Latest Ratios: P/E Ratio -10.9x · EV/EBITDA N/A · ROE -22.1%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.0B | $4.3B | $3.3B | $2.7B | $473M | $2.1B | $713M | $22M | $20M | $171M | $16M |
| Enterprise Value | $8.1B | $4.4B | $3.6B | $2.1B | $265M | $1.8B | $490M | $15M | $22M | $129M | $10M |
| P/E Ratio → | -10.86 | — | 30.03 | — | — | — | — | — | — | — | — |
| P/S Ratio | 12.40 | 6.67 | 8.65 | 9.65 | 1.82 | 9.79 | 59.03 | 3.21 | 2.58 | 634.00 | 147.12 |
| P/B Ratio | 2.52 | 1.51 | 1.04 | 1.43 | 0.41 | 1.55 | 2.57 | 0.84 | 4.51 | 3.44 | 1.05 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | 81.84 | 891.85 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.74 | 9.54 | 7.60 | 1.02 | 8.38 | 40.54 | 2.18 | 2.77 | 480.04 | 96.32 |
| EV / EBITDA | — | — | 9.82 | 11.26 | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 32.03 | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -15.6% | -15.6% | 30.2% | 9.4% | 25.3% | 61.5% | 48.3% | 10.8% | 25.8% | 90.7% | 97.1% |
| Operating Margin | -61.8% | -61.8% | 40.8% | -22.5% | -197.8% | -14.0% | -128.7% | -137.7% | -756.7% | -4878.2% | -5943.7% |
| Net Profit Margin | -102.4% | -102.4% | 29.0% | -17.6% | -196.6% | -7.2% | -116.8% | -293.1% | -739.4% | -7359.7% | -4026.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -22.1% | -22.1% | 4.3% | -3.3% | -40.8% | -1.9% | -9.3% | -130.4% | -214.4% | -61.5% | -27.6% |
| ROA | -16.8% | -16.8% | 3.7% | -2.9% | -35.9% | -1.7% | -9.1% | -90.6% | -175.3% | -57.2% | -22.5% |
| ROIC | -8.7% | -8.7% | 4.1% | -3.1% | -30.3% | -2.7% | -7.7% | -43.1% | -159.2% | -30.4% | -28.4% |
| ROCE | -11.0% | -11.0% | 5.4% | -4.0% | -39.3% | -3.5% | -10.2% | -55.0% | -203.0% | -39.1% | -36.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.20 | 0.01 | 0.02 | 0.01 | — | 0.01 | 0.38 | 0.00 | 0.01 |
| Debt / EBITDA | — | — | 1.68 | 0.11 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.02 | 0.11 | -0.30 | -0.18 | -0.22 | -0.81 | -0.27 | 0.33 | -0.84 | -0.36 |
| Net Debt / EBITDA | — | — | 0.92 | -3.04 | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -16.57 | -16.57 | 56.49 | — | -397.24 | -50.29 | — | -166.59 | -495.00 | -2.75 | -102.86 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.96 | 0.96 | 3.74 | 8.33 | 3.65 | 5.14 | 98.57 | 3.75 | 0.35 | 40.74 | 13.03 |
| Quick Ratio | 0.96 | 0.96 | 3.74 | 8.33 | 3.65 | 5.14 | 98.57 | 3.75 | 0.35 | 40.74 | 13.03 |
| Cash Ratio | 0.50 | 0.50 | 1.73 | 4.93 | 1.90 | 2.84 | 93.19 | 2.21 | 0.03 | 40.03 | 5.24 |
| Asset Turnover | — | 0.16 | 0.10 | 0.14 | 0.20 | 0.14 | 0.04 | 0.23 | 0.57 | 0.01 | 0.01 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 3.3% | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.1% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $341M | $319M | $175M | $139M | $93M | $42M | $20M | $13M | $6M | $4M |
Bitcoin price volatility exposure
Based on reported figures, RIOT's price-to-sales ratio of 16.73 suggests that investors are pricing the company as a high-growth technology proxy rather than a capital-intensive miner, despite the firm's persistent inability to generate positive net income or consistent free cash flow across recent quarterly reporting periods.
The elevated P/S multiple appears disconnected from the company's negative net margins, implying that market participants are heavily discounting future hash rate expansion over current fundamental performance. This valuation gap warrants caution, as it suggests the stock price is more sensitive to Bitcoin market sentiment than to the underlying operational efficiency of the mining fleet.
According to recent financial statements, RIOT's ROIC has trended into negative territory, reaching -12.9% in 2026Q1, which indicates that the company's massive capital investments in infrastructure are currently failing to generate returns that exceed the cost of the capital deployed to fund these large-scale mining facilities.
The persistent decay in return on invested capital suggests that the company's strategy of aggressive capacity scaling is not yet creating shareholder value. Investors should monitor whether future improvements in fleet efficiency can reverse this trend, or if the current capital-intensive model will continue to erode returns as network difficulty increases.
As reported in financial statements, RIOT's asset turnover ratio has remained stagnant at approximately 0.04 to 0.05 over the last ten quarters, highlighting the extreme capital intensity required to maintain its physical mining footprint and the limited revenue generation capacity of its current installed ASIC hardware base.
This low turnover ratio confirms that the company is heavily asset-dependent, requiring significant revenue growth just to maintain a stable return on its massive property, plant, and equipment base. The lack of improvement in this metric suggests that the company's expansion efforts are not yet yielding the operational leverage necessary to improve overall asset utilization.
Based on the company's reported figures, the current ratio has contracted sharply from 8.33 in 2023Q4 to 1.08 in 2026Q1, indicating that the company's ability to cover short-term obligations has diminished significantly as cash reserves are depleted to fund ongoing operational and capital expenditure requirements in Texas.
The rapid compression of the current ratio suggests that the company's liquidity position is becoming increasingly vulnerable to fluctuations in Bitcoin prices or unexpected operational costs. This trend warrants further investigation, as it may limit the company's financial flexibility to navigate future periods of market stress or grid-related curtailment.
According to recent SEC filings, the P/E ratio is the most commonly misapplied metric for RIOT, as it fails to account for the massive non-cash depreciation charges associated with ASIC miners, which frequently distort the company's true earning power and mask the underlying cash-burning nature of the business.
Using P/E to evaluate a company with such high non-cash depreciation and volatile mining rewards is fundamentally flawed, as it ignores the cash-intensive reinvestment cycle required to stay competitive. Analysts should instead focus on metrics like cash flow from operations relative to capital expenditures to better understand the company's actual ability to sustain its mining operations.
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying RIOT stock.
Riot Platforms, Inc.'s current P/E ratio is -10.9x. The historical average is 30.0x.
Riot Platforms, Inc.'s return on equity (ROE) is -22.1%. The historical average is -70.6%.
Based on historical data, Riot Platforms, Inc. is trading at a P/E of -10.9x. Compare with industry peers and growth rates for a complete picture.
Riot Platforms, Inc. has -15.6% gross margin and -61.8% operating margin.