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As of Q4'25, CIFR's EV/EBITDA stands at -7.95, reflecting a significant reversal from the previous quarter's 74.49. This latest figure highlights a return to negative territory after a period of volatility, with the ratio swinging sharply over the last several quarters. From Q1'23 to Q4'25, the EV/EBITDA ratio for CIFR has exhibited extreme fluctuations, ranging from a low of -1.72K in Q2'25 to a high of 284.91 in Q1'25. The trend is highly volatile, with multiple shifts between negative and positive values, indicating inconsistent earnings performance relative to enterprise value. Notable inflection points include the dramatic spike in Q1'25 and the steep drop in Q2'25, suggesting periods of significant operational or valuation changes within the company.