Latest Ratios: P/E Ratio -7.3x · EV/EBITDA N/A · ROE -108.3%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $6.4B | $5.6B | $1.5B | $1.0B | $139M | $1.0B | $2.1B |
| Enterprise Value | $8.6B | $7.8B | $1.6B | $978M | $148M | $800M | $2.1B |
| P/E Ratio → | -7.31 | — | — | — | — | — | — |
| P/S Ratio | 34.29 | 30.06 | 10.02 | 8.35 | 47.93 | — | — |
| P/B Ratio | 7.17 | 6.74 | 2.20 | 2.12 | 0.41 | 2.86 | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 41.47 | 10.36 | 7.84 | 50.94 | — | — |
| EV / EBITDA | — | — | 25.83 | 24.58 | — | — | 1921.96 |
| EV / EBIT | — | — | — | — | — | — | 1921.96 |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 33.9% | 33.9% | 18.8% | 61.3% | 78.9% | 16.5% | — |
| Operating Margin | -180.1% | -180.1% | -29.2% | -16.1% | -1290.4% | 245230.8% | — |
| Net Profit Margin | -438.8% | -438.8% | -29.8% | -20.6% | -1346.7% | 245233.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -108.3% | -108.3% | -7.6% | -6.2% | -11.2% | -40.8% | — |
| ROA | -31.9% | -31.9% | -6.3% | -5.2% | -10.1% | -40.7% | 642.4% |
| ROIC | -11.7% | -11.7% | -5.2% | -3.4% | -7.8% | -30.6% | — |
| ROCE | -15.6% | -15.6% | -7.0% | -4.4% | -10.2% | -40.8% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.31 | 3.31 | 0.08 | 0.04 | 0.06 | — | — |
| Debt / EBITDA | — | — | 0.94 | 0.55 | — | — | — |
| Net Debt / Equity | — | 2.56 | 0.07 | -0.13 | 0.03 | -0.59 | — |
| Net Debt / EBITDA | — | — | 0.85 | -1.61 | — | — | 0.00 |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -21.58 | -21.58 | -24.95 | -10.11 | -270.63 | -2874.56 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 3.79 | 3.79 | 1.28 | 4.60 | 1.18 | 447.99 | — |
| Quick Ratio | 3.79 | 3.79 | 1.28 | 4.60 | 1.18 | 447.99 | — |
| Cash Ratio | 0.90 | 0.90 | 0.04 | 2.55 | 0.30 | 420.31 | — |
| Asset Turnover | — | 0.04 | 0.17 | 0.22 | 0.01 | -0.00 | — |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 1.4% | 1.6% | 1.8% | 0.4% | 2.2% | 2.5% | 0.0% |
| Total Shareholder Yield | 1.4% | 1.6% | 1.8% | 0.4% | 2.2% | 2.5% | 0.0% |
| Shares Outstanding | — | $382M | $323M | $252M | $248M | $218M | $215M |
Includes 30+ ratios · 6 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CIFR stock.
Cipher Mining Inc.'s current P/E ratio is -7.3x. This places it at the 50th percentile of its historical range.
Cipher Mining Inc.'s return on equity (ROE) is -108.3%. The historical average is -34.8%.
Based on historical data, Cipher Mining Inc. is trading at a P/E of -7.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cipher Mining Inc. has 33.9% gross margin and -180.1% operating margin.
Key Metrics
Top Statement Risk
Negative operating margins and cash burn
Metrics are mathematically derived from official filings.
Premium Valuation Amidst Negative Returns
Cipher Mining trades at a P/B of 6.93, a significant premium to peers like Marathon Digital (1.09) and Riot Platforms (2.26), suggesting the market is pricing in substantial future value from its HPC pivot and infrastructure assets rather than current financial performance.
The current P/B multiple is detached from the company's negative ROE and ROA, indicating the valuation is not supported by traditional bank-like profitability metrics. This premium likely reflects the market's optionality on Cipher's energized data center sites for AI/HPC workloads and its substantial cash position, rather than its core mining economics. Investors should monitor whether this premium can be sustained as the HPC revenue stream matures.
DuPont Analysis Reveals Structural Losses
The decomposition of ROE shows a deeply negative result driven by a negative net interest margin and collapsing equity-to-assets ratio, with the -40.3% ROE in 2026Q2 indicating the balance sheet is not generating positive returns for shareholders.
The negative NIM of -0.4% confirms the core balance sheet function is destroying value, while the equity-to-assets ratio of 0.08 indicates extreme leverage that amplifies the negative returns. The high fee income percentage (over 100% in recent quarters) suggests non-interest income, likely from Bitcoin sales or mark-to-market gains, is the only positive contributor, but it is insufficient to offset the structural operating losses. This profile is fundamentally different from a traditional bank, where NIM and leverage are positive drivers.
Negative NIM Signals Value Destruction
The net interest margin has been persistently negative since 2025Q1, reaching -0.4% in 2026Q2, which, when combined with an erratic efficiency ratio, indicates the company's funding costs are systematically exceeding its asset yields.
A negative NIM for a financial institution is a critical red flag, suggesting the company is paying more to service its liabilities than it earns on its assets. The efficiency ratio's extreme volatility (from -23.5% to 136.3%) further underscores the lack of stable operating leverage, as costs are not being managed relative to a volatile and currently negative revenue base. This trend warrants close monitoring as it represents a fundamental impairment of the balance sheet's core function.
Leverage Constrained by Cash Accumulation
Despite a low reported debt-to-equity ratio of 3.31%, the equity-to-assets ratio has compressed to just 0.08 as of 2026Q2, suggesting that while nominal debt is low, the company's capital structure is now dominated by liabilities relative to its asset base.
The compression in equity-to-assets from 0.89 in early 2024 to 0.08 indicates a massive expansion of the asset base funded by liabilities, not equity. This creates a highly leveraged position that amplifies both returns and losses, as evidenced by the volatile ROE. The large cash balance provides a liquidity buffer, but the underlying capital adequacy relative to the risk-weighted assets (which are likely dominated by volatile mining hardware and Bitcoin) is a key concern for long-term solvency.
P/B Multiple Misapplied to a Miner
The P/B ratio of 6.93 is the most commonly misapplied metric for Cipher Mining, as it implies a premium on book value that is meaningless for a company with negative returns on equity and a business model driven by commodity price volatility, not net interest spread.
For a traditional bank, P/B reflects the market's assessment of future ROE relative to the cost of equity. For Cipher, a high P/B is misleading because the 'book value' is composed of rapidly depreciating ASIC miners and volatile Bitcoin holdings, not stable, interest-earning loans. The appropriate valuation lens should focus on enterprise value relative to hash rate capacity or discounted cash flows from the HPC pivot, not a multiple derived from a balance sheet that is not generating positive returns.