Riot Platforms, Inc. (RIOT)
NEUTRALFundamental
42
Price
$21.27
Market Cap
$7.49B
Part 1 · What the company is worth
Overview
Riot Platforms, Inc., together with its subsidiaries, operates as a Bitcoin mining company in the United States. It operates in two segments, Bitcoin Mining and Engineering. The company offers comprehensive and critical infrastructure for bitcoin mining and data center services at its facilities. The company also designs and manufactures power distribution equipment and engineered-to-order electrical products; and electricity distribution product design, manufacturing, and installation services for large-scale industrial and governmental customers, as well as data center, power generation, utility, water, industrial, and alternative energy markets. The company was founded in 2000 and is based in Castle Rock, Colorado.
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Direct competitors
Who this company fights with for the same customers
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No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$675M
Trailing 12 months (through 6/30/2026)
Net Income
$-1.32B
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$-774M
Total Equity
$2.86B
Total Liabilities
$1.08B
Current Ratio
1.59
Interest Coverage
-
Debt/EBITDA
-
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$32.40
Current Price
$21.27
Margin of Safety
+34.4%
Fair Value Range
$30.78 - $34.02
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
-23.2%
P/B Ratio
3.42
P/FCF
-
Gross Margin
-
ROIC
-37.8%
Profitability Radar
Value Creation (Economic Moat)
ROIC
-37.8%
WACC
16.1%
ROIC − WACC
-53.9 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (8)
- EPS shows upward trend
- Price CAGR 17.84%
- Debt/Equity ratio
- Current Ratio
- Low reliance on intangibles
- Revenue Growth 5Y 121.7%
- Analyst Consensus 93% Buy
- Earnings Surprise avg 73.9%
Failed (10)
- ROIC -37.8%
- P/B Ratio 3.42
- Operating Margin -199.2%
- Positive Free Cash Flow
- Return on Tangible Assets
- DCF valuation (Unknown)
- ROE -28.8%
- Share Dilution 5.7%
- Net Margin Trend -196.3% vs -17.5%
- Piotroski F-Score 2/9
Unavailable (9)
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Issuing new shares, diluting ownership
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Soo Li Yi C.F.A. | Executive Chairman | 43 |
| Mr. Jason Les | CEO & Executive Director | 39 |
| Mr. Stephen Howell | Senior VP & COO | 49 |
| Mr. Jonathan Gibbs | Chief Data Center Officer | 37 |
| Mr. Jason Chung | CFO, Executive VP and Head of Corporate Development & Strategy | 43 |
| Mr. Ryan Werner | Senior VP & Chief Accounting Officer | 45 |
| Ms. Maureen Chu | VP and Associate General Counsel of M&A and Corporate Finance | - |
| Mr. Philip James McPherson | VP of Capital Markets & Investor Relations | 51 |
| Mr. William Richard Jackman Esq. | Executive VP, General Counsel & Corporate Secretary | 41 |
| Ms. Emma Norris | Vice President of Human Resources | - |
Audit Risk
7
Board Risk
6
Compensation Risk
4
Shareholder Rights Risk
6
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for RIOT, sourced from Markets Gazette.
- 14d agoPOSITIVERiot’s Anthropic Deal Shows Bitcoin Miners Are Moving Deeper Into AI Compute
Riot Platforms, a prominent Bitcoin miner, has entered into a significant long-term data center lease agreement with Anthropic, a leading AI company. This strategic move diversifies Riot's revenue streams beyond traditional cryptocurrency mining, positioning the company to capitalize on the burgeoning demand for high-performance computing and AI infrastructure. The deal signals a broader trend among Bitcoin miners seeking to leverage their existing infrastructure for AI-related workloads, potentially unlocking substantial growth opportunities and enhancing shareholder value.
- 5/3/2026POSITIVEBitcoin Mining Firm Riot Platforms Records $167 Million Revenue In Q1 2026: Report
Riot Platforms announced Q1 2026 revenue of $167 million, surpassing expectations and signaling robust growth. The company's strategic pivot towards its data center business is proving successful, with this segment now taking a central role in its operations and revenue generation. This diversification and strong performance indicate effective management and a promising outlook for the firm. Investors will be watching to see if this trend continues, potentially driving further stock appreciation.
- 5/2/2026NEUTRALRiot posts $167M in Q1 revenue as data center arm pulls in $33M in first quarter
Riot Platforms announced Q1 2026 revenue of $167.2 million. A significant portion, $33.2 million, was generated by its newly launched data center business. This diversification comes as revenue from its core Bitcoin mining operations experienced a decline. The company is actively expanding its operational footprint beyond cryptocurrency mining, aiming to leverage its infrastructure for broader data center services. Investors will be watching to see if the data center segment can offset future volatility in the crypto market and provide a more stable revenue stream.
- 4/2/2026NEGATIVERiot wallet outflow adds to selling wave among listed Bitcoin miners
Arkham Intelligence data revealed a significant outflow of 500 Bitcoin (BTC), valued at approximately $34 million, from a wallet associated with Riot Platforms. This event occurs amidst broader market pressures faced by publicly listed Bitcoin miners, including treasury management challenges and volatile cryptocurrency prices. The outflow suggests potential liquidity needs or strategic adjustments by Riot, adding to a wave of selling pressure observed among its peers in the sector.
- 3/3/2026POSITIVERiot reports record $647M revenue in 2025 as other Bitcoin miners struggle
Markets Gazette: Riot Platforms has reported a record revenue of $647 million for 2025, a remarkable achievement that sets it apart in a landscape where other Bitcoin miners are struggling. The bulk of this revenue, $576 million, was directly generated from Bitcoin mining operations. This figure not only highlights the company's operational efficiency but also strengthens its leadership position within the sector. Furthermore, Riot holds a substantial reserve of 18,005 BTC, valued at approximately $1.6 billion, providing a robust asset base and direct exposure to Bitcoin's value. For investors, these numbers indicate strong financial performance and strategic management of digital assets, positioning Riot advantageously.
- 3/3/2026NEUTRALRiot Platforms VP Says Company Will Continue To Sell Bitcoin From Treasury To 'Fund Operational Needs'
Riot Platforms, Inc. has reaffirmed its strategy of funding operational expenditures and capital investments by selling Bitcoin from its treasury. Executive Vice President Jason Chung reiterated that this practice is crucial for supporting the company's ongoing operational needs. For investors, this news highlights the company's reliance on liquidating its primary asset, Bitcoin, to cover costs. While a common practice for Bitcoin miners, it underscores cash flow management and capital allocation strategy. The continuation of this strategy suggests operational stability but might also limit potential upside exposure to held Bitcoin's price appreciation.
- 3/2/2026NEUTRALRiot (RIOT) Q4 2025 Earnings Call Transcript
The financial community awaits the detailed transcript of Riot Platforms' Q4 2025 earnings call. While the announcement of the transcript's availability has been made, the specific content has not yet been released. Investors closely monitor these events to assess Riot's operational performance, growth strategy, and profitability, especially given the volatile cryptocurrency market and energy costs. The current lack of concrete data prevents an immediate assessment of the impact on RIOT shares, which remain sensitive to news regarding Bitcoin production and the company's strategic decisions. The market eagerly anticipates key figures and future projections to adjust their positions accordingly.
- 3/2/2026NEGATIVERiot Platforms Stock Dips After Q4 Earnings: What To Know
Riot Platforms, a prominent player in the Bitcoin mining sector, experienced a significant dip in its stock price following the release of its fourth-quarter earnings. While specific financial figures were not detailed, the market's reaction suggests that the earnings either fell short of investor expectations or that the future outlook was perceived as less favorable. This development is critical for shareholders and potential investors, as a post-earnings decline can signal operational challenges or margin pressure within the volatile cryptocurrency mining industry. Investors should closely monitor upcoming reports to assess the company's resilience.
via Markets Gazette