Core Scientific, Inc. key statistics and ratios

In fiscal 2025, Core Scientific, Inc. had an operating margin of -77.0% and a current ratio of 1.15. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Core Scientific, Inc.: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	15.6%	43.9%	1.3%	24.6%	23.7%	11.9%	28.3%
Operating margin	−10.5%	24.2%	−329.5%	1.8%	−27.8%	−77.0%	−127.4%
Net margin	−20.2%	8.7%	−335.2%	−49.1%	−281.6%	−90.5%	−324.9%
Free-cash-flow margin	−39.4%	−10.4%	−27.9%	9.7%	−10.2%	−141.3%	−217.5%
Return on equity	−13.7%	6.6%	—	—	—	—	—
Return on assets	<−999%	3.9%	−132.2%	−32.4%	−131.4%	−15.1%	−37.6%
Asset turnover	4021.33	0.45	0.39	0.66	0.47	0.17	0.12
Current ratio	—	2.36	0.46	0.20	6.72	1.15	0.89
Debt to equity	0.0%	54.3%	—	—	—	—	—
Effective tax rate	—	25.0%	—	—	—	—	—
R&D as % of revenue	8.7%	1.4%	4.2%	1.4%	2.3%	—	—
SG&A as % of revenue	—	—	—	21.5%	22.3%	49.9%	34.5%
Capital spending as % of revenue	0.0%	0.0%	60.0%	3.2%	18.6%	228.5%	335.7%
Free cash flow ÷ net income	—	−119.9%	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	—	0.0%	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Core Scientific, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	−0.2%	5.0%	10.3%	6.4%	4.8%	26.0%	26.1%	42.7%
Operating margin	−43.2%	−68.9%	−59.1%	−33.4%	−67.6%	−147.3%	−269.4%	−47.8%
Net margin	−477.4%	−306.7%	724.6%	<−999%	−177.6%	270.8%	−301.3%	−703.6%
Free-cash-flow margin	−26.7%	−15.8%	−162.2%	−111.0%	−139.0%	−152.6%	−120.9%	−355.6%
Current ratio	3.63	6.72	4.26	1.79	1.58	1.15	0.55	0.89
R&D as % of revenue	3.0%	5.3%	—	—	—	—	—	—
SG&A as % of revenue	42.3%	26.4%	40.6%	57.6%	85.5%	−14.6%	38.9%	30.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

16 /100

Weak moat

How hard Core Scientific's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median -66.8% of total assets over 5 years.
Pricing power 3 / 20

Gross margin has been a median 28.3%, moving by 14.9 percentage points (standard deviation) across 5 years.
Durability 10 / 20

Operating margin has been a median -125.1%; its worst year was -192.0%.
Cash conversion 4 / 20

Free cash flow was positive in 2 of 5 years, at a median -8.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (21 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Core Scientific, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Core Scientific, Inc.