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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $100.0M, roughly 1.5× Latham Group, Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -452.0%, a 445.0% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 7.2%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
RIOT vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $100.0M |
| Net Profit | $-690.7M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | -447.9% | -10.7% |
| Net Margin | -452.0% | -7.0% |
| Revenue YoY | 7.2% | 14.5% |
| Net Profit YoY | -606.3% | 76.0% |
| EPS (diluted) | $-1.89 | $-0.06 |
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 | $152.8M | $100.0M | ||
| Q3 25 | $180.2M | $161.9M | ||
| Q2 25 | $153.0M | $172.6M | ||
| Q1 25 | $161.4M | $111.4M | ||
| Q4 24 | $142.6M | $87.3M | ||
| Q3 24 | $84.8M | $150.5M | ||
| Q2 24 | $70.0M | $160.1M | ||
| Q1 24 | $79.3M | $110.6M |
| Q4 25 | $-690.7M | $-7.0M | ||
| Q3 25 | $104.5M | $8.1M | ||
| Q2 25 | $219.5M | $16.0M | ||
| Q1 25 | $-296.4M | $-6.0M | ||
| Q4 24 | $136.4M | $-29.2M | ||
| Q3 24 | $-154.4M | $5.9M | ||
| Q2 24 | $-84.4M | $13.3M | ||
| Q1 24 | $211.8M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | -447.9% | -10.7% | ||
| Q3 25 | 44.4% | 13.3% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | -144.9% | -4.4% | ||
| Q4 24 | — | -14.9% | ||
| Q3 24 | -143.3% | 8.9% | ||
| Q2 24 | -167.2% | 12.5% | ||
| Q1 24 | — | -1.9% |
| Q4 25 | -452.0% | -7.0% | ||
| Q3 25 | 58.0% | 5.0% | ||
| Q2 25 | 143.4% | 9.3% | ||
| Q1 25 | -183.6% | -5.4% | ||
| Q4 24 | 95.7% | -33.4% | ||
| Q3 24 | -182.1% | 3.9% | ||
| Q2 24 | -120.6% | 8.3% | ||
| Q1 24 | 267.1% | -7.1% |
| Q4 25 | $-1.89 | $-0.06 | ||
| Q3 25 | $0.26 | $0.07 | ||
| Q2 25 | $0.58 | $0.13 | ||
| Q1 25 | $-0.90 | $-0.05 | ||
| Q4 24 | $0.39 | $-0.24 | ||
| Q3 24 | $-0.54 | $0.05 | ||
| Q2 24 | $-0.32 | $0.11 | ||
| Q1 24 | $0.51 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $233.5M | — |
| Total DebtLower is stronger | $840.8M | $279.8M |
| Stockholders' EquityBook value | $2.9B | $405.9M |
| Total Assets | $3.9B | $823.2M |
| Debt / EquityLower = less leverage | 0.29× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.5M | — | ||
| Q3 25 | $330.7M | — | ||
| Q2 25 | $255.4M | — | ||
| Q1 25 | $163.7M | — | ||
| Q4 24 | $277.9M | — | ||
| Q3 24 | $355.7M | — | ||
| Q2 24 | $481.2M | — | ||
| Q1 24 | $688.5M | — |
| Q4 25 | $840.8M | $279.8M | ||
| Q3 25 | $5.3M | $281.1M | ||
| Q2 25 | $5.3M | $281.5M | ||
| Q1 25 | $5.3M | $306.9M | ||
| Q4 24 | $584.6M | $281.5M | ||
| Q3 24 | $5.7M | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $2.9B | $405.9M | ||
| Q3 25 | $3.5B | $408.4M | ||
| Q2 25 | $3.3B | $398.4M | ||
| Q1 25 | $2.9B | $381.1M | ||
| Q4 24 | $3.1B | $387.2M | ||
| Q3 24 | $2.7B | $416.6M | ||
| Q2 24 | $2.6B | $408.1M | ||
| Q1 24 | $2.5B | $391.8M |
| Q4 25 | $3.9B | $823.2M | ||
| Q3 25 | $4.5B | $844.4M | ||
| Q2 25 | $4.3B | $822.1M | ||
| Q1 25 | $3.7B | $824.6M | ||
| Q4 24 | $3.9B | $794.2M | ||
| Q3 24 | $2.9B | $853.4M | ||
| Q2 24 | $2.7B | $830.0M | ||
| Q1 24 | $2.6B | $808.6M |
| Q4 25 | 0.29× | 0.69× | ||
| Q3 25 | 0.00× | 0.69× | ||
| Q2 25 | 0.00× | 0.71× | ||
| Q1 25 | 0.00× | 0.81× | ||
| Q4 24 | 0.19× | 0.73× | ||
| Q3 24 | 0.00× | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-774.3M | $14.1M |
| FCF MarginFCF / Revenue | -506.6% | 14.1% |
| Capex IntensityCapex / Revenue | 131.8% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-572.9M | $23.3M | ||
| Q3 25 | $-114.0M | $51.0M | ||
| Q2 25 | $-231.3M | $36.0M | ||
| Q1 25 | $-122.1M | $-46.9M | ||
| Q4 24 | $-255.1M | $6.2M | ||
| Q3 24 | $-56.3M | $37.2M | ||
| Q2 24 | $-42.5M | $52.4M | ||
| Q1 24 | $-57.9M | $-34.5M |
| Q4 25 | $-774.3M | $14.1M | ||
| Q3 25 | $-139.7M | $45.2M | ||
| Q2 25 | $-291.7M | $29.1M | ||
| Q1 25 | $-154.9M | $-50.3M | ||
| Q4 24 | $-495.4M | $-98.0K | ||
| Q3 24 | $-127.6M | $33.2M | ||
| Q2 24 | $-96.1M | $47.9M | ||
| Q1 24 | $-115.2M | $-39.9M |
| Q4 25 | -506.6% | 14.1% | ||
| Q3 25 | -77.5% | 27.9% | ||
| Q2 25 | -190.7% | 16.8% | ||
| Q1 25 | -96.0% | -45.2% | ||
| Q4 24 | -347.5% | -0.1% | ||
| Q3 24 | -150.5% | 22.1% | ||
| Q2 24 | -137.2% | 29.9% | ||
| Q1 24 | -145.2% | -36.0% |
| Q4 25 | 131.8% | 9.2% | ||
| Q3 25 | 14.3% | 3.6% | ||
| Q2 25 | 39.5% | 4.0% | ||
| Q1 25 | 20.4% | 3.1% | ||
| Q4 24 | 168.6% | 7.2% | ||
| Q3 24 | 84.1% | 2.7% | ||
| Q2 24 | 76.5% | 2.8% | ||
| Q1 24 | 72.3% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | -1.09× | 6.29× | ||
| Q2 25 | -1.05× | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.87× | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | -0.27× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
