BNS
The Bank of Nova Scotia
BNS's fundamentals are mixed: its operating margin rose 7 points to 18%, but revenue fell 5.6%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
CIFR
Cipher Mining Inc.
There isn't enough reported data to score CIFR yet.
BNS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
BNS's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like BNS.
CIFR Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| N/A | |
| N/A |
CIFR's revenue and profitability are currently weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like CIFR.
BNS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.8x | $44.63 | -52% |
| Fair | 12x | $58.69 | -37% |
| Expensive | 16x | $79.47 | -14% |
| Current | 18x | $92.66 | — |
Historical ranges are pointers, not guarantees.
BNS's PE is 18x, but its earnings don't support one, so it isn't a reliable read right now.
CIFR PE Valuation
CIFR has no meaningful PE right now: it lost money over the past year.
BNS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for BNS, with profitability improving.
CIFR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect CIFR's losses to shrink, with revenue growing. However, they disagree widely on these estimates.
BNS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $5.08 | +52% |
| Q1 2026 | $4.71 | +38% |
| Q4 2025 | $3.96 | -4.1% |
| Q3 2025 | $3.66 | -8.5% |
| Q2 2025 | $3.35 | -21% |
| Q1 2025 | $3.42 | -20% |
| Q4 2024 | $4.13 | +1.2% |
| Q3 2024 | $4.00 | -10% |
BNS has the stronger earnings trend. Trailing diluted EPS is up 52% for BNS versus CIFR down 1,630%.
CIFR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$3.06 | -$2.86 |
| Q2 2026 | -$2.85 | -$2.40 |
| Q1 2026 | -$2.32 | -$1.94 |
| Q4 2025 | -$2.15 | -$2.01 |
| Q3 2025 | -$0.20 | -$0.07 |
| Q2 2025 | -$0.45 | -850% |
| Q1 2025 | -$0.38 | -733% |
| Q4 2024 | -$0.14 | -$0.04 |
CIFR lost $3.06 per share over the past year, and its loss has widened in each of the last four quarters.
BNS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $12.1B | -4.2% |
| Q1 2026 | $12.4B | -7.5% |
| Q4 2025 | $12.8B | -3.6% |
| Q3 2025 | $12.6B | -6.8% |
| Q2 2025 | $12.6B | -3.3% |
| Q1 2025 | $13.4B | +127% |
| Q4 2024 | $13.3B | +138% |
| Q3 2024 | $13.6B | +140% |
BNS has the stronger quarterly revenue trend. Revenue is down 4.2% for BNS versus down 63% for CIFR.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 20% | +5.6 points |
| Q1 2026 | 18% | +9 points |
| Q4 2025 | 16% | +4.1 points |
| Q3 2025 | 19% | +7.9 points |
| Q2 2025 | 14% | +14 points |
| Q1 2025 | 9% | -23 points |
| Q4 2024 | 12% | -7.2 points |
| Q3 2024 | 11% | -23 points |
BNS's operating margin was 20% last quarter, up 5.6 points from the same quarter a year ago.
CIFR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $26.7M | -63% |
| Q2 2026 | $24.8M | -43% |
| Q1 2026 | $34.8M | -29% |
| Q4 2025 | $59.7M | +41% |
| Q3 2025 | $71.7M | +198% |
| Q2 2025 | $43.6M | +18% |
| Q1 2025 | $49M | +1.7% |
| Q4 2024 | $42.2M | -2.8% |
CIFR's revenue has slid since its 2025 peak: $27M last quarter, down 63% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -269% | -217 points |
| Q2 2026 | -316% | -212 points |
| Q1 2026 | -329% | -251 points |
| Q4 2025 | -503% | -544 points |
| Q3 2025 | -52% | +327 points |
| Q2 2025 | -104% | -60 points |
| Q1 2025 | -78% | -175 points |
| Q4 2024 | 40% | +4 points |
CIFR's operating margin was −269% last quarter, down 217 points from the same quarter a year ago.
BNS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $11.9B | +619% |
| Q1 2026 | $8.9B | +168% |
| Q4 2025 | -$4.5B | -190% |
| Q3 2025 | $3B | -38% |
| Q2 2025 | $1.7B | +$2.6B |
| Q1 2025 | $3.3B | +120% |
| Q4 2024 | $5B | +54% |
| Q3 2024 | $4.9B | -70% |
BNS has the stronger cash trend. Its trailing FCF is up 49% versus its history, compared with CIFR at down 974%.
CIFR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.7B | -$1.4B |
| Q2 2026 | -$653.8M | -$566.3M |
| Q1 2026 | -$462.5M | -$390.7M |
| Q4 2025 | -$280.3M | -$204.2M |
| Q3 2025 | -$256.2M | -$173.1M |
| Q2 2025 | -$87.5M | -$54.3M |
| Q1 2025 | -$71.8M | -$37.3M |
| Q4 2024 | -$76.1M | +$38M |
CIFR's free cash flow was −$3.1B over the past year, against −$492M the year before. Free cash flow isn't a meaningful measure for financial services companies like CIFR.
BNS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -15M shares |
| 1 year | -1.3% | -16M shares |
| 3 years | +2.8% | +33M shares |
| 5 years | +0.6% | +7M shares |
| Available history | -1.7% | -21M shares |
BNS has the edge over CIFR on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $451.3M |
| Q1 2026 | $341M |
| Q4 2025 | $460.5M |
| Q3 2025 | $168.7M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
BNS spent $1.4B buying back its own shares over the past year, after none the year before.
CIFR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +7.4% | +30.3M shares |
| 1 year | +12% | +46.5M shares |
| 3 years | +75% | +188M shares |
| 5 years | +102% | +222M shares |
CIFR has 440M diluted shares, up 12% from a year ago, despite $151M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $19.7M |
| Q2 2026 | $45.2M |
| Q1 2026 | $3.8M |
| Q4 2025 | $82.3M |
| Q3 2025 | $3M |
| Q2 2025 | $3.2M |
| Q1 2025 | $1.1M |
| Q4 2024 | $16.9M |
CIFR spent $151M buying back its own shares over the past year, about six times what it spent the year before.
BNS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 34.6x | High |
| Q1 2026 | 33.3x | High |
| Q4 2025 | 36.2x | High |
| Q3 2025 | 35.9x | High |
| Q2 2025 | 39.4x | High |
| Q1 2025 | 39.5x | High |
| Q4 2024 | 20.4x | High |
| Q3 2024 | 21.9x | High |
BNS's net debt is more than 20 years of its operating earnings (EBITDA), down from more than 20 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BNS.
CIFR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | -2.3x | Net Cash |
| Q1 2025 | 125.4x | High |
| Q4 2024 | 0.5x | Very low |
| Q3 2024 | -0.7x | Net Cash |
| Q2 2024 | -1.2x | Net Cash |
| Q1 2024 | -0.9x | Net Cash |
| Q4 2023 | -2.2x | Net Cash |
| Q2 2023 | -0.1x | Net Cash |
CIFR has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like CIFR.
BNS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.4 | Neutral |
| Stochastic | 63.5 | Neutral |
BNS's weekly RSI is 60 (neutral) and its Stochastic is 63 (neutral).
CIFR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 34.4 | Neutral |
| Stochastic | 7.8 | Oversold |
CIFR's weekly RSI is 34 (neutral) and its Stochastic is 8 (oversold).
BNS PE vs Financial Services Sector
| Metric | BNS | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 13x | 40% above |
| PE % | 98 | 63 | 35 pts above |
BNS is trading at 18x earnings, a 40% premium to the Financial Services sector's median of 13x, though its earnings don't support one.
CIFR PE vs Financial Services Sector
| Metric | CIFR | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 13x | — |
CIFR has no meaningful PE right now: it lost money over the past year.
BNS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $92.0 | 0.8% above |
| 20 week MA | $90.7 | 2.1% above |
| 50 week MA | $81.7 | 13% above |
| 100 week MA | $68.7 | 35% above |
| 200 week MA | $58.7 | 58% above |
BNS has the edge over CIFR on trend strength, trading above more of its moving averages.
CIFR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.6 | 33% below |
| 20 week MA | $15.5 | 54% below |
| 50 week MA | $17.0 | 58% below |
| 100 week MA | $12.2 | 41% below |
| 200 week MA | $7.86 | 9% below |
CIFR is in a downtrend: it's below all five of its weekly moving averages, and 9% below its 200-week average.
BNS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $56.1 | $53.5 | -4.7% |
| 2021 | $53.5 | $69.8 | +30% |
| 2022 | $69.8 | $48.8 | -30% |
| 2023 | $48.8 | $48.7 | -0.3% |
| 2024 | $48.7 | $53.8 | +10% |
| 2025 | $53.8 | $74.2 | +38% |
| 2026 YTD | $74.2 | $92.7 | +25% |
BNS has the edge over CIFR on returns for 2026, with the stronger performance.
CIFR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.92 | $9.95 | +0.3% |
| 2021 | $9.95 | $5.21 | -48% |
| 2022 | $5.21 | $0.54 | -90% |
| 2023 | $0.54 | $4.13 | +665% |
| 2024 | $4.13 | $4.86 | +18% |
| 2025 | $4.86 | $15.2 | +213% |
| 2026 YTD | $15.2 | $7.15 | -53% |
CIFR's yearly returns have swung widely, from +665% in 2023 to −90% in 2022. It's down 53% so far in 2026.