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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $59.7M, roughly 1.7× Cipher Mining Inc.). FORRESTER RESEARCH, INC. runs the higher net margin — -33.5% vs -1229.6%, a 1196.1% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -6.5%). FORRESTER RESEARCH, INC. produced more free cash flow last quarter ($-4.3M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs 0.5%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
CIFR vs FORR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $101.1M |
| Net Profit | $-734.2M | $-33.9M |
| Gross Margin | 59.4% | 56.7% |
| Operating Margin | -503.4% | -36.6% |
| Net Margin | -1229.6% | -33.5% |
| Revenue YoY | 41.4% | -6.5% |
| Net Profit YoY | -4293.1% | -7941.4% |
| EPS (diluted) | $-1.91 | $-1.75 |
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 | $101.1M | ||
| Q3 25 | $71.7M | $94.3M | ||
| Q2 25 | $43.6M | $111.7M | ||
| Q1 25 | $49.0M | $89.9M | ||
| Q4 24 | $42.2M | $108.0M | ||
| Q3 24 | $24.1M | $102.5M | ||
| Q2 24 | $36.8M | $121.8M | ||
| Q1 24 | $48.1M | $100.1M |
| Q4 25 | $-734.2M | $-33.9M | ||
| Q3 25 | $-3.3M | $-2.1M | ||
| Q2 25 | $-45.8M | $3.9M | ||
| Q1 25 | $-39.0M | $-87.3M | ||
| Q4 24 | $17.5M | $432.0K | ||
| Q3 24 | $-86.8M | $-5.8M | ||
| Q2 24 | $-15.3M | $6.3M | ||
| Q1 24 | $39.9M | $-6.7M |
| Q4 25 | 59.4% | 56.7% | ||
| Q3 25 | 62.7% | 60.0% | ||
| Q2 25 | 64.8% | 55.5% | ||
| Q1 25 | 69.6% | 55.9% | ||
| Q4 24 | 56.9% | 58.8% | ||
| Q3 24 | 37.5% | 60.5% | ||
| Q2 24 | 61.2% | 57.3% | ||
| Q1 24 | 69.2% | 54.9% |
| Q4 25 | -503.4% | -36.6% | ||
| Q3 25 | -52.5% | 4.7% | ||
| Q2 25 | -103.9% | 6.2% | ||
| Q1 25 | -77.8% | -97.5% | ||
| Q4 24 | 40.5% | -0.5% | ||
| Q3 24 | -379.2% | -0.7% | ||
| Q2 24 | -43.9% | 9.3% | ||
| Q1 24 | 97.2% | -9.3% |
| Q4 25 | -1229.6% | -33.5% | ||
| Q3 25 | -4.6% | -2.3% | ||
| Q2 25 | -105.1% | 3.5% | ||
| Q1 25 | -79.6% | -97.1% | ||
| Q4 24 | 41.5% | 0.4% | ||
| Q3 24 | -359.9% | -5.7% | ||
| Q2 24 | -41.5% | 5.2% | ||
| Q1 24 | 82.9% | -6.7% |
| Q4 25 | $-1.91 | $-1.75 | ||
| Q3 25 | $-0.01 | $-0.11 | ||
| Q2 25 | $-0.12 | $0.20 | ||
| Q1 25 | $-0.11 | $-4.62 | ||
| Q4 24 | $0.04 | $0.02 | ||
| Q3 24 | $-0.26 | $-0.30 | ||
| Q2 24 | $-0.05 | $0.33 | ||
| Q1 24 | $0.13 | $-0.35 |
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 | $63.3M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $126.5M |
| Total Assets | $4.3B | $404.0M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $63.3M | ||
| Q3 25 | $1.2B | $65.1M | ||
| Q2 25 | $62.7M | $67.8M | ||
| Q1 25 | $23.2M | $75.6M | ||
| Q4 24 | $5.6M | $56.1M | ||
| Q3 24 | $25.3M | $62.8M | ||
| Q2 24 | $122.6M | $58.9M | ||
| Q1 24 | $88.7M | $61.4M |
| 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 | $126.5M | ||
| Q3 25 | $783.2M | $157.7M | ||
| Q2 25 | $748.9M | $159.5M | ||
| Q1 25 | $734.8M | $147.4M | ||
| Q4 24 | $682.0M | $229.5M | ||
| Q3 24 | $672.0M | $234.3M | ||
| Q2 24 | $690.8M | $237.1M | ||
| Q1 24 | $600.9M | $230.9M |
| Q4 25 | $4.3B | $404.0M | ||
| Q3 25 | $2.8B | $414.2M | ||
| Q2 25 | $1.0B | $436.0M | ||
| Q1 25 | $913.8M | $439.8M | ||
| Q4 24 | $855.4M | $503.9M | ||
| Q3 24 | $775.4M | $505.3M | ||
| Q2 24 | $775.6M | $524.2M | ||
| Q1 24 | $677.1M | $555.7M |
| 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 | $-3.2M |
| Free Cash FlowOCF − Capex | $-695.9M | $-4.3M |
| FCF MarginFCF / Revenue | -1165.4% | -4.2% |
| Capex IntensityCapex / Revenue | 817.1% | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $-3.2M | ||
| Q3 25 | $-50.1M | $1.2M | ||
| Q2 25 | $-56.2M | $-3.6M | ||
| Q1 25 | $-47.2M | $26.7M | ||
| Q4 24 | $-87.5M | $-1.8M | ||
| Q3 24 | $-6.5M | $264.0K | ||
| Q2 24 | $-25.4M | $-2.9M | ||
| Q1 24 | $-26.6M | $611.0K |
| Q4 25 | $-695.9M | $-4.3M | ||
| Q3 25 | $-256.2M | $524.0K | ||
| Q2 25 | $-87.5M | $-4.2M | ||
| Q1 25 | $-71.8M | $26.1M | ||
| Q4 24 | $-227.0M | $-2.5M | ||
| Q3 24 | $-83.2M | $-223.0K | ||
| Q2 24 | $-33.2M | $-3.7M | ||
| Q1 24 | $-34.5M | $-815.0K |
| Q4 25 | -1165.4% | -4.2% | ||
| Q3 25 | -357.3% | 0.6% | ||
| Q2 25 | -200.9% | -3.8% | ||
| Q1 25 | -146.7% | 29.0% | ||
| Q4 24 | -537.6% | -2.3% | ||
| Q3 24 | -345.0% | -0.2% | ||
| Q2 24 | -90.2% | -3.1% | ||
| Q1 24 | -71.7% | -0.8% |
| Q4 25 | 817.1% | 1.1% | ||
| Q3 25 | 287.5% | 0.7% | ||
| Q2 25 | 71.8% | 0.5% | ||
| Q1 25 | 50.2% | 0.7% | ||
| Q4 24 | 330.4% | 0.6% | ||
| Q3 24 | 317.8% | 0.5% | ||
| Q2 24 | 21.4% | 0.7% | ||
| Q1 24 | 16.4% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| Q1 24 | -0.67× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
