Riot Platforms, Inc.

DB:AP4N Stock Report

Market Cap: €4.6b

Riot Platforms Valuation

Is AP4N undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of AP4N when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: Insufficient data to calculate AP4N's future cash flow value for valuation analysis.

Significantly Below Future Cash Flow Value: Insufficient data to calculate AP4N's future cash flow value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AP4N?

Key metric: As AP4N is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for AP4N. This is calculated by dividing AP4N's market cap by their current revenue.
What is AP4N's PS Ratio?
PS Ratio8.3x
SalesUS$647.44m
Market CapUS$5.38b

Price to Sales Ratio vs Peers

How does AP4N's PS Ratio compare to its peers?

The above table shows the PS ratio for AP4N vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5x
NEM Nemetschek
6.1x12.13%€7.3b
AOF ATOSS Software
6.4x11.98%€1.2b
1INN innoscripta
6.7x22.82%€690.0m
TMV TeamViewer
0.9x5.04%€708.5m
AP4N Riot Platforms
8.3x18.62%€5.4b

Price-To-Sales vs Peers: AP4N is expensive based on its Price-To-Sales Ratio (8.3x) compared to the peer average (5x).

Historical Price to Sales Ratio

Historical Price to Sales Ratio compares a stock's price to its sales over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Sales Ratio vs Industry

How does AP4N's PS Ratio compare vs other companies in the DE Software Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
CSH CENIT
0.3x3.05%US$60.95m
N4G0 NAGA Group
0.5x14.31%US$37.66m
CLIQ Cliq Digital
0.1x-36.49%US$21.47m
8DQ GetSwift Technologies
0.07xn/aUS$2.53m
AP4N 8.3xIndustry Avg. 1.7xNo. of Companies7PS0246810+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: AP4N is expensive based on its Price-To-Sales Ratio (8.3x) compared to the German Software industry average (1.7x).

Price to Sales Ratio vs Fair Ratio

What is AP4N's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AP4N PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio8.3x
Fair PS Ratio5.1x

Price-To-Sales vs Fair Ratio: AP4N is expensive based on its Price-To-Sales Ratio (8.3x) compared to the estimated Fair Price-To-Sales Ratio (5.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AP4N forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€12.14
€22.08
+81.95%
21.79%€35.97€11.05n/a19
Apr ’27€10.89
€22.55
+107.00%
21.28%€36.65€12.15n/a19
Mar ’27€13.76
€22.69
+64.90%
19.93%€35.57€11.79n/a19
Feb ’27€12.96
€22.67
+74.98%
20.01%€35.41€11.74n/a19
Jan ’27€11.25
€22.59
+100.77%
18.87%€35.87€13.67n/a18
Dec ’26€13.32
€23.69
+77.79%
15.39%€36.18€17.23n/a18
Nov ’26€17.10
€23.58
+37.85%
17.64%€36.44€16.48n/a17
Oct ’26€16.11
€17.29
+7.33%
30.57%€35.81€9.38n/a18
Sep ’26€11.70
€14.87
+27.07%
16.10%€20.51€9.40n/a17
Aug ’26€9.72
€15.26
+56.93%
16.84%€21.59€9.50n/a15
Jul ’26€9.75
€13.58
+39.37%
18.68%€18.68€9.34n/a15
Jun ’26€7.05
€13.56
+92.35%
20.64%€19.38€7.93n/a15
May ’26€6.20
€14.08
+127.18%
18.60%€19.40€7.94n/a15
Apr ’26€6.80
€15.73
+131.27%
21.48%€21.32€8.34€10.8915
Mar ’26€8.86
€17.11
+93.04%
17.16%€22.11€12.98€13.7615
Feb ’26€11.29
€17.47
+54.82%
19.15%€23.83€12.39€12.9615
Jan ’26€10.44
€17.27
+65.47%
21.55%€24.12€10.61€11.2515
Dec ’25€12.00
€15.93
+32.69%
24.27%€22.87€9.05€13.3214
Nov ’25€8.60
€14.92
+73.51%
29.47%€22.07€7.56€17.1014
Oct ’25€6.43
€14.95
+132.65%
27.90%€19.87€7.43€16.1114
Sep ’25€7.05
€15.34
+117.59%
25.21%€20.55€8.49€11.7013
Aug ’25€8.90
€16.18
+81.86%
22.31%€21.31€10.19€9.7213
Jul ’25€9.39
€16.53
+76.04%
20.76%€21.37€11.15€9.7512
Jun ’25€8.89
€16.44
+84.91%
17.22%€20.28€11.98€7.0512
May ’25€9.60
€18.20
+89.58%
19.24%€24.32€12.63€6.2012
Apr ’25€11.79
€18.27
+54.97%
20.41%€24.21€10.24€6.8012
€22.05
Fair Value
45.0% undervalued intrinsic discount
19
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/08 10:35
End of Day Share Price 2026/04/07 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Riot Platforms, Inc. is covered by 26 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Andrew Charles BealeArete Research Services LLP
Martin TonerATB Cormark
Gautam ChhuganiBernstein