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Side-by-side financial comparison of Perella Weinberg Partners (PWP) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Perella Weinberg Partners is the larger business by last-quarter revenue ($219.2M vs $152.8M, roughly 1.4× Riot Platforms, Inc.). Perella Weinberg Partners runs the higher net margin — 6.3% vs -452.0%, a 458.3% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -2.9%). Perella Weinberg Partners produced more free cash flow last quarter ($30.5M vs $-774.3M). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% CAGR vs 38.8%).
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
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.
PWP vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.2M | $152.8M |
| Net Profit | $13.8M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | 8.5% | -447.9% |
| Net Margin | 6.3% | -452.0% |
| Revenue YoY | -2.9% | 7.2% |
| Net Profit YoY | — | -606.3% |
| EPS (diluted) | $0.11 | $-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 | $219.2M | $152.8M | ||
| Q3 25 | $164.6M | $180.2M | ||
| Q2 25 | $155.3M | $153.0M | ||
| Q1 25 | $211.8M | $161.4M | ||
| Q4 24 | $225.7M | $142.6M | ||
| Q3 24 | $278.2M | $84.8M | ||
| Q2 24 | $272.0M | $70.0M | ||
| Q1 24 | $102.1M | $79.3M |
| Q4 25 | $13.8M | $-690.7M | ||
| Q3 25 | $6.0M | $104.5M | ||
| Q2 25 | $2.7M | $219.5M | ||
| Q1 25 | $17.3M | $-296.4M | ||
| Q4 24 | — | $136.4M | ||
| Q3 24 | $16.4M | $-154.4M | ||
| Q2 24 | $-66.0M | $-84.4M | ||
| Q1 24 | $-35.8M | $211.8M |
| Q4 25 | 8.5% | -447.9% | ||
| Q3 25 | 5.4% | 44.4% | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | 5.5% | -144.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | 12.9% | -143.3% | ||
| Q2 24 | -30.2% | -167.2% | ||
| Q1 24 | -52.4% | — |
| Q4 25 | 6.3% | -452.0% | ||
| Q3 25 | 3.6% | 58.0% | ||
| Q2 25 | 1.8% | 143.4% | ||
| Q1 25 | 8.2% | -183.6% | ||
| Q4 24 | — | 95.7% | ||
| Q3 24 | 5.9% | -182.1% | ||
| Q2 24 | -24.3% | -120.6% | ||
| Q1 24 | -35.1% | 267.1% |
| Q4 25 | $0.11 | $-1.89 | ||
| Q3 25 | $0.08 | $0.26 | ||
| Q2 25 | $0.04 | $0.58 | ||
| Q1 25 | $0.24 | $-0.90 | ||
| Q4 24 | — | $0.39 | ||
| Q3 24 | $0.24 | $-0.54 | ||
| Q2 24 | $-1.21 | $-0.32 | ||
| Q1 24 | $-0.91 | $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 | $255.9M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $-127.4M | $2.9B |
| Total Assets | $797.6M | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $255.9M | $233.5M | ||
| Q3 25 | $185.5M | $330.7M | ||
| Q2 25 | $145.0M | $255.4M | ||
| Q1 25 | $111.2M | $163.7M | ||
| Q4 24 | $407.4M | $277.9M | ||
| Q3 24 | $335.1M | $355.7M | ||
| Q2 24 | $185.3M | $481.2M | ||
| Q1 24 | $156.7M | $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 | $-127.4M | $2.9B | ||
| Q3 25 | $-302.4M | $3.5B | ||
| Q2 25 | $-318.4M | $3.3B | ||
| Q1 25 | $-323.1M | $2.9B | ||
| Q4 24 | $-421.4M | $3.1B | ||
| Q3 24 | $-360.8M | $2.7B | ||
| Q2 24 | $-283.0M | $2.6B | ||
| Q1 24 | $161.9M | $2.5B |
| Q4 25 | $797.6M | $3.9B | ||
| Q3 25 | $650.2M | $4.5B | ||
| Q2 25 | $606.7M | $4.3B | ||
| Q1 25 | $570.5M | $3.7B | ||
| Q4 24 | $876.8M | $3.9B | ||
| Q3 24 | $810.9M | $2.9B | ||
| Q2 24 | $645.5M | $2.7B | ||
| Q1 24 | $583.6M | $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 | $34.8M | $-572.9M |
| Free Cash FlowOCF − Capex | $30.5M | $-774.3M |
| FCF MarginFCF / Revenue | 13.9% | -506.6% |
| Capex IntensityCapex / Revenue | 2.0% | 131.8% |
| Cash ConversionOCF / Net Profit | 2.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.1M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.8M | $-572.9M | ||
| Q3 25 | $59.2M | $-114.0M | ||
| Q2 25 | $56.1M | $-231.3M | ||
| Q1 25 | $-176.5M | $-122.1M | ||
| Q4 24 | $223.4M | $-255.1M | ||
| Q3 24 | $200.3M | $-56.3M | ||
| Q2 24 | $90.0M | $-42.5M | ||
| Q1 24 | $-206.3M | $-57.9M |
| Q4 25 | $30.5M | $-774.3M | ||
| Q3 25 | $57.6M | $-139.7M | ||
| Q2 25 | $55.3M | $-291.7M | ||
| Q1 25 | $-177.6M | $-154.9M | ||
| Q4 24 | $207.0M | $-495.4M | ||
| Q3 24 | $199.3M | $-127.6M | ||
| Q2 24 | $83.7M | $-96.1M | ||
| Q1 24 | $-214.8M | $-115.2M |
| Q4 25 | 13.9% | -506.6% | ||
| Q3 25 | 35.0% | -77.5% | ||
| Q2 25 | 35.6% | -190.7% | ||
| Q1 25 | -83.8% | -96.0% | ||
| Q4 24 | 91.7% | -347.5% | ||
| Q3 24 | 71.6% | -150.5% | ||
| Q2 24 | 30.8% | -137.2% | ||
| Q1 24 | -210.3% | -145.2% |
| Q4 25 | 2.0% | 131.8% | ||
| Q3 25 | 0.9% | 14.3% | ||
| Q2 25 | 0.5% | 39.5% | ||
| Q1 25 | 0.5% | 20.4% | ||
| Q4 24 | 7.3% | 168.6% | ||
| Q3 24 | 0.4% | 84.1% | ||
| Q2 24 | 2.3% | 76.5% | ||
| Q1 24 | 8.3% | 72.3% |
| Q4 25 | 2.52× | — | ||
| Q3 25 | 9.85× | -1.09× | ||
| Q2 25 | 20.50× | -1.05× | ||
| Q1 25 | -10.18× | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | 12.23× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PWP
Segment breakdown not available.
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
