Comprehensive Stock Comparison
Compare Riot Platforms, Inc. (RIOT) vs TeraWulf Inc. (WULF) 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 | WULF | 102.3% revenue growth vs RIOT's 34.2% |
| Quality / Margins | RIOT | 29.0% net margin vs WULF's -51.7% |
| Stability / Safety | RIOT | Beta 2.35 vs WULF's 2.58, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | WULF | +287.1% vs RIOT's +75.5% |
| Efficiency (ROA) | RIOT | 3.7% ROA vs WULF's -23.0%, ROIC 4.1% vs -10.6% |
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.
TeraWulf is a bitcoin mining company that develops, owns, and operates large-scale mining facilities in the United States. It generates revenue primarily from bitcoin mining rewards — converting electricity into digital assets — with additional income from hosting services for other miners. The company's competitive advantage lies in its access to low-cost, sustainable energy sources — particularly nuclear and hydroelectric power — which gives it superior mining economics.
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
RIOT leads in 4 of 6 categories (Financial Metrics, Valuation Metrics). WULF leads in 1 (Total Returns). 1 tied.
Financial Metrics (TTM)
RIOT is the larger business by revenue, generating $377M annually — 2.7x WULF's $140M. RIOT is the more profitable business, keeping 29.0% of every revenue dollar as net income compared to WULF's -51.7%.
| Metric | RIOTRiot Platforms, I… | WULFTeraWulf Inc. |
|---|---|---|
| RevenueTrailing 12 months | $377M | $140M |
| EBITDAEarnings before interest/tax | $577M | -$72M |
| Net IncomeAfter-tax profit | $164M | -$564M |
| Free Cash FlowCash after capex | -$1.5B | -$677M |
| Gross MarginGross profit ÷ Revenue | +30.2% | +55.3% |
| Operating MarginEBIT ÷ Revenue | +40.8% | -54.4% |
| Net MarginNet income ÷ Revenue | +29.0% | -51.7% |
| FCF MarginFCF ÷ Revenue | -4.0% | -2.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +148.1% | -17.7% |
Valuation Metrics
| Metric | RIOTRiot Platforms, I… | WULFTeraWulf Inc. |
|---|---|---|
| Market CapShares × price | $6.0B | $7.1B |
| Enterprise ValueMkt cap + debt − cash | $6.4B | $7.3B |
| Trailing P/EPrice ÷ TTM EPS | 47.91x | -77.24x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 17.45x | — |
| Price / SalesMarket cap ÷ Revenue | 16.05x | 50.87x |
| Price / BookPrice ÷ Book value/share | 1.65x | 23.31x |
| 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 $-2 for WULF. RIOT carries lower financial leverage with a 0.20x debt-to-equity ratio, signaling a more conservative balance sheet compared to WULF's 2.01x.
| Metric | RIOTRiot Platforms, I… | WULFTeraWulf Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +4.7% | -2.3% |
| ROA (TTM)Return on assets | +3.7% | -23.0% |
| ROICReturn on invested capital | +4.1% | -10.6% |
| ROCEReturn on capital employed | +5.4% | -15.9% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 3 |
| Debt / EquityFinancial leverage | 0.20x | 2.01x |
| Net DebtTotal debt minus cash | $335M | $217M |
| Cash & Equiv.Liquid assets | $278M | $274M |
| Total DebtShort + long-term debt | $613M | $491M |
| Interest CoverageEBIT ÷ Interest expense | 20.48x | -27.06x |
Total Returns (with DRIP)
A $10,000 investment in WULF five years ago would be worth $21,413 today (with dividends reinvested), compared to $3,039 for RIOT. Over the past 12 months, WULF leads with a +287.1% total return vs RIOT's +75.5%. The 3-year compound annual growth rate (CAGR) favors WULF at 193.7% vs RIOT's 37.6% — a key indicator of consistent wealth creation.
| Metric | RIOTRiot Platforms, I… | WULFTeraWulf Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +15.0% | +27.3% |
| 1-Year ReturnPast 12 months | +75.5% | +287.1% |
| 3-Year ReturnCumulative with dividends | +160.6% | +2434.4% |
| 5-Year ReturnCumulative with dividends | -69.6% | +114.1% |
| 10-Year ReturnCumulative with dividends | +540.4% | +77.6% |
| CAGR (3Y)Annualised 3-year return | +37.6% | +193.7% |
Risk & Volatility
RIOT is the less volatile stock with a 2.35 beta — it tends to amplify market swings less than WULF's 2.58 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. WULF currently trades 87.6% from its 52-week high vs RIOT's 68.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | RIOTRiot Platforms, I… | WULFTeraWulf Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.35x | 2.58x |
| 52-Week HighHighest price in past year | $23.94 | $18.51 |
| 52-Week LowLowest price in past year | $6.19 | $2.06 |
| % of 52W HighCurrent price vs 52-week peak | +68.0% | +87.6% |
| RSI (14)Momentum oscillator 0–100 | 58.2 | 64.4 |
| Avg Volume (50D)Average daily shares traded | 16.2M | 24.9M |
Analyst Outlook
Wall Street rates RIOT as "Buy" and WULF as "Buy". Consensus price targets imply 71.9% upside for RIOT (target: $28) vs 38.7% for WULF (target: $23).
| Metric | RIOTRiot Platforms, I… | WULFTeraWulf Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $28.00 | $22.50 |
| # AnalystsCovering analysts | 18 | 11 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 3 | 1 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.2% | +1.7% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Riot Platforms, Inc. (RIOT) | 100 | 1,298.31 | +1198.3% |
| TeraWulf Inc. (WULF) | 100 | 259.96 | +160.0% |
TeraWulf Inc. (WULF) returned +114% over 5 years vs Riot Platforms, Inc. (RIOT)'s -70%. A $10,000 investment in WULF 5 years ago would be worth $21,413 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Riot Platforms, Inc. (RIOT) | $198086.00 | $377M | +190048.7% |
| TeraWulf Inc. (WULF) | $18M | $140M | +697.5% |
Riot Platforms, Inc.'s revenue grew from $0M (2015) to $377M (2024) — a 131.4% CAGR. TeraWulf Inc.'s revenue grew from $18M (2015) to $140M (2024) — a 25.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Riot Platforms, Inc. (RIOT) | -44.2% | 29.0% | +165.7% |
| TeraWulf Inc. (WULF) | 0.8% | -51.7% | -6826.7% |
Riot Platforms, Inc.'s net margin went from -44% (2015) to 29% (2024). TeraWulf Inc.'s net margin went from 1% (2015) to -52% (2024).
Chart 4EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Riot Platforms, Inc. (RIOT) | -2.26 | 0.34 | +115.0% |
| TeraWulf Inc. (WULF) | 0.07 | -0.21 | -413.9% |
Riot Platforms, Inc.'s EPS grew from $-2.26 (2015) to $0.34 (2024). TeraWulf Inc.'s EPS grew from $0.07 (2015) to $-0.21 (2024) — a NaN% CAGR.
Chart 5Free Cash Flow — 5 Years
Riot Platforms, Inc. generated $-2B FCF in 2024 (-200% vs 2021). TeraWulf Inc. generated $-292M FCF in 2024 (-120% vs 2021).
RIOT vs WULF: Frequently Asked Questions
7 questions · data-driven answers · updated daily
01Is RIOT or WULF a better buy right now?
Riot Platforms, Inc. (RIOT) offers the better valuation at 47.9x 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 is the better long-term investment — RIOT or WULF?
Over the past 5 years, TeraWulf Inc. (WULF) delivered a total return of +114.1%, compared to -69.6% for Riot Platforms, Inc. (RIOT). A $10,000 investment in WULF five years ago would be worth approximately $21K today (assuming dividends reinvested). Over 10 years, the gap is even starker: RIOT returned +540.4% versus WULF's +77.6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — RIOT or WULF?
By beta (market sensitivity over 5 years), Riot Platforms, Inc. (RIOT) is the lower-risk stock at 2.35β versus TeraWulf Inc.'s 2.58β — meaning WULF is approximately 9% more volatile than RIOT relative to the S&P 500. On balance sheet safety, Riot Platforms, Inc. (RIOT) carries a lower debt/equity ratio of 20% versus 2% for TeraWulf Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — RIOT or WULF?
Riot Platforms, Inc. (RIOT) is the more profitable company, earning 29.0% net margin versus -51.7% for TeraWulf Inc. — meaning it keeps 29.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: RIOT leads at 40.8% versus -54.4% for WULF. At the gross margin level — before operating expenses — WULF leads at 55.3%, 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.
05Which pays a better dividend — RIOT or WULF?
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.
06Is RIOT or WULF 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). TeraWulf Inc. (WULF) carries a higher beta of 2.58 — 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%, WULF: +77.6%), 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.
07What are the main differences between RIOT and WULF?
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. 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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