One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Riot Platforms, Inc.
RIOT · NCM · Financial Services · Capital Markets
Current price
$11.69
52-week range
$11.50 - $30.32
Market cap
$4.39B
Balance sheet
Distressed
-14.22x Concerning
Net debt $406.41M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Revenue grew 4.2% last year.
- Risk Operating margin compressed from -31.9% to -122.3% over 3 years.
- Risk Return on equity was -48.2% last year — the company lost money on shareholders' equity.
What this company does
Riot Platforms, Inc.
Riot Platforms is primarily a Bitcoin mining company, meaning they use powerful computers to solve complex problems to earn new Bitcoin. Their main money-maker comes from this Bitcoin mining activity, but they also have a smaller business designing and building electrical equipment for large projects. This matters because their success is directly tied to the price of Bitcoin and their ability to efficiently mine it.
How the company got here
Riot Platforms, Inc. was founded in 2000 and has evolved significantly over the years. Initially, the company explored various ventures, but it has since focused its operations on becoming a major player in the Bitcoin mining industry. This strategic shift involved building substantial infrastructure and acquiring significant Bitcoin mining capacity. The company's journey reflects the broader evolution of digital asset technology and its increasing integration into the financial landscape.
What it actually does
Riot Platforms is primarily a Bitcoin mining company. This means it uses powerful computers to solve complex mathematical problems, which in turn validates and records Bitcoin transactions on the blockchain. As a reward for this work, Riot earns newly created Bitcoins and transaction fees. The company also provides data center services, offering critical infrastructure for digital asset operations. Beyond Bitcoin mining, Riot has an engineering segment that designs and manufactures electrical products and provides installation services for various industrial and governmental clients.
Bitcoin Mining
This is the core business of Riot Platforms. The company invests heavily in specialized computer hardware (known as ASICs) and electricity to power these machines. These computers work around the clock to mine Bitcoin. The more computing power (or 'hash rate') a company has, the greater its chances of successfully mining new Bitcoins. Riot aims to be one of the largest Bitcoin mining operations globally, focusing on efficiency and scale to maximize its Bitcoin production.
Engineering
Riot's Engineering segment diversifies its revenue streams beyond just Bitcoin mining. This division designs and manufactures electrical equipment, such as power distribution units, and provides installation services. These products and services cater to a range of large-scale industrial and governmental customers, including those in the data center, power generation, and utility sectors. This segment leverages the company's expertise in electrical engineering and infrastructure development.
What management is betting on now
Riot Platforms is focused on expanding its Bitcoin mining capacity and improving operational efficiency. Management aims to increase the company's 'hash rate' – essentially, its total computing power dedicated to mining – to become a leading global producer of Bitcoin. A key priority is securing access to low-cost electricity, as energy is the largest operational expense in Bitcoin mining. By optimizing its infrastructure and energy strategy, Riot seeks to maximize its Bitcoin holdings and profitability in a competitive market.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-127.62M
FY2024 Q4
$-156.56M
FY2025 Q1
$-154.92M
FY2025 Q2
$-291.70M
FY2025 Q3
$-139.70M
FY2025 Q4
$-187.99M
FY2026 Q1
$-298.12M
FY2026 Q2
$-150.87M
Revenue
$174.24M
Net income
$-237.17M
Diluted EPS
-0.68
Operating cash flow
$-90.14M
Free cash flow
$-150.87M
Fetching…
Sources
Revenue
$167.22M
Net income
$-500.48M
Diluted EPS
-1.44
Operating cash flow
$-182.65M
Free cash flow
$-298.12M
Fetching…
Sources
Revenue
$152.83M
Net income
$-690.75M
Diluted EPS
-1.89
Operating cash flow
$-105.53M
Free cash flow
$-187.99M
Fetching…
Sources
Revenue
$180.23M
Net income
$104.48M
Diluted EPS
0.26
Operating cash flow
$-114.02M
Free cash flow
$-139.70M
Fetching…
Sources
Revenue
$152.99M
Net income
$219.45M
Diluted EPS
0.58
Operating cash flow
$-231.32M
Free cash flow
$-291.70M
Fetching…
Sources
Revenue
$161.39M
Net income
$-296.37M
Diluted EPS
-0.90
Operating cash flow
$-122.06M
Free cash flow
$-154.92M
Fetching…
Sources
Revenue
$142.56M
Net income
$136.44M
Diluted EPS
0.39
Operating cash flow
$-98.36M
Free cash flow
$-156.56M
Fetching…
Sources
Revenue
$84.79M
Net income
$-154.36M
Diluted EPS
-0.54
Operating cash flow
$-56.33M
Free cash flow
$-127.62M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $11.69
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $406.4M. Interest coverage -14.2x.
Net debt
$406.41M
Interest coverage
-14.22x
Riot Platforms, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
RIOT
BASELINE
Riot Platforms, Inc.
Total debt $877.80M Interest coverage -14.22x This is the baseline the peer rows are being compared against.
Total debt $2.47B Interest coverage -16.99x Neither company has much profit cushion over interest right now.
Total debt $1.79B Interest coverage -9.44x Neither company has much profit cushion over interest right now.
Total debt $5.59B Interest coverage -9.23x Neither company has much profit cushion over interest right now.
Total debt $7.67B Interest coverage -3.24x Neither company has much profit cushion over interest right now.
What you should know
The case for and against RIOT
1 Reward
2 Risks
Rewards
-
Revenue grew 4.2% last year.
Risks
-
Operating margin compressed from -31.9% to -122.3% over 3 years.
-
Return on equity was -48.2% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-12.26x
P/B
2.02x
P/S
6.50x
EV/EBITDA
-5.80x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
28.3%
Operating margin
-122.3%
Net margin
-196.3%
ROE
-48.2%
ROA
-21.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.40x
Current ratio
1.58x
Quick ratio
1.17x
Total debt
$877.80M
Total cash
$471.38M
Growth
How the business has been compounding
Revenue TTM
$674.51M
Revenue 5Y CAGR
32.0%
EPS TTM
-3.89
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-492.33M
Free CF TTM
$-774.31M
FCF margin
-114.8%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
2017-10-12