F

Riot Platforms, Inc. — Earnings Quality Grade F

RIOT · Financial Services

Major red flags

Revenue
$647M
2025
Net Income
-$663M
2025
Gross Margin
37.9%
Free Cash Flow
-$1.1B
01

Screening Summary

5
Passed
6
Watch
1
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 17 days, change -9 days YoY

A2AR vs Revenue Growth

AR growth 9.8% vs revenue growth 71.9%

A3Revenue vs CFFO

Insufficient data

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -55.3% vs revenue 71.9%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 121.7%, exceeds 70%

!
B4Gross Margin

Gross margin swung +7.7pp (30.2% → 37.9%)

03

Cash Flow Quality

C1CFFO vs Net Income

Insufficient data

!
C2Free Cash Flow

FCF is negative ($-1.1B)

C3Accruals Ratio

Insufficient data

C4Cash vs Debt

Cash $0.2B covers only 27% of debt $0.9B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.3B but equity unavailable or non-positive

!
D2Leverage

Interest coverage = -14.2x (<2x). Financial stress

!
D3Soft Asset Growth

Other assets grew 1770.9% vs revenue 71.9%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

!
E2Goodwill Surge

Goodwill+Intangibles surged 88% YoY

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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Altman Z-Score — Not Applicable

Riot Platforms, Inc. is a financial company. Z-Score is designed for non-financial companies.

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25