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Side-by-side financial comparison of Piedmont Realty Trust, Inc. (PDM) 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 $143.3M, roughly 1.1× Piedmont Realty Trust, Inc.). Piedmont Realty Trust, Inc. runs the higher net margin — -31.4% vs -452.0%, a 420.6% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs 0.4%). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 0.0%).
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
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.
PDM vs RIOT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.3M | $152.8M |
| Net Profit | $-45.0M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | — | -447.9% |
| Net Margin | -31.4% | -452.0% |
| Revenue YoY | 0.4% | 7.2% |
| Net Profit YoY | -27.9% | -606.3% |
| EPS (diluted) | $-0.10 | $-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.
| Q1 26 | $143.3M | — | ||
| Q4 25 | $142.9M | $152.8M | ||
| Q3 25 | $139.2M | $180.2M | ||
| Q2 25 | $140.3M | $153.0M | ||
| Q1 25 | $142.7M | $161.4M | ||
| Q4 24 | $143.2M | $142.6M | ||
| Q3 24 | $139.3M | $84.8M | ||
| Q2 24 | $143.3M | $70.0M |
| Q1 26 | $-45.0M | — | ||
| Q4 25 | $-43.2M | $-690.7M | ||
| Q3 25 | $-13.5M | $104.5M | ||
| Q2 25 | $-16.8M | $219.5M | ||
| Q1 25 | $-10.1M | $-296.4M | ||
| Q4 24 | $-30.0M | $136.4M | ||
| Q3 24 | $-11.5M | $-154.4M | ||
| Q2 24 | $-9.8M | $-84.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | -447.9% | ||
| Q3 25 | — | 44.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -144.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -143.3% | ||
| Q2 24 | — | -167.2% |
| Q1 26 | -31.4% | — | ||
| Q4 25 | -30.3% | -452.0% | ||
| Q3 25 | -9.7% | 58.0% | ||
| Q2 25 | -12.0% | 143.4% | ||
| Q1 25 | -7.1% | -183.6% | ||
| Q4 24 | -20.9% | 95.7% | ||
| Q3 24 | -8.3% | -182.1% | ||
| Q2 24 | -6.8% | -120.6% |
| Q1 26 | $-0.10 | — | ||
| Q4 25 | $-0.34 | $-1.89 | ||
| Q3 25 | $-0.11 | $0.26 | ||
| Q2 25 | $-0.14 | $0.58 | ||
| Q1 25 | $-0.08 | $-0.90 | ||
| Q4 24 | $-0.25 | $0.39 | ||
| Q3 24 | $-0.09 | $-0.54 | ||
| Q2 24 | $-0.08 | $-0.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.3M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $1.5B | $2.9B |
| Total Assets | $4.0B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.3M | — | ||
| Q4 25 | $731.0K | $233.5M | ||
| Q3 25 | $3.0M | $330.7M | ||
| Q2 25 | $3.3M | $255.4M | ||
| Q1 25 | $2.9M | $163.7M | ||
| Q4 24 | $109.6M | $277.9M | ||
| Q3 24 | $133.6M | $355.7M | ||
| Q2 24 | $138.5M | $481.2M |
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $840.8M | ||
| Q3 25 | $2.2B | $5.3M | ||
| Q2 25 | $2.2B | $5.3M | ||
| Q1 25 | $2.2B | $5.3M | ||
| Q4 24 | $2.2B | $584.6M | ||
| Q3 24 | $2.2B | $5.7M | ||
| Q2 24 | $2.2B | — |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $1.5B | $3.5B | ||
| Q2 25 | $1.5B | $3.3B | ||
| Q1 25 | $1.6B | $2.9B | ||
| Q4 24 | $1.6B | $3.1B | ||
| Q3 24 | $1.6B | $2.7B | ||
| Q2 24 | $1.7B | $2.6B |
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.0B | $3.9B | ||
| Q3 25 | $4.0B | $4.5B | ||
| Q2 25 | $4.0B | $4.3B | ||
| Q1 25 | $4.0B | $3.7B | ||
| Q4 24 | $4.1B | $3.9B | ||
| Q3 24 | $4.1B | $2.9B | ||
| Q2 24 | $4.2B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | 0.29× | ||
| Q3 25 | 1.43× | 0.00× | ||
| Q2 25 | 1.41× | 0.00× | ||
| Q1 25 | 1.40× | 0.00× | ||
| Q4 24 | 1.40× | 0.19× | ||
| Q3 24 | 1.36× | 0.00× | ||
| Q2 24 | 1.34× | — |
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 | — | $-572.9M |
| Free Cash FlowOCF − Capex | — | $-774.3M |
| FCF MarginFCF / Revenue | — | -506.6% |
| Capex IntensityCapex / Revenue | 110.3% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $140.6M | $-572.9M | ||
| Q3 25 | $35.8M | $-114.0M | ||
| Q2 25 | $50.1M | $-231.3M | ||
| Q1 25 | $3.7M | $-122.1M | ||
| Q4 24 | $198.1M | $-255.1M | ||
| Q3 24 | $42.9M | $-56.3M | ||
| Q2 24 | $66.8M | $-42.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-774.3M | ||
| Q3 25 | — | $-139.7M | ||
| Q2 25 | — | $-291.7M | ||
| Q1 25 | — | $-154.9M | ||
| Q4 24 | — | $-495.4M | ||
| Q3 24 | — | $-127.6M | ||
| Q2 24 | — | $-96.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | -506.6% | ||
| Q3 25 | — | -77.5% | ||
| Q2 25 | — | -190.7% | ||
| Q1 25 | — | -96.0% | ||
| Q4 24 | — | -347.5% | ||
| Q3 24 | — | -150.5% | ||
| Q2 24 | — | -137.2% |
| Q1 26 | 110.3% | — | ||
| Q4 25 | — | 131.8% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 39.5% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | 168.6% | ||
| Q3 24 | — | 84.1% | ||
| Q2 24 | — | 76.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PDM
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
