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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and GRAHAM CORP (GHM). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $56.7M, roughly 1.1× GRAHAM CORP). GRAHAM CORP runs the higher net margin — 5.0% vs -1229.6%, a 1234.6% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 20.5%). GRAHAM CORP produced more free cash flow last quarter ($2.4M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs 7.5%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
CIFR vs GHM — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $56.7M |
| Net Profit | $-734.2M | $2.8M |
| Gross Margin | 59.4% | 23.8% |
| Operating Margin | -503.4% | 5.5% |
| Net Margin | -1229.6% | 5.0% |
| Revenue YoY | 41.4% | 20.5% |
| Net Profit YoY | -4293.1% | 79.2% |
| EPS (diluted) | $-1.91 | $0.25 |
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 | $56.7M | ||
| Q3 25 | $71.7M | $66.0M | ||
| Q2 25 | $43.6M | $55.5M | ||
| Q1 25 | $49.0M | $59.3M | ||
| Q4 24 | $42.2M | $47.0M | ||
| Q3 24 | $24.1M | $53.6M | ||
| Q2 24 | $36.8M | $50.0M | ||
| Q1 24 | $48.1M | $49.1M |
| Q4 25 | $-734.2M | $2.8M | ||
| Q3 25 | $-3.3M | $3.1M | ||
| Q2 25 | $-45.8M | $4.6M | ||
| Q1 25 | $-39.0M | $4.4M | ||
| Q4 24 | $17.5M | $1.6M | ||
| Q3 24 | $-86.8M | $3.3M | ||
| Q2 24 | $-15.3M | $3.0M | ||
| Q1 24 | $39.9M | $1.3M |
| Q4 25 | 59.4% | 23.8% | ||
| Q3 25 | 62.7% | 21.7% | ||
| Q2 25 | 64.8% | 26.5% | ||
| Q1 25 | 69.6% | 27.0% | ||
| Q4 24 | 56.9% | 24.8% | ||
| Q3 24 | 37.5% | 23.9% | ||
| Q2 24 | 61.2% | 24.8% | ||
| Q1 24 | 69.2% | 25.9% |
| Q4 25 | -503.4% | 5.5% | ||
| Q3 25 | -52.5% | 6.5% | ||
| Q2 25 | -103.9% | 8.9% | ||
| Q1 25 | -77.8% | 9.3% | ||
| Q4 24 | 40.5% | 4.7% | ||
| Q3 24 | -379.2% | 7.9% | ||
| Q2 24 | -43.9% | 6.5% | ||
| Q1 24 | 97.2% | 3.1% |
| Q4 25 | -1229.6% | 5.0% | ||
| Q3 25 | -4.6% | 4.7% | ||
| Q2 25 | -105.1% | 8.3% | ||
| Q1 25 | -79.6% | 7.4% | ||
| Q4 24 | 41.5% | 3.4% | ||
| Q3 24 | -359.9% | 6.1% | ||
| Q2 24 | -41.5% | 5.9% | ||
| Q1 24 | 82.9% | 2.7% |
| Q4 25 | $-1.91 | $0.25 | ||
| Q3 25 | $-0.01 | $0.28 | ||
| Q2 25 | $-0.12 | $0.42 | ||
| Q1 25 | $-0.11 | $0.40 | ||
| Q4 24 | $0.04 | $0.14 | ||
| Q3 24 | $-0.26 | $0.30 | ||
| Q2 24 | $-0.05 | $0.27 | ||
| Q1 24 | $0.13 | $0.11 |
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 | $22.3M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $131.3M |
| Total Assets | $4.3B | $292.9M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $22.3M | ||
| Q3 25 | $1.2B | $20.6M | ||
| Q2 25 | $62.7M | $10.8M | ||
| Q1 25 | $23.2M | $21.6M | ||
| Q4 24 | $5.6M | $30.0M | ||
| Q3 24 | $25.3M | $32.3M | ||
| Q2 24 | $122.6M | $21.6M | ||
| Q1 24 | $88.7M | $16.9M |
| 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 | $131.3M | ||
| Q3 25 | $783.2M | $127.6M | ||
| Q2 25 | $748.9M | $123.4M | ||
| Q1 25 | $734.8M | $119.6M | ||
| Q4 24 | $682.0M | $114.4M | ||
| Q3 24 | $672.0M | $112.5M | ||
| Q2 24 | $690.8M | $108.2M | ||
| Q1 24 | $600.9M | $105.6M |
| Q4 25 | $4.3B | $292.9M | ||
| Q3 25 | $2.8B | $287.0M | ||
| Q2 25 | $1.0B | $252.3M | ||
| Q1 25 | $913.8M | $264.1M | ||
| Q4 24 | $855.4M | $264.3M | ||
| Q3 24 | $775.4M | $249.5M | ||
| Q2 24 | $775.6M | $244.2M | ||
| Q1 24 | $677.1M | $233.9M |
| 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 | $4.8M |
| Free Cash FlowOCF − Capex | $-695.9M | $2.4M |
| FCF MarginFCF / Revenue | -1165.4% | 4.3% |
| Capex IntensityCapex / Revenue | 817.1% | 4.1% |
| Cash ConversionOCF / Net Profit | — | 1.67× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $-6.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $4.8M | ||
| Q3 25 | $-50.1M | $13.6M | ||
| Q2 25 | $-56.2M | $-2.3M | ||
| Q1 25 | $-47.2M | $-3.6M | ||
| Q4 24 | $-87.5M | $5.2M | ||
| Q3 24 | $-6.5M | $13.9M | ||
| Q2 24 | $-25.4M | $8.7M | ||
| Q1 24 | $-26.6M | $8.6M |
| Q4 25 | $-695.9M | $2.4M | ||
| Q3 25 | $-256.2M | $9.4M | ||
| Q2 25 | $-87.5M | $-9.3M | ||
| Q1 25 | $-71.8M | $-8.7M | ||
| Q4 24 | $-227.0M | $-2.1M | ||
| Q3 24 | $-83.2M | $10.4M | ||
| Q2 24 | $-33.2M | $5.7M | ||
| Q1 24 | $-34.5M | $4.6M |
| Q4 25 | -1165.4% | 4.3% | ||
| Q3 25 | -357.3% | 14.3% | ||
| Q2 25 | -200.9% | -16.7% | ||
| Q1 25 | -146.7% | -14.7% | ||
| Q4 24 | -537.6% | -4.5% | ||
| Q3 24 | -345.0% | 19.5% | ||
| Q2 24 | -90.2% | 11.5% | ||
| Q1 24 | -71.7% | 9.4% |
| Q4 25 | 817.1% | 4.1% | ||
| Q3 25 | 287.5% | 6.3% | ||
| Q2 25 | 71.8% | 12.6% | ||
| Q1 25 | 50.2% | 8.7% | ||
| Q4 24 | 330.4% | 15.6% | ||
| Q3 24 | 317.8% | 6.5% | ||
| Q2 24 | 21.4% | 6.0% | ||
| Q1 24 | 16.4% | 8.2% |
| Q4 25 | — | 1.67× | ||
| Q3 25 | — | 4.40× | ||
| Q2 25 | — | -0.49× | ||
| Q1 25 | — | -0.81× | ||
| Q4 24 | -5.00× | 3.29× | ||
| Q3 24 | — | 4.25× | ||
| Q2 24 | — | 2.94× | ||
| Q1 24 | -0.67× | 6.45× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
GHM
| Defense | $35.3M | 62% |
| Energy And Process | $18.3M | 32% |
| Space | $3.1M | 6% |
