Riot Platforms, Inc.

Finance Services

RIOTStrained3 of 9 basics passed

$16.89

+0.27%

Market cap $6.34B

$16.89

+0.27%

Market cap $6.34B

Riot Platforms Inc is a vertically integrated digital infrastructure company principally engaged in developing and optimizing its large-scale power assets.

It is a $6.34B financial services company. Revenue grew 24.5% over the last year, and it currently loses money.

Website: riotplatforms.com
Location: Castle Rock, CO
Employees: 816
Sector: Financial Services

Share price · 3 years

$10.16 → $16.89+66.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $675M
Loss: spends more than it earns; -$1.32B
Free cash flow: cash left after running the business; -$777M
Net debt: debt minus cash on hand; $353M
Shares: up 144% since 2022 — dilution; 340.7M
Volatility: beta vs the market — under 1 swings less; 3.93

Revenue, last 9 years

52-week range

Low $11.83$16.89High $28.69

Today's price is 30% of the way from the year's low to its high.

P/E vs its history5y

24.6×median 37.5×

Higher than 29% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

24.6×

71%

P/S

9.4×

34%

EV/EBITDA

17.5×

100%

P/B

2.9×

13%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$1.06Mnet selling

Purchases$0

Sales$1.06M

Insiders trading, last 14d0 buy · 0 sell

Standing in Financial Services

Size$6.34Btop 97%
Revenue growth+36%top 10%
Net margin-196%top 98%
Return on equity-48%top 97%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Growth, Profitability, Health, Quality and Moat lag behind.

Valuation52

P/E vs own history29th pct · 20/25
FCF yield-12.3% · 0/25
P/S9.4x · 12/25
EV/EBITDA11.6x · 20/25

Growth25

Revenue CAGR32.0% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability0

ROIC-20.6% · 0/25
ROE-48.4% · 0/25
Net margin-196.3% · 0/25
Operating margin-199.2% · 0/25

Health38

Altman Zn/a · 0/25
Current ratio1.59 · 18/25
Interest coverage-3.1x · 0/25
Net cash / debtD/A 9% · 20/25

Quality25

Piotroski F3/9 · 5/25
Beneish M-2.41 · 20/25
FCF conversionn/a · 0/25
Margin stabilityσ 1378.9% · 0/25

Moat13

ROIC >12% years0/9 yrs · 0/25
Median gross margin30.2% · 13/25
FCF-positive years0/8 yrs · 0/25
Worst-year net marginworst -11474.3% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Turned profitable
$109M net income after a loss year
FY2024Financial
Best year on record
$109M net income

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$6 080 today — price return only

$647.4M revenue in FY2025

Revenue up 24.5% year over year

816 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 24.5% year over year

Watch-outs

Not profitable — 196.3% net margin
Negative free cash flow (-$776.7M)
Thin interest coverage (-3.1×)
Loss-making in 8 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

3 of 9 checks passed

Revenue growing — the company sells more than a year ago+24.5% YoY
Profitable — makes more than it spends-$1.32B TTM
Profit growing — earnings are higher than last year-706.2% YoY
Generates cash — cash left after running and investing-$777M TTM
Debt under control — could handle its obligationscurrent ratio 1.59
Established company — not a micro-cap — lower blow-up risk$6.34B market cap
Not printing shares — share count not ballooning — you keep your slice+144.4% shares over ~5y
Proven track record — years of profitability behind it1/9 profitable years
Financially stable — balance sheet not near distresshealth score 18/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsno data

Peer comparisonRiot Platforms, Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
RIOT this company	$6.3B	—	+24.5%	-196.3%	Strained
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: RIOT vs BRK.A · RIOT vs BRK.B · RIOT vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 6Buy 20Hold 2

Appendix · Financial records

The full statements behind this CV, FY2017–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $675M · net income -$1.32B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$675M

YoY 24.5%

Net income (TTM)

-$1.32B

Margin -196.3%

Gross margin

28.3%

Operating margin

-199.2%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.0	0.2	0.3	0.3	0.4	0.6
Gross profit	0.0	0.1	0.1	0.0	0.1	0.2
Operating income (EBIT)	-0.0	-0.0	-0.5	-0.1	0.2	-0.6
Net income	-0.0	-0.0	-0.5	-0.0	0.1	-0.7
EPS (diluted)	—	—	-3.65	-0.28	0.34	-1.95

Cash flowFree cash flow -$777M · operating cash flow -$492M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$777M

Margin -115.1%

Operating cash flow (TTM)

-$492M

FCF margin

-115.1%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	-0.0	-0.1	0.0	0.0	-0.3	-0.6
Capital expenditure	-0.0	-0.1	-0.1	-0.2	-0.2	-0.2
Free cash flow	-0.0	-0.2	-0.1	-0.2	-0.5	-0.8
FCF margin	-159.6%	-109.5%	-57.1%	-57.2%	-131.5%	-119.6%

Balance sheetAssets $3.94B · net debt $353M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $3.94B of assets is financed

27%

73%

Liabilities $1.08B — borrowed moneyEquity $2.86B — owners' stake

Cash vs debt

Total debt $587M − cash $234M = net debt $353M

Cash on hand covers 40% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

-3.1x

EBIT ÷ interest expense

ROE

-48.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.2	0.3	0.2	0.6	0.3	0.2
Total assets	0.3	1.5	1.3	2.1	3.9	3.9
Total liabilities	0.0	0.2	0.2	0.2	0.8	1.1
Total debt	—	—	—	—	0.6	0.6
Equity	0.3	1.4	1.2	1.9	3.1	2.9
Net debt	—	—	—	—	0.3	0.4

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of RIOT on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $16.89 · market cap $6.34B.