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Riot Platforms, Inc.

RIOT Financial Capital Markets

Riot Platforms, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $647.4 million, up 71.9% from fiscal 2024.

Revenue
+0.66%
EPS
−96.7%
Free cash flow
−276.7%
Total debt
−29.8%

Quarter to September 2026, against a year earlier

16.85 2.09 +14.16%
Market cap
$5.5B
P/E
0.0×
Fwd P/E
−4.6×
Dividend yield
—
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 9.50
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 2 2 1 1 — — —
Insider Ownership 2.76%

Capital & Financial Ratios $m

Size
Market Cap 5,540.00
Revenue ttm 675.71
Net income ttm (1,424.36)
Free cash flow ttm (592.65)
Net debt Q 589.16
Valuation
P/E 0.00
Forward P/E (4.61) (negative: loss-making)
Price / sales 7.99
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.53
Financial health
Current ratio Q 3.49
Debt / equity Q 0.28
Interest coverage Q 0.45
Growth
Revenue growth Q +0.66% (above 0%: growing)
Operating income growth Q −98.47% (below 0%: shrinking)
EPS, this year −28.45% (below 0%: weak)
EPS, next year A +48.33% (at or above 15%: strong)
Revenue, next year A +4.80%
EPS, past 5 yrs —
EPS, next 5 yrs A +41.21% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 40.27%
10-year low 10-year high
P/B against its own 10 years 72.73%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 628 526 351 —
Receivables 25 27 30 20
Inventory — — — —
Other 327 6 8 20
1,009 599 449 1,037
2023 2024 2025 Q'26
Payables 23 18 23 16
ST’ Debt 0 0 — —
Other 4 33 43 —
121 160 470 297

Compound Annual Growth %

10y 5y 3y
Sales 124.61% 121.73% 35.69%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 67.88% 59.48% 35.40%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.34 Actual 0.01

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.22 −2.03 Miss by 1.81
Q1 FY26 −0.33 −1.44 Miss by 1.11
Q2 FY26 −0.39 −0.68 Miss by 0.29
Q3 FY26 −0.34 0.01 Beat by 0.35
Q4 FY26 −0.30 — Reports 1 March 2027

EPS $

Mar Jun Sep Dec Year
’26 (1.44) (0.68) 0.01 — —
’25 (0.90) 0.57 0.26 (2.03) (1.95)
’24 0.81 (0.32) (0.54) 0.44 0.34
’23 0.11 (0.17) (0.44) 0.22 (0.28)
’22 0.30 (2.81) (0.24) (1.01) (3.65)
’21 0.09 0.22 (0.16) (0.31) (0.17)
’20 (0.15) (0.31) (0.04) 0.16 (0.30)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 167 174 181 — —
’25 161 153 180 153 647
’24 79 70 85 143 377
’23 73 77 52 79 281
’22 80 73 46 60 259
’21 23 34 65 91 213
’20 2 2 2 5 12
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (183) (90) (214) — —
’25 (122) (231) (114) (106) (573)
’24 (58) (43) (56) (98) (255)
’23 32 (38) (6) 45 33
’22 (45) 31 13 1 1
’21 (6) (21) (34) (25) (86)
’20 (3) (3) (4) 6 (3)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (298) (192) (214) — —
’25 (155) (378) (57) (181) (771)
’24 (115) (96) (128) (142) (481)
’23 (19) (95) (41) 0 (154)
’22 (82) (9) (39) (27) (157)
’21 (8) (26) (105) (93) (233)
’20 (3) (4) (7) 3 (11)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 0 0 8 7 12 213 259 281 377 647 676 +166.1% 679 785 1,242 +24.3%
Gross margin, % 100.00 90.66 25.81 10.82 48.26 61.50 25.26 9.39 30.24 37.93 0.00 (62.1) pt
EBT (3) (18) (61) (20) (14) (15) (521) (55) 110 (663) (1,427) +81.2%
EBT margin, % (3,265.56) (6,687.80) (777.67) (299.05) (116.77) (7.12) (201.14) (19.44) 29.24 (102.46) (211.14) +3,163.1 pt
Net income (4) (20) (60) (20) (14) (15) (510) (49) 109 (663) (1,424) +75.2%
Per share, $
Per share, $ Revenue 0.02 0.04 0.59 0.35 0.29 2.28 1.86 1.60 1.36 1.90 1.89 +62.7%
Earnings (1.05) (3.30) (4.33) (1.02) (0.30) (0.17) (3.65) (0.28) 0.40 (1.95) (4.14) +7.1%
Cash flow (1.36) (0.74) (1.42) (0.79) (0.07) (0.92) 0.00 0.19 (0.92) (1.68) (1.66) +2.4%
Capex 0.44 (0.01) (1.24) (0.25) (0.19) (1.57) (1.13) (1.07) (0.82) (0.58) 0.00 n/m
Free cash flow (0.92) (0.75) (2.66) (1.04) (0.26) (2.50) (1.13) (0.88) (1.74) (2.26) (1.66) +10.5%
Book value 3.67 8.24 0.34 1.34 6.60 14.43 8.26 10.79 11.39 8.39 5.97 +9.6%
Shares, m 4 6 13 20 42 93 139 175 276 341 348 +63.6%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 24.03 0.00 0.00 2.4
P/S 160.42 622.76 2.58 3.21 59.03 9.79 1.81 9.61 7.48 6.67 7.99 88.3
P/B 1.04 4.01 4.58 0.84 2.57 1.55 0.41 1.43 0.90 1.51 2.53 1.9
EV/Sales 47.03 475.96 2.80 2.18 40.57 8.33 1.01 7.37 7.64 7.42 — 60.0
EV/FCF (1.22) (47.47) (0.61) (0.73) (45.03) (7.62) (1.66) (13.42) (5.98) (6.23) — (13.0)
Cash, $m
Cash, $m Operating cash flow (6) (4) (19) (15) (3) (86) 1 33 (255) (573) (593) +67.5%
Capex 2 0 (17) (5) (8) (147) (158) (187) (226) (198) (232) n/m
Free cash flow (4) (5) (36) (20) (11) (233) (157) (154) (481) (771) (593) +80.8%
Balance, $m
Balance, $m Working capital 13 41 (4) 9 234 455 322 888 439 (21) 740 n/m
Net debt (13) (42) 1 (7) (223) (310) (208) (627) 59 236 589 n/m
Shareholders’ equity 15 50 4 26 277 1,348 1,151 1,888 3,144 2,858 2,134 +79.3%
Returns, %
Returns, % ROA (22.55) (57.21) (175.26) (90.59) (9.09) (1.71) (35.86) (2.94) 3.65 (16.85) (37.87) +5.7 pt
ROIC (160.39) (103.06) (622.34) (31.31) (18.09) (1.80) (33.98) (3.13) 3.00 (12.57) (32.64) +147.8 pt
ROE (27.57) (69.88) (250.55) (130.82) (9.31) (1.90) (40.77) (3.26) 4.35 (22.10) (50.52) +5.5 pt
People
People Employees 8 9 6 6 8 335 489 534 783 816 — +67.2%
Revenue/emp, $m 0.01 0.03 1.31 1.14 1.51 0.64 0.53 0.53 0.48 0.79 — +59.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Riot Platforms, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MKTX MarketAxess Holdings Inc. $5.8B 19.5× 21.3× −0.48% (below 0%: shrinking) +1.05% (above 0%: growing) −83.73% (below 0%: shrinking) 100.00% 41.15% Compare
HUT Hut 8 Corp. $5.7B — (loss-making) — (loss-making) −14.90% (below 0%: shrinking) +122.92% (above 0%: growing) +173.77% (above 0%: growing) 0.00% 447.73% Compare
RIOT Riot Platforms, Inc. $5.5B — (loss-making) — (loss-making) +0.66% (above 0%: growing) −96.67% (below 0%: shrinking) −276.72% (below 0%: shrinking) 0.00% 0.67%
GLXY Galaxy Digital Inc. $5.0B — (loss-making) 205× −0.99% (below 0%: shrinking) n/m +80.14% (above 0%: growing) 0.86% (1.21%) Compare
WULF TeraWulf Inc. $5.0B — (loss-making) — (loss-making) −6.02% (below 0%: shrinking) n/m −695.25% (below 0%: shrinking) 72.30% (313.74%) Compare
BGC BGC Group, Inc. $4.9B 25.7× 7.4× +7.85% (above 0%: growing) +36.36% (above 0%: growing) +164.18% (above 0%: growing) 97.58% 12.38% Compare
MC Moelis & Company $4.7B 19.3× 21.1× +12.05% (above 0%: growing) +16.36% (above 0%: growing) +8.25% (above 0%: growing) 100.00% 17.79% Compare
FIGR Figure Technology Solutions, Inc. $4.7B 19.6× 20.3× +112.66% (above 0%: growing) +254.55% (above 0%: growing) −119.20% (below 0%: shrinking) 87.18% 34.46% Compare
MRX Marex Group PLC $4.7B 15.3× 10.4× +76.97% (above 0%: growing) +94.87% (above 0%: growing) +54.74% (above 0%: growing) 100.00% 21.10% Compare
Median of peers $5.0B 19.5× 20.7× +3.69% +65.62% +31.50% 92.38% 19.45%

All 97 Capital Markets stocks →

Pay and ownership Proxy statement filed 30 April 2026

Ownership

Directors and executive officers, together 7.82%
The Vanguard Group, Inc. 5.70%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/RIOT · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com