CIFR
Cipher Mining Inc.
There isn't enough reported data to score CIFR yet.
FRME
First Merchants Corporation
FRME's fundamentals are weak and it looks expensive: trading at 13x earnings, above its usual 11x. Analysts expect earnings growth.
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.
FRME Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
FRME's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like FRME.
CIFR PE Valuation
CIFR has no meaningful PE right now: it lost money over the past year.
FRME PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.8x | $28.35 | -31% |
| Forward | 9.7x | $40.94 | — |
| Fair | 11x | $35.18 | -14% |
| Expensive | 13x | $41.89 | +2.3% |
| Current | 13x | $40.94 | — |
Historical ranges are pointers, not guarantees.
FRME's PE is in its expensive range at 13x. If earnings grow as analysts expect, today's price would be 9.7x next year's earnings, in its fair range.
CIFR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
CIFR has the edge over FRME on the outlook, with more favorable profitability expectations.
FRME Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for FRME, with profitability holding steady.
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.
FRME Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.21 | +31% |
| Q3 2026 | $3.22 | -19% |
| Q2 2026 | $3.11 | -19% |
| Q1 2026 | $3.39 | -4.5% |
| Q4 2025 | $3.88 | +14% |
| Q3 2025 | $3.99 | +32% |
| Q2 2025 | $3.85 | +23% |
| Q1 2025 | $3.55 | +2.6% |
| Q4 2024 | $3.41 | -8.6% |
FRME has the edge over CIFR on earnings quality, reporting a profit while its opponent remains loss making.
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.
FRME Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $199.1M | +20% |
| Q2 2026 | $196.1M | +19% |
| Q1 2026 | $157.1M | -2% |
| Q4 2025 | $172.2M | -2.8% |
| Q3 2025 | $166.1M | +6.5% |
| Q2 2025 | $164.3M | +2.8% |
| Q1 2025 | $160.3M | +4.3% |
| Q4 2024 | $177.1M | +13% |
FRME has the edge over CIFR on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | +0.6 points |
| Q2 2026 | 24% | -15 points |
| Q1 2026 | 17% | -22 points |
| Q4 2025 | 38% | -5.2 points |
| Q3 2025 | 39% | +3.2 points |
| Q2 2025 | 40% | +12 points |
| Q1 2025 | 39% | +3.8 points |
| Q4 2024 | 43% | +13 points |
FRME has the edge over CIFR on profitability, with a higher operating margin.
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.
FRME Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $78.4M | -10% |
| Q2 2026 | $88M | +64% |
| Q1 2026 | $58.6M | -5% |
| Q4 2025 | $80.7M | +20% |
| Q3 2025 | $87.6M | +14% |
| Q2 2025 | $53.7M | -15% |
| Q1 2025 | $61.7M | +4.8% |
| Q4 2024 | $67.5M | -22% |
FRME has the edge over CIFR on cash generation, producing positive trailing cash flow while its opponent burns cash.
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.
FRME Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -163K shares |
| 1 year | +8.6% | +5M shares |
| 3 years | +4.9% | +2.9M shares |
| 5 years | +16% | +8.5M shares |
| Available history | +12% | +6.9M shares |
FRME has the edge over CIFR on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $12M |
| Q2 2026 | $13.4M |
| Q1 2026 | $24.9M |
| Q4 2025 | $10.4M |
| Q3 2025 | $6.5M |
| Q2 2025 | $22.1M |
| Q1 2025 | $7.9M |
| Q4 2024 | $6.2M |
FRME spent $61M buying back its own shares over the past year, up 42% from the year before.
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.
FRME Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.0x | Elevated |
| Q2 2026 | 6.0x | High |
| Q1 2026 | 5.1x | High |
| Q4 2025 | 2.7x | Moderate |
| Q3 2025 | 2.5x | Moderate |
| Q2 2025 | 3.0x | Moderate |
| Q1 2025 | 3.5x | Elevated |
| Q4 2024 | 3.2x | Elevated |
FRME's net debt is about 4.0 years of its operating earnings (EBITDA), up from 2.5 years a year ago. Net leverage isn't a meaningful measure for financial services companies like FRME.
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).
FRME Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.0 | Neutral |
| Stochastic | 42.5 | Neutral |
FRME's weekly RSI is 50 (neutral) and its Stochastic is 43 (neutral).
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.
FRME PE vs Financial Services Sector
| Metric | FRME | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 2.4% below |
| PE % | 79 | 63 | 16 pts above |
FRME is trading at 13x earnings, in line with the Financial Services sector's median of 13x.
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.
FRME Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $40.3 | 1.6% above |
| 20 week MA | $41.7 | 1.8% below |
| 50 week MA | $40.4 | 1.3% above |
| 100 week MA | $39.7 | 3.2% above |
| 200 week MA | $36.9 | 11% above |
FRME has the edge over CIFR on trend strength, trading above more of its moving averages.
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.
FRME Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $41.3 | $36.8 | -11% |
| 2021 | $36.8 | $41.2 | +12% |
| 2022 | $41.2 | $40.5 | -1.6% |
| 2023 | $40.5 | $37.1 | -8.5% |
| 2024 | $37.1 | $40.3 | +8.5% |
| 2025 | $40.3 | $38.3 | -4.9% |
| 2026 YTD | $38.3 | $40.9 | +7% |
FRME has the edge over CIFR on returns for 2026, with the stronger performance.