Latest Ratios: P/E Ratio -9.5x · EV/EBITDA N/A · ROE -108.3%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $8.3B | $5.6B | $1.5B | $1.0B | $139M | $1.0B | $2.1B |
| Enterprise Value | $10.4B | $7.8B | $1.6B | $978M | $148M | $800M | $2.1B |
| P/E Ratio → | -9.52 | — | — | — | — | — | — |
| P/S Ratio | 37.10 | 25.15 | 9.91 | 8.22 | 45.77 | — | — |
| P/B Ratio | 9.35 | 6.74 | 2.20 | 2.12 | 0.41 | 2.86 | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 34.70 | 10.25 | 7.71 | 48.65 | — | — |
| EV / EBITDA | — | — | 25.83 | 24.58 | — | — | 1921.96 |
| EV / EBIT | — | — | — | — | — | — | 1921.96 |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 28.4% | 28.4% | 18.6% | 60.3% | 75.4% | — | — |
| Operating Margin | -150.7% | -150.7% | -28.9% | -15.9% | -1232.2% | — | — |
| Net Profit Margin | -367.2% | -367.2% | -29.5% | -20.3% | -1285.9% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -108.3% | -108.3% | -7.6% | -6.2% | -11.2% | -40.8% | — |
| ROA | -31.9% | -31.9% | -6.3% | -5.2% | -10.1% | -40.7% | 642.4% |
| ROIC | -11.7% | -11.7% | -5.2% | -3.4% | -7.8% | -30.6% | — |
| ROCE | -15.6% | -15.6% | -7.0% | -4.4% | -10.2% | -40.8% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.31 | 3.31 | 0.08 | 0.04 | 0.06 | — | — |
| Debt / EBITDA | — | — | 0.94 | 0.55 | — | — | — |
| Net Debt / Equity | — | 2.56 | 0.07 | -0.13 | 0.03 | -0.59 | — |
| Net Debt / EBITDA | — | — | 0.85 | -1.61 | — | — | 0.00 |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -21.58 | -21.58 | -24.95 | -10.11 | -270.63 | -2874.56 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 3.79 | 3.79 | 1.28 | 4.60 | 1.18 | 447.99 | — |
| Quick Ratio | 3.79 | 3.79 | 1.28 | 4.60 | 1.18 | 447.99 | — |
| Cash Ratio | 0.90 | 0.90 | 0.04 | 2.55 | 0.30 | 420.31 | — |
| Asset Turnover | — | 0.05 | 0.18 | 0.22 | 0.01 | — | — |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 1.1% | — | — | — | — | — | — |
| Total Shareholder Yield | 1.1% | — | — | — | — | — | — |
| Shares Outstanding | — | $382M | $323M | $252M | $248M | $218M | $215M |
Extreme Bitcoin Price Sensitivity
Based on reported figures, Cipher Mining trades at a price-to-sales ratio of 47.02, which suggests that investors are pricing the company as a growth-oriented infrastructure play rather than a traditional commodity miner, despite the lack of a forward P/E multiple due to persistent net losses.
The elevated P/S multiple indicates that the market is assigning significant value to Cipher's grid-connected land and power infrastructure rather than current earnings. Investors should monitor whether this premium can be sustained if the company fails to convert its massive cash reserves into profitable, high-hash-rate operational capacity.
As reported in recent financial statements, Cipher Mining's ROIC has trended into negative territory, reaching -0.9% in 2026Q1, which highlights the difficulty of generating positive returns on invested capital when hardware depreciation and network difficulty outpace the revenue generated from Bitcoin mining operations.
The consistent decay in ROIC suggests that the company's aggressive capital expenditure on ASIC hardware is not yet creating a compounding effect on shareholder value. This trend warrants further investigation into whether the current fleet expansion strategy will eventually reach an efficiency threshold that justifies the heavy upfront investment.
According to quarterly balance sheet data, Cipher maintains a current ratio of 3.13, which provides a substantial liquidity buffer that appears to be a strategic choice to mitigate the inherent volatility of the Bitcoin mining sector and the company's ongoing operational cash burn.
While the high current ratio suggests a strong ability to meet short-term obligations, it also implies that a significant portion of capital is sitting idle rather than being deployed into revenue-generating assets. This liquidity position is a double-edged sword, offering safety during market downturns while potentially dragging on overall capital efficiency.
Based on a comparison with peers like CleanSpark, Cipher Mining's net margin profile remains significantly more strained, as evidenced by the -150.67% operating margin, suggesting that the company's cost structure is currently less optimized than competitors who have achieved greater scale in their mining operations.
The gap between Cipher and more efficient peers appears structural, likely stemming from differences in fleet age and power procurement execution. Investors should monitor whether Cipher's fixed-price PPA strategy can eventually bridge this margin gap as the company scales its hash rate to match larger industry incumbents.
The price-to-earnings ratio is the most commonly misapplied metric for Cipher Mining, as it fails to account for the non-cash impact of aggressive ASIC depreciation and Bitcoin impairment charges that distort the company's true underlying earning power in the current volatile mining environment.
Analysts should instead focus on metrics like EV/Hash Rate or cash-flow-based valuations to better understand the company's operational viability. Relying on P/E in this context may lead to flawed conclusions, as it ignores the massive capital intensity required to maintain a competitive position in the global network.
Includes 30+ ratios · 6 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CIFR stock.
Cipher Mining Inc.'s current P/E ratio is -9.5x. This places it at the 50th percentile of its historical range.
Cipher Mining Inc.'s return on equity (ROE) is -108.3%. The historical average is -34.8%.
Based on historical data, Cipher Mining Inc. is trading at a P/E of -9.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cipher Mining Inc. has 28.4% gross margin and -150.7% operating margin.