Loading…
Large-scale bitcoin mining company running data centers in Texas that also sells power back during peak demand.
Large-scale bitcoin mining company running data centers in Texas that also sells power back during peak demand.
Revenue is the bitcoin it earns for processing transactions, valued at market price, so its income is mostly a bet on bitcoin rather than on customers. In Texas it also sells unused power back to the grid and earns credits for switching machines off at peak demand. It owns the Whinstone site, bought in 2021.
Moat: none (scale). Large mining capacity gives some cost advantage, but bitcoin mining itself has no structural moat.
Headquarters: Castle Rock, Colorado, US · Employees: 816
Size RIOT (RIOT) is a United States Information Technology company (Information Technology Services) with a market value of $6.27B, the 1031st largest of 3,117 United States companies the cockpit tracks. Shares closed at $16.71 on 6 Nov 2026.
Performance Over six months the shares fell 30.6%, against +14.1% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 6.0% over the last twelve months (peer median +10.2%); the operating margin is -84.2% (peer median 9.1%).
Valuation It trades at 9.2× enterprise value to sales against a peer median of 1.5× (2nd most expensive of 21).
Capital Return on invested capital runs 40.1 points below its cost of capital (18.4% WACC).
Backlog Backlog (remaining performance obligations) was $120M at 30 Jun 2025, up 409% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Credit RIOT has 1 bond outstanding ($594M).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $676M | $647M | $377M | $281M | $259M |
| Revenue growth | — | +72% | +34% | +8% | — |
| Gross profit | -$261M | -$101M | -$98.2M | -$226M | -$42.5M |
| EBITDA | -$147M | -$53.2M | -$153M | -$74.0M | $10.2M |
| Net income | -$1.42B | -$663M | $109M | -$49.5M | -$510M |
| Free cash flow | -$1.13B | -$1.14B | -$938M | -$391M | -$343M |
| Capital expenditure | $522M | $567M | $683M | $424M | $353M |
| Total debt | $690M | $867M | $613M | $22.1M | $22.3M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| RIOT RIOT | $6.27B | -31% | +6% | -84% | 9.2× | n/a |
| MARA MARA | $2.45B | -51% | +1% | -123% | n/a | n/a |
| CleanSpark CLSK | $1.58B | -57% | +7% | -52% | n/a | n/a |
| Core Scientific CORZ | $3.78B | -49% | +26% | -31% | 14.2× | n/a |
| Cipher Digital CIFR | $2.99B | -68% | -29% | -172% | 42.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RIOT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.8% | +4.1% | 10th lowest of 21 |
| 6-month return | -30.6% | +14.1% | 4th lowest of 21 |
| Distance from 52-week high | -44.9% | -23.7% | 6th lowest of 21 |
| Revenue growth (TTM) | +6.0% | +10.2% | 8th lowest of 21 |
| Operating margin | -84.2% | 9.1% | lowest of 21 |
| EV / Sales | 9.2× | 1.5× | 2nd most expensive of 21 |
| ROIC minus cost of capital | -40.1 pp | +4.1 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| RIOT RIOT | United States | $6.27B | -31% | +6% | -84% | 9.2× | n/a | n/a |
| Science Applications International SAIC | United States | $6.13B | +56% | -1% | 8% | 1.2× | -4.6% | +0.6% |
| Computacenter CCC.L | United Kingdom | $6.48B | +15% | +54% | 3% | 0.4× | 7.9% | +11.1% |
| Temenos TEMN.SW | Switzerland | $6.51B | +10% | +30% | 27% | 6.7× | 8.3% | +1.7% |
| Suzhou Centec Communications 688702.SS | China | $6.58B | -45% | +32% | -18% | 29.3× | n/a | n/a |
| Xometry XMTR | United States | $6.63B | +44% | +37% | -2% | 7.3× | n/a | n/a |
| NICE Ltd. Sponsored ADR NICE | United States | $5.87B | +4% | +8% | 17% | 1.8× | -0.7% | +12.3% |
| Ingram Micro INGM | United States | $5.85B | -6% | +15% | 2% | 0.2× | 2.9% | +1.4% |
| Box BOX | United States | $5.76B | +63% | +10% | 9% | 5.1× | 20.3% | +8.8% |
| Viavi Solutions VIAV | United States | $7.00B | -44% | +40% | 11% | 4.7× | 32.7% | +4.8% |
| TISI 3626.T | Japan | $5.50B | +20% | +5% | 13% | 1.4× | -7.7% | +5.9% |
| HyundaiAutoever 307950.KS | South Korea | $5.49B | -40% | +16% | 5% | 1.6× | 27.6% | +22.2% |
| Pegasystems PEGA | United States | $5.30B | -10% | +1% | 12% | 2.9× | 8.8% | +11.4% |
| LG Cns 064400.KS | South Korea | $5.29B | +14% | +4% | 9% | 1.1× | 5.6% | +7.2% |
| Parsons PSN | United States | $5.16B | -1% | -3% | 5% | 1.0× | 8.4% | +10.2% |
| AppFolio APPF | United States | $8.18B | +39% | +20% | 19% | 7.3× | 18.5% | +25.1% |
| EPAM Systems EPAM | United States | $8.22B | +61% | +11% | 10% | 1.4× | 9.4% | +15.5% |
| Bechtle BC8.DE | Germany | $4.72B | +13% | +8% | 5% | 0.7× | 6.9% | +4.9% |
| KBR KBR | United States | $4.69B | +14% | -3% | 9% | 0.9× | -8.7% | +6.2% |
| Insight Enterprises NSIT | United States | $4.64B | +89% | +3% | 6% | 0.7× | 2.9% | -0.2% |
| Q2 Holdings, Inc. QTWO | United States | $4.57B | +47% | +13% | 13% | 5.2× | 26.6% | +14.6% |
RIOT has 1 bond outstanding with $594M face value.
RIOT reported $120M of remaining performance obligations at 30 Jun 2025, up 409% from a year earlier and down 9% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 0.92.