Riot Platforms

RIOT

Hardware, Equipment & Parts · Technology

Price

$19.83

-1.15 (-5.48%)

Market Cap

$7.50B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+264.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 93.5M (2021) → 340.7M (2025)

Winston Score History

The full picture

Riot Platforms is a company that mines Bitcoin. It uses large warehouses full of specialized computers to solve complex math problems, and when it wins, it earns Bitcoin as a reward. Riot is one of the largest Bitcoin miners in the United States by computing power, or "hash rate."

Riot makes money by selling the Bitcoin it mines. It operates primarily in Texas, where it runs massive data centers that consume enormous amounts of electricity. The company's economics are heavily tied to the price of Bitcoin and the cost of power — when Bitcoin prices fall or energy costs rise, losses deepen quickly, which explains the negative margins shown in its financials. The key risk going forward is Bitcoin's volatility and the periodic "halving" events that cut mining rewards in half, making it harder to stay profitable without continuously expanding capacity or securing cheaper electricity.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-204.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

7.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 years

$1.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

Riot Platforms is growing revenue at 14% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

23.7%

Thin — 23.7% gross margin

Profit after running costs

Operating Margin

-137.4%

Losing money on operations — -137.4%

Return on the money invested

ROCE

-24.3%

Weak — -24.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+24.5%

Fast-growing sales (+24.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-130.9%

Burning cash (-130.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.13

Conservative — low debt load (0.13)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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