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Marathon Digital Holdings, Inc. logo

Marathon Digital Holdings, Inc.

MARA

NASDAQFinancial ServicesFinancial - Capital Markets

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Previous close

$11.26

+$0.11 · +0.99%

Aug 21, 4:00 PM ET

MARA company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Sell

Trim exposure — unfavorable risk-reward

Valuation

47

Fair Value

Momentum

49

Neutral

Sentiment

30

Bearish

Risk resilience

17

Extreme Risk

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Company profile

Company website

MARA Holdings, Inc. is a digital asset technology company, which engages in mining cryptocurrencies with a focus on the Bitcoin ecosystem. It also deals with owning and operating bitcoin mining facilities or data centers, selling proprietary software or technology to third parties operating in the Bitcoin ecosystem, offering advisory and consulting services to support Bitcoin mining ventures in domestic and international jurisdictions, and generating electricity from renewable energy resources or methane gas capture to power Bitcoin mining projects. The company was founded on February 23, 2010 and is headquartered in Hallandale Beach, FL.

Industry
Financial - Capital Markets
Sector
Financial Services
Headquarters
US
CEO
Frederick G. Thiel
Listed since
May 4, 2012
Employees
266

Market position

Day range

Current $11.26

52-week range

Current $11.26

Open
$11.715
Previous close
$11.15
Volume
104.1M
2.28× average
Average volume
45.6M
Average daily volume
Market cap
4.29B USD
Beta
5.36
Market reference 1
50-day average
$12.0642
-6.67% below average
200-day average
$11.0959
+1.48% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
6.29B USD
P/E (TTM)
-1.2×
P/B (TTM)
2.59×
P/S (TTM)
5.34×
EV / EBITDA
-11.49×
Earnings yield
-41.12%
Free cash flow yield
-9.79%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
-42.12%
Operating margin
-97.69%
Net margin
-429.71%
Return on equity
-37.78%
Return on assets
-18.00%
Return on invested capital
-11.00%

Financial health

Debt / equity
1.49×
Current ratio
1.27×
Altman Z-score
-1.55
Piotroski F-score
3 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends150%-119%-388%-657%Gross margin, FY2021: 73.36%Gross margin, FY2022: -28.59%Gross margin, FY2023: -3.96%Gross margin, FY2024: -24.28%Gross margin, FY2025: -47.73%Operating margin, FY2021: -36.18%Operating margin, FY2022: -572.00%Operating margin, FY2023: 57.01%Operating margin, FY2024: 46.64%Operating margin, FY2025: -90.64%Net margin, FY2021: -23.31%Net margin, FY2022: -589.39%Net margin, FY2023: 67.40%Net margin, FY2024: 82.46%Net margin, FY2025: -144.58%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 73.36%. Gross margin FY2022 -28.59%. Gross margin FY2023 -3.96%. Gross margin FY2024 -24.28%. Gross margin FY2025 -47.73%. Operating margin FY2021 -36.18%. Operating margin FY2022 -572.00%. Operating margin FY2023 57.01%. Operating margin FY2024 46.64%. Operating margin FY2025 -90.64%. Net margin FY2021 -23.31%. Net margin FY2022 -589.39%. Net margin FY2023 67.40%. Net margin FY2024 82.46%. Net margin FY2025 -144.58%.

Income trends

Revenue

907.09M USD+38.20%

Operating income

−822.17M USD−1.13B USD

Net income

−1.31B USD−1.85B USD
Income trends across reported periods1.13B USD241.52M USD−645.91M USD−1.53B USDRevenue, FY2021: 159.16M USDRevenue, FY2022: 117.75M USDRevenue, FY2023: 387.51M USDRevenue, FY2024: 656.38M USDRevenue, FY2025: 907.09M USDOperating income, FY2021: −57.59M USDOperating income, FY2022: −673.54M USDOperating income, FY2023: 220.91M USDOperating income, FY2024: 306.11M USDOperating income, FY2025: −822.17M USDNet income, FY2021: −37.1M USDNet income, FY2022: −694.02M USDNet income, FY2023: 261.17M USDNet income, FY2024: 541.25M USDNet income, FY2025: −1.31B USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 159.16M USD. Revenue FY2022 117.75M USD. Revenue FY2023 387.51M USD. Revenue FY2024 656.38M USD. Revenue FY2025 907.09M USD. Operating income FY2021 −57.59M USD. Operating income FY2022 −673.54M USD. Operating income FY2023 220.91M USD. Operating income FY2024 306.11M USD. Operating income FY2025 −822.17M USD. Net income FY2021 −37.1M USD. Net income FY2022 −694.02M USD. Net income FY2023 261.17M USD. Net income FY2024 541.25M USD. Net income FY2025 −1.31B USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue907.09M USD656.38M USD387.51M USD117.75M USD159.16M USD
Cost of goods sold1.34B USD815.75M USD402.85M USD151.42M USD42.4M USD
Gross profit−432.94M USD−159.37M USD−15.34M USD−33.67M USD116.77M USD
Research and development30.12M USD13.23M USD2.81M USD98K USD—
Selling, general, and administrative349.94M USD272.08M USD95.23M USD82.77M USD174.36M USD
Operating expenses389.23M USD−465.48M USD−236.25M USD639.87M USD174.36M USD
Interest income55.86M USD16.71M USD2.81M USD1.02M USD677.42K USD
Interest expense48.38M USD13M USD10.35M USD14.98M USD1.57M USD
Depreciation and amortization772.77M USD426.63M USD179.51M USD78.71M USD14.9M USD
Operating income−822.17M USD306.11M USD220.91M USD−673.54M USD−57.59M USD
Net income−1.31B USD541.25M USD261.17M USD−694.02M USD−37.1M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
45%
5 beats, 6 misses, 0 met estimates
Average EPS surprise
+938.27%
11 comparable reports
Latest EPS result
-1.6
Estimate 0.17 · Miss by 1060.38%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates2.120.79-0.55-1.88Q1 '25BeatQ2 '25MissQ3 '25BeatQ4 '25BeatQ1 '26MissQ2 '26MissQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 26, 2025: actual 1.24, estimate -0.134, surprise +1024.41%, Beat. Q2 2025, reported May 8, 2025: actual -1.55, estimate -0.34, surprise -355.88%, Miss. Q3 2025, reported Jul 29, 2025: actual 1.84, estimate -0.074, surprise +2576.78%, Beat. Q4 2025, reported Nov 4, 2025: actual 0.268, estimate 0.025, surprise +992.17%, Beat. Q1 2026, reported Feb 26, 2026: actual -0.46, estimate -0.23, surprise -100.00%, Miss. Q2 2026, reported May 11, 2026: actual -0.61, estimate -0.46, surprise -32.61%, Miss. Q3 2026, reported Aug 6, 2026: actual -1.6, estimate 0.167, surprise -1060.38%, Miss. Q4 2026, reported Nov 3, 2026: actual —, estimate -0.306, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates262.51M229.84M197.18M164.52MQ1 '25BeatQ2 '25MissQ3 '25BeatQ4 '25BeatQ1 '26MissQ2 '26MissQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 26, 2025: actual 214.39M USD, estimate 187.77M USD, surprise +14.18%, Beat. Q2 2025, reported May 8, 2025: actual 213.88M USD, estimate 216.94M USD, surprise -1.41%, Miss. Q3 2025, reported Jul 29, 2025: actual 238.5M USD, estimate 227.92M USD, surprise +4.64%, Beat. Q4 2025, reported Nov 4, 2025: actual 252.41M USD, estimate 251.71M USD, surprise +0.28%, Beat. Q1 2026, reported Feb 26, 2026: actual 202.31M USD, estimate 252.18M USD, surprise -19.77%, Miss. Q2 2026, reported May 11, 2026: actual 174.61M USD, estimate 181.9M USD, surprise -4.01%, Miss. Q3 2026, reported Aug 6, 2026: actual 174.88M USD, estimate 209.44M USD, surprise -16.50%, Miss. Q4 2026, reported Nov 3, 2026: actual —, estimate 183.08M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$12.00

6.57% upside
Past 12 months12-month forecastHigh $17.00Average $12.00Low $6.00

Rating distribution

20 ratings
Strong buy00%
Buy1050%
Hold945%
Sell15%
Strong sell00%

Recent analyst actions

12 institutions
Clear StreetmaintainHold

MARA peers

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$98.22

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PYPL

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$61.55

-1.20%

ETFs holding MARA

Funds reporting this stock among their holdings, ordered by reported position size.

iShares Core S&P Small-Cap ETF logoiShares Core S&P Small-Cap ETFIJR
Market value
225.46M
Weight
0.20%
AUM
111.19B USD
Expense ratio
0.06%
Price / 1D
$147.31+0.64%
Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
130.5M
Weight
0.01%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
110.41M
Weight
0.14%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$299.96+0.77%
Vanguard Morningstar Small-Cap ETF logoVanguard Morningstar Small-Cap ETFVB
Market value
94.26M
Weight
0.05%
AUM
183.4B USD
Expense ratio
0.03%
Price / 1D
$304.76+0.64%
Vanguard Information Technology ETF logoVanguard Information Technology ETFVGT
Market value
89.36M
Weight
0.06%
AUM
160.2B USD
Expense ratio
0.09%
Price / 1D
$118.42+0.05%
GraniteShares 2x Long MARA Daily ETF logoGraniteShares 2x Long MARA Daily ETFMRAL
Market value
62.17M
Weight
199.97%
AUM
47.45M USD
Expense ratio
1.93%
Price / 1D
$39.33+2.42%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
49.71M
Weight
0.05%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
Vanguard Morningstar Small-Cap Growth ETF logoVanguard Morningstar Small-Cap Growth ETFVBK
Market value
49M
Weight
0.11%
AUM
43.8B USD
Expense ratio
0.05%
Price / 1D
$358.65+0.70%

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