COMP <GO>
CIFR vs GBDC // EV/EBITDA & P/E VALUATION
Cipher Digital Inc. (NASDAQ) VS. Golub Capital BDC Inc. (NASDAQ) • 15-METRIC TALLY: CIFR 2
— GBDC 5
■ METRIC PARITY
LAST: $6.86 (-5.90%) • MKT CAP: $3.32B
valuation
—
LAST: $12.89 (+1.34%) • MKT CAP: $3.30B
valuation
—
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (CIFR VS. GBDC)
EMERALD CELL = QUANTITATIVE EDGE
| INSTITUTIONAL METRIC | CIFR | GBDC | SPREAD (A - B) | ADVANTAGE | DEDICATED URL |
|---|---|---|---|---|---|
| Gross Profit Margin | — | — | — | TIE | /gross-margins <GO> |
| Return on Invested Capital (ROIC) | -11.50% | 9.60% | -21.10 | GBDC | /roic <GO> |
| EV/EBITDA & P/E Valuation ACTIVE | — | — | — | TIE | /valuation <GO> |
| Free Cash Flow Yield | -18.00% | -3.42% | -14.58 | GBDC | /fcf-yield <GO> |
| Operating Margin | -60.00% | — | — | TIE | /operating-margins <GO> |
| Net Profit Margin | -60.00% | — | — | TIE | /net-margins <GO> |
| Revenue Growth (YoY) | 48.00% | — | — | TIE | /revenue-growth <GO> |
| Dividend Yield & FCF Payout Safety | 0.00% | 11.10% | -11.10 | GBDC | /dividend-safety <GO> |
| Altman Z-Score & Debt/Equity | — | — | — | TIE | /balance-sheet <GO> |
| Piotroski F-Score Quality | 4/9 | 2/9 | +2.00 | CIFR | /piotroski-score <GO> |
| Options Implied Move & Put/Call Skew | — | — | — | TIE | /options-implied-move <GO> |
| RSI-14 & 200D SMA Momentum | 29.1 | 60.9 | -31.80 | GBDC | /rsi-technicals <GO> |
| 10Y Yield & FRED Macro Beta | 0.92 | — | — | TIE | /macro-sensitivity <GO> |
| Forward P/E Multiple | 23.0x | 8.2x | +14.80 | GBDC | /forward-pe <GO> |
| Enterprise Scale & Market Cap | $3.32B | $3.30B | $19.5M | CIFR | /market-cap <GO> |
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
| FISCAL YEAR | CIFR REV | GBDC REV | CIFR GROSS % | GBDC GROSS % | CIFR FCF | GBDC FCF |
|---|---|---|---|---|---|---|
| FY 2025 | $223.9M | $3.74B | 63.7% | — | -$695.9M | -$113.6M |
| FY 2024 | $151.3M | $3.78B | 58.8% | — | -$227.0M | $343.9M |
| FY 2023 | $126.8M | $1.16B | — | — | -$99.9M | $195.4M |
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
CIFR // BETA 0.92
GBDC // BETA —