Core Scientific, Inc.

CORZ

NASDAQ · Cloud & Data Centers

$11.76

At close - Nov 6, 4:00 PM EST - USD

Market Cap$3.78B

P/E-50.0x

52W High$30.46

Volume29.7M

VCP Research Verdict2026Q2

Revenue Surge Masks Deepening Negative Equity Risk

Core Scientific's 108.8% YoY revenue growth to $164.2M in 2026Q2 reflects a strategic pivot toward high-growth AI/HPC infrastructure, yet this expansion is financed by a debt-fueled balance sheet that has driven total debt to $4.3B and equity to -$2.4B.

GrowthAccelerating

ProfitabilityStrained

ValuationReview

TechnicalsWeak

Explore valuation models

MARKET ACTION

CORZ price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue rebounded 108.8% YoY to $164.2M in 2026Q2 with gross margin recovering to 42.7%, but operating income swung to -$72.1M and net income to -$1.2B, reflecting extreme earnings volatility.

Analyst Consensus+173.4% target

Buy(22 analysts)

19 Buy3 Hold0 Sell

The Bull Case

Upside Catalysts

Fair valuation metrics

Core Scientific's forward P/E ratio of 29.15 and forward PS ratio of 8.20 suggest it is fairly valued compared to historical averages, with a fair price range estimated between $15.81 to $28.27.

AI infrastructure expansion

Core Scientific is repurposing its Pecos, Texas site into a 1.5 gigawatt AI-focused data center campus, supported by a $3.30 billion notes offering, signaling strong growth in AI infrastructure.

Institutional interest growth

Expanded institutional interest and long-term AI infrastructure partnerships highlight Core Scientific's potential as a key player in the AI and data center space.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

CORZ-26.45%

S&P 500 (^GSPC)+7.63%

1-Year Return

CORZ-42.88%

S&P 500 (^GSPC)+9.69%

3-Year Return

CORZ+241.86%

S&P 500 (^GSPC)+75.84%

5-Year Return

CORZ+241.86%

S&P 500 (^GSPC)+62.89%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E

-50.0x

Forward P/E

N/A

EV/EBITDA100th %ile

93.1x

FCF YieldCash Flow

N/A

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

-50.0x

N/A

EV/EBITDA

93.1x

39.2x

100th· High

Price/FCF

N/A

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$1.31-88.9%

Base (Fair)$25.20+114.3%

Bull$3.31-71.9%

$1.31 Bear$25.20 Base$3.31 Bull

Current Market Price: $11.76

Trades at a 53.3% discount to Base DCF ($25.20)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$319M-37.5% YoY

Net income FY25

-$289M+78.1% YoY

Free cash flow FY25

-$451M-765.7% YoY

Operating margin FY25

-70.4%-66.6 pts YoY

ROIC (FY25)-

Avg ROIC 5Y-58.9%

ROE (FY25)-

Piotroski Score4 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate4/12 (33%)

Revenue Beat Rate5/12 (42%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Nov 5, 2026	$0.47+771.6% vs -$0.07	$233M+18.5% vs $197M
Q3 2026 Jul 28, 2026	-$3.32-5201.8% vs -$0.06	$164M+16.4% vs $141M
Q2 2026 May 6, 2026	-$1.06-5200.0% vs -$0.02	$115M-1.5% vs $117M
Q2 2026 Mar 2, 2026	-$0.42-156.8% vs -$0.16	$80M-33.0% vs $119M

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Seeking Alpha·1d ago

Core Scientific, Inc. (CORZ) Q3 2026 Earnings Call Transcript

Core Scientific, Inc. ( CORZ ) Q3 2026 Earnings Call November 5, 2026 8:30 AM EST Company Participants Jon Charbonneau - Senior Vice President of Investor Relations & Marketing Adam Sullivan - CEO, President & Director Jim Nygaard - Executive VP & CFO Matt Brown - Chief Operating Officer Conference Call Participants John Todaro - Needham & Company, LLC, Research Division Darren Paul Aftahi - Lucid Capital Markets, LLC, Research Division Brett Knoblauch - Cantor Fitzgerald & Co., Research Division Jonathan Petersen - Jefferies LLC, Research Division Nick Giles - B. Riley Securities, Inc., Research Division Benjamin Sommers - BTIG, LLC, Research Division George Sutton - Craig-Hallum Capital Group LLC, Research Division Michael Donovan - Compass Point Research & Trading, LLC, Research Division Stephen Glagola - Keefe, Bruyette, & Woods, Inc., Research Division Kevin Dede Ryan Gravett - UBS Investment Bank, Research Division Brian Dodso Presentation Operator Greetings, and welcome to the Core Scientific Fiscal Third Quarter 2026 Earnings Call.

Fool - Investing News·2d ago

Texas Could Host 41% of New U.S. Data Center Capacity in 2028, and Its Next Governor Wants a Pause

Texas' governor-elect could completely freeze the state's booming data center market.

MarketBeat·2d ago

What Core Scientific (CORZ) Said on Its Q3 Earnings Call

Core Scientific NASDAQ: CORZ reported a sharp increase in third-quarter colocation revenue and adjusted earnings as it brought more data center capacity online for CoreWeave, and said it expects further revenue growth as the remaining capacity is delivered.

Zacks Investment Research·2d ago

Core Scientific, Inc. (CORZ) Surpasses Q3 Earnings and Revenue Estimates

Core Scientific, Inc. (CORZ) came out with quarterly earnings of $0.47 per share, beating the Zacks Consensus Estimate of a loss of $0.01 per share. This compares to a loss of $0.46 per share a year ago.

Filtered for Core Scientific, Inc.More Headlines

Compare before deciding

Benchmark CORZ against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Core Scientific, Inc. (CORZ)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
CORZCore Scientific, Inc.Current	$11.76	$3.78B	-50.04	-37.53%	-18.62%	—	—
RIOTRiot Platforms, Inc.	$16.71	$6.32B	-4.41	66.36%	-215.82%	-59.47%	—
MARAMarathon Digital Holdings, Inc.	$6.35	$2.42B	-0.70	33.47%	-453.74%	-108.46%	—
CLSKCleanSpark, Inc.	$6.16	$1.58B	-1.66	102.21%	-146.9%	-75.24%	0.55%
CIFRCipher Mining Inc.	$6.55	$2.68B	-2.66	25.29%	—	-155.51%	—
BTBTBit Digital, Inc.	$0.73	$256.77M	-0.88	-32.54%	-5.61%	-38.19%	0.04%

Compare CORZ vs Peers

Core Scientific, Inc. (CORZ) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs RIOT

Most directly comparable listed peer for CORZ.

Scale Benchmark

vs NVDA

Larger-name benchmark to compare CORZ against a more recognizable public peer.

Peer Set

Compare Top 5

vs RIOT, MARA, CLSK, CIFR

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

CORZ SEC Filings & Documents

Core Scientific, Inc. (CORZ) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Jul 29, 2026·SEC

Material company update

Jul 28, 2026·SEC

Material company update

Jul 28, 2026·SEC

10-K Annual Reports

FY 2026

Mar 2, 2026·SEC

FY 2025

Feb 27, 2025·SEC

10-Q Quarterly Reports

FY 2026

Jul 28, 2026·SEC

FY 2026

May 6, 2026·SEC

FY 2025

Oct 24, 2025·SEC

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CORZ Frequently Asked Questions

Core Scientific, Inc. (CORZ) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Core Scientific, Inc.'s revenue?

Core Scientific, Inc. (CORZ) reported $592.1M in revenue over the trailing twelve months. Revenue was $319.0M in fiscal year 2025. That is 436% more than the $59.5M of fiscal year 2019.

How fast is Core Scientific, Inc. growing?

Core Scientific, Inc. (CORZ) grew revenue by 77.2% over the trailing twelve months, compared with the twelve months before.

Is CORZ profitable?

No. Core Scientific, Inc. (CORZ) reported a net loss of $110.2M over the trailing twelve months.

Dividend & Returns

What is Core Scientific, Inc.'s free cash flow?

Core Scientific, Inc. (CORZ) had negative free cash flow of $1.32B over the trailing twelve months.

What if you invested $1,000 in CORZ back in 2019?

Total return calculator · dividends reinvested · 7+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Nov 5, 2026

$0.47+771.6%

vs -$0.07

$233M+18.5%

vs $197M

Q3 2026

Jul 28, 2026

-$3.32-5201.8%

vs -$0.06

$164M+16.4%

vs $141M

Q2 2026

May 6, 2026

-$1.06-5200.0%

vs -$0.02

$115M-1.5%

vs $117M

Q2 2026

Mar 2, 2026

-$0.42-156.8%

vs -$0.16

$80M-33.0%

vs $119M

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

CORZCore Scientific, Inc.Current

$11.76

$3.78B

-50.04

-37.53%

-18.62%

—

RIOTRiot Platforms, Inc.

$16.71

$6.32B

-4.41

66.36%

-215.82%

-59.47%

—

MARAMarathon Digital Holdings, Inc.

$6.35

$2.42B

-0.70

33.47%

-453.74%

-108.46%

—

CLSKCleanSpark, Inc.

$6.16

$1.58B

-1.66

102.21%

-146.9%

-75.24%

0.55%

CIFRCipher Mining Inc.

$6.55

$2.68B

-2.66

25.29%

—

-155.51%

—

BTBTBit Digital, Inc.

$0.73

$256.77M

-0.88

-32.54%

-5.61%

-38.19%

0.04%