Cipher Mining Inc. (CIFR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-297.8%

-$13.57

vs $6.86 price

Levered DCF

-$34.32

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.64

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	-6.87×	-33.14×	-41.3×	-3.5×	-14.03×	995×
P/B	6.99×	2.2×	2.12×	0.41×	2.86×	-614,097.99×
P/S	25.15×	9.91×	8.22×	45.77×	0×	0×
EV / EBITDA	-13.21×	25.37×	24.64×	-4.63×	-11.08×	1,921.96×
Gross margin	28.4%	18.6%	60.3%	75.4%	0.0%	0.0%
Operating margin	-150.7%	-28.9%	-15.9%	-1232.2%	0.0%	0.0%
Net margin	-367.2%	-29.5%	-20.3%	-1285.9%	0.0%	0.0%
Current ratio	3.79×	1.28×	4.6×	1.18×	447.99×	0×
Debt / equity	3.44×	0.08×	0.04×	0.06×	0×	0×
Interest coverage	-9.23×	-25.58×	-10.06×	-273.15×	-2,681.03×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-102.1%	-6.5%	-5.2%	-11.4%	-20.4%	-31951.7%
Return on invested capital	-10.3%	-5.7%	-3.7%	-9.8%	-20.4%	4415.4%
Return on assets	-19.2%	-5.2%	-4.6%	-9.3%	-20.4%	642.4%
Free cash flow yield	-12.4%	-15.1%	-14.3%	-179.0%	-15.0%	-0.0%
Earnings yield	-14.6%	-3.0%	-2.5%	-28.1%	-7.1%	0.1%
Enterprise value	$7.8B	$1.6B	$978.4M	$147.7M	$799.6M	$2.1B
Net debt / EBITDA	-3.64×	0.83×	-1.62×	-0.27×	2.91×	0×
Cash conversion cycle (days)	196	292	206	-5,265	-18,149	0