CIFR
Cipher Mining Inc.
There isn't enough reported data to score CIFR yet.
MSDL
Morgan Stanley Direct Lending Fund
MSDL's fundamentals are mixed, but it looks expensive: trading at 277x earnings, about 31 times its usual 9.0x. Analysts expect earnings to hold roughly steady.
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.
MSDL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
MSDL's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like MSDL.
CIFR PE Valuation
CIFR has no meaningful PE right now: it lost money over the past year.
MSDL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 7.5x | $13.83 | — |
| Cheap | 7.6x | $0.38 | -97% |
| Fair | 9x | $0.45 | -97% |
| Expensive | 15x | $0.76 | -94% |
| Current | 277x | $13.83 | — |
Historical ranges are pointers, not guarantees.
MSDL's PE is in its expensive range at 277x. On analysts' estimates for next year's earnings, today's price would be 7.5x, in its cheap range.
CIFR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
CIFR has the edge over MSDL on the outlook, with more favorable earnings and revenue expectations.
MSDL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect MSDL's profitability to improve, with its earnings and revenue 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.
MSDL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.85 | +3610% |
| Q3 2026 | $0.05 | -97% |
| Q2 2026 | $0.69 | -64% |
| Q1 2026 | $1.01 | -54% |
| Q4 2025 | $1.40 | -42% |
| Q3 2025 | $1.65 | -35% |
| Q2 2025 | $1.93 | -35% |
| Q1 2025 | $2.18 | -29% |
| Q4 2024 | $2.43 | -22% |
MSDL 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% |
MSDL has the stronger quarterly revenue trend. Revenue is down 63% for CIFR versus up 26% for MSDL.
| 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.
MSDL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2022 | $40.2M | +26% |
| Q3 2022 | $24.3M | -8.5% |
| Q2 2022 | $6.6M | -72% |
| Q1 2022 | $29.1M | +72% |
| Q4 2021 | $31.9M | +179% |
| Q3 2021 | $26.6M | +312% |
| Q2 2021 | $23.3M | +343% |
| Q1 2021 | $16.9M | +1731% |
MSDL's revenue has held roughly level: $40M last quarter, up 26% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2022 | 51% | -32 points |
| Q3 2022 | 39% | -45 points |
| Q2 2022 | -49% | -135 points |
| Q1 2022 | 76% | -11 points |
| Q4 2021 | 83% | -20 points |
| Q3 2021 | 84% | -34 points |
| Q2 2021 | 85% | -28 points |
| Q1 2021 | 87% | +440 points |
MSDL's operating margin was 51% last quarter, down 32 points from the same quarter a year ago.
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.
MSDL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $128.7M | +230% |
| Q2 2026 | $103.8M | +332% |
| Q1 2026 | $86.3M | +153% |
| Q4 2025 | $53.8M | +$149.9M |
| Q3 2025 | $39M | +$156M |
| Q2 2025 | $24M | +$130.7M |
| Q1 2025 | $34.1M | +$87.8M |
| Q4 2024 | -$96.2M | -519% |
MSDL 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.
MSDL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -724K shares |
| 1 year | -3.2% | -2.8M shares |
| 3 years | +17% | +12.2M shares |
| 5 years | -4.8% | -4.2M shares |
| Available history | +2618% | +80.9M shares |
MSDL has the edge over CIFR on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $12.8M |
| Q2 2026 | $12.5M |
| Q1 2026 | $14.7M |
| Q4 2025 | $9.1M |
| Q3 2025 | $2.8M |
| Q2 2025 | $20.4M |
| Q1 2025 | $9.6M |
| Q4 2024 | $10.1M |
MSDL spent $49M buying back its own shares over the past year, up 14% 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.
MSDL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2022 | 29.5x | High |
| Q3 2022 | 26.4x | High |
| Q2 2022 | 20.6x | High |
| Q1 2022 | 14.5x | High |
| Q4 2021 | 14.1x | High |
| Q3 2021 | 14.6x | High |
| Q2 2021 | 12.8x | High |
| Q1 2021 | 13.2x | High |
MSDL's net debt is more than 20 years of its operating earnings (EBITDA), up from 14 years a year ago. Net leverage isn't a meaningful measure for financial services companies like MSDL.
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).
MSDL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.1 | Neutral |
| Stochastic | 35.8 | Neutral |
MSDL's weekly RSI is 41 (neutral) and its Stochastic is 36 (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.
MSDL PE vs Financial Services Sector
| Metric | MSDL | Sector median | Relative |
|---|---|---|---|
| PE | 277x | 13x | 2,024% above |
| PE % | 100 | 36 | 64 pts above |
MSDL is trading at 277x earnings, a 2024% 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 |
MSDL has stronger trend alignment. CIFR is above 0 of 5 weekly averages versus MSDL above 1 of 4.
MSDL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $13.6 | 1.7% above |
| 20 week MA | $14.6 | 4.9% below |
| 50 week MA | $15.2 | 8.8% below |
| 100 week MA | $17.1 | 19% below |
MSDL has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 19% below its 100-week average.
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.
MSDL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $20.5 | $21.4 | +4.4% |
| 2025 | $21.4 | $17.0 | -21% |
| 2026 YTD | $17.0 | $13.8 | -19% |
MSDL has the edge over CIFR on returns for 2026, with the stronger performance.