Cipher Digital vs DHI Group
Cipher Digital is the larger business, with $224m of revenue in fiscal 2025 against $128m for DHI Group (1.8 times as much). Cipher Digital grew faster (48.0% against -9.9%). DHI Group kept more of each dollar of sales as profit: a net margin of -10.6% against -367.2%. DHI Group carries less debt relative to equity (31.7% against 397.9%).
| Latest fiscal year | Cipher DigitalCIFR, 2025 | DHI GroupDHX, 2025 |
|---|---|---|
| Revenue | $224m | $128m |
| Revenue growth | 48.0% | -9.9% |
| Net income | −$822m | −$13.5m |
| Operating margin | -188.2% | -8.9% |
| Net margin | -367.2% | -10.6% |
| Return on equity | -110.6% | -12.9% |
| Free cash flow | −$696m | $13.8m |
| Cash | $628m | $2.9m |
| Total debt | $3.21bn | $30.0m |
| Debt to equity | 397.9% | 31.7% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $89.6m | $9.7m |
| Employees | 66 | 270 |
| Market value | $3.34bn | $212m |
| Price vs our value range | — | Above our value range |
| Moat score | — | 64 (Moderate) |
| Insider trades, 12 months | 0 buys, 29 sales | 0 buys, 3 sales |