Riot Platforms Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Riot Platforms Inc (RIOT) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Riot Platforms Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 675M vs 6,859M combined for tracked competitors (9.0% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+3.3% annualized vs trailing 12 months), vs decelerating (-13.8%) for its tracked peer group.
- Growth: Riot Platforms Inc generated 13.9% revenue growth year over year in Q2 2026, vs 1.0% for its tracked competitors combined.
- Profitability: Its -136.2% net margin compares with -29.9% for the peer group.
- Scale: Riot Platforms Inc ranks #16 of 117 companies by market capitalization in the Miscellaneous Financial Services industry, holding 1.2% of industry market cap.
- Peer revenue share: Riot Platforms Inc accounted for 10.5% of combined revenue among its tracked peer group, up from 9.5% a year earlier.
- Peer differentiation: Revenue per employee of $1.56M compares with $1.31M for the peer group (1.2x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
RIOT Sales vs. its Competitors, Q2 2026
Riot Platforms Inc reported revenue growth of 13.89 % year on year in Q2 2026, above its competitors' combined revenue growth of 1.02 %.
With a net margin of -136.18 %, Riot Platforms Inc reported lower profitability than its competitors (-29.88 %).
Riot Platforms Inc generated 10.54 % of the combined sales of its peer group, up from 9.46 % a year earlier.
Riot Platforms Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Riot Platforms Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Riot Platforms Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (9) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (8) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (4) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Riot Platforms Inc's competitor groups requires a Commercial License.
For context: the Miscellaneous Financial Services industry grew revenue 293.3% year over year, combined, vs 13.9% for Riot Platforms Inc. Riot Platforms Inc's share of combined industry revenue moved from 0.18% to 0.05%, a loss of 0.13 percentage points.
Riot Platforms Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Riot Platforms Inc | No | Yes | Yes | No |
| Competitors combined (5) | ||||
| High-Confidence Competitors (13) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 0.00 % (0 of 8) | 62.50 % (5 of 8) | 50.00 % (4 of 8) | 28.60 % (2 of 7) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
RIOT Stock Performance relative to its Competitors
RIOT Stock Performance relative to High-Confidence Competitors
RIOT Stock Performance relative to Similar-Size Competitors
RIOT Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Applied Digital Corporation | 282.9% | Outperformed |
| 2 | Solai Limited | 282.9% | Outperformed |
| 3 | Coinbase Global Inc | 282.9% | Outperformed |
| 4 | Ipower Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Riot Platforms Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Riot Platforms Inc's Comment on Competition and Industry Peers
Recently, there has been a significant increase in the number of Bitcoin miners attempting to expand their mining operations at scale. As more Bitcoin miners enter the space, we expect additional pressure on the industry, with greater competition for access to miners and mining infrastructure which is in limited supply.
Data center hosting-particularly in the Bitcoin mining space-is also highly competitive. Institutional Bitcoin mining customers demand access to mining infrastructure that can supply large amounts of reliable, low-cost electricity, with a best-in-class team that can execute on deploying miners on compressed timelines. We have entered into a long-term power purchase agreement with our energy supplier at the Whinstone Facility, which allows us to control our power costs and project them long-term, enabling us to focus on developing best-in-class mining infrastructure and delivering best-in-class services.
Publicly Traded Peers of Riot Platforms Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Riot Platforms Inc | 7,590.20 | 674.51 |
| Coinbase Global Inc | 51,209.93 | 6,282.87 |
| Applied Digital Corporation | 6,789.05 | 576.19 |
| Solai Limited | 917.84 | 23.00 |
| Ipower Inc | 0.02 | 34.14 |
| Atlantis Glory Inc | - | 0.01 |
| SUBTOTAL | 66,507.05 | 7,590.73 |
Sources: Riot Platforms Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Riot Platforms Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Riot Platforms Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Applied Digital Corporation | Named by the company | 85% |
| Soluna Holdings Inc | Named by the company | 85% |
| All In Futuretech Alliance Inc | Named by the company | 85% |
| Datacentrex Inc | Named by the company | 85% |
| MIGI | Named by the company | 85% |
| Terawulf Inc | Named by the company | 85% |
| Bit Digital Inc | Named by the company | 85% |
| Mara Holdings Inc | Named by the company | 85% |
| T-REX Acquisition Corp. | Named by the company | 85% |
| Hyperscale Data Inc | Named by the company | 85% |
| Stronghold Digital Mining Inc | Named by the company | 85% |
| Cipher Digital Inc | Named by the company | 85% |
| MFH | Named by the company | 85% |
| TZUP | Named by the company | 85% |
| Big Digital Energy Inc | Named by the company | 85% |
| Hive Digital Technologies Ltd | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Riot Platforms Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Riot Platforms Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Riot Platforms Inc | Bitcoin Mining Segment 65.28 % |
| Applied Digital Corporation | HPC Hosting Business 63.03 % |
| Solai Limited | Cryptocurrency Mining 29.00 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Riot Platforms Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Riot Platforms Inc | 7,590 | 1,564,998 | -3,071,972 |
| Coinbase Global Inc | 51,210 | 1,269,011 | -199,508 |
| Applied Digital Corporation | 6,789 | 2,250,746 | -720,074 |
| Solai Limited | 918 | 365,079 | -547,302 |
| Ipower Inc | 0 | 2,438,697 | -571,396 |
| Atlantis Glory Inc | - | 10,500 | -39,822 |
| PEERS TOTAL | 58,917 | 1,308,650 | -229,825 |
Riot Platforms Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Coinbase Global Inc | UNITED STATES 83.82 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Riot Platforms Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 103 companies in Riot Platforms Inc's industry classification, broader than the peer set above. Market cap in millions of $.Riot Platforms Inc ranks #16 of 103 companies by market capitalization in its industry, holding 1.17 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,325, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | American Express Company | 208,353 | 32.09 % |
| 2 | Nu Holdings Ltd | 60,336 | 9.29 % |
| 3 | Coinbase Global Inc | 51,210 | 7.89 % |
| 4 | Eason Technology Limited | 36,996 | 5.70 % |
| 5 | Strategy Inc | 1,234 | 5.2% |
| 6 | Federal National Mortgage Association Fannie Mae | 1,234 | 5.2% |
| 7 | Synchrony Financial | 1,234 | 5.2% |
| 8 | Circle Internet Group Inc | 1,234 | 5.2% |
| 9 | Sofi Technologies Inc | 1,234 | 5.2% |
| 10 | Bitmine Immersion Technologies Inc | 1,234 | 5.2% |
| 16 | Riot Platforms Inc | 7,590 | 1.17 % |
Market cap and industry share for the rest of Riot Platforms Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-29.
Riot Platforms Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 11 | Iren Limited | 13,321 | 0.67 % |
| 12 | Federal Home Loan Mortgage Corporation | 12,936 | -66.51 % |
| 13 | Hut 8 Corp | 11,212 | 185.37 % |
| 14 | Chime Financial Inc | 10,369 | 24.08 % |
| 15 | The9 Ltd | 1,234 | 12.3% |
| 16 | Riot Platforms Inc | 7,590 | 23.40 % |
| 17 | Figure Technology Solutions Inc | 1,234 | 12.3% |
| 18 | Terawulf Inc | 1,234 | 12.3% |
| 19 | Cipher Digital Inc | 1,234 | 12.3% |
| 20 | Core Scientific Inc | 1,234 | 12.3% |
| 21 | Mara Holdings Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Riot Platforms Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-29. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Riot Platforms Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Miscellaneous Financial Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (80 companies). See the full Miscellaneous Financial Services industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | - | 53.42 % (avg) | - |
| Operating Margin | -199.22 % | industry median | -184.7 pp |
| EBITDA Margin | -109.52 % | 2.15 % (avg) | -111.7 pp |
| Capital Intensity (Capex / Revenue) | 42.69 % | 4.86 % (avg) | +37.8 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Riot Platforms Inc's Valuation vs Competitive Position
Valuation multiples vs the Miscellaneous Financial Services industry average (80 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Miscellaneous Financial Services industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 18.8x | - |
| EV / EBITDA | - | 15.3x | - |
| P/B | 3.1x | 3.1x | 0.0x |
| Return on Equity | -48.36 % | industry aggregate | -41.47 % |
| Return on Invested Capital | -22.01 % | 0.51 % (avg) | -22.52 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Riot Platforms Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 500.00 % | -12.85 % | 76.70 % | 500.00 % | 21.54 % | 8.30 % | 34.20 % | 71.89 % |
| Operating Margin | -756.70 % | -147.46 % | -159.90 % | -10.49 % | -197.82 % | -22.46 % | 40.78 % | -96.10 % |
| Return on Invested Capital | -134.98 % | -27.31 % | -9.65 % | -1.31 % | -19.60 % | -2.22 % | 2.70 % | -8.96 % |
| P/E | - | - | - | - | - | - | 35.5x | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Riot Platforms Inc's Strategic Group Map
Every company in Riot Platforms Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Riot Platforms Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Riot Platforms Inc's BCG Growth-Share Matrix
Relative market share (vs Riot Platforms Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Riot Platforms Inc falls in the Dog quadrant: relative market share of 0.04x vs its largest competitor, in an industry growing revenue 3.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Riot Platforms Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 1,325 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 42.69 % vs industry average 4.86 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Riot Platforms Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Riot Platforms Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Riot Platforms Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Riot Platforms Inc falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Riot Platforms Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+3.3% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Operating margin 184.7 points below the industry median.
- Return on equity 41.5 points below the industry aggregate.
- Low relative market share vs the industry leader (0.04x).
Opportunities
- A meaningful share of tracked competitors (40.00 %) show financial-distress signals, a possible opening to gain share.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-13.8% annualized).
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Riot Platforms Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Riot Platforms Inc | 0.85 | 1.26 | 0.31 |
| Coinbase Global Inc | 1.16 | 2.32 | 0.51 |
| Applied Digital Corporation | 0.92 | 2.19 | 1.87 |
| Solai Limited | 0.14 | 1.76 | - |
| Ipower Inc | 0.05 | 1.49 | 0.19 |
| Atlantis Glory Inc | - | 0.05 | - |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Riot Platforms Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Riot Platforms Inc | Q2 2026 | +13.9 % | - |
| Coinbase Global Inc | Q2 2026 | -18.5 % | - |
| Applied Digital Corporation | Q2 2026 | - | - |
| Solai Limited | Q4 2025 | -30.1 % | - |
| Ipower Inc | Q1 2026 | -78.2 % | - |
| Atlantis Glory Inc | Q2 2026 | - | - |
| PEERS TOTAL | +0.8 % | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Riot Platforms Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Riot Platforms Inc | Q2 2026 | - | +0.6 % |
| Coinbase Global Inc | Q2 2026 | - | - |
| Applied Digital Corporation | Q2 2026 | - | +550.2 % |
| Solai Limited | Q4 2025 | +12.9 % | -81.3 % |
| Ipower Inc | Q1 2026 | -70.8 % | - |
| Atlantis Glory Inc | Q2 2026 | - | - |
Riot Platforms Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Riot Platforms Inc | - | - | - |
| Coinbase Global Inc | - | - | - |
| Applied Digital Corporation | - | - | - |
| Solai Limited | - | - | - |
| Ipower Inc | - | - | - |
| Atlantis Glory Inc | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Riot Platforms Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Riot Platforms Inc | - | 11.25 |
| Coinbase Global Inc | - | 8.15 |
| Applied Digital Corporation | - | 11.78 |
| Solai Limited | - | 39.91 |
| Ipower Inc | - | 0.00 |
| Atlantis Glory Inc | - | - |
| PEERS AVERAGE | - | 8.76 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.