangeInReceivables-1.82M-1.73M-1.20M
ChangesInAccountReceivables-1.82M-1.73M-1.20M
OtherNonCashItems-204.10M-151.05M-124.38M4.00M
StockBasedCompensation52.79M42.13M38.47M41.50M
UnrealizedGainLossOnInvestmentSecurities35.87M-11.86M-3.30M
AssetImpairmentCharge141.37M0.000.001.47M
DeferredTax-4.27M-937.00K3.37M1.84M
DeferredIncomeTax-4.27M-937.00K3.37M1.84M
DepreciationAmortizationDepletion200.62M103.70M59.91M5.15M
DepreciationAndAmortization200.62M103.70M59.91M5.15M
AmortizationCashFlow650.00K121.00K0.00
AmortizationOfIntangibles650.00K121.00K0.00
Depreciation200.62M103.70M59.91M5.15M
OperatingGainsLosses460.07M-43.20M-31.80M-36.64M
EarningsLossesFromEquityInvestments20.82M384.00K2.53M36.97M
GainLossOnInvestmentSecurities407.82M-43.88M-34.33M-73.61M
GainLossOnSaleOfPPE-6.00K
NetIncomeFromContinuingOperations-822.24M-44.63M-25.78M-39.05M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for CIFR
Date User Broker Pattern Type Position Size Entry Price Trade P&L Status