Riot Platforms, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whether the AI label turns into an AI business comes down to three numbers: the real rent line in the data center segment (not the cost reimbursement), the pace at which AMD exercises its options toward 200 megawatts or additional tenants sign on at Corsicana, and whether the full cost per mined bitcoin falls back below its production value again. As long as operations are funded by bitcoin sales and share programs, the stock remains a leveraged bitcoin trade with a data center option — keep an eye on quarterly results, the bitcoin treasury, and the share count. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Riot Platforms wears the stock market's most coveted label right now — AI data center — and unlike with some other relabeling stories, there's something behind it: the AMD lease, more than a gigawatt of its own power, a new reporting segment. But the ingredient list shows a Bitcoin miner that mines below full cost, sells its bitcoin treasury to fund operations, and has paid for its pivot with 64 percent more shares. The market is already valuing the finished future at a good $10 billion. Not investment advice.
Business model & pivot
An industrial Bitcoin miner with more than 1.2 gigawatts of developed power capacity that's pivoting into a data center landlord — its third transformation after biotech (through 2017) and blockchain. The power bottleneck in the AI industry is a genuine tailwind, but per its own risk factor the data center strategy is "in its early stages" and its success is uncertain.
Data center launch & AMD
The AMD lease (January 2026) is a genuine vote of confidence: a ten-year term, expanded from 25 to 50 megawatts in April 2026, options up to 200 megawatts. But: of $33.2 million in segment revenue in the first quarter of 2026, $32.2 million was build-out cost reimbursement and only $0.9 million was rent; agreed minimum lease payments are about $310 million over more than ten years.
Mining economics & profitability
On a fully loaded basis, a self-mined bitcoin cost $96,283 in the first quarter of 2026, against a $75,964 production value (126.7 percent). Net loss of $663.2 million in 2025 plus $500.5 million in the first quarter of 2026; fair-value accounting for the bitcoin treasury turns results into a plaything of the bitcoin price.
Balance sheet & bitcoin treasury
15,679 bitcoin ($1.1 billion as of 03/31/2026), just under $2.4 billion in equity and moderate debt ($854 million face value, of which $594 million is a 0.75 percent convertible note). But the treasury is shrinking: bitcoin sales fund operations — the lower the price, the more has to be sold; at times 5,802 BTC were pledged as loan collateral.
Dilution & insiders
Share count from 230.8 to about 379 million since the end of 2023 (+64 percent); per the annual report (10-K), growth is financed primarily through ATM share programs, and a new $500 million program stands ready. Stock-based compensation of $125.7 million in 2025; the scanner shows 7 insider sales against 0 purchases (data as of July 8, 2026).
Valuation & momentum
Price-to-sales ratio around 16, market value a good $10 billion (order of magnitude, July 8, 2026) against $653 million in trailing-twelve-month revenue and ongoing losses. 15 momentum-scanner hits and an analyst consensus near "Strong Buy" stand against roughly minus 19 percent on a five-year view — the market is paying for the 200-megawatt future, and 50 has been delivered so far.
Worth Noting
One-off items in 2025 earnings: a $158.1 million loss from the Rhodium settlement (a legacy item from the discontinued hosting business), $20 million from another settlement, and a $29.7 million write-off on Corsicana build-out components resulting from the data center pivot.
The five-year performance of about −19 percent and the relative strength figure come from our in-house scanner (data as of July 8, 2026); the database field "distance to all-time high" (−99 percent) is a data artifact and was not used.
The $200 million Coinbase loan was extended to April 2027 in April 2026 and switched to a fixed 6.15 percent rate; the bitcoin collateral fell from 5,802 to 4,258 BTC. Part of the interest is capitalized into the data center build-out ($4.7 million in the first quarter of 2026).
Stock Watch
This analysis is as of August 4, 2026. Stock Watch will tell you what's changed at RIOT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 11.80 $ to 28.70 $ · Last price: 21.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Capital Markets
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Riot Platforms, Inc. RIOT | 8.4 | – | 34.9 | 28.3 | -280.5 | 71.9 | 24.2 |
| Morgan Stanley MS | 321.0 | 17.6 | 0.0 | 87.6 | 40.6 | 11.5 | 32.2 |
| Goldman Sachs Group Inc GS | 280.7 | 17.4 | 0.0 | 82.1 | 38.6 | -1.4 | 22.2 |
| Charles Schwab Corp SCHW | 179.7 | 21.3 | 0.0 | 97.5 | 49.4 | 6.5 | 15.1 |
| Interactive Brokers Group Inc IBKR | 149.9 | 38.1 | 3.4 | 93.0 | 76.8 | 9.8 | 39.4 |
| Robinhood Markets Inc HOOD | 100.1 | 53.2 | 45.6 | 91.9 | 38.5 | 51.6 | -7.4 |
| Nomura Holdings Inc NMR | 29.8 | 12.1 | 0.0 | 78.0 | 30.8 | 5.6 | 43.7 |
| LPL Financial Holdings Inc LPLA | 26.6 | 28.7 | 13.5 | 29.9 | 11.1 | 37.2 | -1.5 |
| Circle Internet Group, Inc. CRCL | 23.1 | – | 45.7 | 22.0 | 6.5 | 63.9 | -35.1 |
| Median of companies shown | 100.1 | 21.3 | 3.4 | 82.1 | 38.5 | 11.5 | 22.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -6 | -4 | -1.05 | -6 | 15 | 17 |
| 2017 | 0 | -13 | -20 | -3.30 | -4 | 49 | 52 |
| 2018 | 8 | -59 | -58 | -4.33 | -19 | 4 | 14 |
| 2019 | 7 | -9 | -20 | -1.02 | -15 | 26 | 30 |
| 2020 | 12 | -16 | -14 | -0.34 | -11 | 277 | 280 |
| 2021 | 213 | 20 | -8 | -0.08 | -86 | 1,357 | 1,531 |
| 2022 | 259 | -513 | -510 | -3.65 | 1 | 1,151 | 1,320 |
| 2023 | 281 | -63 | -49 | -0.28 | 33 | 1,888 | 2,051 |
| 2024 | 377 | 154 | 109 | 0.34 | -255 | 3,144 | 3,935 |
| 2025 | 647 | -400 | -663 | -1.95 | -573 | 2,858 | 3,937 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.43 | 24.60 | 143 | 80.90 | 95.70 | -98 | -853 |
| 2025: Q1 | -0.90 | -211.40 | 161 | 103.50 | -183.60 | -122 | -155 |
| 2025: Q2 | 0.57 | – | 153 | 118.50 | 143.40 | -231 | -292 |
| 2025: Q3 | 0.26 | – | 180 | 112.60 | 58.00 | -114 | -246 |
| 2025: Q4 | -1.86 | -534.50 | 153 | 7.20 | -452.00 | -106 | -188 |
| 2026: Q1 | -1.44 | – | 167 | 3.60 | -299.30 | -183 | -298 |
| 2026: Q2 | -0.68 | -219.30 | 174 | 13.90 | -136.20 | -90 | -151 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 24 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- Ameet Rai: Daily Liquidity
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Kathy Donnelly: Liquid Movers Up
- Mike Webster: Swing Trading List
- Oliver Kell: Doublers
- Oliver Kell: Strength on Down Day
- Power Trend
- Qullamaggie: Trend Intensity (13/65)
- RS Leader (≥90)
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 2
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -1.43 | -1.78 – -1.25 | 675 | -3.5% | 3 |
| 12/31/2027 | -0.94 | -1.38 – -0.58 | 818 | 34.5% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Riot Platforms vermarktet seit dem ersten Quartal 2026 Rechenzentrums-Kapazität für KI-/HPC-Workloads als eigenes Berichtssegment mit materiellem Umsatz: Der zehnjährige Mietvertrag mit AMD (Januar 2026, im April 2026 von 25 auf 50 MW erweitert, Optionen bis 200 MW) brachte im Q1 2026 laut 10-Q 33,2 Mio. US-Dollar Data-Center-Umsatz (über 10 % des Konzernumsatzes) — KI-Infrastruktur (Rechenzentrumsfläche plus Strom für Hochleistungsrechnen) ist damit nachweislich Umsatzquelle, nicht nur Zukunftsplan. Einordnung: Riot verkauft keine KI-Software, sondern KI-Rechenzentrums-Dienste; der Löwenanteil des Q1-Segmentumsatzes (32,2 Mio.) war zudem Kostenerstattung für den Mieterausbau, nur 0,9 Mio. echte Miete.
View the full file — quotes, sources, reviewed filings
„During the three months ended March 31, 2026, the Company’s execution of a significant data center lease with AMD resulted in material Data Center revenue and the commencement of discrete financial performance analysis by the chief operating decision maker (“CODM”). Accordingly, the Company’s data center operations now meet the quantitative and qualitative requirements to be recognized as a separate reportable segment."
Im Dreimonatszeitraum zum 31. März 2026 führte der Abschluss eines bedeutenden Rechenzentrums-Mietvertrags mit AMD zu wesentlichem Data-Center-Umsatz und zum Beginn einer eigenständigen Ergebnisanalyse durch den obersten Entscheidungsträger („CODM“). Damit erfüllen die Rechenzentrums-Aktivitäten des Unternehmens nun die quantitativen und qualitativen Anforderungen, um als eigenes berichtspflichtiges Segment ausgewiesen zu werden.
10-Q · 2026-04-30 · View SEC filing
„The Bitcoin Mining segment generates revenue from the bitcoin earned through its Bitcoin Mining activities. The Data Center segment generates revenue from developing and leasing data center space and power capacity to third-party customers."
Das Segment Bitcoin Mining erzielt Umsätze aus den durch das Bitcoin-Schürfen verdienten Bitcoin. Das Segment Data Center erzielt Umsätze aus der Entwicklung und Vermietung von Rechenzentrumsfläche und Stromkapazität an Drittkunden.
10-Q · 2026-04-30 · View SEC filing
„Our industry remains highly competitive and continues to evolve alongside broader growth in digital assets and high-performance compute. With our scale, integrated power strategy, and engineering foundation, we believe we are well positioned to participate in the rapidly converging markets for Bitcoin Mining, AI, HPC, and modern data center infrastructure."
Unsere Branche bleibt hochkompetitiv und entwickelt sich mit dem breiteren Wachstum digitaler Vermögenswerte und des Hochleistungsrechnens weiter. Mit unserer Größe, unserer integrierten Stromstrategie und unserem Engineering-Fundament sehen wir uns gut positioniert, um an den schnell zusammenwachsenden Märkten für Bitcoin-Mining, KI, HPC und moderne Rechenzentrums-Infrastruktur teilzuhaben.
10-Q · 2026-04-30 · View SEC filing
„In 2025, we began leveraging our core competencies in power optimization, strategic land acquisition, engineering design, and construction execution to begin actively pursuing opportunities to develop and monetize portions of our existing facilities and power pipeline through the provision of data center leasing services."
Im Jahr 2025 begannen wir, unsere Kernkompetenzen in Stromoptimierung, strategischem Grundstückserwerb, Ingenieursplanung und Bauausführung zu nutzen, um Teile unserer bestehenden Standorte und unserer Strom-Pipeline aktiv über Rechenzentrums-Vermietungsdienste zu entwickeln und zu monetarisieren.
10-K · 2026-03-02 · View SEC filing
Filings Reviewed: 10-Q 2026-04-30 · 10-Q 2025-10-30 · 10-Q 2025-07-31 · 10-Q 2025-05-01 · 10-K 2026-03-02 · 10-K 2025-02-28
Rated on July 8, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 35.7%
- More than 10% revenue growth is expected for the coming year 20.5%
- Share count grows by less than 3% a year 34.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -47.7%
- Gross margin at 40% or higher and without meaningful erosion -15.6%
- Goodwill from acquisitions does not grow faster than revenue 3.1%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years -192 m
- Return on capital at 15% or higher, or up versus two years ago -11.5%
- Insiders hold at least 10% or are net buyers 7.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 162.3%
- Exp. sales growth 3Y > 5% 12.4%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 12.4%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 2
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -26.1%
- ROCE > 15% -11.5%
- Expected return > 10% 2.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Howell Stephen Mitchell Jr. | COO | Other | 21,198 | 0.00 | – |
| Aug 5, 2026 | Werner Ryan D. | SVP, CAO | Sell | 2,501 | 23.53 | 58,849 |
| Aug 5, 2026 | Werner Ryan D. | SVP, CAO | Sell | 9,802 | 22.82 | 223,682 |
| Aug 5, 2026 | Werner Ryan D. | SVP, CAO | Sell | 35,430 | 21.98 | 778,751 |
| Jul 31, 2026 | Howell Stephen Mitchell Jr. | COO | Other | 153,162 | 20.17 | 3,089,278 |
| Jul 31, 2026 | Werner Ryan D. | SVP, CAO | Other | 148,500 | 20.17 | 2,995,245 |
| Jul 31, 2026 | Les Jason | CEO | Other | 2,896,921 | 20.17 | 58,430,897 |
| Jul 7, 2026 | Werner Ryan D. | SVP, CAO | Sell | 7,596 | 21.93 | 166,580 |
| Jul 7, 2026 | Werner Ryan D. | SVP, CAO | Sell | 10,232 | 21.22 | 217,123 |
The company
About the Company
Riot Platforms, Inc. ist mit ihren Tochtergesellschaften ein Bitcoin-Mining-Unternehmen in den USA.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 816
- Headquarters
- Castle Rock, CO
- Address
- 3855 Ambrosia Street, 80109 Castle Rock, United States
- Phone
- 303 794 2000
- Website
- riotplatforms.com
- IPO Date
- 01/24/2003
- ISIN
- US7672921050
- Stock Split
- 1:8 on 03/31/2016
- Stock Split
- 1:6 on 06/20/2012
- Stock Split
- 1:5 on 07/29/2011
Management
| Name | Title | Birth Year |
|---|---|---|
| Soo Li Yi C.F.A. | Executive Chairman | 1982 |
| Jason Les | CEO & Executive Director | 1986 |
| Stephen Howell | Senior VP & COO | 1976 |
| Jonathan Gibbs | Chief Data Center Officer | 1988 |
| Jason Chung | CFO, Executive VP and Head of Corporate Development & Strategy | 1982 |
| Ryan Werner | Senior VP & Chief Accounting Officer | 1980 |
| Maureen Chu | VP and Associate General Counsel of M&A and Corporate Finance | – |
| Philip James McPherson | VP of Capital Markets & Investor Relations | 1974 |
| William Richard Jackman Esq. | Executive VP, General Counsel & Corporate Secretary | 1984 |
| Emma Norris | Vice President of Human Resources | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/14/2026 Riot Platforms, Inc. (RIOT): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant SEC ↗
- 08/10/2026 Riot Platforms, Inc. (RIOT): Results of Operations and Financial Condition; Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.