Riot Platforms (RIOT) AI Stock Analysis

• Market Cap: $7.15B
• Dividend Yield: N/A
• Average Volume (3M): 15.66M
• Price to Earnings (P/E): 57.1
• Beta (1Y): 2.56
• Revenue Growth: 103.62%
• EPS Growth: 49.48%
• Country: US
• Employees: 783
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 0.26
• Shares Outstanding: 371,807,200
• 10 Day Avg. Volume: 21,316,609
• 30 Day Avg. Volume: 15,657,920
• PEG Ratio: -0.11
• Price to Book (P/B): 0.90
• Price to Sales (P/S): 7.48
• P/FCF Ratio: -1.85
• Enterprise Value/Market Cap: 1.14
• Enterprise Value/Revenue: 12.77
• Enterprise Value/Gross Profit: 32.30
• Enterprise Value/Ebitda: 11.57
• 1Y Price Target: $27.71
• Price Target Upside: 44.02% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 15
• EPS Forecast (FY): -0.81
• Revenue Forecast (FY): $712.39M

• Rating: 70 Outperform
• Price Target: $21.00 ▲(9.15% Upside)

The score is driven primarily by solid financial performance (growth, strong margins, and low leverage) and constructive earnings/corporate updates focused on scaling data center capacity. Technicals support the uptrend but are near overbought, while valuation (high P/E and no dividend yield) and cash flow weakness are key risks tempering the overall rating.

Positive Factors

Low leverage / robust balance sheet

Very low leverage gives Riot financial flexibility to fund large, capital-intensive data center builds and absorb bitcoin price volatility without heavy interest burden. This strengthens long-term project financing options and reduces insolvency risk during multi-year infrastructure rollouts.

Rockdale acquisition & AMD lease

Securing land and a long-term AMD tenancy converts mining-facing assets into contracted, multi-year data center revenue. The deal validates Riot’s infrastructure and power economics, creates durable NOI streams, and materially diversifies revenue from cyclical bitcoin mining to long-duration contracts.

Corsicana data center expansion

Mobilizing 112 MW and enabling up to 1 GW of power positions Riot as a scale data center developer in a power-constrained market. This structural capacity build supports predictable, large-scale tenancy and shifts revenue mix toward less volatile, infrastructure-driven income over multi-year cycles.

Negative Factors

Negative operating and free cash flow

Persistent negative operating and free cash flow undermines Riot’s ability to self-fund aggressive data center capex and miner deployment. Over months, this forces reliance on external financing, increasing dilution or interest costs and constraining pace of strategic expansion despite strong accounting profits.

Mining production pressured by network hash rate

Rising global hash rate structurally reduces BTC output per installed rig unless Riot materially accelerates deployment. That dynamic makes mining revenue per unit transient, forces continual capital reinvestment to sustain production, and raises long-term margin and ROI uncertainty for core mining operations.

Reliance on equity ATM program

A large ATM facility provides flexible capital but signals ongoing reliance on equity markets to fund growth. Over time, repeated issuances can dilute shareholders and raise effective capital costs, complicating long-run returns as Riot scales capital-intensive data center and mining investments amid weak operating cash flow.

Riot Platforms Business Overview & Revenue Model

Company Description

Riot Platforms, Inc., together with its subsidiaries, operates as a Bitcoin mining company in the United States. The company operates in two segments, Bitcoin Mining and Engineering. It offers comprehensive and critical infrastructure for institutional-scale Bitcoin mining facilities in Rockdale and Navarro counties, Texas; and two Bitcoin mining sites in Paducah, Kentucky. The company also designs and manufactures power distribution equipment and custom engineered electrical products; and electricity distribution product design, manufacturing, and installation services for large-scale commercial 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 the Company Makes Money

Riot Platforms generates revenue primarily through the mining of Bitcoin, utilizing its extensive fleet of mining rigs located in strategically chosen facilities that provide low-cost electricity. The company earns money by validating transactions on the Bitcoin network and receiving Bitcoin as a reward for its mining efforts. Additionally, Riot may engage in the sale of mined Bitcoin on the open market, which can contribute significantly to its revenue. The company also explores partnerships with other blockchain technology firms and may generate income through ancillary services related to cryptocurrency, although its core focus remains on mining operations.

Riot Platforms Financial Statement Overview

Summary

Riot Platforms shows revenue growth but struggles with profitability and cash flow. The company has a low debt level, which is positive, but faces challenges in generating returns on equity. The high EBITDA margin indicates operational efficiency, yet negative net income and cash flow issues highlight underlying financial difficulties.

Income Statement

Riot Platforms has shown a positive revenue growth rate of 18.09% in the TTM, indicating expansion. However, the company is struggling with profitability, as evidenced by a negative net profit margin of -17.51% and a negative EBIT margin. The gross profit margin is low at 9.21%, suggesting high costs relative to revenue. The EBITDA margin is strong at 85.52%, indicating good operational efficiency before accounting for depreciation and amortization.

Balance Sheet

The company's debt-to-equity ratio is relatively low at 0.26, indicating a conservative use of debt. However, the return on equity is negative at -3.13%, reflecting challenges in generating returns for shareholders. The equity ratio is solid, suggesting a strong equity base relative to total assets.

Cash Flow

Riot Platforms faces significant cash flow challenges, with a negative operating cash flow and free cash flow. The free cash flow to net income ratio is high at 2.91, indicating that free cash flow is significantly higher than net income, which can be a concern if driven by non-operational factors. The operating cash flow to net income ratio is negative, highlighting cash flow issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	637.16M	376.66M	280.68M	259.17M	213.24M	12.08M
Gross Profit	251.99M	113.90M	26.34M	65.47M	131.15M	5.83M
EBITDA	703.12M	324.18M	-2.79M	-412.04M	11.44M	-4.05M
Net Income	164.00M	109.40M	-49.47M	-509.55M	-15.44M	-14.11M
Balance Sheet
Total Assets	4.48B	3.94B	2.05B	1.32B	1.52B	280.15M
Cash, Cash Equivalents and Short-Term Investments	330.75M	412.13M	908.35M	339.75M	473.71M	223.38M
Total Debt	285.35M	613.16M	21.34M	22.25M	13.44M	0.00
Total Liabilities	974.07M	791.62M	163.06M	168.52M	173.62M	3.08M
Stockholders Equity	3.50B	3.14B	1.89B	1.15B	1.35B	277.07M
Cash Flow
Free Cash Flow	-1.55B	-1.52B	-391.05M	-352.33M	-508.36M	-52.42M
Operating Cash Flow	-565.76M	-255.05M	33.09M	530.00K	-86.38M	-11.15M
Investing Cash Flow	-703.98M	-1.51B	-414.77M	-354.86M	-490.33M	-32.83M
Financing Cash Flow	1.25B	1.52B	748.52M	272.35M	665.64M	259.92M

Riot Platforms Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 19.24
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RIOT, the sentiment is Positive. The current price of 19.24 is above the 20-day moving average (MA) of 14.89, above the 50-day MA of 14.96, and above the 200-day MA of 13.38, indicating a bullish trend. The MACD of 0.70 indicates Negative momentum. The RSI at 71.45 is Negative, neither overbought nor oversold. The STOCH value of 82.28 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RIOT.

Riot Platforms Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLSK	73 Outperform	$3.42B	12.12	18.52%	―	102.21%	―
RIOT	70 Outperform	$7.15B	57.13	5.24%	―	103.62%	49.48%
FUFU	68 Neutral	$486.06M	7.83	38.27%	―	29.96%	66.09%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MARA	64 Neutral	$4.30B	6.29	23.13%	―	53.51%	112.53%
BTBT	64 Neutral	$767.11M	6.11	22.44%	―	9.52%	496.04%
CIFR	56 Neutral	$7.43B	-98.69	-9.69%	―	35.41%	-38.08%

Riot Platforms Corporate Events

Riot Platforms Expands Rockdale Site With AMD Data Center Deal

On January 16, 2026, Riot Platforms completed the fee simple acquisition of 200 acres of land underlying its Rockdale, Texas facility for $96 million, funded entirely by the sale of approximately 1,080 bitcoin, securing long-term control over a 700 MW, fully interconnected, infrastructure-ready site in the Texas Triangle. On the same date, the company signed a 10-year data center lease with AMD for an initial 25 MW of critical IT load at Rockdale, expected to generate about $311 million in contract revenue and an average annual net operating income contribution of roughly $25 million, with options that could expand AMD’s capacity to 200 MW and total contract value to about $1 billion. Together, these moves rapidly advance Riot’s transition into a major data center developer with 1.7 GW of approved power capacity across its Texas sites, position Rockdale as a key hyperscale and AI data center hub, and create a new, long-duration revenue stream while validating the company’s infrastructure and power advantages for top-tier technology tenants.

The most recent analyst rating on (RIOT) stock is a Buy with a $42.00 price target. To see the full list of analyst forecasts on Riot Platforms stock, see the RIOT Stock Forecast page.

Riot Platforms announces CFO transition and executive pay changes

On January 2, 2026, Riot Platforms announced a planned chief financial officer transition under which current EVP and Head of Corporate Development & Strategy, Jason Chung, will assume the CFO role on March 1, 2026, succeeding Colin Yee, who will move into a Senior Advisor position through at least January 1, 2028 with revised cash and equity compensation; the company emphasized that Yee’s transition was not due to any disagreement over accounting or financial reporting. In parallel, the Compensation Committee approved amendments effective January 1, 2026 to the company’s long-term incentive award structures, executive employment agreements, and 2026 annual incentive plan, including a reworked equity LTIP with separate service- and performance-based award agreements and a TSR cap, substantial base salary increases for top executives and removal of the Bitcoin component of CEO and Executive Chairman pay, extended employment terms through 2031, and a redesigned 2026 incentive plan that eliminates the “Bitcoin Yield” metric in favor of new data center revenue and NOI targets, underscoring Riot’s operational shift and performance focus on data center development and long-term infrastructure growth.

The most recent analyst rating on (RIOT) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Riot Platforms stock, see the RIOT Stock Forecast page.

Riot Platforms Launches Larger 2025 At-The-Market Offering

On December 30, 2025, Riot Platforms, Inc. entered into a new at-the-market equity offering program of up to $500 million of common stock, appointing a syndicate of investment banks as sales agents to sell shares from time to time at prevailing market prices under an existing shelf registration. Under this 2025 sales agreement, Riot will pay up to 1.0% commission on gross proceeds, may flexibly issue placement notices and suspend sales at its discretion, and has provided customary indemnities and representations, positioning the company with a sizable, on-demand capital-raising mechanism while potentially diluting existing shareholders over time. Effective the same day, Riot terminated its prior 2024 at-the-market program, under which it had already raised about $600.5 million in common stock, leaving roughly $149.5 million of capacity unused but incurring no costs or penalties for the early termination, thereby consolidating its capital markets activity under the new, larger facility.

The most recent analyst rating on (RIOT) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Riot Platforms stock, see the RIOT Stock Forecast page.