Is Riot Platforms, Inc. overvalued or undervalued?

As of 21 November 2025, Riot Platforms, Inc. has moved from an expensive to a fair valuation grade. The company appears to be fairly valued based on its current metrics, despite being loss-making, as indicated by its P/E ratio being not applicable. Key valuation ratios include a Price to Book Value of 1.20, an EV to Sales ratio of 8.29, and an EV to Capital Employed ratio of 1.18.
In comparison to its peers, Riot Platforms, Inc. has a significantly lower EV to EBITDA ratio of -28.54 compared to Varonis Systems, Inc. at -58.8171 and Q2 Holdings, Inc. at 62.8126, indicating a more favorable position relative to its industry. The stock has shown a strong performance over the long term, with a 3-year return of 219.35%, outperforming the S&P 500's 67.17% over the same period, although it has faced recent short-term declines.