What is Riot Platforms, Inc.'s net debt / EBITDA?

Riot Platforms, Inc. (RIOT) reported net debt / EBITDA of 0.9× in Q3 2025.

What does net debt / EBITDA mean?

How many years of operating earnings it would take to pay off the company's net debt.

How do you interpret net debt / EBITDA?

Lower is safer; lenders often covenant around 3–4×. A negative value means net cash (more cash than debt), a position of strength. Spikes can reflect a temporary EBITDA dip rather than new borrowing.

How does net debt / EBITDA compare across companies?

A standard leverage yardstick across non-financial sectors; covenant thresholds vary by industry cash-flow stability.

Riot Platforms, Inc. RIOT Net debt / EBITDA

Net debt / EBITDA at other companies

TeraWulfWULF

-1×—

Equinix, Inc.EQIX

5.4×+0.4×

Iris EnergyIREN

-20.3×—

Hut 8 Mining Corp.HUT

0×-1.1×

Core Scientific, Inc.CORZ

6.5×—

Cipher Digital, Inc. CIFR

1.5×—

Other financials

Income statement

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Revenue$167.2M+3.6%

Operating income-$499.9M-114%

Net income-$500.5M-68.9%

EPS (diluted)-$1.44-60.0%

Balance sheet

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Cash & equivalents$205.7M+25.6%

Total debt$877.2M+41.8%

Total equity$2.4B-18.7%

Total assets$3.4B-7.6%

Cash flow

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Operating cash flow-$182.7M-49.6%

CapEx$115.5M+251%

Free cash flow-$298.1M-92.4%

Valuation

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Market cap$10.63B+87.9%

Enterprise value$11.3B+81.7%

P/S16.3×+3.9×

Profitability

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Gross margin62.4%—

Operating margin-136%-835pp

Net margin-132.8%+148pp

FCF margin-140.4%+36.0pp

Returns & leverage

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Return on equity-32.5%-189pp

Debt / equity0.4×+0.2×

Current ratio1.1×-2.1×

Where this comes from

Calculated from Riot Platforms, Inc.’s reported figures.

net debt/ebitda=0.9×

Based on the most recent quarter.

The official record: Riot Platforms, Inc.’s 10-Q, filed October 30, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Riot Platforms, Inc.'s net debt / EBITDA?: Riot Platforms, Inc. (RIOT) reported net debt / EBITDA of 0.9× in Q3 2025.
What does net debt / EBITDA mean?: How many years of operating earnings it would take to pay off the company's net debt.
How do you interpret net debt / EBITDA?: Lower is safer; lenders often covenant around 3–4×. A negative value means net cash (more cash than debt), a position of strength. Spikes can reflect a temporary EBITDA dip rather than new borrowing.
How does net debt / EBITDA compare across companies?: A standard leverage yardstick across non-financial sectors; covenant thresholds vary by industry cash-flow stability.