Riot Platforms
RIOT on Nasdaq. Riot Platforms builds and runs data centers that mine bitcoin and host computing customers. Market value $7.3bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: -3 cents. Above 10 is good.
What you pay for each dollar of net assets: $3.24.
Profit per $100 you pay: $-18.64.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$18.93 a share, 65% above its 1-year low
Over the past year the price has ranged from $11.50 to $30.32.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $213m | $259m | $281m | $377m | $647m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.12bn | 0.21bn | 0.33bn | 0.37bn | 0.38bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 121.8% a year
- Buying back its own sharesNo, 220% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $174 million last quarter, up 14% on a year ago.
- A loss of $237 million, after a profit of $219 million a year ago.
- Over the past 12 months it spent $777 million more cash than it brought in, compared with $731 million a year earlier.
- 9% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $85m |
| December 2024 | $143m |
| March 2025 | $161m |
| June 2025 | $153m |
| September 2025 | $180m |
| December 2025 | $153m |
| March 2026 | $167m |
| June 2026 | $174m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$154m |
| December 2024 | $136m |
| March 2025 | -$296m |
| June 2025 | $219m |
| September 2025 | $104m |
| December 2025 | -$691m |
| March 2026 | -$500m |
| June 2026 | -$237m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
3 long-term investors we follow own it, up from 1 last quarter. 447 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Starboard ValueJeff Smith | $277m | 6.1% | Cut |
| Sachem Head CapitalScott Ferguson | $78m | 1.6% | New |
| Egerton CapitalJohn Armitage | $72m | 0.7% | New |
Largest holders overall
- BlackRock$876mAdded
- Vanguard Portfolio Management$595m
- FMR$538mAdded
- Situational Awareness LP$468mAdded
- Jane Street Group$461mAdded
- Vanguard Capital Management$415m
- Geode Capital Management$288mAdded
- Starboard Value$277mCut
- State Street$258mAdded
- Dimensional Fund Advisors LP$191m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- FMR LLCPassive investorat least 7.6%+1.7 pts(filed with 1 related holder)Since 30 June 2026
- Vanguard Portfolio ManagementPassive investor5.8%Since 31 March 2026
- JANE STREET GROUP, LLCPassive investorat least 5.3%+2.1 pts(filed with 3 related holders)Since 5 May 2026
- Jane Street Options, LLCPassive investorSold down below 5%Since 31 December 2025
- THE GOLDMAN SACHS GROUP, INC.Passive investorSold down below 5%Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
FMR LLC Passive investor | at least 7.6%+1.7 pts (filed with 1 related holder) | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 5.8% | 31 March 2026 | |
JANE STREET GROUP, LLC Passive investor | at least 5.3%+2.1 pts (filed with 3 related holders) | 5 May 2026 | |
Jane Street Options, LLC Passive investor | Sold down below 5% | 31 December 2025 | |
THE GOLDMAN SACHS GROUP, INC. Passive investor | Sold down below 5% | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $10m, $10m of it under preset trading plans.
- Werner Ryan D.SVP, CAOSoldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 47,733
- Price
- $22.23
- Value
- $1m
- Werner Ryan D.SVP, CAOSoldunder a preset trading plan
- Date
- 7 July 2026
- Shares
- 17,828
- Price
- $21.52
- Value
- $383,703
- Werner Ryan D.SVP, CAOSoldunder a preset trading plan
- Date
- 22 June 2026
- Shares
- 25,375
- Price
- $30.00
- Value
- $761,250
- Les JasonCEO, DirectorSoldunder a preset trading plan
- Date
- 22 June 2026
- Shares
- 62,703
- Price
- $30.09
- Value
- $2m
- Werner Ryan D.SVP, CAOSoldunder a preset trading plan
- Date
- 27 May 2026
- Shares
- 37,616
- Price
- $26.50
- Value
- $996,824
- Les JasonCEO, DirectorSoldunder a preset trading plan
- Date
- 11 May 2026
- Shares
- 175,000
- Price
- $25.19
- Value
- $4m
- Werner Ryan D.SVP, CAOSoldunder a preset trading plan
- Date
- 10 October 2025
- Shares
- 14,984
- Price
- $23.00
- Value
- $344,632
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 August 2026 | Werner Ryan D. SVP, CAO | Sold under a preset trading plan | 47,733 | $22.23 | $1m |
| 7 July 2026 | Werner Ryan D. SVP, CAO | Sold under a preset trading plan | 17,828 | $21.52 | $383,703 |
| 22 June 2026 | Werner Ryan D. SVP, CAO | Sold under a preset trading plan | 25,375 | $30.00 | $761,250 |
| 22 June 2026 | Les Jason CEO, Director | Sold under a preset trading plan | 62,703 | $30.09 | $2m |
| 27 May 2026 | Werner Ryan D. SVP, CAO | Sold under a preset trading plan | 37,616 | $26.50 | $996,824 |
| 11 May 2026 | Les Jason CEO, Director | Sold under a preset trading plan | 175,000 | $25.19 | $4m |
| 10 October 2025 | Werner Ryan D. SVP, CAO | Sold under a preset trading plan | 14,984 | $23.00 | $344,632 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.