vs
Cipher Mining Inc.（CIFR）与弗雷斯特研究公司（FORR）财务数据对比。点击上方公司名可切换其他公司
弗雷斯特研究公司的季度营收约是Cipher Mining Inc.的1.7倍（$101.1M vs $59.7M），弗雷斯特研究公司净利率更高（-33.5% vs -1229.6%，领先1196.1%），Cipher Mining Inc.同比增速更快（41.4% vs -6.5%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-695.9M），过去两年Cipher Mining Inc.的营收复合增速更高（11.4% vs 0.5%）
Cipher Mining Inc.是总部位于美国的比特币挖矿生态运营企业，当前正全力发展加密货币相关业务，深耕加密行业上游基础设施赛道，依托技术及合规优势构建稳定高效的挖矿服务体系。
福雷斯特研究公司是一家全球领先的研究咨询机构，主营业务涵盖行业研究、管理咨询与行业峰会举办，客户群体包括全球大型企业、科技公司与消费领域领军企业，公司总部位于美国马萨诸塞州剑桥市。
CIFR vs FORR — 直观对比
营收规模更大
FORR
是对方的1.7倍
$59.7M
营收增速更快
CIFR
高出47.9%
-6.5%
净利率更高
FORR
高出1196.1%
-1229.6%
自由现金流更多
FORR
多$691.6M
$-695.9M
两年增速更快
CIFR
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $59.7M | $101.1M |
| 净利润 | $-734.2M | $-33.9M |
| 毛利率 | 59.4% | 56.7% |
| 营业利润率 | -503.4% | -36.6% |
| 净利率 | -1229.6% | -33.5% |
| 营收同比 | 41.4% | -6.5% |
| 净利润同比 | -4293.1% | -7941.4% |
| 每股收益（稀释后） | $-1.91 | $-1.75 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CIFRFORR
| Q4 25 | $59.7M | $101.1M | ||
| Q3 25 | $71.7M | $94.3M | ||
| Q2 25 | $43.6M | $111.7M | ||
| Q1 25 | $49.0M | $89.9M | ||
| Q4 24 | $42.2M | $108.0M | ||
| Q3 24 | $24.1M | $102.5M | ||
| Q2 24 | $36.8M | $121.8M | ||
| Q1 24 | $48.1M | $100.1M |
净利润CIFRFORR
| Q4 25 | $-734.2M | $-33.9M | ||
| Q3 25 | $-3.3M | $-2.1M | ||
| Q2 25 | $-45.8M | $3.9M | ||
| Q1 25 | $-39.0M | $-87.3M | ||
| Q4 24 | $17.5M | $432.0K | ||
| Q3 24 | $-86.8M | $-5.8M | ||
| Q2 24 | $-15.3M | $6.3M | ||
| Q1 24 | $39.9M | $-6.7M |
毛利率CIFRFORR
| Q4 25 | 59.4% | 56.7% | ||
| Q3 25 | 62.7% | 60.0% | ||
| Q2 25 | 64.8% | 55.5% | ||
| Q1 25 | 69.6% | 55.9% | ||
| Q4 24 | 56.9% | 58.8% | ||
| Q3 24 | 37.5% | 60.5% | ||
| Q2 24 | 61.2% | 57.3% | ||
| Q1 24 | 69.2% | 54.9% |
营业利润率CIFRFORR
| Q4 25 | -503.4% | -36.6% | ||
| Q3 25 | -52.5% | 4.7% | ||
| Q2 25 | -103.9% | 6.2% | ||
| Q1 25 | -77.8% | -97.5% | ||
| Q4 24 | 40.5% | -0.5% | ||
| Q3 24 | -379.2% | -0.7% | ||
| Q2 24 | -43.9% | 9.3% | ||
| Q1 24 | 97.2% | -9.3% |
净利率CIFRFORR
| Q4 25 | -1229.6% | -33.5% | ||
| Q3 25 | -4.6% | -2.3% | ||
| Q2 25 | -105.1% | 3.5% | ||
| Q1 25 | -79.6% | -97.1% | ||
| Q4 24 | 41.5% | 0.4% | ||
| Q3 24 | -359.9% | -5.7% | ||
| Q2 24 | -41.5% | 5.2% | ||
| Q1 24 | 82.9% | -6.7% |
每股收益（稀释后）CIFRFORR
| Q4 25 | $-1.91 | $-1.75 | ||
| Q3 25 | $-0.01 | $-0.11 | ||
| Q2 25 | $-0.12 | $0.20 | ||
| Q1 25 | $-0.11 | $-4.62 | ||
| Q4 24 | $0.04 | $0.02 | ||
| Q3 24 | $-0.26 | $-0.30 | ||
| Q2 24 | $-0.05 | $0.33 | ||
| Q1 24 | $0.13 | $-0.35 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $628.3M | $63.3M |
| 总债务越低越好 | $2.7B | — |
| 股东权益账面价值 | $805.5M | $126.5M |
| 总资产 | $4.3B | $404.0M |
| 负债/权益比越低杠杆越低 | 3.37× | — |
8季度趋势，按日历期对齐
现金及短期投资CIFRFORR
| Q4 25 | $628.3M | $63.3M | ||
| Q3 25 | $1.2B | $65.1M | ||
| Q2 25 | $62.7M | $67.8M | ||
| Q1 25 | $23.2M | $75.6M | ||
| Q4 24 | $5.6M | $56.1M | ||
| Q3 24 | $25.3M | $62.8M | ||
| Q2 24 | $122.6M | $58.9M | ||
| Q1 24 | $88.7M | $61.4M |
总债务CIFRFORR
| Q4 25 | $2.7B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $167.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CIFRFORR
| Q4 25 | $805.5M | $126.5M | ||
| Q3 25 | $783.2M | $157.7M | ||
| Q2 25 | $748.9M | $159.5M | ||
| Q1 25 | $734.8M | $147.4M | ||
| Q4 24 | $682.0M | $229.5M | ||
| Q3 24 | $672.0M | $234.3M | ||
| Q2 24 | $690.8M | $237.1M | ||
| Q1 24 | $600.9M | $230.9M |
总资产CIFRFORR
| Q4 25 | $4.3B | $404.0M | ||
| Q3 25 | $2.8B | $414.2M | ||
| Q2 25 | $1.0B | $436.0M | ||
| Q1 25 | $913.8M | $439.8M | ||
| Q4 24 | $855.4M | $503.9M | ||
| Q3 24 | $775.4M | $505.3M | ||
| Q2 24 | $775.6M | $524.2M | ||
| Q1 24 | $677.1M | $555.7M |
负债/权益比CIFRFORR
| Q4 25 | 3.37× | — | ||
| Q3 25 | 1.31× | — | ||
| Q2 25 | 0.22× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-207.9M | $-3.2M |
| 自由现金流经营现金流 - 资本支出 | $-695.9M | $-4.3M |
| 自由现金流率自由现金流/营收 | -1165.4% | -4.2% |
| 资本支出强度资本支出/营收 | 817.1% | 1.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $18.1M |
8季度趋势，按日历期对齐
经营现金流CIFRFORR
| Q4 25 | $-207.9M | $-3.2M | ||
| Q3 25 | $-50.1M | $1.2M | ||
| Q2 25 | $-56.2M | $-3.6M | ||
| Q1 25 | $-47.2M | $26.7M | ||
| Q4 24 | $-87.5M | $-1.8M | ||
| Q3 24 | $-6.5M | $264.0K | ||
| Q2 24 | $-25.4M | $-2.9M | ||
| Q1 24 | $-26.6M | $611.0K |
自由现金流CIFRFORR
| Q4 25 | $-695.9M | $-4.3M | ||
| Q3 25 | $-256.2M | $524.0K | ||
| Q2 25 | $-87.5M | $-4.2M | ||
| Q1 25 | $-71.8M | $26.1M | ||
| Q4 24 | $-227.0M | $-2.5M | ||
| Q3 24 | $-83.2M | $-223.0K | ||
| Q2 24 | $-33.2M | $-3.7M | ||
| Q1 24 | $-34.5M | $-815.0K |
自由现金流率CIFRFORR
| Q4 25 | -1165.4% | -4.2% | ||
| Q3 25 | -357.3% | 0.6% | ||
| Q2 25 | -200.9% | -3.8% | ||
| Q1 25 | -146.7% | 29.0% | ||
| Q4 24 | -537.6% | -2.3% | ||
| Q3 24 | -345.0% | -0.2% | ||
| Q2 24 | -90.2% | -3.1% | ||
| Q1 24 | -71.7% | -0.8% |
资本支出强度CIFRFORR
| Q4 25 | 817.1% | 1.1% | ||
| Q3 25 | 287.5% | 0.7% | ||
| Q2 25 | 71.8% | 0.5% | ||
| Q1 25 | 50.2% | 0.7% | ||
| Q4 24 | 330.4% | 0.6% | ||
| Q3 24 | 317.8% | 0.5% | ||
| Q2 24 | 21.4% | 0.7% | ||
| Q1 24 | 16.4% | 1.4% |
现金转化率CIFRFORR
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| Q1 24 | -0.67× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CIFR
暂无分部数据
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
