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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $57.6M, roughly 1.0× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 41.4%). Phathom Pharmaceuticals, Inc. produced more free cash flow last quarter ($-167.0M vs $-695.9M).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
CIFR vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $57.6M |
| Net Profit | $-734.2M | — |
| Gross Margin | 59.4% | 86.7% |
| Operating Margin | -503.4% | — |
| Net Margin | -1229.6% | — |
| Revenue YoY | 41.4% | 94.1% |
| Net Profit YoY | -4293.1% | 71.6% |
| EPS (diluted) | $-1.91 | — |
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 | $57.6M | ||
| Q3 25 | $71.7M | $49.5M | ||
| Q2 25 | $43.6M | $39.5M | ||
| Q1 25 | $49.0M | $28.5M | ||
| Q4 24 | $42.2M | $29.7M | ||
| Q3 24 | $24.1M | $16.4M | ||
| Q2 24 | $36.8M | $7.3M | ||
| Q1 24 | $48.1M | — |
| Q4 25 | $-734.2M | — | ||
| Q3 25 | $-3.3M | $-30.0M | ||
| Q2 25 | $-45.8M | $-75.8M | ||
| Q1 25 | $-39.0M | $-94.3M | ||
| Q4 24 | $17.5M | — | ||
| Q3 24 | $-86.8M | $-85.6M | ||
| Q2 24 | $-15.3M | $-91.4M | ||
| Q1 24 | $39.9M | — |
| Q4 25 | 59.4% | 86.7% | ||
| Q3 25 | 62.7% | 87.5% | ||
| Q2 25 | 64.8% | 87.2% | ||
| Q1 25 | 69.6% | 86.9% | ||
| Q4 24 | 56.9% | 87.1% | ||
| Q3 24 | 37.5% | 85.6% | ||
| Q2 24 | 61.2% | 81.2% | ||
| Q1 24 | 69.2% | — |
| Q4 25 | -503.4% | — | ||
| Q3 25 | -52.5% | -30.8% | ||
| Q2 25 | -103.9% | -151.7% | ||
| Q1 25 | -77.8% | -276.5% | ||
| Q4 24 | 40.5% | — | ||
| Q3 24 | -379.2% | -433.0% | ||
| Q2 24 | -43.9% | -1055.4% | ||
| Q1 24 | 97.2% | — |
| Q4 25 | -1229.6% | — | ||
| Q3 25 | -4.6% | -60.5% | ||
| Q2 25 | -105.1% | -191.9% | ||
| Q1 25 | -79.6% | -330.7% | ||
| Q4 24 | 41.5% | — | ||
| Q3 24 | -359.9% | -523.3% | ||
| Q2 24 | -41.5% | -1248.6% | ||
| Q1 24 | 82.9% | — |
| Q4 25 | $-1.91 | — | ||
| Q3 25 | $-0.01 | $-0.41 | ||
| Q2 25 | $-0.12 | $-1.05 | ||
| Q1 25 | $-0.11 | $-1.31 | ||
| Q4 24 | $0.04 | — | ||
| Q3 24 | $-0.26 | $-1.32 | ||
| Q2 24 | $-0.05 | $-1.56 | ||
| Q1 24 | $0.13 | — |
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 | $130.0M |
| Total DebtLower is stronger | $2.7B | $209.1M |
| Stockholders' EquityBook value | $805.5M | $-438.2M |
| Total Assets | $4.3B | $259.1M |
| Debt / EquityLower = less leverage | 3.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | $130.0M | ||
| Q3 25 | $1.2B | $135.2M | ||
| Q2 25 | $62.7M | $149.6M | ||
| Q1 25 | $23.2M | $212.3M | ||
| Q4 24 | $5.6M | $297.3M | ||
| Q3 24 | $25.3M | $334.7M | ||
| Q2 24 | $122.6M | $276.2M | ||
| Q1 24 | $88.7M | — |
| Q4 25 | $2.7B | $209.1M | ||
| Q3 25 | $1.0B | $207.1M | ||
| Q2 25 | $167.1M | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | $0 | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $805.5M | $-438.2M | ||
| Q3 25 | $783.2M | $-422.5M | ||
| Q2 25 | $748.9M | $-405.8M | ||
| Q1 25 | $734.8M | $-338.4M | ||
| Q4 24 | $682.0M | $-253.6M | ||
| Q3 24 | $672.0M | $-187.1M | ||
| Q2 24 | $690.8M | $-233.8M | ||
| Q1 24 | $600.9M | — |
| Q4 25 | $4.3B | $259.1M | ||
| Q3 25 | $2.8B | $240.3M | ||
| Q2 25 | $1.0B | $250.2M | ||
| Q1 25 | $913.8M | $294.2M | ||
| Q4 24 | $855.4M | $378.3M | ||
| Q3 24 | $775.4M | $387.0M | ||
| Q2 24 | $775.6M | $319.4M | ||
| Q1 24 | $677.1M | — |
| 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 | $-166.8M |
| Free Cash FlowOCF − Capex | $-695.9M | $-167.0M |
| FCF MarginFCF / Revenue | -1165.4% | -290.0% |
| Capex IntensityCapex / Revenue | 817.1% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $-166.8M | ||
| Q3 25 | $-50.1M | $-14.1M | ||
| Q2 25 | $-56.2M | $-62.7M | ||
| Q1 25 | $-47.2M | $-84.9M | ||
| Q4 24 | $-87.5M | $-266.8M | ||
| Q3 24 | $-6.5M | $-63.6M | ||
| Q2 24 | $-25.4M | $-70.7M | ||
| Q1 24 | $-26.6M | — |
| Q4 25 | $-695.9M | $-167.0M | ||
| Q3 25 | $-256.2M | $-14.1M | ||
| Q2 25 | $-87.5M | $-62.8M | ||
| Q1 25 | $-71.8M | $-84.9M | ||
| Q4 24 | $-227.0M | $-266.9M | ||
| Q3 24 | $-83.2M | $-63.6M | ||
| Q2 24 | $-33.2M | $-70.8M | ||
| Q1 24 | $-34.5M | — |
| Q4 25 | -1165.4% | -290.0% | ||
| Q3 25 | -357.3% | -28.6% | ||
| Q2 25 | -200.9% | -159.0% | ||
| Q1 25 | -146.7% | -297.9% | ||
| Q4 24 | -537.6% | -899.8% | ||
| Q3 24 | -345.0% | -389.0% | ||
| Q2 24 | -90.2% | -966.2% | ||
| Q1 24 | -71.7% | — |
| Q4 25 | 817.1% | 0.4% | ||
| Q3 25 | 287.5% | 0.1% | ||
| Q2 25 | 71.8% | 0.2% | ||
| Q1 25 | 50.2% | 0.1% | ||
| Q4 24 | 330.4% | 0.5% | ||
| Q3 24 | 317.8% | 0.3% | ||
| Q2 24 | 21.4% | 0.6% | ||
| Q1 24 | 16.4% | — |
| 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.
