Cipher Digital vs Terawulf
Cipher Digital is the larger business, with $224m of revenue in fiscal 2025 against $168m for Terawulf (1.3 times as much). Cipher Digital grew faster (48.0% against 20.3%). Cipher Digital kept more of each dollar of sales as profit: a net margin of -367.2% against -392.6%. Cipher Digital carries less debt relative to equity (397.9% against 2522.0%).
| Latest fiscal year | Cipher DigitalCIFR, 2025 | TerawulfWULF, 2025 |
|---|---|---|
| Revenue | $224m | $168m |
| Revenue growth | 48.0% | 20.3% |
| Net income | −$822m | −$661m |
| Operating margin | -188.2% | -110.5% |
| Net margin | -367.2% | -392.6% |
| Return on equity | -110.6% | — |
| Free cash flow | −$696m | −$1.18bn |
| Cash | $628m | $3.27bn |
| Total debt | $3.21bn | $3.54bn |
| Debt to equity | 397.9% | 2522.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $89.6m | $33.3m |
| Employees | 66 | 141 |
| Market value | $3.34bn | $6.21bn |
| Price vs our value range | — | — |
| Moat score | — | 22 (Weak) |
| Insider trades, 12 months | 0 buys, 29 sales | 13 buys, 17 sales |