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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and MARAVAI LIFESCIENCES HOLDINGS, INC. (MRVI). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $49.9M, roughly 1.2× MARAVAI LIFESCIENCES HOLDINGS, INC.). MARAVAI LIFESCIENCES HOLDINGS, INC. runs the higher net margin — -71.6% vs -1229.6%, a 1158.0% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -11.8%). MARAVAI LIFESCIENCES HOLDINGS, INC. produced more free cash flow last quarter ($-24.9M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs -11.9%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Maravai LifeSciences Holdings is a global life sciences firm developing critical reagents, diagnostic products, and tech solutions to support biopharma research, drug development, clinical diagnostics, and cell/gene therapy manufacturing. It serves biotech, pharma, research bodies and labs worldwide across three core segments.
CIFR vs MRVI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $49.9M |
| Net Profit | $-734.2M | $-35.7M |
| Gross Margin | 59.4% | 25.8% |
| Operating Margin | -503.4% | -117.9% |
| Net Margin | -1229.6% | -71.6% |
| Revenue YoY | 41.4% | -11.8% |
| Net Profit YoY | -4293.1% | -37.7% |
| EPS (diluted) | $-1.91 | $-0.24 |
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 | $49.9M | ||
| Q3 25 | $71.7M | $41.6M | ||
| Q2 25 | $43.6M | $47.4M | ||
| Q1 25 | $49.0M | $46.9M | ||
| Q4 24 | $42.2M | $56.6M | ||
| Q3 24 | $24.1M | $69.0M | ||
| Q2 24 | $36.8M | $69.4M | ||
| Q1 24 | $48.1M | $64.2M |
| Q4 25 | $-734.2M | $-35.7M | ||
| Q3 25 | $-3.3M | $-25.6M | ||
| Q2 25 | $-45.8M | $-39.6M | ||
| Q1 25 | $-39.0M | $-29.9M | ||
| Q4 24 | $17.5M | $-25.9M | ||
| Q3 24 | $-86.8M | $-97.1M | ||
| Q2 24 | $-15.3M | $-9.8M | ||
| Q1 24 | $39.9M | $-12.1M |
| Q4 25 | 59.4% | 25.8% | ||
| Q3 25 | 62.7% | 13.6% | ||
| Q2 25 | 64.8% | 16.4% | ||
| Q1 25 | 69.6% | 16.5% | ||
| Q4 24 | 56.9% | 34.3% | ||
| Q3 24 | 37.5% | 46.7% | ||
| Q2 24 | 61.2% | 44.4% | ||
| Q1 24 | 69.2% | 40.3% |
| Q4 25 | -503.4% | -117.9% | ||
| Q3 25 | -52.5% | -98.6% | ||
| Q2 25 | -103.9% | -139.8% | ||
| Q1 25 | -77.8% | -104.9% | ||
| Q4 24 | 40.5% | -66.7% | ||
| Q3 24 | -379.2% | -239.9% | ||
| Q2 24 | -43.9% | -19.4% | ||
| Q1 24 | 97.2% | -29.4% |
| Q4 25 | -1229.6% | -71.6% | ||
| Q3 25 | -4.6% | -61.4% | ||
| Q2 25 | -105.1% | -83.5% | ||
| Q1 25 | -79.6% | -63.9% | ||
| Q4 24 | 41.5% | -45.8% | ||
| Q3 24 | -359.9% | -140.6% | ||
| Q2 24 | -41.5% | -14.1% | ||
| Q1 24 | 82.9% | -18.8% |
| Q4 25 | $-1.91 | $-0.24 | ||
| Q3 25 | $-0.01 | $-0.18 | ||
| Q2 25 | $-0.12 | $-0.27 | ||
| Q1 25 | $-0.11 | $-0.21 | ||
| Q4 24 | $0.04 | $-0.21 | ||
| Q3 24 | $-0.26 | $-0.68 | ||
| Q2 24 | $-0.05 | $-0.07 | ||
| Q1 24 | $0.13 | $-0.09 |
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 | $216.9M |
| Total DebtLower is stronger | $2.7B | $291.8M |
| Stockholders' EquityBook value | $805.5M | $212.4M |
| Total Assets | $4.3B | $770.6M |
| Debt / EquityLower = less leverage | 3.37× | 1.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $216.9M | ||
| Q3 25 | $1.2B | $243.6M | ||
| Q2 25 | $62.7M | $269.9M | ||
| Q1 25 | $23.2M | $285.1M | ||
| Q4 24 | $5.6M | $322.4M | ||
| Q3 24 | $25.3M | $578.2M | ||
| Q2 24 | $122.6M | $573.2M | ||
| Q1 24 | $88.7M | $561.7M |
| Q4 25 | $2.7B | $291.8M | ||
| Q3 25 | $1.0B | $292.8M | ||
| Q2 25 | $167.1M | $293.9M | ||
| Q1 25 | — | $294.9M | ||
| Q4 24 | $0 | $295.9M | ||
| Q3 24 | — | $521.7M | ||
| Q2 24 | — | $522.5M | ||
| Q1 24 | — | $523.3M |
| Q4 25 | $805.5M | $212.4M | ||
| Q3 25 | $783.2M | $245.4M | ||
| Q2 25 | $748.9M | $265.9M | ||
| Q1 25 | $734.8M | $300.6M | ||
| Q4 24 | $682.0M | $325.3M | ||
| Q3 24 | $672.0M | $344.9M | ||
| Q2 24 | $690.8M | $434.7M | ||
| Q1 24 | $600.9M | $410.7M |
| Q4 25 | $4.3B | $770.6M | ||
| Q3 25 | $2.8B | $849.2M | ||
| Q2 25 | $1.0B | $897.0M | ||
| Q1 25 | $913.8M | $959.8M | ||
| Q4 24 | $855.4M | $1.0B | ||
| Q3 24 | $775.4M | $1.3B | ||
| Q2 24 | $775.6M | $1.4B | ||
| Q1 24 | $677.1M | $1.4B |
| Q4 25 | 3.37× | 1.37× | ||
| Q3 25 | 1.31× | 1.19× | ||
| Q2 25 | 0.22× | 1.11× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | 0.00× | 0.91× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | — | 1.27× |
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 | $-22.8M |
| Free Cash FlowOCF − Capex | $-695.9M | $-24.9M |
| FCF MarginFCF / Revenue | -1165.4% | -49.9% |
| Capex IntensityCapex / Revenue | 817.1% | 4.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $-70.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $-22.8M | ||
| Q3 25 | $-50.1M | $-15.2M | ||
| Q2 25 | $-56.2M | $-10.3M | ||
| Q1 25 | $-47.2M | $-9.4M | ||
| Q4 24 | $-87.5M | $-14.6M | ||
| Q3 24 | $-6.5M | $13.1M | ||
| Q2 24 | $-25.4M | $17.4M | ||
| Q1 24 | $-26.6M | $-8.5M |
| Q4 25 | $-695.9M | $-24.9M | ||
| Q3 25 | $-256.2M | $-18.1M | ||
| Q2 25 | $-87.5M | $-13.1M | ||
| Q1 25 | $-71.8M | $-14.6M | ||
| Q4 24 | $-227.0M | $-20.5M | ||
| Q3 24 | $-83.2M | $4.5M | ||
| Q2 24 | $-33.2M | $7.9M | ||
| Q1 24 | $-34.5M | $-14.1M |
| Q4 25 | -1165.4% | -49.9% | ||
| Q3 25 | -357.3% | -43.4% | ||
| Q2 25 | -200.9% | -27.7% | ||
| Q1 25 | -146.7% | -31.2% | ||
| Q4 24 | -537.6% | -36.2% | ||
| Q3 24 | -345.0% | 6.6% | ||
| Q2 24 | -90.2% | 11.4% | ||
| Q1 24 | -71.7% | -22.0% |
| Q4 25 | 817.1% | 4.2% | ||
| Q3 25 | 287.5% | 7.0% | ||
| Q2 25 | 71.8% | 6.1% | ||
| Q1 25 | 50.2% | 11.2% | ||
| Q4 24 | 330.4% | 10.3% | ||
| Q3 24 | 317.8% | 12.4% | ||
| Q2 24 | 21.4% | 13.8% | ||
| Q1 24 | 16.4% | 8.8% |
| 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.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
MRVI
| Cygnus Segment | $27.2M | 54% |
| Other | $18.4M | 37% |
| Shipping And Handling | $4.3M | 9% |
