Comprehensive Stock Comparison
Compare Riot Platforms, Inc. (RIOT) vs Bitmine Immersion Technologies, Inc. (BMNR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | BMNR | 84.1% revenue growth vs RIOT's 34.2% |
| Value | BMNR | Lower P/E (1.4x vs 47.9x) |
| Quality / Margins | BMNR | 57.2% net margin vs RIOT's 29.0% |
| Stability / Safety | RIOT | Beta 2.35 vs BMNR's 2.38 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | BMNR | +251.7% vs RIOT's +75.5% |
| Efficiency (ROA) | RIOT | 3.7% ROA vs BMNR's -42.3%, ROIC 4.1% vs 7.7% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Riot Platforms is a Bitcoin mining company that operates large-scale mining facilities in Texas and Kentucky. It generates revenue primarily from Bitcoin mining rewards (the majority of income) and secondarily from engineering services — designing and manufacturing power distribution equipment for data centers and industrial clients. The company's competitive advantage lies in its vertically integrated operations — owning its mining facilities and power infrastructure — which provides cost control and operational efficiency in the energy-intensive mining business.
Bitmine Immersion Technologies operates as a blockchain infrastructure company that hosts cryptocurrency mining equipment for third parties and engages in self-mining for its own account. It generates revenue primarily from hosting fees paid by clients for mining equipment operation—including power, cooling, and security services—and from mining rewards earned through its own operations. The company's competitive advantage lies in its specialized data center infrastructure with proprietary thermodynamic management systems that optimize mining efficiency and reduce energy costs.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
BMNR leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). RIOT leads in 3 (Total Returns, Risk & Volatility).
Financial Metrics (TTM)
RIOT is the larger business by revenue, generating $377M annually — 61.8x BMNR's $6M. BMNR is the more profitable business, keeping 57.2% of every revenue dollar as net income compared to RIOT's 29.0%.
| Metric | RIOTRiot Platforms, I… | BMNRBitmine Immersion… |
|---|---|---|
| RevenueTrailing 12 months | $377M | $6M |
| EBITDAEarnings before interest/tax | $577M | $224M |
| Net IncomeAfter-tax profit | $164M | -$4.9B |
| Free Cash FlowCash after capex | -$1.5B | -$234M |
| Gross MarginGross profit ÷ Revenue | +30.2% | +5.1% |
| Operating MarginEBIT ÷ Revenue | +40.8% | +72.9% |
| Net MarginNet income ÷ Revenue | +29.0% | +57.2% |
| FCF MarginFCF ÷ Revenue | -4.0% | -85.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +148.1% | -11051.7% |
Valuation Metrics
At 1.4x trailing earnings, BMNR trades at a 97% valuation discount to RIOT's 47.9x P/E. On an enterprise value basis, BMNR's 16.3x EV/EBITDA is more attractive than RIOT's 17.5x.
| Metric | RIOTRiot Platforms, I… | BMNRBitmine Immersion… |
|---|---|---|
| Market CapShares × price | $6.0B | $7.8B |
| Enterprise ValueMkt cap + debt − cash | $6.4B | $7.2B |
| Trailing P/EPrice ÷ TTM EPS | 47.91x | 1.42x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 17.45x | 16.28x |
| Price / SalesMarket cap ÷ Revenue | 16.05x | 1272.33x |
| Price / BookPrice ÷ Book value/share | 1.65x | 0.05x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
RIOT delivers a 4.7% return on equity — every $100 of shareholder capital generates $5 in annual profit, vs $-43 for BMNR. On the Piotroski fundamental quality scale (0–9), BMNR scores 4/9 vs RIOT's 3/9, reflecting mixed financial health.
| Metric | RIOTRiot Platforms, I… | BMNRBitmine Immersion… |
|---|---|---|
| ROE (TTM)Return on equity | +4.7% | -43.1% |
| ROA (TTM)Return on assets | +3.7% | -42.3% |
| ROICReturn on invested capital | +4.1% | +7.7% |
| ROCEReturn on capital employed | +5.4% | +10.1% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 4 |
| Debt / EquityFinancial leverage | 0.20x | — |
| Net DebtTotal debt minus cash | $335M | -$512M |
| Cash & Equiv.Liquid assets | $278M | $512M |
| Total DebtShort + long-term debt | $613M | $0 |
| Interest CoverageEBIT ÷ Interest expense | 20.48x | -12890.65x |
Total Returns (with DRIP)
A $10,000 investment in RIOT five years ago would be worth $3,039 today (with dividends reinvested), compared to $601 for BMNR. Over the past 12 months, BMNR leads with a +251.7% total return vs RIOT's +75.5%. The 3-year compound annual growth rate (CAGR) favors RIOT at 37.6% vs BMNR's -1.7% — a key indicator of consistent wealth creation.
| Metric | RIOTRiot Platforms, I… | BMNRBitmine Immersion… |
|---|---|---|
| YTD ReturnYear-to-date | +15.0% | -39.1% |
| 1-Year ReturnPast 12 months | +75.5% | +251.7% |
| 3-Year ReturnCumulative with dividends | +160.6% | -5.0% |
| 5-Year ReturnCumulative with dividends | -69.6% | -94.0% |
| 10-Year ReturnCumulative with dividends | +540.4% | -50.5% |
| CAGR (3Y)Annualised 3-year return | +37.6% | -1.7% |
Risk & Volatility
RIOT is the less volatile stock with a 2.35 beta — it tends to amplify market swings less than BMNR's 2.38 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. RIOT currently trades 68.0% from its 52-week high vs BMNR's 11.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | RIOTRiot Platforms, I… | BMNRBitmine Immersion… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.35x | 2.38x |
| 52-Week HighHighest price in past year | $23.94 | $161.00 |
| 52-Week LowLowest price in past year | $6.19 | $3.92 |
| % of 52W HighCurrent price vs 52-week peak | +68.0% | +11.8% |
| RSI (14)Momentum oscillator 0–100 | 58.2 | 41.9 |
| Avg Volume (50D)Average daily shares traded | 16.2M | 36.1M |
Analyst Outlook
Wall Street rates RIOT as "Buy" and BMNR as "Buy". Consensus price targets imply 105.5% upside for BMNR (target: $39) vs 71.9% for RIOT (target: $28).
| Metric | RIOTRiot Platforms, I… | BMNRBitmine Immersion… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $28.00 | $39.00 |
| # AnalystsCovering analysts | 18 | 1 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 3 | 1 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.2% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Apr 20 | Feb 26 | Change |
|---|---|---|---|
| Riot Platforms, Inc. (RIOT) | 100 | 1,981.89 | +1881.9% |
| Bitmine Immersion T… (BMNR) | 60.81 | 77.03 | +26.7% |
Riot Platforms, Inc. (RIOT) returned -70% over 5 years vs Bitmine Immersion T… (BMNR)'s -94%.
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Riot Platforms, Inc. (RIOT) | $106115.00 | $377M | +354852.6% |
| Bitmine Immersion T… (BMNR) | $0.00 | $6M | — |
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Riot Platforms, Inc. (RIOT) | -40.3% | 29.0% | +172.1% |
| Bitmine Immersion T… (BMNR) | -4.7% | 57.2% | +1319.7% |
Chart 4EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Riot Platforms, Inc. (RIOT) | -1.05 | 0.34 | +132.4% |
| Bitmine Immersion T… (BMNR) | -0 | 13.39 | +1673850.0% |
Chart 5Free Cash Flow — 5 Years
Riot Platforms, Inc. generated $-2B FCF in 2024 (-200% vs 2021). Bitmine Immersion Technologies, Inc. generated $-5M FCF in 2025 (-935% vs 2021).
RIOT vs BMNR: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is RIOT or BMNR a better buy right now?
Bitmine Immersion Technologies, Inc. (BMNR) offers the better valuation at 1.4x trailing P/E, making it the more compelling value choice. Analysts rate Riot Platforms, Inc. (RIOT) a "Buy" — based on 18 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — RIOT or BMNR?
On trailing P/E, Bitmine Immersion Technologies, Inc. (BMNR) is the cheapest at 1.4x versus Riot Platforms, Inc. at 47.9x.
03Which is the better long-term investment — RIOT or BMNR?
Over the past 5 years, Riot Platforms, Inc. (RIOT) delivered a total return of -69.6%, compared to -94.0% for Bitmine Immersion Technologies, Inc. (BMNR). A $10,000 investment in RIOT five years ago would be worth approximately $3K today (assuming dividends reinvested). Over 10 years, the gap is even starker: RIOT returned +540.4% versus BMNR's -50.5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — RIOT or BMNR?
By beta (market sensitivity over 5 years), Riot Platforms, Inc. (RIOT) is the lower-risk stock at 2.35β versus Bitmine Immersion Technologies, Inc.'s 2.38β — meaning BMNR is approximately 1% more volatile than RIOT relative to the S&P 500.
05Which has better profit margins — RIOT or BMNR?
Bitmine Immersion Technologies, Inc. (BMNR) is the more profitable company, earning 57.2% net margin versus 29.0% for Riot Platforms, Inc. — meaning it keeps 57.2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BMNR leads at 72.9% versus 40.8% for RIOT. At the gross margin level — before operating expenses — RIOT leads at 30.2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Which pays a better dividend — RIOT or BMNR?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is RIOT or BMNR better for a retirement portfolio?
For long-horizon retirement investors, Riot Platforms, Inc. (RIOT) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+540.4% 10Y return). Bitmine Immersion Technologies, Inc. (BMNR) carries a higher beta of 2.38 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (RIOT: +540.4%, BMNR: -50.5%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between RIOT and BMNR?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: RIOT is a small-cap quality compounder stock; BMNR is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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