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Side-by-side financial comparison of 4D Molecular Therapeutics, Inc. (FDMT) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $85.1M, roughly 1.8× 4D Molecular Therapeutics, Inc.). 4D Molecular Therapeutics, Inc. runs the higher net margin — 22.8% vs -452.0%, a 474.8% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs 7.2%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $-774.3M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 38.8%).
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
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.
FDMT vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $85.1M | $152.8M |
| Net Profit | $19.4M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | 17.3% | -447.9% |
| Net Margin | 22.8% | -452.0% |
| Revenue YoY | 8508900.0% | 7.2% |
| Net Profit YoY | 139.1% | -606.3% |
| EPS (diluted) | $0.43 | $-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 | $85.1M | $152.8M | ||
| Q3 25 | $90.0K | $180.2M | ||
| Q2 25 | $15.0K | $153.0M | ||
| Q1 25 | $14.0K | $161.4M | ||
| Q4 24 | $1.0K | $142.6M | ||
| Q3 24 | $3.0K | $84.8M | ||
| Q2 24 | $5.0K | $70.0M | ||
| Q1 24 | $28.0K | $79.3M |
| Q4 25 | $19.4M | $-690.7M | ||
| Q3 25 | $-56.9M | $104.5M | ||
| Q2 25 | $-54.7M | $219.5M | ||
| Q1 25 | $-48.0M | $-296.4M | ||
| Q4 24 | — | $136.4M | ||
| Q3 24 | $-43.8M | $-154.4M | ||
| Q2 24 | $-35.0M | $-84.4M | ||
| Q1 24 | $-32.4M | $211.8M |
| Q4 25 | 17.3% | -447.9% | ||
| Q3 25 | -67983.3% | 44.4% | ||
| Q2 25 | -396373.3% | — | ||
| Q1 25 | -383007.1% | -144.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | -1704400.0% | -143.3% | ||
| Q2 24 | -849120.0% | -167.2% | ||
| Q1 24 | -136200.0% | — |
| Q4 25 | 22.8% | -452.0% | ||
| Q3 25 | -63195.6% | 58.0% | ||
| Q2 25 | -364386.7% | 143.4% | ||
| Q1 25 | -342657.1% | -183.6% | ||
| Q4 24 | — | 95.7% | ||
| Q3 24 | -1461433.3% | -182.1% | ||
| Q2 24 | -699060.0% | -120.6% | ||
| Q1 24 | -115717.9% | 267.1% |
| Q4 25 | $0.43 | $-1.89 | ||
| Q3 25 | $-1.01 | $0.26 | ||
| Q2 25 | $-0.98 | $0.58 | ||
| Q1 25 | $-0.86 | $-0.90 | ||
| Q4 24 | — | $0.39 | ||
| Q3 24 | $-0.79 | $-0.54 | ||
| Q2 24 | $-0.63 | $-0.32 | ||
| Q1 24 | $-0.66 | $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 | $402.7M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $505.7M | $2.9B |
| Total Assets | $566.7M | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $402.7M | $233.5M | ||
| Q3 25 | $305.1M | $330.7M | ||
| Q2 25 | $293.2M | $255.4M | ||
| Q1 25 | $321.4M | $163.7M | ||
| Q4 24 | $424.9M | $277.9M | ||
| Q3 24 | $501.9M | $355.7M | ||
| Q2 24 | $541.9M | $481.2M | ||
| Q1 24 | $525.9M | $688.5M |
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $505.7M | $2.9B | ||
| Q3 25 | $369.0M | $3.5B | ||
| Q2 25 | $420.9M | $3.3B | ||
| Q1 25 | $469.7M | $2.9B | ||
| Q4 24 | $510.6M | $3.1B | ||
| Q3 24 | $552.9M | $2.7B | ||
| Q2 24 | $588.3M | $2.6B | ||
| Q1 24 | $600.6M | $2.5B |
| Q4 25 | $566.7M | $3.9B | ||
| Q3 25 | $424.0M | $4.5B | ||
| Q2 25 | $473.6M | $4.3B | ||
| Q1 25 | $515.7M | $3.7B | ||
| Q4 24 | $560.4M | $3.9B | ||
| Q3 24 | $604.0M | $2.9B | ||
| Q2 24 | $620.1M | $2.7B | ||
| Q1 24 | $629.9M | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $28.6M | $-572.9M |
| Free Cash FlowOCF − Capex | $28.5M | $-774.3M |
| FCF MarginFCF / Revenue | 33.5% | -506.6% |
| Capex IntensityCapex / Revenue | 0.1% | 131.8% |
| Cash ConversionOCF / Net Profit | 1.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-109.9M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.6M | $-572.9M | ||
| Q3 25 | $-46.5M | $-114.0M | ||
| Q2 25 | $-43.4M | $-231.3M | ||
| Q1 25 | $-47.8M | $-122.1M | ||
| Q4 24 | $-134.6M | $-255.1M | ||
| Q3 24 | $-29.4M | $-56.3M | ||
| Q2 24 | $-30.2M | $-42.5M | ||
| Q1 24 | $-29.1M | $-57.9M |
| Q4 25 | $28.5M | $-774.3M | ||
| Q3 25 | $-46.6M | $-139.7M | ||
| Q2 25 | $-43.4M | $-291.7M | ||
| Q1 25 | $-48.4M | $-154.9M | ||
| Q4 24 | $-138.4M | $-495.4M | ||
| Q3 24 | $-31.2M | $-127.6M | ||
| Q2 24 | $-30.6M | $-96.1M | ||
| Q1 24 | $-29.8M | $-115.2M |
| Q4 25 | 33.5% | -506.6% | ||
| Q3 25 | -51765.6% | -77.5% | ||
| Q2 25 | -289620.0% | -190.7% | ||
| Q1 25 | -345635.7% | -96.0% | ||
| Q4 24 | -13837100.0% | -347.5% | ||
| Q3 24 | -1038966.7% | -150.5% | ||
| Q2 24 | -611840.0% | -137.2% | ||
| Q1 24 | -106421.4% | -145.2% |
| Q4 25 | 0.1% | 131.8% | ||
| Q3 25 | 101.1% | 14.3% | ||
| Q2 25 | 440.0% | 39.5% | ||
| Q1 25 | 4507.1% | 20.4% | ||
| Q4 24 | 378600.0% | 168.6% | ||
| Q3 24 | 59266.7% | 84.1% | ||
| Q2 24 | 6980.0% | 76.5% | ||
| Q1 24 | 2535.7% | 72.3% |
| Q4 25 | 1.47× | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FDMT
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
