Riot Platforms, Inc.

RIOTdata completeness 100%17 fiscal years on file

The thesis, from the filings

Riot Platforms, Inc. earns about -12% on invested capital, but has diluted owners by 265% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$213.2M¹	$259.2M²	$280.7M³	$376.7M³	$647.4M³
Net income	−$15.4M⁴	−$509.6M⁵	−$49.5M⁶	$109.4M⁶	−$663.2M⁶
Operating cash flow	−$86.1M⁷	$530,000⁸	$33.1M⁹	−$255.1M⁹	−$572.9M⁹
Capital expenditure	$147.1M¹⁰	$148.4M¹¹	$193.7M¹²	$240.3M¹²	$201.4M¹²
Free cash flow (derived)	−$233.2M⁷	−$147.9M⁸	−$160.6M⁹	−$495.4M⁹	−$774.3M⁹
Total debt	—	—	$783,000¹³	$1.17B¹⁴	$1.68B¹⁴
Cash & equivalents	$312.3M¹⁵	$230.3M¹⁶	$597.2M¹⁶	$277.9M¹⁶	$233.5M¹⁶
Diluted shares	93.5M	139.4M	175.0M	318.9M	340.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$83.89

your share of equity

Profit it earned you last year

−$19.46

Free cash flow it threw off

−$22.73

Debt you’d be carrying

$49.35

10 shares is a claim on $83.89 of net worth that earned you −$19.46 and generated −$22.73 of cash last year, against $49.35 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-12% avg · 5y

FY21 -1%FY22 -45%FY23 -3%FY24 3%FY25 -12%

It earned an average -12% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+265% shares · 5y

Share count is up 265% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 214663% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001558370-24-001550 (Revenues)
10-K · period ending 2022-12-31 · accession 0001558370-25-001888 (Revenues)
10-K · period ending 2023-12-31 · accession 0001104659-26-022322 (Revenues)
10-K · period ending 2021-12-31 · accession 0001558370-24-001550 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001558370-25-001888 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001104659-26-022322 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001558370-24-001550 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001558370-25-001888 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001104659-26-022322 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001558370-24-001550 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001558370-25-001888 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001104659-26-022322 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001558370-25-001888 (LongTermDebtNoncurrent)
10-K · period ending 2024-12-31 · accession 0001104659-26-022322 (LongTermDebtNoncurrent)
10-K · period ending 2021-12-31 · accession 0001558370-25-001888 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001104659-26-022322 (CashAndCashEquivalentsAtCarryingValue)