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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and Ellington Financial Inc. (EFC). Click either name above to swap in a different company.
Ellington Financial Inc. is the larger business by last-quarter revenue ($78.2M vs $59.7M, roughly 1.3× Cipher Mining Inc.). Ellington Financial Inc. runs the higher net margin — 28.9% vs -1229.6%, a 1258.5% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 8.7%). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs 1.8%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Ellington Management Group is an American hedge fund firm. As of June 2019, the firm was reportedly managing $8.5 billion in structured products and other credit instruments.
CIFR vs EFC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $78.2M |
| Net Profit | $-734.2M | $22.6M |
| Gross Margin | 59.4% | — |
| Operating Margin | -503.4% | 7.4% |
| Net Margin | -1229.6% | 28.9% |
| Revenue YoY | 41.4% | 8.7% |
| Net Profit YoY | -4293.1% | -26.2% |
| EPS (diluted) | $-1.91 | $0.10 |
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 | $78.2M | ||
| Q3 25 | $71.7M | $82.8M | ||
| Q2 25 | $43.6M | $92.5M | ||
| Q1 25 | $49.0M | $82.9M | ||
| Q4 24 | $42.2M | $72.0M | ||
| Q3 24 | $24.1M | $67.0M | ||
| Q2 24 | $36.8M | $91.2M | ||
| Q1 24 | $48.1M | $75.5M |
| Q4 25 | $-734.2M | $22.6M | ||
| Q3 25 | $-3.3M | $29.5M | ||
| Q2 25 | $-45.8M | $42.9M | ||
| Q1 25 | $-39.0M | $31.6M | ||
| Q4 24 | $17.5M | $30.7M | ||
| Q3 24 | $-86.8M | $16.2M | ||
| Q2 24 | $-15.3M | $52.3M | ||
| Q1 24 | $39.9M | $26.9M |
| 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% | 7.4% | ||
| Q3 25 | -52.5% | 31.1% | ||
| Q2 25 | -103.9% | 38.3% | ||
| Q1 25 | -77.8% | 37.3% | ||
| Q4 24 | 40.5% | 28.0% | ||
| Q3 24 | -379.2% | 24.0% | ||
| Q2 24 | -43.9% | 52.8% | ||
| Q1 24 | 97.2% | 42.2% |
| Q4 25 | -1229.6% | 28.9% | ||
| Q3 25 | -4.6% | 35.7% | ||
| Q2 25 | -105.1% | 46.4% | ||
| Q1 25 | -79.6% | 38.2% | ||
| Q4 24 | 41.5% | 42.6% | ||
| Q3 24 | -359.9% | 24.1% | ||
| Q2 24 | -41.5% | 57.4% | ||
| Q1 24 | 82.9% | 35.6% |
| Q4 25 | $-1.91 | $0.10 | ||
| Q3 25 | $-0.01 | $0.29 | ||
| Q2 25 | $-0.12 | $0.45 | ||
| Q1 25 | $-0.11 | $0.35 | ||
| Q4 24 | $0.04 | $0.23 | ||
| Q3 24 | $-0.26 | $0.19 | ||
| Q2 24 | $-0.05 | $0.62 | ||
| Q1 24 | $0.13 | $0.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $628.3M | $201.9M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $1.8B |
| Total Assets | $4.3B | $19.4B |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $201.9M | ||
| Q3 25 | $1.2B | $184.8M | ||
| Q2 25 | $62.7M | $211.0M | ||
| Q1 25 | $23.2M | $203.3M | ||
| Q4 24 | $5.6M | $192.4M | ||
| Q3 24 | $25.3M | $217.7M | ||
| Q2 24 | $122.6M | $198.5M | ||
| Q1 24 | $88.7M | $187.5M |
| 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 | $1.8B | ||
| Q3 25 | $783.2M | $1.8B | ||
| Q2 25 | $748.9M | $1.7B | ||
| Q1 25 | $734.8M | $1.6B | ||
| Q4 24 | $682.0M | $1.6B | ||
| Q3 24 | $672.0M | $1.6B | ||
| Q2 24 | $690.8M | $1.6B | ||
| Q1 24 | $600.9M | $1.5B |
| Q4 25 | $4.3B | $19.4B | ||
| Q3 25 | $2.8B | $17.8B | ||
| Q2 25 | $1.0B | $17.1B | ||
| Q1 25 | $913.8M | $16.6B | ||
| Q4 24 | $855.4M | $16.3B | ||
| Q3 24 | $775.4M | $16.0B | ||
| Q2 24 | $775.6M | $15.1B | ||
| Q1 24 | $677.1M | $15.1B |
| 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 | $-207.9M | $-925.5M |
| Free Cash FlowOCF − Capex | $-695.9M | — |
| FCF MarginFCF / Revenue | -1165.4% | — |
| Capex IntensityCapex / Revenue | 817.1% | 0.0% |
| Cash ConversionOCF / Net Profit | — | -40.92× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $-925.5M | ||
| Q3 25 | $-50.1M | $-290.4M | ||
| Q2 25 | $-56.2M | $-210.5M | ||
| Q1 25 | $-47.2M | $-126.4M | ||
| Q4 24 | $-87.5M | $-430.5M | ||
| Q3 24 | $-6.5M | $-141.7M | ||
| Q2 24 | $-25.4M | $-88.6M | ||
| Q1 24 | $-26.6M | $-59.5M |
| Q4 25 | $-695.9M | — | ||
| Q3 25 | $-256.2M | — | ||
| Q2 25 | $-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 | -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% | 0.0% | ||
| Q3 25 | 287.5% | — | ||
| Q2 25 | 71.8% | — | ||
| Q1 25 | 50.2% | — | ||
| Q4 24 | 330.4% | 0.0% | ||
| Q3 24 | 317.8% | 0.0% | ||
| Q2 24 | 21.4% | 0.0% | ||
| Q1 24 | 16.4% | 0.0% |
| Q4 25 | — | -40.92× | ||
| Q3 25 | — | -9.84× | ||
| Q2 25 | — | -4.90× | ||
| Q1 25 | — | -3.99× | ||
| Q4 24 | -5.00× | -14.04× | ||
| Q3 24 | — | -8.76× | ||
| Q2 24 | — | -1.69× | ||
| Q1 24 | -0.67× | -2.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
