Cipher Mining Inc. (CIFR) Key Metrics
CIFR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.73B
- Enterprise value
- $12.37B
- P/E (TTM)
- —
- Forward P/E
- 85.5
- PEG ratio
- —
- Price / sales
- 19.5 10-yr median 17.5
- Price / book
- 13.5 10-yr median 2.2
- EV / EBITDA
- 8.9
- Dividend yield
- —
- Beta
- 3.21
CIFR key metrics, 2020–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCIFR valuation Price multiples at each fiscal year-end price.
CIFR returns How much profit the business earns on the capital it uses.
CIFR per-share figures Results divided by the shares outstanding at year-end.
CIFR financial health Debt, liquidity and how easily interest is covered.
CIFR efficiency & capital use Working capital cycle and where the cash goes.
CIFR valuation history
CIFR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CIFR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CIFR cash returned to shareholders
CIFR price vs earnings per share
CIFR key metrics
2020–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Valuation | ||||||
| Market capitalization | $5.63B | $1.50B | $1.04B | $139.0M | $1.01B | $2.14B |
| Enterprise value | $7.77B | $1.55B | $978.4M | $147.7M | $799.7M | $2.14B |
| Price / sales | 25.2 | 9.9 | 8.2 | 45.8 | — | — |
| Price / book | 7.0 | 2.2 | 2.1 | 0.4 | 2.9 | — |
| EV / sales | 34.7 | 10.2 | 7.7 | 48.6 | — | — |
| EV / EBITDA | — | 25.4 | 24.6 | — | — | — |
| Earnings yield | −14.6% | −3.0% | −2.5% | −28.1% | −7.1% | 0.1% |
| Free cash flow yield | −12.4% | −15.1% | −14.3% | −179.0% | −15.0% | −0.0% |
| Dividend yield | — | — | 0.3% | — | — | — |
| Shareholder yield (dividends + buybacks) | 1.6% | 1.8% | 0.7% | 2.2% | 2.3% | — |
| Share price at fiscal year-end | $14.76 | $4.64 | $4.13 | $0.56 | $4.63 | $9.95 |
| Per share | ||||||
| Revenue per share | $0.59 | $0.47 | $0.50 | $0.01 | $0.00 | $0.00 |
| Earnings per share | −$2.15 | −$0.14 | −$0.10 | −$0.16 | −$0.33 | $0.01 |
| Operating cash flow per share | −$0.54 | −$0.27 | −$0.37 | −$0.08 | −$0.15 | −$0.00 |
| Free cash flow per share | −$1.82 | −$0.70 | −$0.59 | −$1.00 | −$0.70 | −$0.00 |
| Cash per share | $1.65 | $0.02 | $0.34 | $0.05 | $0.96 | $0.01 |
| Book value per share | $2.11 | $2.11 | $1.95 | $1.38 | $1.62 | −$0.00 |
| Tangible book value per share | $1.91 | $2.08 | $1.91 | $1.38 | $1.62 | −$0.00 |
| Dividends per share | — | — | $0.01 | — | — | — |
| Capex per share | $1.28 | $0.43 | $0.22 | $0.92 | $0.55 | $0.61 |
| Debt per share | $7.25 | $0.17 | $0.09 | $0.08 | $0.00 | — |
| Shares outstanding | 381.6M | 323.1M | 252.4M | 248.2M | 218.0M | 214.8M |
| Change in shares outstanding | +18.1% | +28.0% | +1.7% | +13.9% | +1.5% | — |
| Returns & profitability | ||||||
| Return on equity (ROE) | −110.6% | −7.6% | −6.2% | −11.2% | −40.8% | — |
| Return on invested capital (ROIC) | −14.5% | −6.0% | −4.1% | −11.9% | −80.0% | — |
| Return on assets (ROA) | −31.9% | −6.3% | −5.2% | −10.1% | −40.7% | 642.4% |
| Return on tangible assets | −19.5% | −5.3% | −4.6% | −9.3% | −20.4% | 642.4% |
| Free cash flow margin | −310.7% | −150.1% | −117.7% | — | — | — |
| Income quality (OCF / net income) | — | — | — | — | — | −0.29 |
| Financial health | ||||||
| Total debt | $2.77B | $56.4M | $22.0M | $20.7M | $123,070 | — |
| Cash & short-term investments | $628.3M | $5.6M | $86.1M | $11.9M | $209.8M | $1.3M |
| Net debt | $2.14B | $50.8M | −$64.1M | $8.7M | −$209.7M | −$1.3M |
| Debt / equity | 3.44 | 0.08 | 0.04 | 0.06 | 0.00 | — |
| Debt / assets | 0.64 | 0.07 | 0.04 | 0.05 | 0.00 | — |
| Net debt / EBITDA | — | 0.83 | −1.62 | — | — | −1.15 |
| Current ratio | 3.79 | 1.28 | 4.60 | 1.18 | 447.99 | 8.91 |
| Quick ratio | 3.62 | 0.57 | 3.63 | 1.03 | 447.99 | 8.91 |
| Interest coverage | -9.2 | -25.6 | -10.1 | -273.1 | — | — |
| Working capital | $1.95B | $36.4M | $121.7M | $7.4M | $223.2M | $1.4M |
| Invested capital | $2.94B | $732.8M | $427.2M | $351.6M | $143.8M | −$1.3M |
| Tangible asset value | $758.5M | $673.1M | $483.2M | $342.3M | $353.5M | −$3,480 |
| Net current asset value | −$803.2M | −$5.3M | $80.7M | −$27.8M | $223.0M | $1.4M |
| Graham net-net per share | −$7.24 | −$0.30 | $0.11 | −$0.24 | $0.96 | $0.01 |
| Capital allocation | ||||||
| Dividends paid | — | — | $3.4M | — | — | — |
| Share buybacks (net) | $89.6M | $27.6M | $3.9M | $3.1M | $23.2M | — |
| Capex / revenue | 217.9% | 92.2% | 43.4% | 7,504.7% | — | — |
| Capex / depreciation | 2.43 | 1.35 | 0.92 | 44.26 | 24,648.81 | 2,181,195.08 |
| Stock-based compensation / revenue | 23.6% | 27.9% | 30.3% | 1,366.6% | — | — |
| SG&A / revenue | 16.2% | 21.6% | 68.7% | 2,332.4% | — | — |
| Efficiency | ||||||
| Days sales outstanding | 29.2 | 43.2 | 3.0 | 72.1 | — | — |
| Days of inventory on hand | 248.2 | 186.2 | 142.4 | 1,533.0 | — | — |
| Days payables outstanding | 71.4 | 41.0 | 81.1 | 4,296.8 | 9,146.3 | — |
| Cash conversion cycle (days) | 206.0 | 188.3 | 64.3 | -2,691.7 | — | — |
| Receivables turnover | 12.48 | 8.45 | 122.73 | 5.06 | — | — |
| Payables turnover | 5.11 | 8.90 | 4.50 | 0.08 | 0.04 | — |
| Inventory turnover | 1.47 | 1.96 | 2.56 | 0.24 | — | — |
| Asset turnover | 0.09 | 0.21 | 0.26 | 0.01 | 0.00 | 0.00 |
| Average receivables | $17.9M | $17.9M | $1.0M | $600,000 | $0 | — |
| Average payables | $31.4M | $13.8M | $11.2M | $8.8M | $121,960 | $1,919 |
| Average inventory | $109.0M | $62.8M | $19.6M | $3.1M | $0 | — |
| Intangibles / total assets | 1.8% | 1.0% | 1.4% | 0.1% | 0.0% | 0.0% |
Computed from CIFR's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CIFR valuation and financial ratios
Cipher Mining earned a return on equity of −110.6% and a return on invested capital of −14.5% in fiscal 2025. It ended the year with $2.8 billion of debt and $628.3 million in cash and short-term investments, net debt of $2.1 billion. It returned $89.6 million to shareholders: $0 in dividends and $89.6 million in share buybacks. The share count rose 77.7% from 214.8M to 381.6M over 5 years.
See the CIFR income statement, the CIFR chart for price history, or the CIFR stock overview for the latest quote and news.
CIFR key metrics FAQ
What is Cipher Mining's return on equity?
Cipher Mining's return on equity (ROE) was −110.6% in fiscal 2025: net income of -$822.2 million on average shareholders' equity of $743.7 million.
What is Cipher Mining's ROIC?
Cipher Mining's return on invested capital was −14.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Cipher Mining have?
Cipher Mining had total debt of $2.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 3.44.
Does Cipher Mining buy back its shares?
Yes. Cipher Mining spent $89.6 million on net share repurchases in fiscal 2025 Shares outstanding changed +18.1% over the year, to 381.6M..
What is Cipher Mining's free cash flow yield?
Cipher Mining generated -$695.9 million of free cash flow in fiscal 2025, a free cash flow yield of −12.4% on its market value at year-end ($5.6 billion).
What is Cipher Mining's current ratio?
Cipher Mining's current ratio was 3.79 at the end of fiscal 2025: current assets were 3.79 times current liabilities.