# Core Scientific, Inc. Common Stock (CORZ.US)

Canonical: https://gigainvestors.com/s/CORZ

Analysis as of: 2026-10-16T07:27:39.461Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $14.46 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 6

- Operating margin variation: 1.88×

Chart: Operating margin; fiscal year observations.

- FY2019: -0.20×

- FY2020: -0.10×

- FY2021: 0.31×

- FY2022: -0.38×

- FY2023: 0.02×

- FY2024: -0.04×

- FY2025: -0.70×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 5.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: -4.1%

- ROIC, second-lowest year: -11.8%

- Typical minus recent gross margin: 5.8 pp

- Typical gross margin (annual median): 17.7%

- Recent gross margin (lower of latest and 3-year median): 11.9%

- Years with nonpositive capital: 3

- Capital spending / revenue: 18.6%

- ROIC including acquisitions, ten-year median: -17.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -11.8%

- FY2020: -4.7%

- FY2021: 12.7%

- FY2022: 0.0%

- FY2023: 3.2%

- FY2024: -4.1%

- FY2025: -181.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$4.7B

- Net income, five-year total: -$3.9B

- Return on incremental invested capital: -14.6%

- Working capital / revenue, annual change: 0.4 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $47M

- FY2022: -$2.4B

- FY2023: -$166M

- FY2024: -$1.3B

- FY2025: -$937M

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -4.7% vs -4.1%

- Per-share earnings: -0.03 to -0.91 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 15.0%

- Diluted shares, 5-year annual growth: 15.0%

- Per-share value change: -$0.88

- Per-share value, starting three-year median: -$0.03

- Per-share value, ending three-year median: -$0.91

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -4.7%

- ROIC, last three-year median: -4.1%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$0.03

- FY2020: -$0.08

- FY2021: $0.20

- FY2022: -$6.30

- FY2023: -$0.65

- FY2024: -$4.30

- FY2025: -$0.91

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -24.1%

- Receivables to sales index (DSRI): 526.54×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 35.3%

- Earnings backed by cash: Yes

- Accounting red flags: 2

Chart: Sloan accruals; fiscal year observations.

- FY2019: -6.8%

- FY2020: 5.1%

- FY2021: 4.3%

- FY2022: -291.1%

- FY2023: -43.8%

- FY2024: -84.9%

- FY2025: -24.1%

## Holders

- [Chase Coleman](https://gigainvestors.com/TGM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Howard Marks](https://gigainvestors.com/oc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Daniel Loeb](https://gigainvestors.com/tp): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 46% since May 2026 · "Core Scientific Stock Drops. Big Earnings Miss Overshadows AMD Deal." (finance.yahoo.com, Jul 2026) · sales -37.5%

Story as of 2026-10-16T09:58:33.277Z; price observation 2026-10-15.

- 2025-06-27: Core Scientific (CORZ) Surges 33% as CoreWeave Revives Acquisition Bid ([finance.yahoo.com](https://finance.yahoo.com/news/core-scientific-corz-surges-33-182141629.html))

- 2025-10-24: Core Scientific releases Q3 2025 earnings, reports 45% boost to AI revenue ([finance.yahoo.com](https://finance.yahoo.com/news/core-scientific-releases-q3-2025-220028813.html))

- 2026-01-31: Core Scientific Shifts To HPC Leasing Model After Rejected CoreWeave Merger ([finance.yahoo.com](https://finance.yahoo.com/news/core-scientific-shifts-hpc-leasing-121529967.html))

- 2026-04-29: Core Scientific Rebuilds Story Around AI Infrastructure Growth And Debt Risks ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/core-scientific-rebuilds-story-around-001707567.html))

- 2026-05-21: Core Scientific Refocuses On AI Data Centers With US$3.3b Backing ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/core-scientific-refocuses-ai-data-200758122.html))

- 2026-07-28: Core Scientific Stock Drops as Big Earnings Miss Overshadows AMD Deal ([finance.yahoo.com](https://finance.yahoo.com/m/8abbbb2b-c0d0-32b5-8c3e-e647545564d8/core-scientific-stock-drops.html))

### Sales · FY2024–2025

sales -37.5%; source https://www.sec.gov/Archives/edgar/data/1839341/000162828026013305/core-20251231.htm; observed 2026-03-02.

- FY2019: $60M 

- FY2020: $60M 

- FY2021: $544M 

- FY2022: $640M 

- FY2023: $502M 

- FY2024: $511M 

- FY2025: $319M 

### Gross margin · FY2025

gross margin 11.9%; source https://www.sec.gov/Archives/edgar/data/1839341/000162828026013305/core-20251231.htm; observed 2026-03-02.

- FY2019: 17.7% 

- FY2020: 15.6% 

- FY2021: 43.9% 

- FY2022: 1.3% 

- FY2023: 24.6% 

- FY2024: 23.7% 

- FY2025: 11.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software infrastructure; annual sales are USD 319 million.

- Source: https://www.sec.gov/Archives/edgar/data/1839341/000162828026013305/core-20251231.htm (filed 2026-03-02); FY2025: revenue 319019000; grossProfit 37898000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CORZ.US: Core Scientific, Inc. provides infrastructure for high-density colocation services and digital asset mining in the United States. It operates through three segments: Colocation, Digital Asset Self-Mining, and Digital Asset Hosted Mining. The company offers space, power, cooling, facilities operations, security, and other services to third-party customers to support workloads for machine learning and artificial intelligence; deployment, monitoring, troubleshooting, optimization, and maintenance of its customers' digital asset mining equipment; and electrical power, repair, and other infrastructure services for its customers to operate, maintain, and mine digital assets. It is also involved in the deployment and operation of its fleet of miners within its digital infrastructure as part of a pool of users that process transactions conducted on one or more blockchain networks to receive digital assets in the form of bitcoin. It also deploys and operates its fleet of miners within its digital infrastructure as part of a pool of users that process transactions conducted on one or more blockchain networks; and provides hosting services for digital asset mining customers, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment. Core Scientific, Inc. was founded in 2017 and is headquartered in Dover, Delaware.

### Why customers stay

Margins ranged from 11.9% to 24.6% during 2023–25; it lost 4.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 24.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 23.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1839341/000162828026013305/core-20251231.htm (filed 2026-03-02); FY2025: grossProfit / revenue = 11.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 7-year return on capital observations [[2019,-0.11768785611400746],[2020,-0.046679773372055124],[2021,0.1267204906012161],[2022,0],[2023,0.03244432732189097],[2024,-0.04064409441643684],[2025,-1.8178459804273197]]; median -0.04064409441643684. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 6 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2021: growth capex 25913000; upkeep 33362000; owner earnings 47312000. Growth capex / owner earnings = 0.5477045992560027.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2019,0],[2020,0],[2021,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CORZ.US SharesStats.PercentInsiders = 1.397 percentage points; cache date 2026-10-16.

### What the price says

The price is 14.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Closing price 14.455 USD; reporting-to-trading FX 1; FY2025 annual sales per share 1.0029899266823445; price multiple 14.411909447399687. FY2025 cash earnings/share -2.9472848573261063. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2024-01: $2.94 per share

- 2024-02: $3.76 per share

- 2024-03: $3.54 per share

- 2024-04: $2.93 per share

- 2024-05: $4.75 per share

- 2024-06: $9.30 per share

- 2024-07: $9.75 per share

- 2024-08: $10.32 per share

- 2024-09: $11.86 per share

- 2024-10: $13.29 per share

- 2024-11: $17.88 per share

- 2024-12: $14.05 per share

- 2025-01: $12.27 per share

- 2025-02: $11.16 per share

- 2025-03: $7.24 per share

- 2025-04: $8.10 per share

- 2025-05: $10.65 per share

- 2025-06: $17.07 per share

- 2025-07: $13.54 per share

- 2025-08: $14.35 per share

- 2025-09: $17.94 per share

- 2025-10: $21.54 per share

- 2025-11: $16.89 per share

- 2025-12: $14.56 per share

- 2026-01: $17.99 per share

- 2026-02: $16.97 per share

- 2026-03: $14.96 per share

- 2026-04: $20.00 per share

- 2026-05: $26.85 per share

- 2026-06: $25.59 per share

- 2026-07: $20.72 per share

- 2026-08: $16.30 per share

- 2026-09: $15.98 per share

- 2026-10: $14.46 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1839341/000162828026013305/core-20251231.htm); period 2025-12-31, filed 2026-03-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.