CIFR
Cipher Mining Inc.
There isn't enough reported data to score CIFR yet.
SAN
Banco Santander, S.A.
SAN's fundamentals are mixed: revenue grew 50%, but its operating margin fell 7 points to 18%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
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.
SAN Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| N/A | |
| N/A |
SAN's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like SAN.
CIFR PE Valuation
CIFR has no meaningful PE right now: it lost money over the past year.
SAN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.8x | $6.79 | -44% |
| Fair | 6.9x | $8.02 | -34% |
| Expensive | 11x | $12.46 | +2.7% |
| Current | 11x | $12.13 | — |
Historical ranges are pointers, not guarantees.
SAN's PE is 11x, but its earnings don't support one, so it isn't a reliable read right now.
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.
SAN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for SAN, with profitability improving.
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.
SAN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $1.16 | +27% |
| Q2 2026 | $1.14 | +24% |
| Q1 2026 | $1.12 | +24% |
| Q4 2025 | $0.96 | +12% |
| Q3 2025 | $0.91 | +11% |
| Q2 2025 | $0.92 | +15% |
| Q1 2025 | $0.90 | +18% |
| Q4 2024 | $0.86 | +18% |
SAN 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 has the edge over SAN on sales, with more consistent year-over-year improvement.
| 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.
SAN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $36.4B | +170% |
| Q2 2026 | $37.2B | +134% |
| Q1 2026 | $33B | -6% |
| Q4 2025 | $16.6B | -5.3% |
| Q3 2025 | $13.4B | -19% |
| Q2 2025 | $15.9B | -7.5% |
| Q1 2025 | $35.1B | -6.4% |
| Q4 2024 | $17.6B | +9.8% |
SAN's revenue has picked up after two years of holding roughly level: $36.4B last quarter, up 170% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | -18 points |
| Q2 2026 | 14% | -16 points |
| Q1 2026 | 17% | +0.5 points |
| Q4 2025 | 33% | +3.8 points |
| Q3 2025 | 33% | -0.1 points |
| Q2 2025 | 31% | -1 points |
| Q1 2025 | 16% | +2.8 points |
| Q4 2024 | 29% | +1.9 points |
SAN 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 |
SAN has the stronger cash trend. Its trailing FCF is down 186% versus its history, compared with CIFR at down 974%.
SAN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q1 2026 | -$21.9B | +$416.6M |
| Q4 2025 | $0 | -100% |
| Q3 2025 | -$11.1B | -186% |
| Q2 2025 | $21.6B | +$38.8B |
| Q1 2025 | -$22.3B | +$32.7B |
| Q4 2024 | $23B | +370% |
| Q3 2024 | $12.9B | +101% |
| Q2 2024 | -$17.1B | -1043% |
SAN's free cash flow was −$11.3B over the past year, against −$3.6B the year before. Free cash flow isn't a meaningful measure for financial services companies like SAN.
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.
SAN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +15% | +2.2B shares |
| 1 year | +6.2% | +990M shares |
| 3 years | +6.1% | +977M shares |
| 5 years | -9.7% | -1.8B shares |
| Available history | -6.8% | -1.2B shares |
SAN has the edge over CIFR on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q1 2026 | $3.4B |
| Q4 2025 | — |
| Q3 2025 | $560.5M |
| Q2 2025 | $1.3B |
| Q1 2025 | $954.3M |
| Q4 2024 | $2.3B |
| Q3 2024 | $658.8M |
| Q2 2024 | $1.4B |
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.
SAN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 15.4x | High |
| Q2 2026 | 14.8x | High |
| Q1 2026 | 13.8x | High |
| Q4 2025 | 14.6x | High |
| Q3 2025 | 1.4x | Healthy |
| Q2 2025 | 1.1x | Healthy |
| Q1 2025 | 1.1x | Healthy |
| Q4 2024 | 11.9x | High |
SAN's net debt is about 15 years of its operating earnings (EBITDA), up from 1.4 years a year ago. Net leverage isn't a meaningful measure for financial services companies like SAN.
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).
SAN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.0 | Neutral |
| Stochastic | 14.4 | Oversold |
SAN's weekly RSI is 42 (neutral) and its Stochastic is 14 (oversold).
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.
SAN PE vs Financial Services Sector
| Metric | SAN | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 19% below |
| PE % | 81 | 63 | 18 pts above |
SAN is trading at 11x earnings, a 19% discount to the Financial Services sector's median of 13x, though its earnings don't support one.
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.
SAN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.8 | 5.3% below |
| 20 week MA | $13.7 | 12% below |
| 50 week MA | $12.7 | 4.5% below |
| 100 week MA | $10.3 | 18% above |
| 200 week MA | $7.25 | 67% above |
SAN 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.
SAN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $3.96 | $3.19 | -19% |
| 2021 | $3.19 | $3.26 | +2.2% |
| 2022 | $3.26 | $2.94 | -9.8% |
| 2023 | $2.94 | $4.14 | +41% |
| 2024 | $4.14 | $4.49 | +8.5% |
| 2025 | $4.49 | $11.8 | +163% |
| 2026 YTD | $11.8 | $12.1 | +2.7% |
SAN has the edge over CIFR on returns for 2026, with the stronger performance.