MARA

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MARA Holdings, Inc.

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Key Metrics

Previous Close: $9.65
52-Week Range: $6.66 – $23.45
Market Cap: $4.31B
P/E (TTM): —
EPS (TTM): -10.85
Dividend Yield: —

Advanced Metrics

Price/Book: 2.56
PEG Ratio: 0.10
Return on Equity: -105.57%
Return on Assets: -26.30%
Gross Margin: 40.12%
Operating Margin: -265.21%
Profit Margin: 0.00%
Current Ratio: 0.89
Debt/Equity: 1.40
Total Debt: $2.47B
Free Cash Flow: $-1.17B
Revenue Growth: -26.70%
Earnings Growth: —
Enterprise Value: $6.45B

MARA Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$117.75M	$387.51M	$656.38M	$907.09M
Cost of Revenue	$151.42M	$0.00	$98.16M	$179.04M
Gross Profit	-$33.67M	$387.51M	$558.22M	$728.05M
Research & Development	$98.00K	$2.81M	$13.23M	$30.12M
Selling, General & Admin	$82.77M	$83.61M	$253.96M	$349.94M
Operating Expenses	$82.87M	$498.08M	$1.03B	$1.55B
Operating Income	-$116.54M	-$110.57M	-$467.60M	-$822.17M
EBITDA	-$624.56M	$473.49M	$1.06B	-$547.12M
Pretax Income	-$718.25M	$277.60M	$616.50M	-$1.37B
Income Tax	-$24.23M	$16.43M	$75.50M	-$56.38M
Net Income	-$694.02M	$261.17M	$541.25M	-$1.31B
Diluted EPS	-6.12	1.06	1.72	-3.69
Diluted Shares	113.47M	192.29M	311.84M	355.17M

MARA Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$103.70M	$357.31M	$391.77M	$547.13M
Receivables	$18.00K	$0.00	$6.34M	$18.54M
Current Assets	$277.55M	$1.03B	$470.37M	$664.27M
Total Assets	$1.20B	$1.99B	$6.80B	$7.29B
Current Liabilities	$26.11M	$33.76M	$95.20M	$521.88M
Long-Term Debt	$782.17M	$325.65M	$2.45B	$3.20B
Total Debt	$783.51M	$326.13M	$2.47B	$3.65B
Total Liabilities	$809.30M	$375.05M	$2.67B	$3.81B
Retained Earnings	-$840.34M	-$567.64M	-$26.39M	-$1.34B
Shareholders' Equity	$385.94M	$1.62B	$4.13B	$3.47B
Working Capital	$251.43M	$996.04M	$375.18M	$142.39M
Net Debt	$678.47M	—	$2.05B	$3.05B

MARA Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$176.48M	-$315.65M	-$677.02M	-$802.73M
Capital Expenditure	-$41.11M	-$27.61M	-$253.46M	-$407.07M
Free Cash Flow	-$217.59M	-$343.26M	-$930.48M	-$1.21B
Depreciation & Amortisation	$78.71M	$185.54M	$429.19M	$772.77M
Stock-Based Compensation	$24.59M	$32.64M	$157.64M	$172.29M
Investing Cash Flow	-$390.23M	$4.59M	-$3.23B	-$669.92M
Financing Cash Flow	$410.65M	$555.86M	$3.95B	$1.63B
Share Repurchases	$0.00	-$15.75M	$0.00	$0.00
Net Change in Cash	-$156.05M	$244.81M	$46.46M	$155.36M

MARA Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$213.88M	$238.49M	$252.41M	$202.31M	$174.61M
Cost of Revenue	$43.48M	$41.73M	$43.08M	$50.75M	$44.73M
Gross Profit	$170.40M	$196.75M	$209.33M	$151.56M	$129.88M
Research & Development	$9.30M	$8.55M	$8.72M	$3.56M	$8.25M
Selling, General & Admin	$85.86M	$92.95M	$85.30M	$85.83M	$86.86M
Operating Expenses	$344.13M	$357.06M	$365.65M	$483.37M	$387.97M
Operating Income	-$173.73M	-$160.31M	-$156.32M	-$331.81M	-$258.09M
EBITDA	-$484.78M	$1.19B	$340.88M	-$1.59B	-$1.09B
Pretax Income	-$652.62M	$1.02B	$160.81M	-$1.89B	-$1.29B
Income Tax	-$119.17M	$208.50M	$37.68M	-$183.39M	-$30.93M
Net Income	-$533.20M	$808.24M	$123.13M	-$1.71B	-$1.26B
Diluted EPS	-1.55	1.84	0.27	-4.52	-3.31
Diluted Shares	344.10M	440.91M	470.13M	378.61M	380.16M

MARA Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$196.22M	$109.47M	$826.39M	$547.13M	$513.65M
Receivables	$8.63M	$31.03M	$33.12M	$18.54M	$25.64M
Current Assets	$291.83M	$236.46M	$961.92M	$664.27M	$611.11M
Total Assets	$6.44B	$7.72B	$9.15B	$7.29B	$4.95B
Current Liabilities	$368.37M	$441.02M	$459.37M	$521.88M	$331.47M
Long-Term Debt	$2.30B	$2.25B	$3.25B	$3.20B	$2.22B
Total Debt	$2.64B	$2.65B	$3.64B	$3.65B	$2.46B
Total Liabilities	$2.72B	$2.93B	$3.98B	$3.81B	$2.62B
Retained Earnings	-$559.59M	$248.65M	$371.78M	-$1.34B	-$2.60B
Shareholders' Equity	$3.72B	$4.79B	$5.16B	$3.47B	$2.23B
Working Capital	-$76.54M	-$204.56M	$502.55M	$142.39M	$279.64M
Net Debt	$2.40B	$2.49B	$2.77B	$3.05B	$1.90B

MARA Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$215.49M	-$163.44M	-$199.05M	-$224.75M	-$247.49M
Capital Expenditure	-$38.86M	-$118.92M	-$84.83M	-$164.47M	-$80.06M
Free Cash Flow	-$254.34M	-$282.36M	-$283.88M	-$389.22M	-$327.55M
Depreciation & Amortisation	$157.90M	$161.74M	$167.31M	$285.82M	$191.56M
Stock-Based Compensation	$49.12M	$54.66M	$38.47M	$30.06M	$30.51M
Investing Cash Flow	-$209.85M	-$127.16M	-$285.65M	-$47.26M	$1.19B
Financing Cash Flow	$229.78M	$203.87M	$1.20B	-$7.26M	-$1.11B
Net Change in Cash	-$195.56M	-$86.74M	$716.92M	-$279.26M	-$165.50M

Market Snapshot

About

MARA Holdings, Inc. (formerly Marathon Digital Holdings) is a Bitcoin mining company and digital asset technology firm. The company operates large-scale mining facilities focused on generating Bitcoin through energy-efficient operations. MARA is one of the largest publicly traded Bitcoin mining companies in North America.