Last 22 quarters of trend data · Financial Services · Financial - Capital Markets
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
EV/EBITDA has expanded 7330.7% YoY to 601.8x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -7.26 | — | — | — | — | 21.40 | — | — | 9.90 | 26.75 | — | — | — |
| — | — | — | — | — | -20.0% | — | — | — | — | — | — | — | |
| P/S Ratio | 28.21 | 23.58 | 16.52 | 10.29 | 4.23 | 10.01 | 13.35 | 8.86 | 8.14 | 6.92 | 4.84 | 5.70 | 6.62 |
| — | +135.6% | +23.7% | +16.1% | -48.0% | +44.7% | +175.9% | +55.3% | +23.1% | -39.4% | — | — | — | |
| P/B Ratio | 7.12 | 6.74 | 6.05 | 2.39 | 1.13 | 2.48 | 1.92 | 1.89 | 2.61 | 2.45 | 1.71 | 2.08 | 1.68 |
| — | +171.8% | +215.8% | +26.8% | -56.7% | +1.4% | +11.9% | -9.0% | +55.2% | +504.9% | +109.6% | +91.7% | -36.8% | |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 199.04 | 601.76 | 51.13 | — | 37.60 | 8.10 | — | 68.63 | 5.83 | 8.67 | — | 72.48 | 19.22 |
| — | +7330.7% | — | — | +544.6% | -6.6% | — | -5.3% | -69.6% | — | — | — | — | |
| EV / EBIT | — | — | — | — | — | 26.99 | — | — | 8.18 | 18.11 | — | — | — |
| — | — | — | — | — | +49.0% | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Cipher Mining Inc.'s operating margin was -85.1% in Q4 2025, down 32.6 pp QoQ and down 125.5 pp YoY. The trailing four-quarter average of -79.8% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 2024.3% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -60.5% | -332.0% | 42.6% | 28.9% | 40.4% | 17.3% | -23.6% | 17.0% | 42.1% | 69.4% | 0.7% | 8.6% | 8.3% |
| — | -2024.3% | +280.1% | +70.2% | -4.2% | -75.1% | -3284.6% | +97.0% | +407.7% | -30.6% | — | — | — | |
| Operating Margin | -76.7% | -85.1% | -52.5% | -103.9% | -77.8% | 40.5% | -379.2% | -43.9% | 97.2% | 36.5% | -63.0% | -38.7% | -18.8% |
| — | -310.4% | +86.2% | -136.4% | -180.0% | +10.9% | -501.4% | -13.5% | +616.4% | +102.2% | — | — | — | |
| Net Margin | -367.2% | -1229.6% | -4.6% | -105.1% | -79.6% | 41.5% | -359.9% | -41.5% | 82.9% | 25.9% | -61.4% | -42.3% | -20.8% |
| — | -3065.0% | +98.7% | -153.0% | -196.0% | +60.3% | -485.8% | +1.7% | +498.6% | +101.5% | — | — | — |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -108.3% | -90.7% | -0.4% | -6.2% | -5.5% | 2.6% | -12.7% | -2.4% | 7.3% | 2.7% | -5.4% | -3.8% | -1.3% |
| — | -3606.5% | +96.6% | -160.7% | -175.3% | -4.0% | -134.5% | +38.3% | +651.6% | +118.9% | -131.9% | +56.9% | +73.7% | |
| ROA | -31.9% | -20.6% | -0.2% | -4.7% | -4.4% | 2.1% | -11.2% | -2.1% | 6.4% | 2.3% | -4.5% | -3.2% | -1.1% |
| — | -1058.7% | +98.5% | -125.1% | -168.6% | -6.1% | -150.3% | +33.9% | +685.8% | +118.3% | -128.2% | +61.9% | +77.7% | |
| ROIC | -15.8% | -2.8% | -2.0% | -3.9% | -3.7% | 1.8% | -9.7% | -1.8% | 6.2% | 2.7% | -3.9% | -2.5% | -0.8% |
| — | -256.9% | +79.0% | -115.9% | -160.3% | -33.7% | -151.4% | +26.1% | +829.0% | +127.2% | -130.8% | +62.7% | +77.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Cipher Mining Inc.'s Debt/EBITDA ratio is 26.4x, down from 46.7x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 197.3% YoY to 3.79x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 1.33 | 0.25 | 0.08 | 0.08 | 0.03 | 0.03 | 0.03 | 0.04 | 0.07 | 0.09 | 0.06 |
| — | -19.8% | +3768.5% | +648.7% | +128.0% | +84.9% | -53.3% | -60.6% | -42.3% | -25.8% | +390.0% | +347.8% | +254.6% | |
| Debt / EBITDA | 1.92 | 26.36 | 46.67 | — | 10.16 | 1.05 | — | 5.31 | 0.33 | 0.67 | — | 11.52 | 2.68 |
| — | +2412.6% | — | — | +3017.9% | +56.5% | — | -53.9% | -87.9% | — | — | — | — | |
| Current Ratio | 3.79 | 3.79 | 2.49 | 4.18 | 1.11 | 1.28 | 2.57 | 8.49 | 8.08 | 4.60 | 1.40 | 1.09 | 1.10 |
| — | +197.3% | -3.1% | -50.7% | -86.2% | -72.3% | +83.6% | +676.3% | +637.4% | +288.7% | -60.7% | -46.1% | -90.1% | |
| Quick Ratio | 3.79 | 3.79 | 2.49 | 4.18 | 1.11 | 1.28 | 2.57 | 8.49 | 8.08 | 4.60 | 1.40 | 1.09 | 1.10 |
| — | +197.3% | -3.1% | -50.7% | -86.2% | -72.3% | +83.6% | +676.3% | +637.4% | +288.7% | -60.7% | -46.1% | -90.1% | |
| Interest Coverage | -4.70 | -1.72 | -29.25 | -39.79 | -49.02 | 28.95 | -264.14 | -43.47 | 116.97 | 32.60 | -30.47 | -24.93 | -10.28 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 22 years · Updated daily
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Start ComparisonCipher Mining Inc.'s current P/E is -7.3x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Cipher Mining Inc.'s current operating margin is -76.7%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Cipher Mining Inc.'s business trajectory between earnings reports.