CIFR
Cipher Mining Inc.
There isn't enough reported data to score CIFR yet.
WHF
WhiteHorse Finance, Inc.
WHF's fundamentals are mixed, but it looks cheap: trading at 7.5x earnings, about half its usual 14x. 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.
WHF Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| N/A | |
| N/A |
WHF's profitability is currently strong, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like WHF.
CIFR PE Valuation
CIFR has no meaningful PE right now: it lost money over the past year.
WHF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 7.5x | $8.31 | — |
| Cheap | 8.9x | $9.91 | +19% |
| Forward | 9.3x | $8.31 | — |
| Fair | 14x | $15.50 | +87% |
| Expensive | 21x | $23.35 | +181% |
Historical ranges are pointers, not guarantees.
WHF's PE is in its cheap range at 7.5x. Analysts expect earnings to fall, which would put today's price at 9.3x next year's earnings.
CIFR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
CIFR has the edge over WHF on the outlook, with more favorable earnings and revenue expectations.
WHF Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect WHF's earnings and profitability to decline, with its 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.
WHF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.90 | -19% |
| Q3 2026 | $1.11 | +158% |
| Q2 2026 | $0.79 | +427% |
| Q1 2026 | $0.41 | +5.1% |
| Q4 2025 | $0.62 | +32% |
| Q3 2025 | $0.43 | -4.4% |
| Q2 2025 | $0.15 | -85% |
| Q1 2025 | $0.39 | -52% |
| Q4 2024 | $0.47 | -47% |
WHF 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% |
WHF has the stronger quarterly revenue trend. Revenue is down 63% for CIFR versus down 13% for WHF.
| 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.
WHF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $13.7M | -13% |
| Q1 2022 | $11.8M | -10% |
| Q4 2021 | $9.6M | -25% |
| Q3 2021 | $13.4M | -47% |
| Q2 2021 | $15.8M | -42% |
| Q4 2020 | $12.8M | -3.5% |
WHF's revenue has slid since its 2020 peak: $14M last quarter, down 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 55% | -14 points |
| Q1 2022 | 50% | -13 points |
| Q4 2021 | 34% | -32 points |
| Q3 2021 | 63% | -23 points |
| Q2 2021 | 69% | -16 points |
| Q1 2021 | 64% | N/A |
| Q4 2020 | 66% | -1 points |
| Q3 2020 | 86% | N/A |
WHF's operating margin was 55% last quarter, down 14 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.
WHF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $422K | -99% |
| Q2 2026 | -$13M | -160% |
| Q1 2026 | $28.2M | +$35.3M |
| Q4 2025 | $959K | -95% |
| Q3 2025 | $61.6M | +323% |
| Q2 2025 | $21.7M | -48% |
| Q1 2025 | -$7M | -538% |
| Q4 2024 | $21.1M | +33% |
WHF 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.
WHF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -94.9K shares |
| 1 year | -7.6% | -1.8M shares |
| 3 years | -7.6% | -1.8M shares |
| 5 years | +3% | +625K shares |
| Available history | +4.5% | +930K shares |
WHF has the edge over CIFR on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $2.6M |
| Q1 2026 | $3M |
| Q2 2022 | $74,000 |
| Q1 2022 | $50,000 |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
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.
WHF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 16.4x | High |
| Q1 2022 | 16.2x | High |
| Q4 2021 | 14.9x | High |
| Q3 2021 | 10.2x | High |
| Q2 2021 | 7.1x | High |
| Q1 2021 | 5.3x | High |
| Q4 2020 | 11.6x | High |
| Q3 2020 | 8.6x | High |
WHF's net debt is about 16 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 WHF.
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).
WHF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 69.1 | Neutral |
| Stochastic | 89.8 | Overbought |
WHF's weekly RSI is 69 (neutral) and its Stochastic is 90 (overbought).
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.
WHF PE vs Financial Services Sector
| Metric | WHF | Sector median | Relative |
|---|---|---|---|
| PE | 7.5x | 13x | 42% below |
| PE % | 10 | 63 | 53 pts below |
WHF is trading at 7.5x earnings, a 42% discount 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.
WHF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.65 | 8.6% above |
| 20 week MA | $7.17 | 16% above |
| 50 week MA | $7.08 | 17% above |
| 100 week MA | $8.00 | 3.9% above |
| 200 week MA | $10.2 | 19% below |
WHF 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.
WHF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.6 | $13.3 | -2.8% |
| 2021 | $13.3 | $15.5 | +17% |
| 2022 | $15.5 | $12.6 | -19% |
| 2023 | $12.6 | $12.3 | -2.2% |
| 2024 | $12.3 | $9.75 | -21% |
| 2025 | $9.75 | $6.98 | -28% |
| 2026 YTD | $6.98 | $8.31 | +19% |
WHF has the edge over CIFR on returns for 2026, with the stronger performance.