vs
Cipher Mining Inc.（CIFR）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
Repay Holdings Corp的季度营收约是Cipher Mining Inc.的1.3倍（$78.6M vs $59.7M），Repay Holdings Corp净利率更高（-178.3% vs -1229.6%，领先1051.3%），Cipher Mining Inc.同比增速更快（41.4% vs 0.4%），Repay Holdings Corp自由现金流更多（$23.2M vs $-695.9M），过去两年Cipher Mining Inc.的营收复合增速更高（11.4% vs -1.3%）
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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
CIFR vs RPAY — 直观对比
营收规模更大
RPAY
是对方的1.3倍
$59.7M
营收增速更快
CIFR
高出41.0%
0.4%
净利率更高
RPAY
高出1051.3%
-1229.6%
自由现金流更多
RPAY
多$719.1M
$-695.9M
两年增速更快
CIFR
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $59.7M | $78.6M |
| 净利润 | $-734.2M | $-140.1M |
| 毛利率 | 59.4% | 74.2% |
| 营业利润率 | -503.4% | -182.2% |
| 净利率 | -1229.6% | -178.3% |
| 营收同比 | 41.4% | 0.4% |
| 净利润同比 | -4293.1% | -3304.1% |
| 每股收益（稀释后） | $-1.91 | $-1.68 |
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CIFRRPAY
| Q4 25 | $59.7M | $78.6M | ||
| Q3 25 | $71.7M | $77.7M | ||
| Q2 25 | $43.6M | $75.6M | ||
| Q1 25 | $49.0M | $77.3M | ||
| Q4 24 | $42.2M | $78.3M | ||
| Q3 24 | $24.1M | $79.1M | ||
| Q2 24 | $36.8M | $74.9M | ||
| Q1 24 | $48.1M | $80.7M |
净利润CIFRRPAY
| Q4 25 | $-734.2M | $-140.1M | ||
| Q3 25 | $-3.3M | $-6.4M | ||
| Q2 25 | $-45.8M | $-102.3M | ||
| Q1 25 | $-39.0M | $-7.9M | ||
| Q4 24 | $17.5M | $-4.1M | ||
| Q3 24 | $-86.8M | $3.2M | ||
| Q2 24 | $-15.3M | $-4.1M | ||
| Q1 24 | $39.9M | $-5.2M |
毛利率CIFRRPAY
| Q4 25 | 59.4% | 74.2% | ||
| Q3 25 | 62.7% | 74.4% | ||
| Q2 25 | 64.8% | 75.7% | ||
| Q1 25 | 69.6% | 75.9% | ||
| Q4 24 | 56.9% | 76.3% | ||
| Q3 24 | 37.5% | 77.8% | ||
| Q2 24 | 61.2% | 78.2% | ||
| Q1 24 | 69.2% | 76.2% |
营业利润率CIFRRPAY
| Q4 25 | -503.4% | -182.2% | ||
| Q3 25 | -52.5% | -3.9% | ||
| Q2 25 | -103.9% | -138.7% | ||
| Q1 25 | -77.8% | -4.7% | ||
| Q4 24 | 40.5% | -1.5% | ||
| Q3 24 | -379.2% | -0.9% | ||
| Q2 24 | -43.9% | -4.6% | ||
| Q1 24 | 97.2% | -3.1% |
净利率CIFRRPAY
| Q4 25 | -1229.6% | -178.3% | ||
| Q3 25 | -4.6% | -8.3% | ||
| Q2 25 | -105.1% | -135.2% | ||
| Q1 25 | -79.6% | -10.3% | ||
| Q4 24 | 41.5% | -5.3% | ||
| Q3 24 | -359.9% | 4.1% | ||
| Q2 24 | -41.5% | -5.4% | ||
| Q1 24 | 82.9% | -6.5% |
每股收益（稀释后）CIFRRPAY
| Q4 25 | $-1.91 | $-1.68 | ||
| Q3 25 | $-0.01 | $-0.08 | ||
| Q2 25 | $-0.12 | $-1.15 | ||
| Q1 25 | $-0.11 | $-0.09 | ||
| Q4 24 | $0.04 | $-0.04 | ||
| Q3 24 | $-0.26 | $0.03 | ||
| Q2 24 | $-0.05 | $-0.04 | ||
| Q1 24 | $0.13 | $-0.06 |
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 | $115.7M |
| 总债务越低越好 | $2.7B | $280.1M |
| 股东权益账面价值 | $805.5M | $484.4M |
| 总资产 | $4.3B | $1.2B |
| 负债/权益比越低杠杆越低 | 3.37× | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资CIFRRPAY
| Q4 25 | $628.3M | $115.7M | ||
| Q3 25 | $1.2B | $95.7M | ||
| Q2 25 | $62.7M | $162.6M | ||
| Q1 25 | $23.2M | $165.5M | ||
| Q4 24 | $5.6M | $189.5M | ||
| Q3 24 | $25.3M | $168.7M | ||
| Q2 24 | $122.6M | $147.1M | ||
| Q1 24 | $88.7M | $128.3M |
总债务CIFRRPAY
| Q4 25 | $2.7B | $280.1M | ||
| Q3 25 | $1.0B | $279.5M | ||
| Q2 25 | $167.1M | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | $0 | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
股东权益CIFRRPAY
| Q4 25 | $805.5M | $484.4M | ||
| Q3 25 | $783.2M | $616.9M | ||
| Q2 25 | $748.9M | $633.7M | ||
| Q1 25 | $734.8M | $755.7M | ||
| Q4 24 | $682.0M | $761.3M | ||
| Q3 24 | $672.0M | $754.7M | ||
| Q2 24 | $690.8M | $815.4M | ||
| Q1 24 | $600.9M | $813.8M |
总资产CIFRRPAY
| Q4 25 | $4.3B | $1.2B | ||
| Q3 25 | $2.8B | $1.3B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $913.8M | $1.5B | ||
| Q4 24 | $855.4M | $1.6B | ||
| Q3 24 | $775.4M | $1.6B | ||
| Q2 24 | $775.6M | $1.5B | ||
| Q1 24 | $677.1M | $1.5B |
负债/权益比CIFRRPAY
| Q4 25 | 3.37× | 0.58× | ||
| Q3 25 | 1.31× | 0.45× | ||
| Q2 25 | 0.22× | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | 0.00× | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $-695.9M | $23.2M |
| 自由现金流率自由现金流/营收 | -1165.4% | 29.6% |
| 资本支出强度资本支出/营收 | 817.1% | 0.1% |
| 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 | $90.7M |
8季度趋势，按日历期对齐
经营现金流CIFRRPAY
| Q4 25 | $-207.9M | $23.3M | ||
| Q3 25 | $-50.1M | $32.2M | ||
| Q2 25 | $-56.2M | $33.1M | ||
| Q1 25 | $-47.2M | $2.5M | ||
| Q4 24 | $-87.5M | $34.3M | ||
| Q3 24 | $-6.5M | $60.1M | ||
| Q2 24 | $-25.4M | $31.0M | ||
| Q1 24 | $-26.6M | $24.8M |
自由现金流CIFRRPAY
| Q4 25 | $-695.9M | $23.2M | ||
| Q3 25 | $-256.2M | $32.1M | ||
| Q2 25 | $-87.5M | $33.0M | ||
| Q1 25 | $-71.8M | $2.4M | ||
| Q4 24 | $-227.0M | $34.0M | ||
| Q3 24 | $-83.2M | $59.8M | ||
| Q2 24 | $-33.2M | $30.5M | ||
| Q1 24 | $-34.5M | $24.7M |
自由现金流率CIFRRPAY
| Q4 25 | -1165.4% | 29.6% | ||
| Q3 25 | -357.3% | 41.3% | ||
| Q2 25 | -200.9% | 43.6% | ||
| Q1 25 | -146.7% | 3.0% | ||
| Q4 24 | -537.6% | 43.5% | ||
| Q3 24 | -345.0% | 75.6% | ||
| Q2 24 | -90.2% | 40.7% | ||
| Q1 24 | -71.7% | 30.6% |
资本支出强度CIFRRPAY
| Q4 25 | 817.1% | 0.1% | ||
| Q3 25 | 287.5% | 0.2% | ||
| Q2 25 | 71.8% | 0.1% | ||
| Q1 25 | 50.2% | 0.2% | ||
| Q4 24 | 330.4% | 0.3% | ||
| Q3 24 | 317.8% | 0.3% | ||
| Q2 24 | 21.4% | 0.6% | ||
| Q1 24 | 16.4% | 0.1% |
现金转化率CIFRRPAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | — | ||
| Q3 24 | — | 18.52× | ||
| Q2 24 | — | — | ||
| 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
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
