NASDAQ · CIFR

Cipher Mining Inc.

Technology · Information Technology Services

$16.94▲ 1.32% ($0.22)at close

Pre-market$17.30▲ 2.13%7:37 AM ET

52-week

$11.01$30.14

Market cap

$6.93B

P/E

-5.91

EPS (TTM)

-$2.73

Next earnings

Nov 2, 2026

No multiple

What the market price implies · Reverse DCF

Historical revenue grew by 319.34%/yr over the past 3 years.

Selected forecast · Base scenario

19.61%/yr · actual 10-year annualized revenue growth

Year 1 growth: 40%

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$16.94

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Every projected year produces negative free cash flow, so the model returns a negative enterprise value. A discounted-cash-flow valuation cannot be defended on those inputs, so it is not shown.

Only 4 of the five annual revenue periods are available; growth uses the observed fiscal-year spans. Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Reported operating earnings and the comparable cash-flow estimate differ substantially; the model retains the reported-margin anchor.

Year 1 growth 40% · Ending margin 0% · Discount rate 12%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 18, 2026, 11:37 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 36.83%Revenue (TTM): 20.3%FCF (TTM): -186.61%P/S: 87th pct

What changed

The stock rose 36.83% over the last year. Revenue grew 20.3% over the trailing twelve months. Operating margin moved from -99.24% to -202.95%. Free cash flow declined 186.61% over the trailing twelve months.

What the market seems to be pricing

The stock has moved higher against modestly weakening underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at -202.95%. A decisive move in revenue — currently up 20.3% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Cipher Mining Inc. is a United States-based technology enterprise actively engaged in the Bitcoin mining sector.

CEORodney Tyler Page

SectorTechnology

IndustryInformation Technology Services

Employees66

IPO dateOct 20, 2020

https://cipherdigital.com

Market multiples

Forward P/E—

EV/EBITDA-13.21

Enterprise value$7.77B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth-42.99%

Gross margin (FY2025)28.4%▲9.8ppvs FY2024

Operating margin (FY2025)-150.67%▼121.8ppvs FY2024

ROE-170.77%▼60.2ppvs FY2025

Analyst consensus

RatingBuy

Target price$30.72▲81.35%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 2, 2026

Q4 FY26 · EPS est -$0.24 · Revenue est $37.16M

View

NASDAQ · CIFR

Cipher Mining Inc.

Technology · Information Technology Services

$16.94▲ 1.32% ($0.22)at close

Pre-market$17.30▲ 2.13%7:37 AM ET

52-week

$11.01$30.14

Market cap

$6.93B

P/E

-5.91

EPS (TTM)

-$2.73

Next earnings

Nov 2, 2026

No multiple

What the market price implies · Reverse DCF

Historical revenue grew by 319.34%/yr over the past 3 years.

Selected forecast · Base scenario

19.61%/yr · actual 10-year annualized revenue growth

Year 1 growth: 40%

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$16.94

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Every projected year produces negative free cash flow, so the model returns a negative enterprise value. A discounted-cash-flow valuation cannot be defended on those inputs, so it is not shown.

Reported operating earnings and the comparable cash-flow estimate differ substantially; the model retains the reported-margin anchor.

Year 1 growth 40% · Ending margin 0% · Discount rate 12%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 18, 2026, 11:37 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 36.83%Revenue (TTM): 20.3%FCF (TTM): -186.61%P/S: 87th pct

What changed

What the market seems to be pricing

What would invalidate this read

Operating margin currently stands at -202.95%. A decisive move in revenue — currently up 20.3% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Cipher Mining Inc. is a United States-based technology enterprise actively engaged in the Bitcoin mining sector.

CEORodney Tyler Page

SectorTechnology

IndustryInformation Technology Services

Employees66

IPO dateOct 20, 2020

https://cipherdigital.com

Market multiples

Forward P/E—

EV/EBITDA-13.21

Enterprise value$7.77B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth-42.99%

Gross margin (FY2025)28.4%▲9.8ppvs FY2024

Operating margin (FY2025)-150.67%▼121.8ppvs FY2024

ROE-170.77%▼60.2ppvs FY2025

Analyst consensus

RatingBuy

Target price$30.72▲81.35%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 2, 2026

Q4 FY26 · EPS est -$0.24 · Revenue est $37.16M

View