A Business at a Glance
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MARA Holdings, Inc.
MARA
$4.3B
Mkt Cap
$12.12
-5.09%
MARA Holdings, Inc. (MARA) has a 5-year average return on invested capital (ROIC) of -9.5%. This is below average and may indicate limited pricing power.
MARA Holdings, Inc. (MARA) has a market capitalization of $4.6B. It is classified as a mid-cap stock.
MARA Holdings, Inc. (MARA) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.74%.
MARA Holdings, Inc. (MARA) operates in the Finance Services industry, within the Financials sector.
MARA Holdings, Inc. (MARA) reported annual revenue of $907 million in its most recent fiscal year, based on SEC EDGAR filings.
MARA Holdings, Inc. (MARA) has a net profit margin of -144.6%. The company is currently unprofitable.
MARA Holdings, Inc. (MARA) generated $-1.2 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
CORPORATE OVERVIEW MARA is an energy and digital infrastructure company focused on acquiring, managing, and allocating energy to its highest-value uses. We use Bitcoin mining as a flexible, energy-responsive workload to monetize excess and underutilized power and to optimize power management across our portfolio. In parallel, we are in the process of developing artificial intelligence (“AI”) inference and high-performance computing (“HPC”) capabilities. We operate across four continents and 18 data centers in North America, the Middle East, Europe, and Latin America, with approximately 1.9 gigawatts (“GW”) of total capacity. Our strategy is centered on the ownership and control of energy and digital infrastructure. While our earlier growth strategy emphasized an asset-light model, we have strategically transitioned to an energy and digital infrastructure company, expanding our owned portfolio capacity to approximately 70%.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 868M | 907M | 656M | 388M | - | 159M |
| Net Income | -2.0B | -1.3B | 541M | 259M | -694M | -30M |
| EPS | $-5.26 | $-3.69 | $1.72 | $1.06 | $-6.12 | $-0.30 |
| Free Cash Flow | -1.3B | -1.2B | 426M | -343M | -218M | -293M |
| ROIC | -33.3% | -19.8% | 12.7% | 16.7% | -53.8% | -3.5% |
| Gross Margin | - | 14.8% | - | - | - | 73.4% |
| Debt/Equity | 1.08 | 1.04 | 0.64 | 0.20 | 2.15 | 1.07 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -1.7B | -1.2B | 306M | 221M | -674M | -3.0M |
| Operating Margin | -201.0% | -135.0% | 46.6% | 57.0% | - | -1.9% |
| ROE | -91.3% | -34.5% | 18.8% | 25.9% | -130.0% | -6.0% |
| Shares Outstanding | 381M | 355M | 315M | 244M | 113M | 99M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 21M | 19M | 37M | N/A | N/A | N/A | N/A | 159M | N/A | 388M | 656M | 907M | 868M |
| Gross Margin | 44.9% | 12.5% | 27.6% | N/A | N/A | N/A | N/A | 73.4% | N/A | N/A | N/A | 14.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 98K | 2.8M | 13M | 30M | 29M |
| SG&A | 545K | 1.1M | 840K | 831K | 1.4M | 466K | 6.4M | 174M | 57M | 84M | 254M | 350M | 351M |
| EBIT | -6.2M | -26M | -16M | -14M | -12M | -4.2M | -9.8M | -3.0M | -674M | 221M | 306M | -1.2B | -1.7B |
| Op. Margin | -29.0% | -135.3% | -42.5% | N/A | N/A | N/A | N/A | -1.9% | N/A | 57.0% | 46.6% | -135.0% | -201.0% |
| Net Income | -3.2M | -17M | -29M | -31M | -13M | -3.5M | -10M | -30M | -694M | 259M | 541M | -1.3B | -2.0B |
| Net Margin | -14.7% | -89.3% | -78.3% | N/A | N/A | N/A | N/A | -18.7% | N/A | 66.9% | 82.5% | -144.6% | -234.8% |
| Non-Recurring | 2.1M | 0 | 4.3M | -2.4M | 2.2M | 448K | 0 | 0 | 208M | 0 | 0 | 107M | 107M |
| Returns on Capital | |||||||||||||
| ROIC | -11.8% | -44.2% | -73.7% | -74.4% | N/M | -84.7% | -3.1% | -3.5% | -53.8% | 16.7% | 12.7% | -19.8% | -33.3% |
| ROE | -17.3% | -91.7% | N/A | -424.1% | -248.6% | -107.1% | N/A | -6.0% | -130.0% | 25.9% | 18.8% | -34.5% | -91.3% |
| ROA | -8.6% | -31.4% | -87.5% | -187.9% | -126.5% | -59.5% | -6.5% | -3.4% | -52.6% | 16.3% | 12.3% | -18.6% | -41.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 4.5M | -3.0M | 10M | -11M | -8.2M | -3.3M | -7.8M | -19M | -176M | -316M | 677M | -803M | -835M |
| Free Cash Flow | 4.4M | -3.0M | 10M | -11M | -13M | -3.3M | -26M | -293M | -218M | -343M | 426M | -1.2B | -1.3B |
| Owner Earnings | -2.8M | -16M | 762K | -15M | -14M | -5.2M | -15M | -201M | -280M | -544M | -74M | -2.2B | -2.7B |
| CapEx | 53K | 58K | 8K | 8K | 5.3M | 5K | 18M | 274M | 41M | 28M | 251M | 407M | 448M |
| Maint. CapEx | 5.5M | 11M | 7.5M | 1.9M | 4.3M | 994K | 6.5M | 21M | 79M | 196M | 594M | 1.2B | 1.7B |
| Growth CapEx | 0 | 0 | 0 | 0 | 913K | 0 | 11M | 253M | 0 | 0 | 0 | 0 | 0 |
| D&A | 5.5M | 11M | 7.5M | 1.9M | 4.3M | 994K | 6.5M | 21M | 79M | 196M | 594M | 1.2B | 1.7B |
| CapEx/OCF | 1.2% | N/A | 0.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 380K | 37M | 47M | 34M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.6% | 1.4% | 0.7% |
| Stock-Based Comp | 1.8M | 2.5M | 2.0M | 2.0M | 1.4M | 934K | 1.2M | 161M | 25M | 33M | 158M | 172M | 154M |
| Debt Repayment | 0 | 5.0M | 0 | 0 | 0 | 0 | 0 | 78M | 120M | 50M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 29M | 30M | 26M | -11M | -553K | 306K | -140M | 236M | 728M | -32M | 2.3B | 3.1B | 1.9B |
| Cash & Equiv. | 5.1M | 2.6M | 5.0M | 15M | 2.6M | 693K | 141M | 269M | 104M | 357M | 392M | 547M | 514M |
| Long-Term Debt | 17M | 23M | 18M | 1.8M | 999K | 999K | 999K | 728M | 782M | 326M | 2.4B | 3.2B | 2.2B |
| Debt/Equity | 1.39 | 2.60 | -3.34 | 0.48 | 0.68 | 0.27 | N/A | 1.07 | 2.15 | 0.20 | 0.64 | 1.04 | 1.08 |
| Interest Coverage | -11.4 | -6.0 | -5.0 | -10.8 | -148.2 | -81.7 | -467.5 | -1.9 | -45.0 | 21.3 | 23.6 | -25.3 | -25.3 |
| Equity | 24M | 13M | -9.3M | 7.4M | 2.9M | 3.6M | N/A | 682M | 386M | 1.6B | 4.1B | 3.5B | 2.2B |
| Total Assets | 61M | 47M | 18M | 15M | 5.2M | 6.6M | 313M | 1.4B | 1.2B | 2.0B | 6.8B | 7.3B | 4.9B |
| Total Liabilities | 37M | 35M | 28M | 7.7M | 2.3M | 3.0M | N/A | 765M | 809M | 154M | 2.7B | 3.8B | 331M |
| Intangibles | 43M | 25M | 12M | N/A | 1.1M | 1.1M | 1.0M | 931K | N/A | 0 | 2.7M | 988K | 43M |
| Retained Earnings | -12M | -29M | -58M | -89M | -102M | -106M | -116M | -146M | -840M | -568M | -26M | -1.3B | -2.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | -0.10 | -0.89 | -4.64 | -1.20 | -1.21 | -0.07 | -0.07 | -0.30 | -6.12 | 1.06 | 1.72 | -3.69 | -5.26 |
| Owner EPS | -0.09 | -0.86 | 0.12 | -0.56 | -1.32 | -0.10 | -0.10 | -2.02 | -2.47 | -2.23 | -0.24 | -6.11 | -7.07 |
| Book Value | 0.78 | 0.67 | -1.50 | 0.28 | 0.27 | 0.07 | N/A | 6.86 | 3.40 | 6.61 | 13.12 | 9.77 | 5.86 |
| Cash Flow/Share | 0.14 | -0.16 | 1.64 | -0.41 | -0.77 | -0.06 | -0.05 | -0.19 | -1.56 | -1.29 | 2.15 | -2.26 | -0.88 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 31.1M | 19.0M | 6.2M | 26.1M | 10.6M | 53.1M | 160.7M | 99.4M | 113.4M | 244.4M | 314.7M | 355.4M | 380.9M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 26.5 | 10.7 | N/A | -2.3 |
| P/FCF | N/A | N/A | 15.7 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 13.6 | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 29.3 | 23.7 | N/A | N/A |
| Price/Book | 70.1 | 25.7 | N/A | 15.2 | 2.9 | 1.6 | N/A | 5.1 | 2.3 | 4.3 | 1.4 | 1.0 | 2.1 |
| Price/Sales | 45.2 | 49.3 | 4.6 | N/A | N/A | N/A | N/A | 22.2 | N/A | 6.7 | 9.5 | 6.1 | 5.3 |
| FCF Yield | 0.3% | -0.9% | 8.5% | -9.6% | -158.6% | -55.7% | -2.6% | -8.4% | -24.4% | -5.0% | 7.3% | -35.5% | -27.8% |
| Market Cap | 1.7B | 326M | 119M | 113M | 8.5M | 6.0M | 985M | 3.5B | 891M | 6.9B | 5.8B | 3.4B | 4.6B |
| Avg. Price | 82.75 | 65.78 | 36.51 | 12.11 | 5.59 | 2.04 | 1.99 | 35.48 | 15.25 | 10.65 | 19.81 | 15.55 | 12.12 |
| Year-End Price | 145.60 | 22.88 | 25.76 | 17.24 | 1.60 | 0.90 | 12.25 | 35.14 | 3.15 | 28.11 | 18.44 | 9.59 | 12.12 |
MARA Holdings, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 44.1%. Total shareholder yield (buybacks) is 0.7%. At current prices, the estimated annualized return to fair value is +38.1%.
MARA Holdings, Inc. (MARA) has a debt-to-equity ratio of 1.04. This indicates moderate leverage.
MARA Holdings, Inc. (MARA) reported earnings per share (EPS) of $-3.69 in its most recent fiscal year.
MARA Holdings, Inc. (MARA) has a return on equity (ROE) of -34.5%. A negative ROE may indicate losses or negative equity.
MARA Holdings, Inc. (MARA) has a 5-year average gross margin of 44.1%. This indicates decent pricing power.
The Ledger Terminal provides 14 years of financial data for MARA Holdings, Inc. (MARA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MARA Holdings, Inc. (MARA) has a book value per share of $9.77, based on its most recent annual SEC filing.