CORZCore Scientific

Crypto · Financial Services · Nasdaq, OTC

CORZ and 9 peers, year by year

The 9 Crypto companies closest to CORZ in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
CORZ Core Scientific	FY2025	$319.0M	−37.5%	11.9%	−77.0%	−90.5%	−141.3%	n/m	n/m
RIOT Riot Platforms	FY2025	$647.4M	+71.9%	-	−96.1%	−102.4%	−119.6%	−23.2%	0.29
CLSK CleanSpark	FY2025	$766.3M	+102%	-	41.6%	47.6%	−79.0%	16.8%	0.30
MSTR Strategy	FY2025	$477.2M	+3.0%	68.7%	n/m	−806.3%	−15.8%	−8.7%	0.19
FIGR Figure Technology Solutions	FY2025	$506.9M	+48.7%	-	23.2%	26.4%	-	10.9%	0.45
MARA MARA Holdings	FY2025	$907.1M	−39.2%	-	−135.0%	−144.6%	−133.4%	−37.8%	1.04
HUT Hut 8	FY2025	$235.1M	+44.8%	-	−136.9%	−96.2%	-	−15.9%	-
ABTC American Bitcoin	FY2025	$185.2M	+159%	-	−123.1%	−82.7%	-	−23.0%	-
GEMI Gemini Space Station	FY2025	$179.6M	+26.3%	-	−192.5%	−324.6%	−122.6%	−107.8%	-
WULF TeraWulf	FY2025	$168.5M	+20.3%	39.2%	−110.5%	−392.6%	−702.5%	n/m	n/m

Revenuepeer median $477.2M

Sales growthpeer median +44.8%

Gross margin

MSTR 68.7%
WULF 39.2%
CORZ 11.9%
RIOT -
CLSK -
FIGR -
MARA -
HUT -
ABTC -
GEMI -

Operating marginpeer median −116.8%

Net marginpeer median −102.4%

FCF marginpeer median −121.1%

Return on equitypeer median −19.5%

Debt / equitypeer median 0.30

MARA 1.04
FIGR 0.45
CLSK 0.30
RIOT 0.29
MSTR 0.19
CORZ n/m
HUT -
ABTC -
GEMI -
WULF n/m

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2020 to FY2025

Revenue as reported in the 10-K.

Company	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CORZ Dec	$60.3M	$544.5M	$640.3M	$502.4M	$510.7M	$319.0M
RIOT Dec	$12.1M	$213.2M	$259.2M	$280.7M	$376.7M	$647.4M
CLSK Sep	$10.0M	-	$131.5M	$168.4M	$379.0M	$766.3M
MSTR Dec	$480.7M	$510.8M	$499.3M	$496.3M	$463.5M	$477.2M
FIGR Dec	-	-	-	$209.5M	$340.9M	$506.9M
MARA Dec	$4.4M	$159.2M	$117.8M	$387.5M	$656.4M	$907.1M
HUT Dec	-	-	$73.7M	$96.0M	$162.4M	$235.1M
ABTC Dec	$12.6M	$17.6M	$10.5M	$65.0M	$71.5M	$185.2M
GEMI Dec	-	-	-	$98.1M	$142.2M	$179.6M
WULF Dec	$13.4M	-	$15.0M	$69.2M	$140.1M	$168.5M
Peer median	$12.3M	$186.2M	$117.8M	$168.4M	$340.9M	$477.2M

Sales growth, FY2020 to FY2025

Revenue against the fiscal year before.

Company	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CORZ Dec	-	+803%	+17.6%	−21.5%	+1.6%	−37.5%
RIOT Dec	+76.7%	n/m	+21.5%	+8.3%	+34.2%	+71.9%
CLSK Sep	+121%	-	+235%	+28.0%	+125%	+102%
MSTR Dec	−1.1%	+6.2%	−2.3%	−0.6%	−6.6%	+3.0%
FIGR Dec	-	-	-	-	+62.7%	+48.7%
MARA Dec	+268%	n/m	−59.2%	+484%	+67.3%	−39.2%
HUT Dec	-	-	-	-	+69.1%	+44.8%
ABTC Dec	+16.2%	-	−22.6%	−34.6%	+10.1%	+159%
GEMI Dec	-	-	-	-	+44.9%	+26.3%
WULF Dec	−23.8%	-	-	+361%	+102%	+20.3%
Peer median	+46.4%	-	−2.3%	+18.2%	+62.7%	+44.8%

Gross margin, FY2020 to FY2025

Gross profit / revenue.

Company	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CORZ Dec	15.6%	43.9%	1.3%	24.6%	23.7%	11.9%
RIOT Dec	-	-	-	-	-	-
CLSK Sep	21.1%	-	-	-	-	-
MSTR Dec	81.1%	82.0%	79.4%	77.8%	72.1%	68.7%
FIGR Dec	-	-	-	-	-	-
MARA Dec	-	73.4%	−28.6%	-	-	-
HUT Dec	-	-	-	-	-	-
ABTC Dec	50.6%	57.8%	53.0%	5.3%	-	-
GEMI Dec	-	-	-	-	-	-
WULF Dec	29.1%	-	26.3%	53.5%	49.8%	39.2%
Peer median	39.8%	73.4%	39.7%	53.5%	-	-

Operating margin, FY2020 to FY2025

Operating income / revenue.

Company	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CORZ Dec	−10.5%	24.2%	−329.5%	1.8%	−27.8%	−77.0%
RIOT Dec	−128.7%	−14.0%	−197.8%	−22.5%	40.8%	−96.1%
CLSK Sep	−151.0%	-	−28.8%	−77.8%	−39.3%	41.6%
MSTR Dec	−2.8%	−153.6%	−255.5%	−23.2%	−399.8%	n/m
FIGR Dec	-	-	-	−23.6%	2.7%	23.2%
MARA Dec	−225.3%	−1.9%	−572.0%	57.0%	46.6%	−135.0%
HUT Dec	-	-	−26.9%	9.8%	283.6%	−136.9%
ABTC Dec	−137.4%	−187.8%	−412.0%	9.6%	676.7%	−123.1%
GEMI Dec	-	-	-	−317.5%	−116.6%	−192.5%
WULF Dec	−13.3%	-	−291.0%	−42.5%	−54.4%	−110.5%
Peer median	−133.0%	−83.8%	−255.5%	−23.2%	2.7%	−116.8%

Net margin, FY2020 to FY2025

Net income / revenue.

Company	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CORZ Dec	−20.2%	8.7%	−335.2%	−49.1%	−281.6%	−90.5%
RIOT Dec	−116.8%	−7.2%	−196.6%	−17.6%	29.0%	−102.4%
CLSK Sep	−232.8%	-	−43.6%	−82.0%	−38.5%	47.6%
MSTR Dec	−1.6%	−104.8%	−294.4%	86.5%	−251.7%	−806.3%
FIGR Dec	-	-	-	−22.9%	5.0%	26.4%
MARA Dec	−239.8%	−18.7%	−589.4%	67.4%	82.5%	−144.6%
HUT Dec	-	-	−43.1%	22.7%	204.4%	−96.2%
ABTC Dec	−107.9%	−177.7%	−755.9%	61.0%	599.6%	−82.7%
GEMI Dec	-	-	-	−325.7%	−111.5%	−324.6%
WULF Dec	−3.3%	-	−603.9%	−106.1%	−51.7%	−392.6%
Peer median	−112.4%	−61.8%	−294.4%	−17.6%	5.0%	−102.4%

Free cash flow, FY2020 to FY2025

Cash from operations minus capital spending.

Company	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CORZ Dec	−$23.8M	−$56.7M	−$178.8M	$49.0M	−$52.1M	−$450.8M
RIOT Dec	−$11.0M	−$233.2M	−$147.9M	−$160.6M	−$495.4M	−$774.3M
CLSK Sep	−$6.7M	-	$54.2M	−$78.7M	−$299.8M	−$605.7M
MSTR Dec	$50.0M	$91.1M	$725K	$9.8M	−$56.0M	−$75.5M
FIGR Dec	-	-	-	-	-	-
MARA Dec	−$25.5M	−$292.8M	−$217.6M	−$343.3M	−$927.8M	−$1.2B
HUT Dec	-	-	-	-	-	-
ABTC Dec	-	−$8.2M	−$10.9M	−$57.9M	−$60.6M	-
GEMI Dec	-	-	-	−$208.0M	−$110.2M	−$220.1M
WULF Dec	−$549K	-	−$95.2M	−$70.9M	−$292.4M	−$1.2B
Peer median	−$6.7M	−$120.7M	−$53.1M	−$78.7M	−$292.4M	−$690.0M

FCF margin, FY2020 to FY2025

Free cash flow / revenue.

Company	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CORZ Dec	−39.4%	−10.4%	−27.9%	9.7%	−10.2%	−141.3%
RIOT Dec	−91.0%	−109.4%	−57.1%	−57.2%	−131.5%	−119.6%
CLSK Sep	−66.6%	-	41.2%	−46.7%	−79.1%	−79.0%
MSTR Dec	10.4%	17.8%	0.1%	2.0%	−12.1%	−15.8%
FIGR Dec	-	-	-	-	-	-
MARA Dec	−585.6%	−184.0%	−184.8%	−88.6%	−141.4%	−133.4%
HUT Dec	-	-	-	-	-	-
ABTC Dec	-	−46.6%	−104.5%	−89.0%	−84.8%	-
GEMI Dec	-	-	-	−212.0%	−77.5%	−122.6%
WULF Dec	−4.1%	-	−633.2%	−102.4%	−208.8%	−702.5%
Peer median	−66.6%	−78.0%	−80.8%	−88.6%	−84.8%	−121.1%

Return on equity, FY2020 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CORZ Dec	n/m	3.5%	n/m	n/m	n/m	n/m
RIOT Dec	−5.1%	−1.1%	−44.3%	−2.6%	3.5%	−23.2%
CLSK Sep	−142.1%	-	−14.2%	−20.4%	−8.3%	16.8%
MSTR Dec	−1.7%	−54.7%	n/m	19.8%	−3.8%	−8.7%
FIGR Dec	-	-	-	−21.6%	4.8%	10.9%
MARA Dec	−3.4%	−4.4%	−179.8%	16.2%	13.1%	−37.8%
HUT Dec	-	-	−36.3%	4.5%	34.0%	−15.9%
ABTC Dec	−38.2%	−52.3%	n/m	8.4%	42.3%	−23.0%
GEMI Dec	-	-	-	n/m	n/m	−107.8%
WULF Dec	−3.7%	-	−77.1%	−33.0%	−29.6%	n/m
Peer median	−4.4%	−28.3%	−44.3%	0.9%	4.2%	−19.5%

Debt / equity, FY2020 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CORZ Dec	-	0.54	n/m	n/m	n/m	n/m
RIOT Dec	-	-	-	0.00	0.19	0.29
CLSK Sep	0.06	-	0.03	0.01	0.00	0.30
MSTR Dec	1.09	2.20	n/m	1.01	0.23	0.19
FIGR Dec	-	-	-	-	1.33	0.45
MARA Dec	-	1.07	2.03	0.20	0.59	1.04
HUT Dec	-	-	1.46	0.38	0.31	-
ABTC Dec	-	0.29	0.55	0.01	0.01	-
GEMI Dec	-	-	-	-	-	-
WULF Dec	-	-	1.06	0.56	0.00	n/m
Peer median	-	1.07	1.06	0.20	0.21	0.30

EPS (diluted), FY2020 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CORZ Dec	−$0.14	$0.20	−$6.30	−$0.65	−$4.87	−$0.88
RIOT Dec	−$0.33	−$0.17	−$3.65	−$0.28	$0.34	−$1.95
CLSK Sep	−$2.44	-	-	−$1.30	-	-
MSTR Dec	−$0.08	−$5.34	−$12.98	$2.64	−$6.06	−$15.23
FIGR Dec	-	-	-	−$0.93	$0.00	$0.44
MARA Dec	−$0.13	−$0.30	−$6.12	$1.06	$1.72	−$3.69
HUT Dec	-	-	−$0.94	$0.44	$3.40	−$2.14
ABTC Dec	−$1.14	−$1.22	−$546.56	$0.04	$0.49	−$0.17
GEMI Dec	-	-	-	−$66.25	−$32.24	−$15.52
WULF Dec	−$0.22	-	−$0.82	−$0.35	−$0.21	−$1.66
Peer median	−$0.28	−$0.76	−$4.88	−$0.28	$0.17	−$2.04

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out CORZ and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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Work on CORZ in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CORZ/export.csv") into a cell.