Cipher Mining Inc. (CIFR) Balance Sheet
CIFR balance sheet, 2025
December 31, 2025 · U.S. dollars$4.29B assets = $3.46B liabilities + $835.9M equity
Both columns are drawn to the same scale: what CIFR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CIFR financial health
Descriptive bands, not a rating. Fiscal 2025.
CIFR balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $173,0872020 | $4.29B2025 | +656.6%/yr | |
| Total liabilities | $176,5672020 | $3.46B2025 | +621.7%/yr | |
| Shareholders’ equity | −$3,4802020 | $805.5M2025 | — | |
| Cash & short-term investments | $1.3M2020 | $628.3M2025 | +245.5%/yr | |
| Total debt | $123,0702021 | $2.77B2025 | +1,124.5%/yr | |
| Net cash (debt) | $209.7M2021 | −$2.14B2025 | −$2.3B | |
| Working capital | $1.4M2020 | $1.95B2025 | +$2.0B | |
| Book value per share | −$0.002020 | $2.112025 | — | |
| Current ratio | 8.912020 | 3.792025 | −5.12 | |
| Debt / equity | 0.002021 | 3.442025 | +3.43 | |
| Shares outstanding | 214.8M2020 | 381.6M2025 | +12.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CIFR assets
CIFR liabilities and equity
CIFR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CIFR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $628.3M | $5.6M | $86.1M | $11.9M | $209.8M | $1.3M |
| Cash & equivalents | $628.3M | $5.6M | $86.1M | $11.9M | $209.8M | $1.3M |
| Short-term investments | — | — | $33.0M | $6.3M | — | — |
| Receivables | $958,000 | $34.9M | $867,000 | $1.2M | $0 | $0 |
| Inventory | $125.4M | $92.7M | $33.0M | $6.3M | $0 | $0 |
| Other current assets | $1.90B | $35.0M | $35.5M | $28.3M | $13.8M | $297,371 |
| Total current assets | $2.65B | $168.2M | $155.5M | $47.7M | $223.7M | $1.6M |
| Property, plant & equipment (net) | $622.5M | $532.3M | $250.9M | $269.3M | $120.0M | $1,637 |
| Goodwill & intangible assets | $77.4M | $8.9M | $8.1M | $596,000 | $0 | $0 |
| Long-term investments | $29.4M | $53.9M | $35.3M | $83.1M | $0 | $0 |
| Other non-current assets | $909.8M | $92.2M | $116.4M | $17.7M | $10.5M | $0 |
| Total assets | $4.29B | $855.4M | $566.1M | $418.5M | $354.2M | $173,087 |
| Liabilities | ||||||
| Accounts payable | $40.1M | $22.7M | $5.0M | $17.4M | $242,000 | $1,919 |
| Short-term debt | $43.8M | $39.2M | $4.6M | $3.9M | — | — |
| Deferred revenue | $35.3M | — | — | — | — | — |
| Total current liabilities | $699.1M | $131.8M | $33.8M | $40.3M | $499,251 | $176,567 |
| Long-term debt | $2.71B | $0 | $0 | $0 | $123,070 | $0 |
| Lease obligations | $17.6M | $24.1M | $22.0M | $20.7M | $0 | — |
| Other long-term liabilities | $45.3M | $41.7M | $41.0M | $35.2M | $13,730 | $123,070 |
| Total liabilities | $3.46B | $173.5M | $74.8M | $75.6M | $636,051 | $176,567 |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $412,000 | $361,000 | $296,000 | $251,000 | $252,132 | $200,000 |
| Retained earnings (deficit) | −$1.00B | −$181.4M | −$136.8M | −$111.2M | −$72.2M | −$3,480 |
| Treasury stock | — | — | — | −$4,000 | −$2,852 | — |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | — |
| Minority interest | $30.3M | $0 | — | — | — | — |
| Total shareholders' equity | $805.5M | $682.0M | $491.3M | $342.9M | $353.5M | −$3,480 |
| Key figures | ||||||
| Total debt | $2.77B | $56.4M | $22.0M | $20.7M | $123,070 | — |
| Net cash (debt) | −$2.14B | −$50.8M | $64.1M | −$8.7M | $209.7M | — |
| Working capital | $1.95B | $36.4M | $121.7M | $7.4M | $223.2M | $1.4M |
| Tangible book value | $728.1M | $673.1M | $483.2M | $342.3M | $353.5M | −$3,480 |
| Book value per share | $2.11 | $2.11 | $1.95 | $1.38 | $1.62 | −$0.00 |
| Shares outstanding | 381.6M | 323.1M | 252.4M | 248.2M | 218.0M | 214.8M |
| Current ratio | 3.79 | 1.28 | 4.60 | 1.18 | 447.99 | 8.91 |
| Quick ratio | 0.90 | 0.31 | 2.57 | 0.33 | 420.31 | 7.23 |
| Debt / equity | 3.44 | 0.08 | 0.04 | 0.06 | 0.00 | — |
| Equity / assets | 18.8% | 79.7% | 86.8% | 81.9% | 99.8% | −2.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $4.06B | $715.2M | $3.80B | $1.21B | $62.7M | $23.2M | $5.6M | $25.3M | $122.6M | $212.0M | $86.1M | $3.3M |
| Cash & equivalents | $4.02B | $715.2M | $3.73B | $1.21B | $62.7M | $23.2M | $5.6M | $25.3M | $122.6M | $88.7M | $86.1M | $3.3M |
| Short-term investments | $37.8M | — | $76.2M | — | $112.1M | — | — | $95.5M | $138.1M | $123.3M | $33.0M | $13.7M |
| Receivables | $20.1M | $8.5M | $8.5M | $1.0M | $1.8M | $33.6M | $34.9M | $285,000 | $462,000 | $1.1M | $867,000 | $360,000 |
| Inventory | $37.8M | $76.2M | $125.4M | $170.3M | $112.1M | $52.0M | $92.7M | $95.5M | $138.1M | $123.3M | $33.0M | $13.7M |
| Other current assets | $16.1M | $3.09B | $0 | $40.7M | $43.0M | $45.8M | $35.0M | $30.7M | $48.3M | $0 | $35.5M | $37.0M |
| Total current assets | $4.13B | $3.89B | $3.89B | $1.42B | $219.7M | $154.6M | $168.2M | $151.8M | $309.4M | $250.2M | $155.5M | $54.4M |
| Property, plant & equipment (net) | $2.17B | $1.31B | $1.31B | $661.7M | $669.2M | $612.7M | $532.3M | $465.8M | $307.1M | $245.4M | $281.7M | $263.9M |
| Goodwill & intangible assets | $76.9M | $77.2M | $77.2M | $9.4M | $9.2M | $9.0M | $8.9M | $25.7M | $8.5M | $8.2M | $8.1M | $0 |
| Long-term investments | $0 | $0 | $29.4M | $42.3M | $45.9M | $48.5M | $53.9M | $55.0M | $49.9M | $52.6M | $35.3M | $33.6M |
| Other non-current assets | $1.12B | $1.11B | $1.08B | $707.9M | $74.8M | $89.0M | $92.2M | $77.1M | $100.7M | $120.8M | $85.6M | $64.5M |
| Total assets | $7.50B | $6.39B | $6.39B | $2.84B | $1.02B | $913.8M | $855.4M | $775.4M | $775.6M | $677.1M | $566.1M | $416.5M |
| Liabilities | ||||||||||||
| Accounts payable | $289.1M | $197.9M | $197.9M | $12.5M | $14.9M | $29.9M | $22.7M | $13.2M | $13.7M | $7.5M | $6.5M | $6.2M |
| Short-term debt | $101.2M | — | $361.6M | $7.6M | $7.5M | $42.6M | $39.2M | $5.2M | $4.9M | $4.8M | $4.6M | $9.6M |
| Deferred revenue | $25.5M | — | $7.4M | — | — | — | — | $34.2M | — | — | — | $22.3M |
| Total current liabilities | $1.38B | $1.25B | $1.25B | $570.2M | $52.5M | $138.7M | $131.8M | $59.1M | $36.4M | $31.0M | $33.8M | $38.9M |
| Long-term debt | $5.45B | $4.38B | $2.71B | $1.02B | $167.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $45.5M | $14.6M | $17.6M | $20.9M | $22.2M | $22.9M | $24.1M | $23.2M | $23.3M | $20.9M | $22.0M | $25.3M |
| Other long-term liabilities | $87.8M | $31.3M | $1.70B | $464.3M | $50.2M | $40.3M | $41.7M | $44.4M | $48.4M | $45.2M | $41.0M | $34.9M |
| Total liabilities | $6.91B | $5.65B | $5.65B | $2.06B | $269.9M | $179.0M | $173.5M | $103.4M | $84.8M | $76.2M | $74.8M | $73.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $424,000 | — | $413,000 | $395,000 | $388,000 | $371,000 | $361,000 | $356,000 | $336,000 | $313,000 | $296,000 | $259,000 |
| Retained earnings (deficit) | −$1.39B | −$1.12B | −$1.12B | −$269.5M | −$266.2M | −$220.4M | −$181.4M | −$198.9M | −$112.2M | −$96.9M | −$136.8M | −$148.2M |
| Accumulated other comprehensive income | — | — | — | $0 | — | — | — | — | $0 | $0 | $0 | $0 |
| Minority interest | $25.7M | $25.7M | $30.3M | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | $562.1M | $714.2M | $714.2M | $783.2M | $748.9M | $734.8M | $682.0M | $672.0M | $690.8M | $600.9M | $491.3M | $342.7M |
| Key figures | ||||||||||||
| Total debt | $5.59B | $4.38B | $4.75B | $1.04B | $189.3M | $58.4M | $56.4M | $23.2M | $23.3M | $20.9M | $22.0M | $25.3M |
| Net cash (debt) | −$1.53B | −$3.66B | −$943.5M | $163.5M | −$126.6M | −$35.2M | −$50.8M | $2.2M | $99.2M | $191.0M | $64.1M | −$21.9M |
| Working capital | $2.75B | $2.65B | $2.65B | $849.2M | $167.2M | $15.8M | $36.4M | $92.7M | $273.0M | $219.2M | $121.7M | $15.5M |
| Tangible book value | $485.1M | $637.0M | $637.0M | $773.8M | $739.7M | $725.8M | $673.1M | $646.2M | $682.3M | $592.8M | $483.2M | $342.7M |
| Book value per share | $1.37 | $1.76 | $1.76 | $2.08 | $2.00 | $2.04 | $1.87 | $2.02 | $2.20 | $1.97 | $1.69 | $1.36 |
| Shares outstanding | 409.4M | 405.3M | 405.1M | 376.4M | 375.1M | 360.5M | 364.4M | 332.7M | 314.4M | 304.4M | 291.0M | 251.8M |
| Current ratio | 3.00 | 3.13 | 3.13 | 2.49 | 4.18 | 1.11 | 1.28 | 2.57 | 8.49 | 8.08 | 4.60 | 1.40 |
| Quick ratio | 2.96 | 0.58 | 3.06 | 2.12 | 1.23 | 0.41 | 0.31 | 0.43 | 3.38 | 6.88 | 2.57 | 0.10 |
| Debt / equity | 9.94 | 6.13 | 6.65 | 1.33 | 0.25 | 0.08 | 0.08 | 0.03 | 0.03 | 0.03 | 0.04 | 0.07 |
| Equity / assets | 7.5% | 11.2% | 11.2% | 27.6% | 73.5% | 80.4% | 79.7% | 86.7% | 89.1% | 88.7% | 86.8% | 82.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
CIFR financial position
At the end of fiscal 2025 (December 31, 2025), Cipher Mining had total assets of $4.3 billion (up 401.7% from a year earlier), total liabilities of $3.5 billion and shareholders' equity of $805.5 million. It held $628.3 million in cash and short-term investments against $2.8 billion of debt, net debt of $2.1 billion. Its current ratio was 3.79. In the latest quarter (ended June 30, 2026) total assets were $7.5 billion and equity $562.1 million.
Related: CIFR income statement, CIFR cash flow statement, CIFR key metrics. See the CIFR stock overview for the latest quote and news.
CIFR balance sheet FAQ
What are Cipher Mining's total assets?
Cipher Mining reported total assets of $4.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $855.4 million a year earlier.
How much debt does Cipher Mining have?
Cipher Mining had $2.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 3.44.
How much cash does Cipher Mining have?
Cipher Mining held $628.3 million in cash and short-term investments at the end of fiscal 2025; with $2.8 billion of debt that is net debt of $2.1 billion.
What is Cipher Mining's book value?
Cipher Mining's shareholders' equity (book value) was $805.5 million at the end of fiscal 2025, or $2.11 per share.
What is Cipher Mining's current ratio?
Cipher Mining had current assets of $2.7 billion and current liabilities of $699.1 million, a current ratio of 3.79 (it can cover its short-term obligations).
How much goodwill does Cipher Mining have?
Cipher Mining carried $77.4 million of goodwill and intangible assets, 1.8% of total assets, at the end of fiscal 2025.