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Side-by-side financial comparison of Cipher Mining Inc. (CIFR) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $59.7M, roughly 1.7× Cipher Mining Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -1229.6%, a 1222.6% gap on every dollar of revenue. On growth, Cipher Mining Inc. posted the faster year-over-year revenue change (41.4% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-695.9M). Over the past eight quarters, Cipher Mining Inc.'s revenue compounded faster (11.4% CAGR vs -4.9%).
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
CIFR vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $59.7M | $100.0M |
| Net Profit | $-734.2M | $-7.0M |
| Gross Margin | 59.4% | 28.0% |
| Operating Margin | -503.4% | -10.7% |
| Net Margin | -1229.6% | -7.0% |
| Revenue YoY | 41.4% | 14.5% |
| Net Profit YoY | -4293.1% | 76.0% |
| EPS (diluted) | $-1.91 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $71.7M | $161.9M | ||
| Q2 25 | $43.6M | $172.6M | ||
| Q1 25 | $49.0M | $111.4M | ||
| Q4 24 | $42.2M | $87.3M | ||
| Q3 24 | $24.1M | $150.5M | ||
| Q2 24 | $36.8M | $160.1M | ||
| Q1 24 | $48.1M | $110.6M |
| Q4 25 | $-734.2M | $-7.0M | ||
| Q3 25 | $-3.3M | $8.1M | ||
| Q2 25 | $-45.8M | $16.0M | ||
| Q1 25 | $-39.0M | $-6.0M | ||
| Q4 24 | $17.5M | $-29.2M | ||
| Q3 24 | $-86.8M | $5.9M | ||
| Q2 24 | $-15.3M | $13.3M | ||
| Q1 24 | $39.9M | $-7.9M |
| Q4 25 | 59.4% | 28.0% | ||
| Q3 25 | 62.7% | 35.4% | ||
| Q2 25 | 64.8% | 37.1% | ||
| Q1 25 | 69.6% | 29.5% | ||
| Q4 24 | 56.9% | 24.6% | ||
| Q3 24 | 37.5% | 32.4% | ||
| Q2 24 | 61.2% | 33.1% | ||
| Q1 24 | 69.2% | 27.7% |
| Q4 25 | -503.4% | -10.7% | ||
| Q3 25 | -52.5% | 13.3% | ||
| Q2 25 | -103.9% | 14.3% | ||
| Q1 25 | -77.8% | -4.4% | ||
| Q4 24 | 40.5% | -14.9% | ||
| Q3 24 | -379.2% | 8.9% | ||
| Q2 24 | -43.9% | 12.5% | ||
| Q1 24 | 97.2% | -1.9% |
| Q4 25 | -1229.6% | -7.0% | ||
| Q3 25 | -4.6% | 5.0% | ||
| Q2 25 | -105.1% | 9.3% | ||
| Q1 25 | -79.6% | -5.4% | ||
| Q4 24 | 41.5% | -33.4% | ||
| Q3 24 | -359.9% | 3.9% | ||
| Q2 24 | -41.5% | 8.3% | ||
| Q1 24 | 82.9% | -7.1% |
| Q4 25 | $-1.91 | $-0.06 | ||
| Q3 25 | $-0.01 | $0.07 | ||
| Q2 25 | $-0.12 | $0.13 | ||
| Q1 25 | $-0.11 | $-0.05 | ||
| Q4 24 | $0.04 | $-0.24 | ||
| Q3 24 | $-0.26 | $0.05 | ||
| Q2 24 | $-0.05 | $0.11 | ||
| Q1 24 | $0.13 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $2.7B | $279.8M |
| Stockholders' EquityBook value | $805.5M | $405.9M |
| Total Assets | $4.3B | $823.2M |
| Debt / EquityLower = less leverage | 3.37× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $628.3M | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $62.7M | — | ||
| Q1 25 | $23.2M | — | ||
| Q4 24 | $5.6M | — | ||
| Q3 24 | $25.3M | — | ||
| Q2 24 | $122.6M | — | ||
| Q1 24 | $88.7M | — |
| Q4 25 | $2.7B | $279.8M | ||
| Q3 25 | $1.0B | $281.1M | ||
| Q2 25 | $167.1M | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | $0 | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $805.5M | $405.9M | ||
| Q3 25 | $783.2M | $408.4M | ||
| Q2 25 | $748.9M | $398.4M | ||
| Q1 25 | $734.8M | $381.1M | ||
| Q4 24 | $682.0M | $387.2M | ||
| Q3 24 | $672.0M | $416.6M | ||
| Q2 24 | $690.8M | $408.1M | ||
| Q1 24 | $600.9M | $391.8M |
| Q4 25 | $4.3B | $823.2M | ||
| Q3 25 | $2.8B | $844.4M | ||
| Q2 25 | $1.0B | $822.1M | ||
| Q1 25 | $913.8M | $824.6M | ||
| Q4 24 | $855.4M | $794.2M | ||
| Q3 24 | $775.4M | $853.4M | ||
| Q2 24 | $775.6M | $830.0M | ||
| Q1 24 | $677.1M | $808.6M |
| Q4 25 | 3.37× | 0.69× | ||
| Q3 25 | 1.31× | 0.69× | ||
| Q2 25 | 0.22× | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | 0.00× | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-695.9M | $14.1M |
| FCF MarginFCF / Revenue | -1165.4% | 14.1% |
| Capex IntensityCapex / Revenue | 817.1% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.1B | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-207.9M | $23.3M | ||
| Q3 25 | $-50.1M | $51.0M | ||
| Q2 25 | $-56.2M | $36.0M | ||
| Q1 25 | $-47.2M | $-46.9M | ||
| Q4 24 | $-87.5M | $6.2M | ||
| Q3 24 | $-6.5M | $37.2M | ||
| Q2 24 | $-25.4M | $52.4M | ||
| Q1 24 | $-26.6M | $-34.5M |
| Q4 25 | $-695.9M | $14.1M | ||
| Q3 25 | $-256.2M | $45.2M | ||
| Q2 25 | $-87.5M | $29.1M | ||
| Q1 25 | $-71.8M | $-50.3M | ||
| Q4 24 | $-227.0M | $-98.0K | ||
| Q3 24 | $-83.2M | $33.2M | ||
| Q2 24 | $-33.2M | $47.9M | ||
| Q1 24 | $-34.5M | $-39.9M |
| Q4 25 | -1165.4% | 14.1% | ||
| Q3 25 | -357.3% | 27.9% | ||
| Q2 25 | -200.9% | 16.8% | ||
| Q1 25 | -146.7% | -45.2% | ||
| Q4 24 | -537.6% | -0.1% | ||
| Q3 24 | -345.0% | 22.1% | ||
| Q2 24 | -90.2% | 29.9% | ||
| Q1 24 | -71.7% | -36.0% |
| Q4 25 | 817.1% | 9.2% | ||
| Q3 25 | 287.5% | 3.6% | ||
| Q2 25 | 71.8% | 4.0% | ||
| Q1 25 | 50.2% | 3.1% | ||
| Q4 24 | 330.4% | 7.2% | ||
| Q3 24 | 317.8% | 2.7% | ||
| Q2 24 | 21.4% | 2.8% | ||
| Q1 24 | 16.4% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| 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.
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
