Riot Platforms (RIOT) AI Stock Analysis

• Market Cap: $6.27B
• Dividend Yield: N/A
• Average Volume (3M): 18.83M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.58
• Revenue Growth: 103.62%
• EPS Growth: 49.48%
• Country: US
• Employees: 783
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -1.88
• Shares Outstanding: 379,125,850
• 10 Day Avg. Volume: 17,934,956
• 30 Day Avg. Volume: 18,830,528
• PEG Ratio: 0.01
• Price to Book (P/B): 1.51
• Price to Sales (P/S): 6.67
• P/FCF Ratio: -5.58
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 9.56
• Enterprise Value/Gross Profit: 43.36
• Enterprise Value/Ebitda: 24.72
• 1Y Price Target: $26.55
• Price Target Upside: 60.62% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): -1.3
• Revenue Forecast (FY): $608.84M

• Rating: 54 Neutral
• Price Target: $17.00 ▲(2.84% Upside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is held back primarily by weak financial quality—large profitability swings and persistently negative operating/free cash flow—despite a solid balance sheet. The latest earnings call supports a more constructive outlook due to the AMD lease and data-center execution roadmap, while technicals are mildly supportive. Valuation is a headwind given the high P/E and lack of dividend support.

Positive Factors

Scarce fully-approved power portfolio

Owning 1.7 GW of energized, fully approved power is a durable competitive advantage in data-center markets where new power can take 4+ years. It shortens customers' build timelines, supports long-term leases with hyperscalers, and increases bargaining power and asset value as facilities are leased.

Anchor tenant lease with AMD and expansion options

An investment-grade anchor tenant with a multi-year contract validates Riot's data-center pivot, creates predictable long-duration NOI (~$25M/year for initial 25 MW) and de-risks incremental buildouts. AMD's expansion rights materially improve Riot's path to scale capacity and secure project financing.

Engineering backlog and vertical integration

A rapidly growing engineering backlog focused on data centers and ownership of ESS Metron reduce supply-chain constraints and lower build costs. Vertical integration speeds delivery, preserves margins and makes execution less dependent on external suppliers—supporting durable expansion and margin sustainability.

Negative Factors

Persistent negative operating and free cash flow

Sustained negative operating and free cash flow constrains Riot's ability to self-fund growth and exposes it to capital markets or asset monetization. That reliance on external financing increases refinancing and execution risk, limiting resilience during adverse market or crypto price cycles.

High profitability volatility and large GAAP loss

Severe swings in profitability and large GAAP losses—driven by noncash charges and markdowns—undermine earnings quality and impair forecasting. Volatility can raise lender and investor scrutiny, increase cost of capital, and complicate long-term planning for capital-intensive data-center builds.

Dependence on Bitcoin sales and rising cost-to-mine

Relying on selling volatile Bitcoin reserves to fund capex exposes capital plans to crypto price risk. Additionally, a rising cost-to-mine compresses mining margins and reduces the safety buffer for financing; adverse BTC moves could force asset sales or dilutive financing to sustain development.

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

Strong recent revenue growth, but results are dominated by profitability volatility (swinging from a strong net margin in 2024 to a deep loss in 2025) and persistently negative operating and free cash flow. The balance sheet/leverage profile is a relative strength, but cash generation and earnings consistency are the main constraints.

Income Statement

Revenue growth has been strong recently (up ~161% in 2025 vs. 2024, following ~34% growth in 2024), but profitability is highly volatile. After a profitable 2024 (net margin ~29%), results swung to a large loss in 2025 (net margin ~-102%) with deeply negative operating and EBITDA performance. Overall, the business shows the ability to scale revenue, but earnings quality and consistency remain weak.

Balance Sheet

Leverage looks manageable with low debt relative to equity (debt-to-equity ~0.10 in 2025, down from ~0.20 in 2024), supported by a sizable equity base (~$2.86B). However, returns to shareholders are inconsistent, flipping from a positive return in 2024 (~3.5%) to a meaningfully negative return in 2025 (~-23%). Balance sheet capacity is a strength, but profitability swings are a key risk to capital durability over time.

Cash Flow

Cash generation is weak: operating cash flow is negative in both 2024 (-$255M) and 2025 (-$573M), and free cash flow is deeply negative (2024: -$1.52B; 2025: -$774M), even though 2025 improved versus 2024. The gap between accounting earnings and cash flow is notable given negative operating cash flow even in the profitable year (2024), indicating elevated reinvestment and/or working-capital volatility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	647.43M	376.66M	280.68M	259.17M	213.24M
Gross Profit	-101.25M	113.90M	26.34M	65.47M	131.15M
EBITDA	346.81M	324.18M	-2.79M	-412.04M	11.44M
Net Income	-663.18M	109.40M	-49.47M	-509.55M	-15.44M
Balance Sheet
Total Assets	3.94B	3.94B	2.05B	1.32B	1.52B
Cash, Cash Equivalents and Short-Term Investments	233.52M	412.13M	908.35M	339.75M	473.71M
Total Debt	279.85M	613.16M	21.34M	22.25M	13.44M
Total Liabilities	1.08B	791.62M	163.06M	168.52M	173.62M
Stockholders Equity	2.86B	3.14B	1.89B	1.15B	1.35B
Cash Flow
Free Cash Flow	-774.31M	-1.52B	-391.05M	-352.33M	-508.36M
Operating Cash Flow	-572.93M	-255.05M	33.09M	530.00K	-86.38M
Investing Cash Flow	76.13M	-1.51B	-414.77M	-354.86M	-490.33M
Financing Cash Flow	455.29M	1.52B	748.52M	272.35M	665.64M

Riot Platforms Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 16.53
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RIOT, the sentiment is Negative. The current price of 16.53 is above the 20-day moving average (MA) of 15.32, above the 50-day MA of 15.46, and above the 200-day MA of 14.63, indicating a neutral trend. The MACD of 0.19 indicates Negative momentum. The RSI at 47.24 is Neutral, neither overbought nor oversold. The STOCH value of 44.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RIOT.

Riot Platforms Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FUFU	68 Neutral	$426.19M	13.36	38.27%	―	29.96%	66.09%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BTBT	61 Neutral	$602.04M	1.58	22.44%	―	9.52%	496.04%
RIOT	54 Neutral	$6.27B	-6.51	5.24%	―	103.62%	49.48%
CLSK	54 Neutral	$2.53B	-1.90	-15.34%	―	102.21%	―
CIFR	54 Neutral	$6.50B	-6.85	-110.55%	―	35.41%	-38.08%
MARA	47 Neutral	$3.29B	-2.43	―	―	53.51%	112.53%

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.