# Cipher Digital Inc. (CIFR) · Edgar & Edgarette company card

> Cipher Digital (CIFR) grew revenue 48.0% in FY2025 to $224 million, operating margin -188% against a -6.4% median for finance services, equity 18.8% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1819989 · fiscal year ended 2025-12-31 · 4 audited years read · [page](https://www.pops4.com/boards/company/CIFR) · [JSON](https://www.pops4.com/boards/company/CIFR.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $224M |
| Revenue growth, 1 year | 48.0% |
| Revenue growth per year | 319.2% |
| Operating margin | -188.2% (prior year -28.9%) |
| Net margin | -367.2% |
| Operating cash flow | −$208M |
| Capital spending | $488M |
| Free cash flow | −$696M |
| Cash | $628M |
| Long-term debt | $2.7B |
| Total assets | $4.3B |
| Total equity | $806M |
| Equity ÷ assets | 18.8% |
| Return on equity | -102.1% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 3 of 9 (middling)
- Health Harbor boat: Weathered boat · two warning signs · operating cash flow was negative; operating loss: a margin of -188.2% in FY2025
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $223.9M (FY2025), total debt $2.7B. Experience: revenue up 48.0% on the year, up 319.2% a year over 3 years; operating margin -188.2%, down from -28.9%. Soundness: equity 18.8% of assets, return on equity -102.1%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $514.5M and $754.9M next year (method v4.1: its own 2-year record of growth weighed at 25% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $466.9M to $835.0M. A statistical range, not company guidance. Against peers (36 filers, $50M+ revenue, finance services): operating margin -188.2% against a -6.4% median; growth 48.0% against 16.8%.

Range logged 2026-09-26, receipt 1b717d500c94b773, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 1, latest 2026-02-11 ([filing](https://www.sec.gov/Archives/edgar/data/1819989/000181998926000002/0001819989-26-000002-index.htm))

## Recent filings

- 10-Q · filed 2026-11-02 · [filing](https://www.sec.gov/Archives/edgar/data/1819989/000181998926000050/0001819989-26-000050-index.htm)
- 8-K · filed 2026-11-02 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1819989/000181998926000047/0001819989-26-000047-index.htm)
- 8-K · filed 2026-10-16 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 3.02 Unregistered Sales of Equity Securities; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1819989/000119312526424297/0001193125-26-424297-index.htm)
- 8-K · filed 2026-10-14 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1819989/000119312526421035/0001193125-26-421035-index.htm)
- 8-K · filed 2026-10-13 · 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1819989/000119312526419743/0001193125-26-419743-index.htm)
- 8-K · filed 2026-09-25 · 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1819989/000181998926000043/0001819989-26-000043-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1819989

## Cite

POPS4, Edgar & Edgarette: Cipher Digital Inc. (CIFR) company card, from the company's own SEC filings, accessed 2026-11-10, https://www.pops4.com/boards/company/CIFR. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.