Cipher Digital Valuation

Is CIFR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Below Future Cash Flow Value
Significantly Below Future Cash Flow Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of CIFR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: Insufficient data to calculate CIFR's future cash flow value for valuation analysis.

Significantly Below Future Cash Flow Value: Insufficient data to calculate CIFR's future cash flow value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CIFR?

Key metric: As CIFR is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CIFR. This is calculated by dividing CIFR's market cap by their current revenue.
What is CIFR's PS Ratio?
PS Ratio	31.3x
Sales	US$223.94m
Market Cap	US$7.01b

CIFR key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	41x
Enterprise Value/EBITDA	38.8x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does CIFR's PS Ratio compare to its peers?

The above table shows the PS ratio for CIFR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	28.5x
WULF TeraWulf	60.5x	39.25%	US$10.2b
RIOT Riot Platforms	9.7x	17.40%	US$6.9b
HUT Hut 8	34x	29.10%	US$8.0b
CWAN Clearwater Analytics Holdings	9.7x	15.25%	US$7.1b
CIFR Cipher Digital	31.3x	49.94%	US$7.0b

Price-To-Sales vs Peers: CIFR is expensive based on its Price-To-Sales Ratio (31.3x) compared to the peer average (24.6x).

Historical Price to Sales Ratio

Historical Price to Sales Ratio compares a stock's price to its sales over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Sales Ratio vs Industry

How does CIFR's PS Ratio compare vs other companies in the US Software Industry?

77 Companies	Price / Sales	Estimated Growth	Market Cap
PGY Pagaya Technologies	0.9x	12.11%	US$1.11b
VYX NCR Voyix	0.4x	-9.04%	US$968.42m
DSP Viant Technology	0.5x	11.87%	US$668.83m
APPS Digital Turbine	0.8x	10.87%	US$414.85m

77 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: CIFR is expensive based on its Price-To-Sales Ratio (31.3x) compared to the US Software industry average (3.7x).

Price to Sales Ratio vs Fair Ratio

What is CIFR's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CIFR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	31.3x
Fair PS Ratio	13.9x

Price-To-Sales vs Fair Ratio: CIFR is expensive based on its Price-To-Sales Ratio (31.3x) compared to the estimated Fair Price-To-Sales Ratio (13.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

Discover undervalued companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/04/29 08:22
End of Day Share Price	2026/04/28 00:00
Earnings	2025/12/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Cipher Digital Inc. is covered by 16 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Andrew Charles Beale	Arete Research Services LLP
Gregory Lewis	BTIG
Joseph Vafi	Canaccord Genuity