Riot Platforms (RIOT)
NASDAQ:RIOT
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Riot Platforms
(NASDAQ:RIOT)
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Rating:55Neutral
Price Target:
$18.00
▼(-0.66% Downside)
Action:ReiteratedDate:04/15/26
The score is held back primarily by weak and volatile financial performance, especially persistently negative operating and free cash flow and a sharp swing to losses. This is partially offset by strong technical momentum (price above major moving averages with positive MACD) and a constructive earnings-call outlook around data center leasing (AMD deployment and large approved power portfolio), though financing and execution risks remain significant.
Positive Factors
Firm, energized power portfolio
Owning 1.7 GW of energized, fully approved power is a durable competitive advantage: it short‑circuits the 4+ year industry timeline to new power, enables rapid capacity monetization to hyperscalers, and materially lowers execution and procurement risk when converting capacity to long‑duration leases.
Negative Factors
Weak cash generation
Persistent negative operating and free cash flow means Riot must rely on Bitcoin sales, asset transactions, or external financing to fund CapEx and growth. That dependency reduces balance sheet flexibility, increases refinancing risk, and makes execution of multi‑year buildout plans contingent on volatile funding sources.
Read all positive and negative factors
Positive Factors
Negative Factors
Firm, energized power portfolio
Owning 1.7 GW of energized, fully approved power is a durable competitive advantage: it short‑circuits the 4+ year industry timeline to new power, enables rapid capacity monetization to hyperscalers, and materially lowers execution and procurement risk when converting capacity to long‑duration leases.
Read all positive factors
Riot Platforms (RIOT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.59B
Dividend YieldN/A
Average Volume (3M)17.00M
Price to Earnings (P/E)―
Beta (1Y)2.66
Revenue Growth103.62%
EPS Growth49.48%
CountryUS
Employees783
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)N/A
Shares Outstanding379,125,850
10 Day Avg. Volume15,606,659
30 Day Avg. Volume16,996,619
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)1.51
Price to Sales (P/S)6.67
P/FCF Ratio-5.58
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue10.27
Enterprise Value/Gross Profit27.08
Enterprise Value/Ebitda-22.33
Forecast
1Y Price Target
$25.55Price Target Upside41.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 institut...
How the Company Makes Money
Riot primarily makes money by mining Bitcoin: it operates fleets of specialized ASIC computers at its mining facilities to perform proof-of-work computations, and in return earns Bitcoin block rewards and transaction fees when its hash power contr...
Riot Platforms Key Performance Indicators (KPIs)
Any
Average Cost to Mine Bitcoin
Shows the cost efficiency of mining operations, crucial for understanding profitability margins and how well the company can withstand fluctuations in Bitcoin prices.
Shows the cost efficiency of mining operations, crucial for understanding profitability margins and how well the company can withstand fluctuations in Bitcoin prices.
Data provided by:
The Fly
The FlyRiot Platforms Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
74
Positive
Cash Flow
24
Negative
| 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 | 245.56M | 113.90M | 26.34M | 65.47M | 131.15M |
| EBITDA | -292.38M | 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
Positive
18.12
Price Trends
14.88
Positive
15.02
Positive
15.38
Positive
Market Momentum
0.56
Negative
67.93
Neutral
92.56
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 18.12 is above the 20-day moving average (MA) of 14.46, above the 50-day MA of 14.88, and above the 200-day MA of 15.38, indicating a bullish trend. The MACD of 0.56 indicates Negative momentum. The RSI at 67.93 is Neutral, neither overbought nor oversold. The STOCH value of 92.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RIOT.
Riot Platforms Risk Analysis
Riot Platforms disclosed 54 risk factors in its most recent earnings report. Riot Platforms reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Riot Platforms Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $376.25M | -7.54 | -33.34% | ― | 29.96% | 66.09% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
55 Neutral | $6.59B | -6.51 | -21.05% | ― | 103.62% | 49.48% | |
53 Neutral | $7.19B | -1.92 | -107.05% | ― | 35.41% | -38.08% | |
52 Neutral | $2.75B | -1.90 | -13.75% | ― | 102.21% | ― | |
51 Neutral | $3.94B | -2.43 | -30.59% | ― | 53.51% | 112.53% | |
46 Neutral | $470.27M | -60.68 | -11.98% | ― | 9.52% | 496.04% |
* Financial Sector Average
RIOT
Riot Platforms
18.12
11.76
184.91%
MARA
MARA Holdings
10.49
-1.83
-14.85%
BTBT
Bit Digital
1.51
-0.25
-14.20%
CLSK
Cleanspark
11.27
3.99
54.81%
CIFR
Cipher Mining
18.45
16.13
695.26%
FUFU
BitFuFu
2.44
-2.19
-47.30%
Riot Platforms Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Riot Platforms Adopts Phased Declassification of Board Structure
Positive
Apr 1, 2026
On March 26, 2026, Riot Platforms, Inc.’s board approved amended and restated bylaws that implement a phased declassification of its board of directors, following a non-binding advisory vote by stockholders at the June 10, 2025 annual meetin...
Business Operations and StrategyM&A Transactions
Riot Platforms Expands Rockdale Site With AMD Data Center Deal
Positive
Jan 16, 2026
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 70...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.