Reading the tape
NASDAQ: RIOT
Riot Platforms, Inc.
Financial Services · Financial - Capital Markets
Market Cap
$6.29B
52w High
$23.94
52w Low
$6.19
P/E
-8.53
Volume
13.80M
Outstanding Shares
379.13M
Price vs Fundamentals
Why The Stock Is Moving
Fundamentals are supporting the moveModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 144.48%Revenue (TTM): 71.89%FCF (TTM): 42.17%P/E: 0th pct
What changed
The stock rose 144.48% over the last year. Revenue grew 71.89% over the trailing twelve months. Operating margin moved from 40.78% to -10.04%. Free cash flow grew 42.17% over the trailing twelve months.
What the market seems to be pricing
The stock move broadly lines up with stronger business momentum, and the shares are still only around the 0th percentile of their historical P/E range.
What would invalidate this read
Operating margin is at -10.04%. Revenue grew 71.89% — this thesis depends on that trajectory holding. If revenue growth, margins, or free cash flow roll over while the stock keeps climbing, more of the move would be coming from multiple expansion than business progress.
Company profile
Riot Platforms, Inc., together with its subsidiaries, operates as a Bitcoin mining company in the United States.
CEOJason Les
SectorFinancial Services
IndustryFinancial - Capital Markets
Employees783
IPO dateMar 31, 2016
Valuation
Forward P/E—
EV/EBITDA-14.92
Enterprise value$4.36B
Price / Book2.20
Stock splits
Mar 31, 2016↓ Reverse
Every 8 shares became 1
Jun 20, 2012↓ Reverse
Every 6 shares became 1
Jul 29, 2011↓ Reverse
Every 5 shares became 1
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth7.21%
Gross margin37.93%▲25.42%vs FY2024
Operating margin-10.04%▼230.03%vs FY2024
ROE-23.2%▼766.69%vs FY2024
Analyst consensus
RatingBuy
Target price$28.00▲68.67%
17
Buy
1
Hold
0
Sell
⚠ Analyst ratings tend to be lagging indicators — upgrades often follow price gains rather than precede them. Use as one signal among many.
Earnings
Last 3 reported quarters plus the next estimate. Switch into compare mode to inspect one metric year-over-year.
Next report
May 7, 2026
View
EPS
Actual vs estimate by quarter
Q3FY25
ActualEst.
$0.57
-$0.19
Q4FY25
ActualEst.
$0.26
-$0.19
Q1FY26
ActualEst.
-$2.03
-$0.22
Q2FY26
Next Est.
—
Revenue
Actual vs estimate by quarter
Q3FY25
ActualEst.
$152.99M
$168.1M
Q4FY25
ActualEst.
$180.23M
$159.55M
Q1FY26
ActualEst.
$152.83M
$159.93M
Q2FY26
Next Est.
—