CORZ Technology

Core Scientific, Inc.

$14.24+13.87%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Technology
Industry: Software - Infrastructure
Country: United States
Market cap: 4.6B USD
Enterprise value: 6.9B USD
Full-time employees: 325

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 5.48 vs a peer median of 0.87) and less short-term liquidity (current ratio 0.89 vs a peer median of 1.83)higher risk: bigger price swings (beta 5.48 vs peers 0.87) and less liquidity (current ratio 0.89 vs peers 1.83)

Ranks #1,566 of 1,612 technology companies (bottom 3%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Core Scientific's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Stock-based pay is a large cost. Stock pay was 31% of revenue in 2025.
Core Scientific paid employees $98M in stock in 2025, 31% of its $319M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Investment surge. Capital spending 229% of revenue, up from 60% in 2022.
Core Scientific is spending 229% of revenue on facilities and equipment, up from 60% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Share count shrinking. Shares outstanding down 14% from December 2022 to July 2026.
Core Scientific had 14% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

StockQuotient Score

13/ 100

Oct 5 13 → Nov 4 13

Valuation

Is the price right?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-31.3%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-7.0%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-20.9%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield-52.9%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

40/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 24.1%

Why

Mixed versus peers:

▲ Revenue growth
▼ 3-yr revenue
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.13Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth-6.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -1.38Sector median: 0.0483 · MAD: 0.0793

Revenue growth26.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.75Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

1/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-127.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -7.12Sector median: 0.0631 · MAD: 0.0710

Return on assets-27.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.92Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-407.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.27Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin28.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: Changed: worth a look

Debt up 109%

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta5.48

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.51Sector median: 0.8710 · MAD: 0.3700

Current ratio0.89×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.37Sector median: 1.8295 · MAD: 0.6848

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -7.82Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Core Scientific

Is Core Scientific getting weaker?: Its latest SEC filing (Jul 28, 2026) showed no major changes: debt up 109%. Its overall score is unchanged at 13/100 since Oct 28, 2026.
How is Core Scientific valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -31.3% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -31.3% vs peers 2.2% (weaker than 100% of peers).
Is Core Scientific growing?: At about the same pace as its peers. Growth scores 40/100 against 1,711 technology peers. Revenue growth 26.4% vs a peer median of 8.5% (stronger than 84% of peers).Revenue growth 26.4% vs peers 8.5% (stronger than 84% of peers). 3-year revenue growth -6.1% vs a peer median of 4.8% (weaker than 83% of peers).3-year revenue growth -6.1% vs peers 4.8% (weaker than 83% of peers).
How profitable is Core Scientific?: Less profitable than most of its peers. Profitability scores 1/100 against 1,711 technology peers. Operating margin -127.4% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -127.4% vs peers 6.3% (weaker than 100% of peers).
How risky is Core Scientific?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 5.48 vs a peer median of 0.87 (weaker than 100% of peers).Beta 5.48 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 28, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Debt up 109%

Worth watching: Core Scientific is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	354.7M USD	440.3M USD	+24.1%
Net income (12 months)	−1.2B USD	−1.4B USD	+18.0%
Operating margin	-143.5%	-127.4%	+16.0 pts
Free cash flow (12 months)	−461.1M USD	−957.7M USD	+107.7%
Debt	2.1B USD	4.3B USD	+109.1%
Cash	1.0B USD	1.8B USD	+76.1%
Shares outstanding	317.9M	321.3M	+1.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Infrastructure · 71 companies

Valuations in Software - Infrastructure are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +19% and earnings +22% (medians): prices and earnings moved broadly together.
Median price-to-sales is +97% vs the whole market, against a usual +103%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	43.9%	1.3%	24.6%	23.7%	11.9%	▼ 12 pts
Operating margin	24.2%	-329.5%	1.8%	-27.8%	-77.0%	▼ 49 pts
Net margin	8.7%	-335.2%	-49.1%	-281.6%	-90.5%	▲ 191 pts
Return on assets (ROA)	1.9%	-265.7%	-34.6%	-97.4%	-12.3%	▲ 85 pts
Return on equity (ROE)	3.5%	—	—	—	—	—
Free cash flow margin	-10.4%	-27.9%	9.7%	-10.2%	-141.3%	▼ 131 pts
Current ratio	2.36×	0.46×	0.20×	6.72×	1.15×	▼ 83%
Debt to equity	0.54×	—	—	—	—	—

CORZ price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 5.48 vs a peer median of 0.87) and less short-term liquidity (current ratio 0.89 vs a peer median of 1.83)higher risk: bigger price swings (beta 5.48 vs peers 0.87) and less liquidity (current ratio 0.89 vs peers 1.83)

Ranks #1,566 of 1,612 technology companies (bottom 3%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Core Scientific's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Stock-based pay is a large cost. Stock pay was 31% of revenue in 2025.

Core Scientific paid employees $98M in stock in 2025, 31% of its $319M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Investment surge. Capital spending 229% of revenue, up from 60% in 2022.

Core Scientific is spending 229% of revenue on facilities and equipment, up from 60% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Share count shrinking. Shares outstanding down 14% from December 2022 to July 2026.

Core Scientific had 14% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Questions investors ask about Core Scientific

Is Core Scientific getting weaker?

Its latest SEC filing (Jul 28, 2026) showed no major changes: debt up 109%. Its overall score is unchanged at 13/100 since Oct 28, 2026.

How is Core Scientific valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -31.3% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -31.3% vs peers 2.2% (weaker than 100% of peers).

Is Core Scientific growing?

At about the same pace as its peers. Growth scores 40/100 against 1,711 technology peers. Revenue growth 26.4% vs a peer median of 8.5% (stronger than 84% of peers).Revenue growth 26.4% vs peers 8.5% (stronger than 84% of peers). 3-year revenue growth -6.1% vs a peer median of 4.8% (weaker than 83% of peers).3-year revenue growth -6.1% vs peers 4.8% (weaker than 83% of peers).

How profitable is Core Scientific?

Less profitable than most of its peers. Profitability scores 1/100 against 1,711 technology peers. Operating margin -127.4% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -127.4% vs peers 6.3% (weaker than 100% of peers).

How risky is Core Scientific?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 5.48 vs a peer median of 0.87 (weaker than 100% of peers).Beta 5.48 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

354.7M USD

440.3M USD

+24.1%

Net income (12 months)

−1.2B USD

−1.4B USD

+18.0%

Operating margin

-143.5%

-127.4%

+16.0 pts

Free cash flow (12 months)

−461.1M USD

−957.7M USD

+107.7%

Debt

2.1B USD

4.3B USD

+109.1%

Cash

1.0B USD

1.8B USD

+76.1%

Shares outstanding

317.9M

321.3M

+1.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

43.9%

1.3%

24.6%

23.7%

11.9%

▼ 12 pts

Operating margin

24.2%

-329.5%

1.8%

-27.8%

-77.0%

▼ 49 pts

Net margin

8.7%

-335.2%

-49.1%

-281.6%

-90.5%

▲ 191 pts

Return on assets (ROA)

1.9%

-265.7%

-34.6%

-97.4%

-12.3%

▲ 85 pts

Return on equity (ROE)

3.5%

—

Free cash flow margin

-10.4%

-27.9%

9.7%

-10.2%

-141.3%

▼ 131 pts

Current ratio

2.36×

0.46×

0.20×

6.72×

1.15×

▼ 83%

Debt to equity

0.54×

—