6 years of historical data (2020–2025) · Financial Services · Financial - Capital Markets
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Cipher Mining Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $6.3B | $5.6B | $1.5B | $1.0B | $139M | $1.0B | $2.1B |
| Enterprise Value | $5.7B | $5.1B | $1.6B | $978M | $148M | $800M | $2.1B |
| P/E Ratio → | -7.26 | — | — | — | — | — | — |
| P/S Ratio | 28.21 | 25.15 | 9.91 | 8.22 | 45.77 | — | — |
| P/B Ratio | 7.12 | 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
Cipher Mining Inc.'s enterprise value stands at 199.0x EBITDA, 165% above its 5-year average of 75.2x. The Financial Services sector median is 11.1x, placing the stock at a 1694% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 22.59 | 10.25 | 7.71 | 48.65 | — | — |
| EV / EBITDA | 199.04 | 175.31 | 25.83 | 24.58 | — | — | 1921.96 |
| EV / EBIT | — | — | — | — | — | — | 1921.96 |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Cipher Mining Inc. earns an operating margin of -76.7%, below the Financial Services sector average of 21.9%. Operating margins have compressed from -15.9% to -76.7% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -108.3% indicates the company is currently destroying shareholder equity.
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 | -60.5% | -60.5% | 18.6% | 60.3% | 75.4% | — | — |
| Operating Margin | -76.7% | -76.7% | -28.9% | -15.9% | -1232.2% | — | — |
| Net Profit Margin | -367.2% | -367.2% | -29.5% | -20.3% | -1285.9% | — | — |
| 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 | -15.8% | -15.8% | -5.2% | -3.4% | -7.8% | -30.6% | — |
| ROCE | -8.0% | -8.0% | -7.0% | -4.4% | -10.2% | -40.8% | — |
Solvency and debt-coverage ratios — lower is generally safer
Cipher Mining Inc. carries a Debt/EBITDA ratio of 1.9x, which is manageable (53% below the sector average of 4.1x). The company holds a net cash position — cash of $628M exceeds total debt of $55M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.08 | 0.04 | 0.06 | — | — |
| Debt / EBITDA | 1.92 | 1.92 | 0.94 | 0.55 | — | — | — |
| Net Debt / Equity | — | -0.69 | 0.07 | -0.13 | 0.03 | -0.59 | — |
| Net Debt / EBITDA | -19.85 | -19.85 | 0.85 | -1.61 | — | — | 0.00 |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -4.70 | -4.70 | -25.58 | -10.06 | -273.15 | -2875.61 | — |
Net cash position: cash ($628M) exceeds total debt ($55M)
Short-term solvency ratios and asset-utilisation metrics
Cipher Mining Inc.'s current ratio of 3.79x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 4.60x to 3.79x over the past 3 years.
| 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 | — | 0.05 | 0.18 | 0.22 | 0.01 | — | — |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Cipher Mining Inc. returns 1.4% to shareholders annually primarily through share buybacks.
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 |
Compare CIFR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| CIFRYou | $6B | -7.3 | 199.0 | — | -60.5% | -76.7% | -108.3% | -15.8% | 1.9 |
| IREN | $14B | 105.0 | 70.6 | — | 68.3% | 3.5% | 6.0% | 0.7% | 4.9 |
| BMNR | $8B | 1.4 | 16.3 | — | 5.1% | 7288.1% | 8.0% | 7.7% | — |
| WULF | $7B | -77.2 | — | — | 55.3% | -54.4% | -31.0% | -10.6% | — |
| RIOT | $6B | 47.9 | 17.5 | — | 30.2% | 40.8% | 4.3% | 4.1% | 1.7 |
| HUT | $6B | -24.9 | — | — | 91.3% | -136.9% | -16.9% | -14.0% | — |
| MARA | $3B | -2.4 | — | — | — | -135.0% | — | -74.2% | — |
| BITF | $1B | -16.9 | 38.3 | — | -16.8% | -55.8% | -12.0% | -17.1% | 0.7 |
| BTBT | $538M | 8.3 | 7.6 | — | 61.9% | 16.8% | 9.2% | 6.5% | 0.2 |
| FUFU | $387M | 7.2 | 4.2 | — | 6.4% | 14.3% | 60.0% | 46.2% | 0.4 |
| ABTC | $199M | 2.2 | 0.4 | — | 44.8% | 676.7% | 57.6% | 47.2% | 0.0 |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 6 years · Updated daily
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Start ComparisonCipher 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 current EV/EBITDA is 199.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.2x.
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 -60.5% gross margin and -76.7% operating margin.
Cipher Mining Inc.'s Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.