Riot Platforms (RIOT) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Riot Platforms

NasdaqCM•Financial Services•Capital Markets

$22.81+0.93(0.04%)Market open

Market Cap

$7.93B

P/S

11.8x

P/B

3.6x

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.

How this company scores

AverageMetricSide Score: 40/100

Strongest: Growth (16/25); weakest: Cash & Earnings Quality (2/25).

Profitability7/25

Growth16/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality2/25

Strengths

Growing revenueLow leverageConsistent growthImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 41.9x5y range 13.7x – 154.8x

Currently near its 7-quarter median.

P/S · 11.8x5y range 1.8x – 18.7x

Currently above its 20-quarter median.

P/B · 3.6x5y range 0.4x – 3.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $7.93B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $674.51M
Q. Revenue: $174.24M
TTM EBITDA: $-966.74M
TTM Op. Income: $-1.34B
Q. Op. Income: $-239.43M
TTM Net Income: $-1.32B
Q. Net Income: $-237.17M
EPS: $-0.68
Shares Out.: $347.70M

$674.51M in TTM revenue grew 24.5% YoY, reaching $174.24M last quarter. TTM EBITDA of $-966.74M and TTM operating income of $-1.34B show growth is flowing through to the bottom line. However, net income is negative at $1.32B — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -82.0%
Op. Margin: -137.4%
Net Margin: -136.1%

Op. margin of -137.4% is down 278.7% YoY — costs are rising relative to revenue. Net margin at -136.1% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 11.8x
P/B Ratio: 3.6x

P/S of 11.8x and P/B of 3.6x. P/S is high, meaning growth expectations are priced in. Over the past year, P/E is up 0% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $3.26B
Cash: $471.38M
Long-Term Debt: $588.41M
Book Value: $2.19B
D/E Ratio: 0.3
Debt/EBITDA: N/A

With $3.26B in assets and $588.41M in long-term debt, D/E is 0.3and book value is $2.19B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 3 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-90.14M
TTM Free Cash Flow: $-776.67M
FCF Margin: -115.1%
FCF / Net Income: 0.6

TTM FCF of $-776.67M on $-90.14M in operating cash flow. The FCF / Net Income ratio of 0.6x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 6% — an improving trend.