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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and NATIONAL RESEARCH CORP (NRC). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $35.2M, roughly 1.7× NATIONAL RESEARCH CORP). NATIONAL RESEARCH CORP runs the higher net margin — 5.1% vs -1229.6%, a 1234.7% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs -4.6%). NATIONAL RESEARCH CORP produced more free cash flow last quarter ($6.1M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs -0.2%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
National Research Corporation, doing business as NRC Health, is an American healthcare company which provides healthcare products and subscription-based solutions in United States and Canada. It was founded in 1981, and is based in Lincoln, Nebraska.
CIFR vs NRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $35.2M |
| Net Profit | $-734.2M | $1.8M |
| Gross Margin | 59.4% | — |
| Operating Margin | -503.4% | 13.3% |
| Net Margin | -1229.6% | 5.1% |
| Revenue YoY | 41.4% | -4.6% |
| Net Profit YoY | -4293.1% | -72.6% |
| EPS (diluted) | $-1.91 | $49.58 |
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 | $35.2M | ||
| Q3 25 | $71.7M | $34.6M | ||
| Q2 25 | $43.6M | $34.0M | ||
| Q1 25 | $49.0M | $33.6M | ||
| Q4 24 | $42.2M | $36.9M | ||
| Q3 24 | $24.1M | $35.8M | ||
| Q2 24 | $36.8M | $35.0M | ||
| Q1 24 | $48.1M | $35.3M |
| Q4 25 | $-734.2M | $1.8M | ||
| Q3 25 | $-3.3M | $4.1M | ||
| Q2 25 | $-45.8M | $-106.0K | ||
| Q1 25 | $-39.0M | $5.8M | ||
| Q4 24 | $17.5M | $6.6M | ||
| Q3 24 | $-86.8M | $5.7M | ||
| Q2 24 | $-15.3M | $6.2M | ||
| Q1 24 | $39.9M | $6.4M |
| 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% | 13.3% | ||
| Q3 25 | -52.5% | 22.4% | ||
| Q2 25 | -103.9% | 4.7% | ||
| Q1 25 | -77.8% | 25.6% | ||
| Q4 24 | 40.5% | 26.0% | ||
| Q3 24 | -379.2% | 22.3% | ||
| Q2 24 | -43.9% | 25.3% | ||
| Q1 24 | 97.2% | 24.8% |
| Q4 25 | -1229.6% | 5.1% | ||
| Q3 25 | -4.6% | 11.9% | ||
| Q2 25 | -105.1% | -0.3% | ||
| Q1 25 | -79.6% | 17.2% | ||
| Q4 24 | 41.5% | 17.8% | ||
| Q3 24 | -359.9% | 15.9% | ||
| Q2 24 | -41.5% | 17.6% | ||
| Q1 24 | 82.9% | 18.0% |
| Q4 25 | $-1.91 | $49.58 | ||
| Q3 25 | $-0.01 | $0.18 | ||
| Q2 25 | $-0.12 | $-0.01 | ||
| Q1 25 | $-0.11 | $0.25 | ||
| Q4 24 | $0.04 | $0.27 | ||
| Q3 24 | $-0.26 | $0.24 | ||
| Q2 24 | $-0.05 | $0.26 | ||
| Q1 24 | $0.13 | $0.27 |
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 | $4.1M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $805.5M | $14.0M |
| Total Assets | $4.3B | $134.9M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $4.1M | ||
| Q3 25 | $1.2B | $2.2M | ||
| Q2 25 | $62.7M | $5.3M | ||
| Q1 25 | $23.2M | $2.5M | ||
| Q4 24 | $5.6M | $4.2M | ||
| Q3 24 | $25.3M | $3.5M | ||
| Q2 24 | $122.6M | $485.0K | ||
| Q1 24 | $88.7M | $1.7M |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $167.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | $48.7M | ||
| Q2 24 | — | $33.3M | ||
| Q1 24 | — | $35.2M |
| Q4 25 | $805.5M | $14.0M | ||
| Q3 25 | $783.2M | $14.3M | ||
| Q2 25 | $748.9M | $21.3M | ||
| Q1 25 | $734.8M | $29.7M | ||
| Q4 24 | $682.0M | $31.3M | ||
| Q3 24 | $672.0M | $34.6M | ||
| Q2 24 | $690.8M | $40.2M | ||
| Q1 24 | $600.9M | $36.9M |
| Q4 25 | $4.3B | $134.9M | ||
| Q3 25 | $2.8B | $135.7M | ||
| Q2 25 | $1.0B | $141.4M | ||
| Q1 25 | $913.8M | $135.2M | ||
| Q4 24 | $855.4M | $132.5M | ||
| Q3 24 | $775.4M | $131.8M | ||
| Q2 24 | $775.6M | $119.1M | ||
| Q1 24 | $677.1M | $120.9M |
| Q4 25 | 3.37× | — | ||
| Q3 25 | 1.31× | — | ||
| Q2 25 | 0.22× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | 0.95× |
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 | $7.2M |
| Free Cash FlowOCF − Capex | $-695.9M | $6.1M |
| FCF MarginFCF / Revenue | -1165.4% | 17.2% |
| Capex IntensityCapex / Revenue | 817.1% | 3.2% |
| Cash ConversionOCF / Net Profit | — | 3.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $15.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $7.2M | ||
| Q3 25 | $-50.1M | $13.8M | ||
| Q2 25 | $-56.2M | $-1.1M | ||
| Q1 25 | $-47.2M | $6.6M | ||
| Q4 24 | $-87.5M | $6.4M | ||
| Q3 24 | $-6.5M | $9.4M | ||
| Q2 24 | $-25.4M | $6.8M | ||
| Q1 24 | $-26.6M | $12.0M |
| Q4 25 | $-695.9M | $6.1M | ||
| Q3 25 | $-256.2M | $10.2M | ||
| Q2 25 | $-87.5M | $-4.1M | ||
| Q1 25 | $-71.8M | $3.7M | ||
| Q4 24 | $-227.0M | $1.9M | ||
| Q3 24 | $-83.2M | $7.8M | ||
| Q2 24 | $-33.2M | $1.5M | ||
| Q1 24 | $-34.5M | $7.9M |
| Q4 25 | -1165.4% | 17.2% | ||
| Q3 25 | -357.3% | 29.4% | ||
| Q2 25 | -200.9% | -12.2% | ||
| Q1 25 | -146.7% | 10.9% | ||
| Q4 24 | -537.6% | 5.2% | ||
| Q3 24 | -345.0% | 21.8% | ||
| Q2 24 | -90.2% | 4.3% | ||
| Q1 24 | -71.7% | 22.4% |
| Q4 25 | 817.1% | 3.2% | ||
| Q3 25 | 287.5% | 10.4% | ||
| Q2 25 | 71.8% | 8.8% | ||
| Q1 25 | 50.2% | 8.9% | ||
| Q4 24 | 330.4% | 12.0% | ||
| Q3 24 | 317.8% | 4.5% | ||
| Q2 24 | 21.4% | 15.0% | ||
| Q1 24 | 16.4% | 11.7% |
| Q4 25 | — | 3.99× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | -5.00× | 0.97× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | — | 1.10× | ||
| Q1 24 | -0.67× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
