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Cipher Mining Inc.（CIFR）与TERAWULF INC.（WULF）财务数据对比。点击上方公司名可切换其他公司
Cipher Mining Inc.的季度营收约是TERAWULF INC.的2.3倍（$59.7M vs $26.1M），TERAWULF INC.净利率更高（-484.2% vs -1229.6%，领先745.4%），Cipher Mining Inc.同比增速更快（41.4% vs -25.3%），Cipher Mining Inc.自由现金流更多（$-695.9M vs $-1.2B），过去两年Cipher Mining Inc.的营收复合增速更高（11.4% vs -21.5%）
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。
TeraWulf Inc.是美国比特币挖矿企业，2021年成立，于纳斯达克挂牌上市，股票交易代码为WULF，目前在纽约州、宾夕法尼亚州两地运营加密货币矿场，核心业务围绕比特币挖矿展开。
CIFR vs WULF — 直观对比
营收规模更大
CIFR
是对方的2.3倍
$26.1M
营收增速更快
CIFR
高出66.7%
-25.3%
净利率更高
WULF
高出745.4%
-1229.6%
自由现金流更多
CIFR
多$487.5M
$-1.2B
两年增速更快
CIFR
近两年复合增速
-21.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $59.7M | $26.1M |
| 净利润 | $-734.2M | $-126.6M |
| 毛利率 | 59.4% | 27.7% |
| 营业利润率 | -503.4% | -330.2% |
| 净利率 | -1229.6% | -484.2% |
| 营收同比 | 41.4% | -25.3% |
| 净利润同比 | -4293.1% | -333.5% |
| 每股收益（稀释后） | $-1.91 | $-0.32 |
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CIFRWULF
| Q4 25 | $59.7M | $26.1M | ||
| Q3 25 | $71.7M | $50.6M | ||
| Q2 25 | $43.6M | $47.6M | ||
| Q1 25 | $49.0M | $34.4M | ||
| Q4 24 | $42.2M | $35.0M | ||
| Q3 24 | $24.1M | $27.1M | ||
| Q2 24 | $36.8M | $35.6M | ||
| Q1 24 | $48.1M | $42.4M |
净利润CIFRWULF
| Q4 25 | $-734.2M | $-126.6M | ||
| Q3 25 | $-3.3M | $-455.1M | ||
| Q2 25 | $-45.8M | $-18.4M | ||
| Q1 25 | $-39.0M | $-61.4M | ||
| Q4 24 | $17.5M | $-29.2M | ||
| Q3 24 | $-86.8M | $-22.7M | ||
| Q2 24 | $-15.3M | $-10.9M | ||
| Q1 24 | $39.9M | $-9.6M |
毛利率CIFRWULF
| Q4 25 | 59.4% | 27.7% | ||
| Q3 25 | 62.7% | 57.2% | ||
| Q2 25 | 64.8% | 53.6% | ||
| Q1 25 | 69.6% | 28.6% | ||
| Q4 24 | 56.9% | 26.6% | ||
| Q3 24 | 37.5% | 40.0% | ||
| Q2 24 | 61.2% | 60.9% | ||
| Q1 24 | 69.2% | 66.0% |
营业利润率CIFRWULF
| Q4 25 | -503.4% | -330.2% | ||
| Q3 25 | -52.5% | -48.8% | ||
| Q2 25 | -103.9% | -32.7% | ||
| Q1 25 | -77.8% | -173.3% | ||
| Q4 24 | 40.5% | -147.0% | ||
| Q3 24 | -379.2% | -58.1% | ||
| Q2 24 | -43.9% | -19.0% | ||
| Q1 24 | 97.2% | -5.5% |
净利率CIFRWULF
| Q4 25 | -1229.6% | -484.2% | ||
| Q3 25 | -4.6% | -899.7% | ||
| Q2 25 | -105.1% | -38.6% | ||
| Q1 25 | -79.6% | -178.5% | ||
| Q4 24 | 41.5% | -83.5% | ||
| Q3 24 | -359.9% | -84.0% | ||
| Q2 24 | -41.5% | -30.6% | ||
| Q1 24 | 82.9% | -22.7% |
每股收益（稀释后）CIFRWULF
| Q4 25 | $-1.91 | $-0.32 | ||
| Q3 25 | $-0.01 | $-1.13 | ||
| Q2 25 | $-0.12 | $-0.05 | ||
| Q1 25 | $-0.11 | $-0.16 | ||
| Q4 24 | $0.04 | $-0.09 | ||
| Q3 24 | $-0.26 | $-0.06 | ||
| Q2 24 | $-0.05 | $-0.03 | ||
| Q1 24 | $0.13 | $-0.03 |
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 | $3.3B |
| 总债务越低越好 | $2.7B | $3.1B |
| 股东权益账面价值 | $805.5M | $140.4M |
| 总资产 | $4.3B | $6.6B |
| 负债/权益比越低杠杆越低 | 3.37× | 22.06× |
8季度趋势，按日历期对齐
现金及短期投资CIFRWULF
| Q4 25 | $628.3M | $3.3B | ||
| Q3 25 | $1.2B | $711.3M | ||
| Q2 25 | $62.7M | $90.0M | ||
| Q1 25 | $23.2M | $218.2M | ||
| Q4 24 | $5.6M | $274.1M | ||
| Q3 24 | $25.3M | $23.9M | ||
| Q2 24 | $122.6M | $104.1M | ||
| Q1 24 | $88.7M | $45.8M |
总债务CIFRWULF
| Q4 25 | $2.7B | $3.1B | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $167.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | $0 | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $72.3M | ||
| Q1 24 | — | $99.4M |
股东权益CIFRWULF
| Q4 25 | $805.5M | $140.4M | ||
| Q3 25 | $783.2M | $247.3M | ||
| Q2 25 | $748.9M | $174.3M | ||
| Q1 25 | $734.8M | $170.4M | ||
| Q4 24 | $682.0M | $244.4M | ||
| Q3 24 | $672.0M | $372.6M | ||
| Q2 24 | $690.8M | $386.2M | ||
| Q1 24 | $600.9M | $272.3M |
总资产CIFRWULF
| Q4 25 | $4.3B | $6.6B | ||
| Q3 25 | $2.8B | $2.5B | ||
| Q2 25 | $1.0B | $869.4M | ||
| Q1 25 | $913.8M | $841.2M | ||
| Q4 24 | $855.4M | $787.5M | ||
| Q3 24 | $775.4M | $405.9M | ||
| Q2 24 | $775.6M | $479.6M | ||
| Q1 24 | $677.1M | $395.4M |
负债/权益比CIFRWULF
| Q4 25 | 3.37× | 22.06× | ||
| Q3 25 | 1.31× | — | ||
| Q2 25 | 0.22× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | — | 0.37× |
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 | $-123.2M |
| 自由现金流经营现金流 - 资本支出 | $-695.9M | $-1.2B |
| 自由现金流率自由现金流/营收 | -1165.4% | -4527.0% |
| 资本支出强度资本支出/营收 | 817.1% | 4055.8% |
| 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 | $-1.7B |
8季度趋势，按日历期对齐
经营现金流CIFRWULF
| Q4 25 | $-207.9M | $-123.2M | ||
| Q3 25 | $-50.1M | $-36.7M | ||
| Q2 25 | $-56.2M | $-54.8M | ||
| Q1 25 | $-47.2M | $56.5M | ||
| Q4 24 | $-87.5M | $-24.4M | ||
| Q3 24 | $-6.5M | $-20.9M | ||
| Q2 24 | $-25.4M | $16.4M | ||
| Q1 24 | $-26.6M | $22.8M |
自由现金流CIFRWULF
| Q4 25 | $-695.9M | $-1.2B | ||
| Q3 25 | $-256.2M | $-268.3M | ||
| Q2 25 | $-87.5M | $-174.8M | ||
| Q1 25 | $-71.8M | $-37.2M | ||
| Q4 24 | $-227.0M | $-292.4M | ||
| Q3 24 | $-83.2M | $-41.7M | ||
| Q2 24 | $-33.2M | $-30.2M | ||
| Q1 24 | $-34.5M | $-24.1M |
自由现金流率CIFRWULF
| Q4 25 | -1165.4% | -4527.0% | ||
| Q3 25 | -357.3% | -530.4% | ||
| Q2 25 | -200.9% | -366.8% | ||
| Q1 25 | -146.7% | -108.1% | ||
| Q4 24 | -537.6% | -835.7% | ||
| Q3 24 | -345.0% | -153.9% | ||
| Q2 24 | -90.2% | -84.9% | ||
| Q1 24 | -71.7% | -56.9% |
资本支出强度CIFRWULF
| Q4 25 | 817.1% | 4055.8% | ||
| Q3 25 | 287.5% | 457.8% | ||
| Q2 25 | 71.8% | 251.8% | ||
| Q1 25 | 50.2% | 272.3% | ||
| Q4 24 | 330.4% | 765.9% | ||
| Q3 24 | 317.8% | 76.6% | ||
| Q2 24 | 21.4% | 131.0% | ||
| Q1 24 | 16.4% | 110.7% |
现金转化率CIFRWULF
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -5.00× | — | ||
| Q3 24 | — | — | ||
| 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
