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Riot Platforms, Inc. (RIOT)

NEUTRAL
Financial ServicesCapital MarketsUnited States

Fundamental

42

Price

$21.29

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.

No editorial profile for this company yet

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

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

Undervalued

Fair Value

$32.40

Current Price

$21.29

Margin of Safety

+34.3%

Fair Value Range

$30.78 - $34.02

Estimation Methods

Analyst Target:$32.40
DCF:-
PE-based:-
Graham Growth:-
EPV:-
Analyst Consensus:Strong Buy (26B / 2H / 0S)
Last Earnings Surprise:-138.21%

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

2/9

Serious financial concerns

score
criteria

Earnings Quality

-

Low quality: investigate accounting

Share Dilution

5.7%

Issuing new shares, diluting ownership

Governance

Executive Team

NameTitleAge
Mr. Soo Li Yi C.F.A.Executive Chairman43
Mr. Jason LesCEO & Executive Director39
Mr. Stephen HowellSenior VP & COO49
Mr. Jonathan GibbsChief Data Center Officer37
Mr. Jason ChungCFO, Executive VP and Head of Corporate Development & Strategy43
Mr. Ryan WernerSenior VP & Chief Accounting Officer45
Ms. Maureen ChuVP and Associate General Counsel of M&A and Corporate Finance-
Mr. Philip James McPhersonVP of Capital Markets & Investor Relations51
Mr. William Richard Jackman Esq.Executive VP, General Counsel & Corporate Secretary41
Ms. Emma NorrisVice 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 agoPOSITIVE
    Riot’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.

  • 5/3/2026POSITIVE
    Bitcoin 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.

  • 5/2/2026NEUTRAL
    Riot 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.

  • 4/2/2026NEGATIVE
    Riot 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.

  • 3/3/2026POSITIVE
    Riot 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.

  • 3/3/2026NEUTRAL
    Riot 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.

  • 3/2/2026NEUTRAL
    Riot (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.

  • 3/2/2026NEGATIVE
    Riot 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