CIFR
Cipher Mining Inc.
There isn't enough reported data to score CIFR yet.
GBDC
Golub Capital BDC, Inc.
GBDC's fundamentals are mixed, but it looks expensive: trading at 19x earnings, about twice its usual 10x. Analysts expect earnings to decline.
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.
GBDC Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
GBDC's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like GBDC.
CIFR PE Valuation
CIFR has no meaningful PE right now: it lost money over the past year.
GBDC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.8x | $5.08 | -59% |
| Forward | 9.8x | $12.49 | — |
| Fair | 10x | $6.58 | -47% |
| Expensive | 17x | $10.74 | -14% |
| Current | 19x | $12.49 | — |
Historical ranges are pointers, not guarantees.
GBDC's PE is in its expensive range at 19x. On analysts' estimates for next year's earnings, today's price would be 9.8x, in its fair range.
CIFR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
CIFR has the edge over GBDC on the outlook, with more favorable earnings and revenue expectations.
GBDC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect GBDC's earnings and revenue to decline, with profitability weakening.
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.
GBDC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.27 | +96% |
| Q2 2026 | $0.65 | -53% |
| Q1 2026 | $0.77 | -29% |
| Q4 2025 | $1.25 | -6% |
| Q3 2025 | $1.42 | +4.4% |
| Q2 2025 | $1.37 | -17% |
| Q1 2025 | $1.08 | -47% |
| Q4 2024 | $1.33 | -27% |
| Q3 2024 | $1.36 | -11% |
GBDC 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% |
GBDC has the stronger quarterly revenue trend. Revenue is down 63% for CIFR versus down 18% for GBDC.
| 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.
GBDC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2022 | $73.9M | -18% |
| Q2 2022 | $57.6M | -43% |
| Q1 2022 | $109.5M | -1.5% |
| Q4 2021 | $105.4M | -6.1% |
| Q3 2021 | $90.5M | -19% |
| Q2 2021 | $101.3M | -38% |
| Q4 2020 | $112.3M | +56% |
GBDC's revenue has slid since its 2020 peak: $74M last quarter, down 18% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2022 | 51% | -29 points |
| Q2 2022 | 68% | -14 points |
| Q1 2022 | 79% | -3.4 points |
| Q4 2021 | 77% | -6.8 points |
| Q3 2021 | 80% | -5 points |
| Q2 2021 | 82% | -5.5 points |
| Q1 2021 | 82% | N/A |
| Q4 2020 | 84% | +19 points |
GBDC's operating margin was 51% last quarter, down 29 points from the same quarter a year ago, near the bottom of its range since 2019.
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.
GBDC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $192.7M | +$393.2M |
| Q1 2026 | $248.8M | +27% |
| Q4 2025 | $212M | +$586.7M |
| Q3 2025 | $266.1M | +$466.1M |
| Q2 2025 | -$200.4M | -187% |
| Q1 2025 | $195.4M | +31% |
| Q4 2024 | -$374.7M | -329% |
| Q3 2024 | -$200M | -412% |
GBDC 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.
GBDC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -2.2M shares |
| 1 year | -2.4% | -6.4M shares |
| 3 years | +52% | +89.6M shares |
| 5 years | +56% | +93.2M shares |
| Available history | +241% | +184M shares |
GBDC has the edge over CIFR on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $14.4M |
| Q1 2026 | $27.8M |
| Q4 2025 | $35.9M |
| Q3 2025 | $5.2M |
| Q2 2025 | $34.3M |
| Q3 2024 | $4.8M |
| Q2 2024 | — |
| Q3 2023 | $70,000 |
GBDC spent $83M buying back its own shares over the past year.
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.
GBDC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | 12.1x | High |
| Q2 2022 | 10.9x | High |
| Q1 2022 | 8.8x | High |
| Q4 2021 | 8.1x | High |
| Q3 2021 | 7.0x | High |
| Q2 2021 | 5.4x | High |
| Q1 2021 | 4.7x | High |
| Q4 2020 | 22.4x | High |
GBDC's net debt is about 12 years of its operating earnings (EBITDA), up from 7.0 years a year ago. Net leverage isn't a meaningful measure for financial services companies like GBDC.
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).
GBDC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.4 | Neutral |
| Stochastic | 49.9 | Neutral |
GBDC's weekly RSI is 45 (neutral) and its Stochastic is 50 (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.
GBDC PE vs Financial Services Sector
| Metric | GBDC | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 13x | 48% above |
| PE % | 88 | 63 | 25 pts above |
GBDC is trading at 19x earnings, a 48% premium to 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.
GBDC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.4 | 0.6% above |
| 20 week MA | $12.7 | 2% below |
| 50 week MA | $12.9 | 3.3% below |
| 100 week MA | $13.8 | 9.6% below |
| 200 week MA | $14.3 | 13% below |
GBDC 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.
GBDC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $18.5 | $13.8 | -25% |
| 2021 | $13.8 | $15.3 | +11% |
| 2022 | $15.3 | $13.2 | -13% |
| 2023 | $13.2 | $15.1 | +14% |
| 2024 | $15.1 | $15.3 | +1% |
| 2025 | $15.3 | $13.6 | -11% |
| 2026 YTD | $13.6 | $12.5 | -7.8% |
GBDC has the edge over CIFR on returns for 2026, with the stronger performance.