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Riot Platforms, Inc.(RIOT)

F

Financial data as of Dec 31, 2025Improving · Crypto Related

FCF Margin-195.5%Free Cash Flow / Revenue
Cash Conversion0.0%Operating CF / Net Income
Free Cash Flow-$1.1B
Revenue$647.4M
Net Cash-$633.2MNet debt position
Debt / FCFN/AElevated debt burden
Current Ratio0.96Tight short-term liquidity
YoY FCF Growth+55.4%0 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseF
→
-1Current ratio below 1.0 (0.96)
→
-1Negative FCF in 4 of last 4 quarters
→
+1Strong YoY FCF growth (55.4% YoY)
→
-1Only 0 positive quarters recently
→
FinalF

Analysis Summary

Strengths

  • Strong YoY FCF growth (+55.4%)

Concerns

  • Negative FCF margin (-195.5%)
  • Net debt position ($0.6B)
  • Current ratio below 1.0 — tight short-term liquidity
  • Only 0 positive FCF quarters recently
SBC-adjusted FCF used — $0.1B stock-based compensation (11% of reported FCF) subtracted

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin-195.5%
Net Margin-102.4%
Operating CF Margin0.0%
CapEx Ratio176.1%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$633.2MNet debt position
Debt / FCFN/AElevated debt burden
Current Ratio0.96Tight liquidity
Debt / Equity0.30Low leverage

Quarterly FCF Trend

+55.4% YoYImproving (+55.4%)

Free cash flow per quarter

Sector Comparison — Crypto Related

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameRiot Platforms, Inc.
SectorCrypto Related
Free Cash Flow-$1.1B
Revenue$647.4M
Net Income-$663.2M
Operating Cash Flow$0
Capital Expenditure$1.1B
FCF Margin-195.5%
Cash Conversion Rate0.0%
Net Margin-102.4%
Total Debt$866.8M
Total Cash$233.5M
Net Cash-$633.2M
Current Ratio0.96
Debt / Equity0.30
Debt / FCFN/A
YoY FCF Growth+55.4%
Positive Quarters0 of 5
Trend DirectionImproving
Report DateDec 31, 2025
GradeF
Data SourceYahoo Finance

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