Riot Platforms Inc. Common Stock (RIOT)

FairStock Score: 34/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I view Riot through the financial-sector lens the data gives me, so I set aside free cash flow, EV/EBITDA, Altman Z and the Graham Number and focus on book value, returns, earnings consistency, leverage and risk. The company mines bitcoin and sells engineering infrastructure; that is a commodity-linked, capital-intensive business whose fortunes swing with bitcoin prices and power costs. The record is not steady. In fiscal 2023, the year ended 2023-12-31, revenue was $280.7M and net income was -$49.5M. Fiscal 2024, ended 2024-12-31, showed revenue of $376.7M and net income of $109.4M. Fiscal 2025, ended 2025-12-31, lifted revenue to $647.4M but produced a net loss of -$663.2M. In fiscal Q1 2026, the quarter ended 2026-03-31, revenue was $167.2M and net income was -$500.5M; in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $174.2M and net income was -$237.2M. Those losses are severe. FairStock calculations at the 2026-10-13 close show P/B of 2.87, ROE of -48.24%, ROCE of -21.20%, and a negative P/E of -4.34. Debt-to-equity is 0.40, not extreme, and the Piotroski F-Score is 6/9, suggesting some stability. But the latest quarter's net margin was -136.12%, and the computed Lynch category is TURNAROUND—loss in the latest year after earlier profits. Paying 2.87 times book for negative returns offers little margin of safety. I would want consistent positive earnings, better returns on equity, and clearer normalized profitability before calling this cheap. Bank-specific measures such as CET1, NIM and combined ratio are not in the data.

In plain English: Riot Platforms operates Bitcoin mining and also makes electrical power equipment. Revenue has been growing, but the company is losing large amounts of money and recent quarters have been deeply unprofitable. At the latest close, the stock looks expensive compared with its accounting value and weak profits.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer