公司概述
Core Scientific, Inc. operates as a specialized provider of infrastructure delivering high-density colocation services alongside digital asset mining capabilities within the United States market. The company functions across the Technology sector, specifically within the Software - Infrastructure industry, positioning itself as an essential utility for computational power and energy-intensive operations. With a market capitalization of $5.67 billion and an annual revenue of $319.02 million, the enterprise supports a workforce of 325 employees. These valuation and revenue figures indicate that the market assigns significant value to the company's asset-heavy operational model, suggesting investors view the firm as a major player in the digital asset ecosystem despite its current financial challenges.
财务健康
The company reported trailing twelve-month revenue of $319.02 million, yet it posted a net income of -$280.74 million and an EBITDA of -$107.39 million, revealing a severe disconnect where operating expenses vastly exceed revenue generation. This substantial gap between revenue and net income highlights a highly leveraged cost structure where overhead, likely driven by power and maintenance costs, consumes nearly the entire income stream before taxes. Free cash flow stands at -$539.49 million, indicating that the business is burning cash at a rapid pace, which severely limits its financial flexibility and ability to fund operations without external capital. Gross margin is 17.1%, while operating margin is -78.5% and profit margin is -90.5%, demonstrating that the company struggles to retain any value from its sales after covering direct costs and operational expenses. On the balance sheet, the firm holds $311.38 million in cash against $1.16 billion in debt, resulting in a debt-to-equity ratio that is not disclosed due to negative equity, signaling a highly leveraged position. The current ratio is 1.15, suggesting the company maintains just enough liquid assets to cover short-term liabilities but leaves little room for error in its liquidity management. Return on Equity is not applicable, while Return on Assets is -5.8%, which indicates that the management team is currently destroying value relative to the total assets deployed rather than generating returns.
估值评估
The trailing P/E ratio is not applicable due to negative earnings, whereas the forward P/E stands at 42.81, implying that the market is pricing in a significant turnaround in future profitability despite current losses. The price-to-book ratio is -5.87, which indicates that the stock trades at a substantial premium over its book value in a negative sense, reflecting high expectations for future recovery or asset revaluation. Alternative valuation metrics show a price-to-sales ratio of 17.79 and an EV/EBITDA of -60.72, suggesting that traditional profitability-based valuation models are less relevant, and investors are focusing on revenue potential and asset base recovery. The 52-week high is $23.63 and the low is $6.20, meaning the stock has experienced extreme volatility with a trading range spanning over 170% during the past year. The beta value is 6.36, indicating that the stock price is exceptionally volatile and moves with far greater intensity than the broader market, exposing shareholders to amplified risk during market swings.
Growth & Income
Revenue growth year-over-year is -16.0%, while earnings growth is not applicable, illustrating that the company is contracting in scale and lacks the earnings stability required for consistent growth trajectories. As a non-dividend payer, the company does not distribute cash to shareholders, evidenced by a dividend yield of N/A and a payout ratio of 0.0%, meaning all available cash flow is retained to service debt or cover operational deficits rather than being returned to investors. Since the company is not a dividend payer, there is no sustainable payout ratio to analyze, and the firm effectively reinvests its minimal or negative earnings into maintaining its mining infrastructure and data center facilities. The overall growth and income profile is characterized by negative revenue momentum and a complete absence of dividend income, positioning the stock as a speculative play on potential operational recovery rather than a source of current income or steady capital appreciation.