# Cipher Digital Inc. (CIFR)

> Source: Nexqual · https://nexqual.com/CIFR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cipher Digital Inc. (CIFR), nexqual.com/CIFR" · informational, not investment advice.

**Price:** USD 8.32 (-8.87% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.13 · day 8.04–8.97 · 52w 8.04–30.14 · market cap $3.45B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $191M, net income -$1.12B (-585.8% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold CIFR (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $86.4M; 8 not under a Rule 10b5-1 plan ($81.4M); 5 by opportunistic insiders (5 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -51.8% vs S&P 500 +14.9%; 5Y +4.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD -0.16, revenue estimate $37.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2020 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $3.0M | $127M | $151M | $224M | $191M |
| Gross profit | — | $2.3M | $76.5M | $88.9M | $143M | — |
| Operating income | -$154K | -$37.4M | -$20.1M | -$43.7M | -$422M | -$531M |
| Net income | -$107K | -$39.1M | -$25.8M | -$44.6M | -$822M | -$1.12B |
| EPS (diluted) | — | -$0.16 | -$0.10 | -$0.14 | -$2.15 | — |
| Free cash flow | — | -$60.1M | -$115M | -$227M | -$696M | -$1.49B |
| Gross margin | — | 75.4% | 60.3% | 58.8% | 63.7% | — |
| Operating margin | — | -1232.2% | -15.9% | -28.9% | -188.2% | -278.1% |
| Net margin | — | -1285.9% | -20.3% | -29.5% | -367.2% | -585.8% |
| Revenue growth | — | — | +4076.6% | +19.3% | +48.0% | — |
| Cash + short-term investments | $171M | — | $74.2M | $5.6M | $628M | — |
| Total debt | — | — | — | $32.3M | $2.75B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 18.1x · P/B 6.1x · FCF yield -43.16% · Earnings yield -32.42% · Buyback yield (TTM) 3.89%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CIFR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Chase Coleman | Tiger Global Management | 0.09% | $22.7M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-08…2026-07-09 | Page Tyler | Chief Executive Officer | 225,000 | $4.9M | 2.3% | Yes (adopted December 19, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-18 | Grossman Cary M | Director | 15,000 | $441K | 9.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-11…2026-06-16 | Newsome James E | Director | 7,100 | $170K | 5.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-04 | V3 Holding Ltd |  | 1,200,000 | $30.6M | 2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-03 | V3 Holding Ltd |  | 1,800,000 | $47.9M | 2.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-21 | Williams Wesley Hastie | Director | 14,567 | $312K | 11.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-12 | Kelly Patrick Arthur | Co-President and COO | 48,000 | $929K | 3.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06 | Williams Wesley Hastie | Director | 28,169 | $627K | 17.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-06 | Grossman Cary M | Director | 20,000 | $436K | 11.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Cantor Fitzgerald | Target lowered | Overweight | $28 → $19 |
| 2026-10-12 | Morgan Stanley | Target lowered | Overweight | $54 → $51.5 |
| 2026-09-23 | UBS | Initiated | Buy | $23 |
| 2026-09-21 | Rothschild & Co | Initiated | Neutral | $18 |
| 2026-09-18 | Morgan Stanley | Target raised | Overweight | $43.5 → $54 |
| 2026-09-18 | Freedom Capital Markets | Initiated | Hold | $22 |
| 2026-09-17 | Wells Fargo | Initiated | Overweight | $25 |
| 2026-09-10 | Rosenblatt | Maintained | Buy | $30 |
| 2026-09-04 | Rosenblatt | Maintained | Buy | $30 |
| 2026-08-07 | JP Morgan | Target lowered | Overweight | $23 → $22 |
| 2026-08-06 | Keefe, Bruyette & Woods | Target lowered | Outperform | $32 → $28 |
| 2026-08-05 | Macquarie | Maintained | Outperform | $35 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -51.8% | +4.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -51.9% | +0.8% |
| Volatility (annualized) | 110.7% | 114.7% |
| Max drawdown | -71.5% (Jun 2026→Oct 2026) | -93.9% (Nov 2021→Dec 2022) |

## Peers (Information Technology Services)
KD (Kyndryl Holdings, Inc.) USD 15.2 +5.92% · GDS (GDS Holdings Limited) USD 22.14 -6.07% · PENG (Penguin Solutions, Inc.) USD 51.91 -11.08% · DXC (DXC Technology Company) USD 16.08 +4.42% · CSQR (Csquare, Inc.) USD 14.9 -11.83% · PSN (Parsons Corporation) USD 47.8 +5.29%

## More
Full page: https://nexqual.com/CIFR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.16 | $-0.11 | +43.4% | $37.2M | 4 |
| Next quarter (ends 2026-12-31) | $-0.03 | $-0.02 | +95.0% | $116.1M | 4 |
| Current fiscal year (ends 2026-12-31) | $-0.60 | $-0.44 | +38.1% | $216.4M | 6 |
| Next fiscal year (ends 2027-12-31) | $0.22 | $0.48 | -53.4% | $849.1M | 5 |