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Cipher Mining Inc.（CIFR）与Riot Platforms, Inc.（RIOT）财务数据对比。点击上方公司名可切换其他公司
Riot Platforms, Inc.的季度营收约是Cipher Mining Inc.的2.6倍（$152.8M vs $59.7M），Riot Platforms, Inc.净利率更高（-452.0% vs -1229.6%，领先777.6%），Cipher Mining Inc.同比增速更快（41.4% vs 7.2%），Cipher Mining Inc.自由现金流更多（$-695.9M vs $-774.3M），过去两年Riot Platforms, Inc.的营收复合增速更高（38.8% vs 11.4%）
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。
Riot Platforms是美国领先的比特币挖矿企业，在北美地区运营多座大规模高能效的加密货币矿场，同时布局区块链相关基础设施业务，长期持有比特币作为核心储备资产，专注于数字资产生态相关业务的长期发展。
CIFR vs RIOT — 直观对比
营收规模更大
RIOT
是对方的2.6倍
$59.7M
营收增速更快
CIFR
高出34.2%
7.2%
净利率更高
RIOT
高出777.6%
-1229.6%
自由现金流更多
CIFR
多$78.5M
$-774.3M
两年增速更快
RIOT
近两年复合增速
11.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $59.7M | $152.8M |
| 净利润 | $-734.2M | $-690.7M |
| 毛利率 | 59.4% | — |
| 营业利润率 | -503.4% | -447.9% |
| 净利率 | -1229.6% | -452.0% |
| 营收同比 | 41.4% | 7.2% |
| 净利润同比 | -4293.1% | -606.3% |
| 每股收益（稀释后） | $-1.91 | $-1.89 |
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CIFRRIOT
| Q4 25 | $59.7M | $152.8M | ||
| Q3 25 | $71.7M | $180.2M | ||
| Q2 25 | $43.6M | $153.0M | ||
| Q1 25 | $49.0M | $161.4M | ||
| Q4 24 | $42.2M | $142.6M | ||
| Q3 24 | $24.1M | $84.8M | ||
| Q2 24 | $36.8M | $70.0M | ||
| Q1 24 | $48.1M | $79.3M |
净利润CIFRRIOT
| Q4 25 | $-734.2M | $-690.7M | ||
| Q3 25 | $-3.3M | $104.5M | ||
| Q2 25 | $-45.8M | $219.5M | ||
| Q1 25 | $-39.0M | $-296.4M | ||
| Q4 24 | $17.5M | $136.4M | ||
| Q3 24 | $-86.8M | $-154.4M | ||
| Q2 24 | $-15.3M | $-84.4M | ||
| Q1 24 | $39.9M | $211.8M |
毛利率CIFRRIOT
| 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% | — |
营业利润率CIFRRIOT
| Q4 25 | -503.4% | -447.9% | ||
| Q3 25 | -52.5% | 44.4% | ||
| Q2 25 | -103.9% | — | ||
| Q1 25 | -77.8% | -144.9% | ||
| Q4 24 | 40.5% | — | ||
| Q3 24 | -379.2% | -143.3% | ||
| Q2 24 | -43.9% | -167.2% | ||
| Q1 24 | 97.2% | — |
净利率CIFRRIOT
| Q4 25 | -1229.6% | -452.0% | ||
| Q3 25 | -4.6% | 58.0% | ||
| Q2 25 | -105.1% | 143.4% | ||
| Q1 25 | -79.6% | -183.6% | ||
| Q4 24 | 41.5% | 95.7% | ||
| Q3 24 | -359.9% | -182.1% | ||
| Q2 24 | -41.5% | -120.6% | ||
| Q1 24 | 82.9% | 267.1% |
每股收益（稀释后）CIFRRIOT
| Q4 25 | $-1.91 | $-1.89 | ||
| Q3 25 | $-0.01 | $0.26 | ||
| Q2 25 | $-0.12 | $0.58 | ||
| Q1 25 | $-0.11 | $-0.90 | ||
| Q4 24 | $0.04 | $0.39 | ||
| Q3 24 | $-0.26 | $-0.54 | ||
| Q2 24 | $-0.05 | $-0.32 | ||
| Q1 24 | $0.13 | $0.51 |
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 | $233.5M |
| 总债务越低越好 | $2.7B | $840.8M |
| 股东权益账面价值 | $805.5M | $2.9B |
| 总资产 | $4.3B | $3.9B |
| 负债/权益比越低杠杆越低 | 3.37× | 0.29× |
8季度趋势，按日历期对齐
现金及短期投资CIFRRIOT
| Q4 25 | $628.3M | $233.5M | ||
| Q3 25 | $1.2B | $330.7M | ||
| Q2 25 | $62.7M | $255.4M | ||
| Q1 25 | $23.2M | $163.7M | ||
| Q4 24 | $5.6M | $277.9M | ||
| Q3 24 | $25.3M | $355.7M | ||
| Q2 24 | $122.6M | $481.2M | ||
| Q1 24 | $88.7M | $688.5M |
总债务CIFRRIOT
| Q4 25 | $2.7B | $840.8M | ||
| Q3 25 | $1.0B | $5.3M | ||
| Q2 25 | $167.1M | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | $0 | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CIFRRIOT
| Q4 25 | $805.5M | $2.9B | ||
| Q3 25 | $783.2M | $3.5B | ||
| Q2 25 | $748.9M | $3.3B | ||
| Q1 25 | $734.8M | $2.9B | ||
| Q4 24 | $682.0M | $3.1B | ||
| Q3 24 | $672.0M | $2.7B | ||
| Q2 24 | $690.8M | $2.6B | ||
| Q1 24 | $600.9M | $2.5B |
总资产CIFRRIOT
| Q4 25 | $4.3B | $3.9B | ||
| Q3 25 | $2.8B | $4.5B | ||
| Q2 25 | $1.0B | $4.3B | ||
| Q1 25 | $913.8M | $3.7B | ||
| Q4 24 | $855.4M | $3.9B | ||
| Q3 24 | $775.4M | $2.9B | ||
| Q2 24 | $775.6M | $2.7B | ||
| Q1 24 | $677.1M | $2.6B |
负债/权益比CIFRRIOT
| Q4 25 | 3.37× | 0.29× | ||
| Q3 25 | 1.31× | 0.00× | ||
| Q2 25 | 0.22× | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | 0.00× | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| 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 | $-572.9M |
| 自由现金流经营现金流 - 资本支出 | $-695.9M | $-774.3M |
| 自由现金流率自由现金流/营收 | -1165.4% | -506.6% |
| 资本支出强度资本支出/营收 | 817.1% | 131.8% |
| 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 | $-1.4B |
8季度趋势，按日历期对齐
经营现金流CIFRRIOT
| Q4 25 | $-207.9M | $-572.9M | ||
| Q3 25 | $-50.1M | $-114.0M | ||
| Q2 25 | $-56.2M | $-231.3M | ||
| Q1 25 | $-47.2M | $-122.1M | ||
| Q4 24 | $-87.5M | $-255.1M | ||
| Q3 24 | $-6.5M | $-56.3M | ||
| Q2 24 | $-25.4M | $-42.5M | ||
| Q1 24 | $-26.6M | $-57.9M |
自由现金流CIFRRIOT
| Q4 25 | $-695.9M | $-774.3M | ||
| Q3 25 | $-256.2M | $-139.7M | ||
| Q2 25 | $-87.5M | $-291.7M | ||
| Q1 25 | $-71.8M | $-154.9M | ||
| Q4 24 | $-227.0M | $-495.4M | ||
| Q3 24 | $-83.2M | $-127.6M | ||
| Q2 24 | $-33.2M | $-96.1M | ||
| Q1 24 | $-34.5M | $-115.2M |
自由现金流率CIFRRIOT
| Q4 25 | -1165.4% | -506.6% | ||
| Q3 25 | -357.3% | -77.5% | ||
| Q2 25 | -200.9% | -190.7% | ||
| Q1 25 | -146.7% | -96.0% | ||
| Q4 24 | -537.6% | -347.5% | ||
| Q3 24 | -345.0% | -150.5% | ||
| Q2 24 | -90.2% | -137.2% | ||
| Q1 24 | -71.7% | -145.2% |
资本支出强度CIFRRIOT
| Q4 25 | 817.1% | 131.8% | ||
| Q3 25 | 287.5% | 14.3% | ||
| Q2 25 | 71.8% | 39.5% | ||
| Q1 25 | 50.2% | 20.4% | ||
| Q4 24 | 330.4% | 168.6% | ||
| Q3 24 | 317.8% | 84.1% | ||
| Q2 24 | 21.4% | 76.5% | ||
| Q1 24 | 16.4% | 72.3% |
现金转化率CIFRRIOT
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.67× | -0.27× |
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
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
