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Side-by-side financial comparison of Webull Corp (BULL) and Cipher Mining Inc. (CIFR). Click either name above to swap in a different company.
Webull Corp is the larger business by last-quarter revenue ($131.5M vs $59.7M, roughly 2.2× Cipher Mining Inc.). Webull Corp runs the higher net margin — -21.5% vs -1229.6%, a 1208.1% gap on every dollar of revenue. On growth, Webull Corp posted the faster year-over-year revenue change (46.3% vs 41.4%). Webull Corp produced more free cash flow last quarter ($271.7M vs $-695.9M).
Webull Corporation, often stylized as simply Webull, is a US-based financial services holding company headquartered in St. Petersburg, Florida. It provides an electronic trading platform of the same name.
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
BULL vs CIFR — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $131.5M | $59.7M |
| Net Profit | $-28.3M | $-734.2M |
| Gross Margin | — | 59.4% |
| Operating Margin | -16.3% | -503.4% |
| Net Margin | -21.5% | -1229.6% |
| Revenue YoY | 46.3% | 41.4% |
| Net Profit YoY | -144.3% | -4293.1% |
| EPS (diluted) | — | $-1.91 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $59.7M | ||
| Q3 25 | — | $71.7M | ||
| Q2 25 | $131.5M | $43.6M | ||
| Q1 25 | — | $49.0M | ||
| Q4 24 | — | $42.2M | ||
| Q3 24 | — | $24.1M | ||
| Q2 24 | $89.9M | $36.8M | ||
| Q1 24 | — | $48.1M |
| Q4 25 | — | $-734.2M | ||
| Q3 25 | — | $-3.3M | ||
| Q2 25 | $-28.3M | $-45.8M | ||
| Q1 25 | — | $-39.0M | ||
| Q4 24 | — | $17.5M | ||
| Q3 24 | — | $-86.8M | ||
| Q2 24 | $-11.6M | $-15.3M | ||
| Q1 24 | — | $39.9M |
| Q4 25 | — | 59.4% | ||
| Q3 25 | — | 62.7% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | — | 69.6% | ||
| Q4 24 | — | 56.9% | ||
| Q3 24 | — | 37.5% | ||
| Q2 24 | — | 61.2% | ||
| Q1 24 | — | 69.2% |
| Q4 25 | — | -503.4% | ||
| Q3 25 | — | -52.5% | ||
| Q2 25 | -16.3% | -103.9% | ||
| Q1 25 | — | -77.8% | ||
| Q4 24 | — | 40.5% | ||
| Q3 24 | — | -379.2% | ||
| Q2 24 | -11.4% | -43.9% | ||
| Q1 24 | — | 97.2% |
| Q4 25 | — | -1229.6% | ||
| Q3 25 | — | -4.6% | ||
| Q2 25 | -21.5% | -105.1% | ||
| Q1 25 | — | -79.6% | ||
| Q4 24 | — | 41.5% | ||
| Q3 24 | — | -359.9% | ||
| Q2 24 | -12.9% | -41.5% | ||
| Q1 24 | — | 82.9% |
| Q4 25 | — | $-1.91 | ||
| Q3 25 | — | $-0.01 | ||
| Q2 25 | — | $-0.12 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | — | $0.04 | ||
| Q3 24 | — | $-0.26 | ||
| Q2 24 | — | $-0.05 | ||
| Q1 24 | — | $0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $476.7M | $628.3M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $751.6M | $805.5M |
| Total Assets | $2.6B | $4.3B |
| Debt / EquityLower = less leverage | — | 3.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $628.3M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | $476.7M | $62.7M | ||
| Q1 25 | — | $23.2M | ||
| Q4 24 | — | $5.6M | ||
| Q3 24 | — | $25.3M | ||
| Q2 24 | — | $122.6M | ||
| Q1 24 | — | $88.7M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $167.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $805.5M | ||
| Q3 25 | — | $783.2M | ||
| Q2 25 | $751.6M | $748.9M | ||
| Q1 25 | — | $734.8M | ||
| Q4 24 | — | $682.0M | ||
| Q3 24 | — | $672.0M | ||
| Q2 24 | $-2.9B | $690.8M | ||
| Q1 24 | — | $600.9M |
| Q4 25 | — | $4.3B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | $2.6B | $1.0B | ||
| Q1 25 | — | $913.8M | ||
| Q4 24 | — | $855.4M | ||
| Q3 24 | — | $775.4M | ||
| Q2 24 | — | $775.6M | ||
| Q1 24 | — | $677.1M |
| Q4 25 | — | 3.37× | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | — | 0.22× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $272.1M | $-207.9M |
| Free Cash FlowOCF − Capex | $271.7M | $-695.9M |
| FCF MarginFCF / Revenue | 206.6% | -1165.4% |
| Capex IntensityCapex / Revenue | 0.3% | 817.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-207.9M | ||
| Q3 25 | — | $-50.1M | ||
| Q2 25 | $272.1M | $-56.2M | ||
| Q1 25 | — | $-47.2M | ||
| Q4 24 | — | $-87.5M | ||
| Q3 24 | — | $-6.5M | ||
| Q2 24 | — | $-25.4M | ||
| Q1 24 | — | $-26.6M |
| Q4 25 | — | $-695.9M | ||
| Q3 25 | — | $-256.2M | ||
| Q2 25 | $271.7M | $-87.5M | ||
| Q1 25 | — | $-71.8M | ||
| Q4 24 | — | $-227.0M | ||
| Q3 24 | — | $-83.2M | ||
| Q2 24 | — | $-33.2M | ||
| Q1 24 | — | $-34.5M |
| Q4 25 | — | -1165.4% | ||
| Q3 25 | — | -357.3% | ||
| Q2 25 | 206.6% | -200.9% | ||
| Q1 25 | — | -146.7% | ||
| Q4 24 | — | -537.6% | ||
| Q3 24 | — | -345.0% | ||
| Q2 24 | — | -90.2% | ||
| Q1 24 | — | -71.7% |
| Q4 25 | — | 817.1% | ||
| Q3 25 | — | 287.5% | ||
| Q2 25 | 0.3% | 71.8% | ||
| Q1 25 | — | 50.2% | ||
| Q4 24 | — | 330.4% | ||
| Q3 24 | — | 317.8% | ||
| Q2 24 | — | 21.4% | ||
| Q1 24 | — | 16.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -5.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
