# Riot Platforms (RIOT.US)

Canonical: https://gigainvestors.com/s/RIOT

Analysis as of: 2026-10-16T07:31:35.165Z. Financial observations: FY2001–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $15.50 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 9

- Operating margin variation: 1.76×

Chart: Operating margin; fiscal year observations.

- FY2016: -59.44×

- FY2017: -48.78×

- FY2018: -7.57×

- FY2019: -1.38×

- FY2020: -1.29×

- FY2021: 0.09×

- FY2022: -1.98×

- FY2023: -0.22×

- FY2024: 0.41×

- FY2025: -0.62×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 43.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: -36.0%

- ROIC, second-lowest year: -304.5%

- Typical minus recent gross margin: 43.7 pp

- Typical gross margin (annual median): 28.0%

- Recent gross margin (lower of latest and 3-year median): -15.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 143.6%

- ROIC including acquisitions, ten-year median: -71.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -304.5%

- FY2017: -174.2%

- FY2018: -506.1%

- FY2019: -48.5%

- FY2020: -23.5%

- FY2021: 2.9%

- FY2022: -81.3%

- FY2023: -4.9%

- FY2024: 4.7%

- FY2025: -9.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$2.1B

- Net income, five-year total: -$1.1B

- Return on incremental invested capital: -17.2%

- Working capital / revenue, annual change: -2.0 pp

- Working capital / revenue, change between three-year averages: 11.7 pp

- Working capital / revenue, final three-year average: 7.9%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$7.9M

- FY2022: -$689M

- FY2023: -$177M

- FY2024: -$697M

- FY2025: -$518M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -304.5% vs -4.9%

- Per-share earnings: -1.61 to -0.28 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 56.5%

- Ordinary dilution, 5-year annual growth: 52.0%

- Market cap gain: $4.7B

- Cumulative retained earnings: -$1.2B

- Diluted shares, 10-year annual growth: 56.5%

- Diluted shares, 5-year annual growth: 52.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.33

- Per-share value, starting three-year median: -$1.61

- Per-share value, ending three-year median: -$0.28

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 0.4%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: $297M

- Cumulative net income, 10 years: -$1.2B

- ROIC, first three-year median: -304.5%

- ROIC, last three-year median: -4.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.05

- FY2017: -$1.61

- FY2018: -$4.33

- FY2019: -$1.02

- FY2020: -$0.34

- FY2021: -$0.08

- FY2022: -$3.65

- FY2023: -$0.28

- FY2024: $0.34

- FY2025: -$1.95

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 0.66×

- Restructuring years, last five: 2

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 7.3%

- FY2017: -29.4%

- FY2018: -281.1%

- FY2019: -15.2%

- FY2020: -1.1%

- FY2021: 5.1%

- FY2022: -38.6%

- FY2023: -4.0%

- FY2024: 9.3%

- FY2025: -2.3%

## Holders

- [John Armitage](https://gigainvestors.com/EC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 59% since Nov 2021 · "Riot Dumps Record $162M in Bitcoin as Hashprice Crisis Forces Largest-Ever Selloff" (finance.yahoo.com, Jan 2026) · sales +71.9%

Story as of 2026-10-16T09:59:30.216Z; price observation 2026-10-15.

- 2025-09-11: Riot Platforms (RIOT) Nets US$52 Million From Bitcoin Sales In August 2025 ([finance.yahoo.com](https://finance.yahoo.com/news/riot-platforms-riot-nets-us-181119249.html))

- 2025-10-31: Riot Platforms Inc (RIOT) Q3 2025 Earnings Call Highlights: Revenue Surge Amidst Power Constraints ([finance.yahoo.com](https://finance.yahoo.com/news/riot-platforms-inc-riot-q3-030250748.html))

- 2026-01-16: Stock Market Today, Jan. 16: Riot Platforms Surges After Securing AMD Data Center Lease ([finance.yahoo.com](https://finance.yahoo.com/news/stock-market-today-jan-16-231917792.html))

- 2026-02-18: Starboard Value projects $52 share price for Riot Platforms in AI pivot ([finance.yahoo.com](https://finance.yahoo.com/news/starboard-value-projects-52-share-143344194.html))

- 2026-04-09: Riot Platforms (RIOT) Soars 13.5% After Cashing In $102M From Bitcoin ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/riot-platforms-riot-soars-13-005704772.html))

- 2026-05-01: Riot Platform Stock Spikes After Data Center Debut, AMD Doubles Capacity ([finance.yahoo.com](https://finance.yahoo.com/m/aa78ef4e-0591-33bc-a2ed-c7f731c5d81e/riot-platform-stock-spikes.html))

### Sales · FY2024–2025

sales +71.9%; source https://www.sec.gov/Archives/edgar/data/1167419/000110465926022322/riot-20251231x10k.htm; observed 2026-03-02.

- FY2016: $106K 

- FY2017: $270K 

- FY2018: $7.8M 

- FY2019: $6.8M 

- FY2020: $12M 

- FY2021: $213M 

- FY2022: $259M 

- FY2023: $281M 

- FY2024: $377M 

- FY2025: $647M 

### Gross margin · FY2024

gross margin 30.2%; source https://www.sec.gov/Archives/edgar/data/1167419/000110465926022322/riot-20251231x10k.htm; observed 2026-03-02.

- FY2016: 97.1% 

- FY2017: 90.7% 

- FY2018: 25.8% 

- FY2019: 10.8% 

- FY2020: 48.3% 

- FY2021: 61.5% 

- FY2022: 25.3% 

- FY2023: 9.4% 

- FY2024: 30.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are USD 647.4 million.

- Source: https://www.sec.gov/Archives/edgar/data/1167419/000110465926022322/riot-20251231x10k.htm#000110465926022322 (filed 2026-03-02); FY2025: revenue 647435000; grossProfit -101251000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RIOT.US: Riot Platforms, Inc., together with its subsidiaries, operates as a Bitcoin mining company in the United States. It operates in two segments, Bitcoin Mining and Engineering. The company offers comprehensive and critical infrastructure for bitcoin mining and data center services at its facilities. The company also designs and manufactures power distribution equipment and engineered-to-order electrical products; and electricity distribution product design, manufacturing, and installation services for large-scale industrial 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.

### Why customers stay

It lost 36% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 9.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 30.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1167419/000110465926022322/riot-20251231x10k.htm (filed 2026-03-02); FY2025: grossProfit / revenue = -15.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 10-year return on capital observations [[2016,-3.045393356974602],[2017,-1.7418035708509179],[2018,-5.060701475723294],[2019,-0.48525406040049573],[2020,-0.2350238282072384],[2021,0.028739454212979826],[2022,-0.8126974690097154],[2023,-0.04924865030553523],[2024,0.04733490482319601],[2025,-0.09379858943566742]]; median -0.36013894430386706. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back USD 4.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2016,0],[2017,9562331],[2018,72056000000],[2019,0],[2020,0],[2021,0],[2022,0],[2023,6920000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1167419/000110465926022322/riot-20251231x10k.htm (filed 2026-03-02); FY2025: cash repurchases 4289000 USD.

### Are managers owners

Insiders own 6.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RIOT.US SharesStats.PercentInsiders = 6.843000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 8.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Closing price 15.5 USD; reporting-to-trading FX 1; FY2025 annual sales per share 1.900200557468864; price multiple 8.15703370840316. FY2025 cash earnings/share -1.5195851923832033. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $2.70 per share

- 2016-11: $3.00 per share

- 2016-12: $3.84 per share

- 2017-01: $3.15 per share

- 2017-02: $3.08 per share

- 2017-03: $4.00 per share

- 2017-04: $3.65 per share

- 2017-05: $3.89 per share

- 2017-06: $4.08 per share

- 2017-07: $3.74 per share

- 2017-08: $3.96 per share

- 2017-09: $5.16 per share

- 2017-10: $6.80 per share

- 2017-11: $13.50 per share

- 2017-12: $28.40 per share

- 2018-01: $13.75 per share

- 2018-02: $10.58 per share

- 2018-03: $6.62 per share

- 2018-04: $7.22 per share

- 2018-05: $6.98 per share

- 2018-06: $6.34 per share

- 2018-07: $6.49 per share

- 2018-08: $6.30 per share

- 2018-09: $3.65 per share

- 2018-10: $2.36 per share

- 2018-11: $1.86 per share

- 2018-12: $1.51 per share

- 2019-01: $1.85 per share

- 2019-02: $3.20 per share

- 2019-03: $3.27 per share

- 2019-04: $5.27 per share

- 2019-05: $3.24 per share

- 2019-06: $3.14 per share

- 2019-07: $2.20 per share

- 2019-08: $1.84 per share

- 2019-09: $1.78 per share

- 2019-10: $1.56 per share

- 2019-11: $1.39 per share

- 2019-12: $1.12 per share

- 2020-01: $1.35 per share

- 2020-02: $1.14 per share

- 2020-03: $0.83 per share

- 2020-04: $1.21 per share

- 2020-05: $2.14 per share

- 2020-06: $2.22 per share

- 2020-07: $2.64 per share

- 2020-08: $3.50 per share

- 2020-09: $2.70 per share

- 2020-10: $3.27 per share

- 2020-11: $8.45 per share

- 2020-12: $16.99 per share

- 2021-01: $20.52 per share

- 2021-02: $43.74 per share

- 2021-03: $53.27 per share

- 2021-04: $41.83 per share

- 2021-05: $27.13 per share

- 2021-06: $37.67 per share

- 2021-07: $32.95 per share

- 2021-08: $37.32 per share

- 2021-09: $25.70 per share

- 2021-10: $27.22 per share

- 2021-11: $37.37 per share

- 2021-12: $22.33 per share

- 2022-01: $15.94 per share

- 2022-02: $17.23 per share

- 2022-03: $21.17 per share

- 2022-04: $10.14 per share

- 2022-05: $7.19 per share

- 2022-06: $4.19 per share

- 2022-07: $7.32 per share

- 2022-08: $7.17 per share

- 2022-09: $7.01 per share

- 2022-10: $6.89 per share

- 2022-11: $4.65 per share

- 2022-12: $3.39 per share

- 2023-01: $6.27 per share

- 2023-02: $6.25 per share

- 2023-03: $9.99 per share

- 2023-04: $11.96 per share

- 2023-05: $12.00 per share

- 2023-06: $11.82 per share

- 2023-07: $18.52 per share

- 2023-08: $11.35 per share

- 2023-09: $9.33 per share

- 2023-10: $9.78 per share

- 2023-11: $12.55 per share

- 2023-12: $15.47 per share

- 2024-01: $10.90 per share

- 2024-02: $14.12 per share

- 2024-03: $12.24 per share

- 2024-04: $10.11 per share

- 2024-05: $9.74 per share

- 2024-06: $9.14 per share

- 2024-07: $10.19 per share

- 2024-08: $7.53 per share

- 2024-09: $7.42 per share

- 2024-10: $9.24 per share

- 2024-11: $12.65 per share

- 2024-12: $10.21 per share

- 2025-01: $11.88 per share

- 2025-02: $9.28 per share

- 2025-03: $7.12 per share

- 2025-04: $7.24 per share

- 2025-05: $8.07 per share

- 2025-06: $11.30 per share

- 2025-07: $13.41 per share

- 2025-08: $13.76 per share

- 2025-09: $19.03 per share

- 2025-10: $19.78 per share

- 2025-11: $16.13 per share

- 2025-12: $12.67 per share

- 2026-01: $15.47 per share

- 2026-02: $16.29 per share

- 2026-03: $12.36 per share

- 2026-04: $17.24 per share

- 2026-05: $27.11 per share

- 2026-06: $27.38 per share

- 2026-07: $20.17 per share

- 2026-08: $19.00 per share

- 2026-09: $20.15 per share

- 2026-10: $15.50 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1167419/000110465926022322/riot-20251231x10k.htm); period 2025-12-31, filed 2026-03-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.