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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $152.8M, roughly 1.5× Riot Platforms, Inc.). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs -452.0%, a 456.4% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 7.2%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 5.1%).
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
CSW vs RIOT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $152.8M |
| Net Profit | $10.3M | $-690.7M |
| Gross Margin | 39.7% | — |
| Operating Margin | 7.4% | -447.9% |
| Net Margin | 4.4% | -452.0% |
| Revenue YoY | 20.3% | 7.2% |
| Net Profit YoY | -61.9% | -606.3% |
| EPS (diluted) | $0.62 | $-1.89 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $233.0M | $152.8M | ||
| Q3 25 | $277.0M | $180.2M | ||
| Q2 25 | $263.6M | $153.0M | ||
| Q1 25 | $230.5M | $161.4M | ||
| Q4 24 | $193.6M | $142.6M | ||
| Q3 24 | $227.9M | $84.8M | ||
| Q2 24 | $226.2M | $70.0M | ||
| Q1 24 | $210.9M | $79.3M |
| Q4 25 | $10.3M | $-690.7M | ||
| Q3 25 | $40.7M | $104.5M | ||
| Q2 25 | $40.9M | $219.5M | ||
| Q1 25 | $35.1M | $-296.4M | ||
| Q4 24 | $26.9M | $136.4M | ||
| Q3 24 | $36.1M | $-154.4M | ||
| Q2 24 | $38.6M | $-84.4M | ||
| Q1 24 | $31.8M | $211.8M |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 43.0% | — | ||
| Q2 25 | 43.8% | — | ||
| Q1 25 | 44.2% | — | ||
| Q4 24 | 41.4% | — | ||
| Q3 24 | 45.6% | — | ||
| Q2 24 | 47.5% | — | ||
| Q1 24 | 44.4% | — |
| Q4 25 | 7.4% | -447.9% | ||
| Q3 25 | 20.5% | 44.4% | ||
| Q2 25 | 20.8% | — | ||
| Q1 25 | 19.5% | -144.9% | ||
| Q4 24 | 15.3% | — | ||
| Q3 24 | 22.6% | -143.3% | ||
| Q2 24 | 24.3% | -167.2% | ||
| Q1 24 | 21.0% | — |
| Q4 25 | 4.4% | -452.0% | ||
| Q3 25 | 14.7% | 58.0% | ||
| Q2 25 | 15.5% | 143.4% | ||
| Q1 25 | 15.2% | -183.6% | ||
| Q4 24 | 13.9% | 95.7% | ||
| Q3 24 | 15.8% | -182.1% | ||
| Q2 24 | 17.1% | -120.6% | ||
| Q1 24 | 15.1% | 267.1% |
| Q4 25 | $0.62 | $-1.89 | ||
| Q3 25 | $2.41 | $0.26 | ||
| Q2 25 | $2.43 | $0.58 | ||
| Q1 25 | $2.05 | $-0.90 | ||
| Q4 24 | $1.60 | $0.39 | ||
| Q3 24 | $2.26 | $-0.54 | ||
| Q2 24 | $2.47 | $-0.32 | ||
| Q1 24 | $2.03 | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.2M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $1.1B | $2.9B |
| Total Assets | $2.3B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | $233.5M | ||
| Q3 25 | $31.5M | $330.7M | ||
| Q2 25 | $38.0M | $255.4M | ||
| Q1 25 | $225.8M | $163.7M | ||
| Q4 24 | $213.8M | $277.9M | ||
| Q3 24 | $273.2M | $355.7M | ||
| Q2 24 | $18.9M | $481.2M | ||
| Q1 24 | $22.2M | $688.5M |
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | $800.1M | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | $166.0M | — |
| Q4 25 | $1.1B | $2.9B | ||
| Q3 25 | $1.1B | $3.5B | ||
| Q2 25 | $1.1B | $3.3B | ||
| Q1 25 | $1.1B | $2.9B | ||
| Q4 24 | $1.0B | $3.1B | ||
| Q3 24 | $1.0B | $2.7B | ||
| Q2 24 | $650.2M | $2.6B | ||
| Q1 24 | $615.7M | $2.5B |
| Q4 25 | $2.3B | $3.9B | ||
| Q3 25 | $1.5B | $4.5B | ||
| Q2 25 | $1.5B | $4.3B | ||
| Q1 25 | $1.4B | $3.7B | ||
| Q4 24 | $1.4B | $3.9B | ||
| Q3 24 | $1.4B | $2.9B | ||
| Q2 24 | $1.1B | $2.7B | ||
| Q1 24 | $1.0B | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | 0.75× | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.27× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $28.9M | $-572.9M |
| Free Cash FlowOCF − Capex | $22.7M | $-774.3M |
| FCF MarginFCF / Revenue | 9.8% | -506.6% |
| Capex IntensityCapex / Revenue | 2.6% | 131.8% |
| Cash ConversionOCF / Net Profit | 2.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $-572.9M | ||
| Q3 25 | $61.8M | $-114.0M | ||
| Q2 25 | $60.6M | $-231.3M | ||
| Q1 25 | $27.3M | $-122.1M | ||
| Q4 24 | $11.6M | $-255.1M | ||
| Q3 24 | $66.8M | $-56.3M | ||
| Q2 24 | $62.7M | $-42.5M | ||
| Q1 24 | $22.4M | $-57.9M |
| Q4 25 | $22.7M | $-774.3M | ||
| Q3 25 | $58.7M | $-139.7M | ||
| Q2 25 | $57.7M | $-291.7M | ||
| Q1 25 | $22.8M | $-154.9M | ||
| Q4 24 | $8.5M | $-495.4M | ||
| Q3 24 | $61.3M | $-127.6M | ||
| Q2 24 | $59.6M | $-96.1M | ||
| Q1 24 | $17.5M | $-115.2M |
| Q4 25 | 9.8% | -506.6% | ||
| Q3 25 | 21.2% | -77.5% | ||
| Q2 25 | 21.9% | -190.7% | ||
| Q1 25 | 9.9% | -96.0% | ||
| Q4 24 | 4.4% | -347.5% | ||
| Q3 24 | 26.9% | -150.5% | ||
| Q2 24 | 26.3% | -137.2% | ||
| Q1 24 | 8.3% | -145.2% |
| Q4 25 | 2.6% | 131.8% | ||
| Q3 25 | 1.1% | 14.3% | ||
| Q2 25 | 1.1% | 39.5% | ||
| Q1 25 | 2.0% | 20.4% | ||
| Q4 24 | 1.6% | 168.6% | ||
| Q3 24 | 2.4% | 84.1% | ||
| Q2 24 | 1.4% | 76.5% | ||
| Q1 24 | 2.3% | 72.3% |
| Q4 25 | 2.81× | — | ||
| Q3 25 | 1.52× | -1.09× | ||
| Q2 25 | 1.48× | -1.05× | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.43× | -1.87× | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | — | ||
| Q1 24 | 0.71× | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
