RIOT Outperforms MARA in Key Metrics: Revenue Growth and Leverage

Riot Platforms (RIOT) and MARA Holdings (MARA) are two prominent players in the bitcoin mining space. While both companies have their strengths, Riot has a stronger operating profile with more pronounced revenue growth. Revenue for RIOT rose from $213.24 million in 2021 to $647.43 million in 2025, outpacing MARA's increase from $159.16 million to $907.09 million over the same period.

Despite this, MARA holds significant upside potential, with a modeled fair-value estimate of +23.7% as of October 1, 2026. However, this comes with substantial balance-sheet and earnings risk. Riot's leverage is lower, with $877.79 million in debt compared to MARA's $2.47 billion.

On the technical front, both companies have weak daily charts but strong weekly trends. RIOT has a better medium-term trend structure, while MARA presents an obvious rebound setup. The AI wildcard also plays a significant role, with both companies relying on converting mining infrastructure into AI data-center capacity. Morgan Stanley rates RIOT 'Overweight', citing its Corsicana and Rockdale power assets.