Cipher Digital Inc. — Earnings Quality Grade F
CIFR · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 1 days, change -0 days YoY
AR growth 15.3% vs revenue growth 48.0%
Revenue grew 48.0% but CFFO declined -137.6%
Expense Quality
Inventory 35.3% vs COGS 30.2%. Normal
CapEx growth 62.6% vs revenue 48.0%. Normal
SG&A/Gross Profit = 57.2%. Normal
Gross margin swung +9.8pp (18.6% → 28.4%)
Cash Flow Quality
CFFO/NI = 0.25. Below 1.0
FCF is negative ($-0.7B)
Accruals ratio = -14.3%. Low accruals
Cash $0.6B covers only 23% of debt $2.8B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 10% of equity. Manageable
Interest coverage = -9.2x (<2x). Financial stress
Other assets grew 4461.7% vs revenue 48.0%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles surged 771% YoY
Manipulation Score
M-Score = -4.35 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25