vs
Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
OPAL Fuels Inc. is the larger business by last-quarter revenue ($88.4M vs $59.7M, roughly 1.5× Cipher Mining Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -1229.6%, a 1247.9% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 18.7%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-695.9M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs 11.4%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
CIFR vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $88.4M |
| Net Profit | $-734.2M | $16.2M |
| Gross Margin | 59.4% | — |
| Operating Margin | -503.4% | 7.5% |
| Net Margin | -1229.6% | 18.3% |
| Revenue YoY | 41.4% | 18.7% |
| Net Profit YoY | -4293.1% | 401.5% |
| EPS (diluted) | $-1.91 | $0.08 |
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 | $88.4M | ||
| Q3 25 | $71.7M | $77.9M | ||
| Q2 25 | $43.6M | $77.4M | ||
| Q1 25 | $49.0M | $83.0M | ||
| Q4 24 | $42.2M | $74.5M | ||
| Q3 24 | $24.1M | $82.6M | ||
| Q2 24 | $36.8M | $69.8M | ||
| Q1 24 | $48.1M | $64.0M |
| Q4 25 | $-734.2M | $16.2M | ||
| Q3 25 | $-3.3M | $11.4M | ||
| Q2 25 | $-45.8M | $7.6M | ||
| Q1 25 | $-39.0M | $1.3M | ||
| Q4 24 | $17.5M | $-5.4M | ||
| Q3 24 | $-86.8M | $17.1M | ||
| Q2 24 | $-15.3M | $1.9M | ||
| Q1 24 | $39.9M | $677.0K |
| 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% | 7.5% | ||
| Q3 25 | -52.5% | 4.6% | ||
| Q2 25 | -103.9% | -1.1% | ||
| Q1 25 | -77.8% | -2.3% | ||
| Q4 24 | 40.5% | -0.5% | ||
| Q3 24 | -379.2% | 14.9% | ||
| Q2 24 | -43.9% | 8.1% | ||
| Q1 24 | 97.2% | 5.6% |
| Q4 25 | -1229.6% | 18.3% | ||
| Q3 25 | -4.6% | 14.6% | ||
| Q2 25 | -105.1% | 9.8% | ||
| Q1 25 | -79.6% | 1.5% | ||
| Q4 24 | 41.5% | -7.2% | ||
| Q3 24 | -359.9% | 20.7% | ||
| Q2 24 | -41.5% | 2.7% | ||
| Q1 24 | 82.9% | 1.1% |
| Q4 25 | $-1.91 | $0.08 | ||
| Q3 25 | $-0.01 | $0.05 | ||
| Q2 25 | $-0.12 | $0.03 | ||
| Q1 25 | $-0.11 | $-0.01 | ||
| Q4 24 | $0.04 | $-0.05 | ||
| Q3 24 | $-0.26 | $0.09 | ||
| Q2 24 | $-0.05 | $-0.01 | ||
| Q1 24 | $0.13 | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | $2.7B | $361.3M |
| Stockholders' EquityBook value | $805.5M | $-12.9M |
| Total Assets | $4.3B | $959.5M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $24.4M | ||
| Q3 25 | $1.2B | $29.9M | ||
| Q2 25 | $62.7M | $29.3M | ||
| Q1 25 | $23.2M | $40.1M | ||
| Q4 24 | $5.6M | $24.3M | ||
| Q3 24 | $25.3M | $31.0M | ||
| Q2 24 | $122.6M | $27.6M | ||
| Q1 24 | $88.7M | $34.2M |
| Q4 25 | $2.7B | $361.3M | ||
| Q3 25 | $1.0B | $351.2M | ||
| Q2 25 | $167.1M | $331.6M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | $0 | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $805.5M | $-12.9M | ||
| Q3 25 | $783.2M | $7.5M | ||
| Q2 25 | $748.9M | $-25.0M | ||
| Q1 25 | $734.8M | $57.1M | ||
| Q4 24 | $682.0M | $-148.4M | ||
| Q3 24 | $672.0M | $-180.1M | ||
| Q2 24 | $690.8M | $-273.0M | ||
| Q1 24 | $600.9M | $-382.4M |
| Q4 25 | $4.3B | $959.5M | ||
| Q3 25 | $2.8B | $916.7M | ||
| Q2 25 | $1.0B | $905.5M | ||
| Q1 25 | $913.8M | $884.9M | ||
| Q4 24 | $855.4M | $881.1M | ||
| Q3 24 | $775.4M | $831.1M | ||
| Q2 24 | $775.6M | $782.3M | ||
| Q1 24 | $677.1M | $750.5M |
| Q4 25 | 3.37× | — | ||
| Q3 25 | 1.31× | 46.95× | ||
| Q2 25 | 0.22× | — | ||
| Q1 25 | — | 5.38× | ||
| 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 | $-3.5M |
| Free Cash FlowOCF − Capex | $-695.9M | $-13.4M |
| FCF MarginFCF / Revenue | -1165.4% | -15.1% |
| Capex IntensityCapex / Revenue | 817.1% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $-3.5M | ||
| Q3 25 | $-50.1M | $18.2M | ||
| Q2 25 | $-56.2M | $-7.9M | ||
| Q1 25 | $-47.2M | $29.7M | ||
| Q4 24 | $-87.5M | $-532.0K | ||
| Q3 24 | $-6.5M | $17.7M | ||
| Q2 24 | $-25.4M | $533.0K | ||
| Q1 24 | $-26.6M | $13.7M |
| Q4 25 | $-695.9M | $-13.4M | ||
| Q3 25 | $-256.2M | $-9.3M | ||
| Q2 25 | $-87.5M | $-29.7M | ||
| Q1 25 | $-71.8M | $18.1M | ||
| Q4 24 | $-227.0M | $-55.0M | ||
| Q3 24 | $-83.2M | $-5.4M | ||
| Q2 24 | $-33.2M | $-22.5M | ||
| Q1 24 | $-34.5M | $-13.0M |
| Q4 25 | -1165.4% | -15.1% | ||
| Q3 25 | -357.3% | -11.9% | ||
| Q2 25 | -200.9% | -38.4% | ||
| Q1 25 | -146.7% | 21.8% | ||
| Q4 24 | -537.6% | -73.8% | ||
| Q3 24 | -345.0% | -6.5% | ||
| Q2 24 | -90.2% | -32.2% | ||
| Q1 24 | -71.7% | -20.4% |
| Q4 25 | 817.1% | 11.1% | ||
| Q3 25 | 287.5% | 35.3% | ||
| Q2 25 | 71.8% | 28.2% | ||
| Q1 25 | 50.2% | 13.9% | ||
| Q4 24 | 330.4% | 73.1% | ||
| Q3 24 | 317.8% | 27.9% | ||
| Q2 24 | 21.4% | 32.9% | ||
| Q1 24 | 16.4% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | -5.00× | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | -0.67× | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CIFR
Segment breakdown not available.
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
