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Marathon Digital Holdings, Inc.

MARA Financial Capital Markets

Marathon Digital Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $907.1 million, up 38.2% from fiscal 2024.

Revenue
−26.7%
EPS
−169.9%
Free cash flow
+85.6%
Total debt
−19.9%

Quarter to June 2026, against a year earlier

6.03 0.84 −12.23%
Market cap
$2.3B
P/E
0.0×
Fwd P/E
−1.3×
Dividend yield
—
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 6.49
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 1 2 2 3 3 4 3 3 3 2 1
Insider Ownership 0.90%

Capital & Financial Ratios $m

Size
Market Cap 2,270.00
Revenue ttm 804.22
Net income ttm (3,460.37)
Free cash flow ttm (1,276.43)
Net debt Q 1,650.92
Valuation
P/E 0.00
Forward P/E (1.31) (negative: loss-making)
Price / sales 2.86
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.37
Financial health
Current ratio Q 0.89
Debt / equity Q 1.24
Interest coverage Q (83.18)
Growth
Revenue growth Q −26.67% (below 0%: shrinking)
Operating income growth Q −176.65% (below 0%: shrinking)
EPS, this year −30.83% (below 0%: weak)
EPS, next year A +80.84% (at or above 15%: strong)
Revenue, next year A −22.05% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +26.09% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 15.44%
10-year low 10-year high
P/B against its own 10 years 15.59%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 997 408 562 435
Receivables 2 6 19 27
Inventory — — — —
Other 7 20 40 17
1,030 470 664 527
2023 2024 2025 Q'26
Payables 11 13 13 10
ST’ Debt — — 350 150
Other — 5 23 18
34 95 522 592

Compound Annual Growth %

10y 5y 3y
Sales 47.21% 190.87% 97.50%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 75.32% 61.99% 108.08%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.56 Actual −0.70

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.26 −0.32 Miss by 0.06
Q4 FY25 −0.23 −0.46 Miss by 0.23
Q1 FY26 −0.46 −0.61 Miss by 0.15
Q2 FY26 −0.56 −0.70 Miss by 0.14
Q3 FY26 −0.04 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (3.31) (1.60) — — —
’25 (1.55) 1.84 0.27 (4.52) (3.69)
’24 1.26 (0.72) (0.42) 1.62 1.72
’23 0.70 (0.13) 0.00 0.66 1.06
’22 (0.13) (1.75) (0.65) (3.14) (6.05)
’21 0.87 (1.09) (0.22) 0.15 (0.36)
’20 (0.12) (0.13) (0.06) (0.10) (0.13)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 175 175 — — —
’25 214 238 252 202 907
’24 165 145 132 214 656
’23 51 82 98 157 388
’22 52 25 13 28 118
’21 9 29 52 69 159
’20 1 0 1 3 4
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (247) (224) — — —
’25 (215) (163) (199) (225) (803)
’24 (88) (115) (160) (313) (677)
’23 (91) (51) (82) (91) (316)
’22 (26) (15) (43) (93) (176)
’21 (3) (4) (38) 25 (19)
’20 (1) (1) (1) (4) (8)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (524) (41) — — —
’25 (287) (282) (284) (389) (1,206)
’24 (122) (132) (196) (501) (927)
’23 (109) (57) (84) (93) (343)
’22 (33) 65 41 (113) (39)
’21 (29) (101) (2) (218) (293)
’20 (1) (6) (4) (19) (26)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 37 1 2 1 4 159 118 388 656 907 804 +42.8% 707 805 606 (12.6%)
Gross margin, % 27.61 (567.98) (114.53) (109.43) (58.71) 73.36 (28.59) 41.51 36.12 37.46 26.27 +9.8 pt
EBT (17) (31) (13) (4) (10) (5) (718) 278 617 (1,368) (3,636) +62.5%
EBT margin, % (47.26) (6,050.33) (815.75) (296.75) (239.75) (3.04) (609.97) 71.64 93.92 (150.84) (452.17) (103.6) pt
Net income (29) (31) (13) (4) (10) (30) (694) 261 541 (1,312) (3,460) +52.8%
Per share, $
Per share, $ Revenue 38.62 0.32 0.29 0.18 0.05 1.60 1.04 2.11 2.26 2.55 2.11 (26.1%)
Earnings (30.24) (19.22) (2.40) (0.53) (0.13) (0.36) (6.05) 1.41 1.87 (3.69) (9.10) (20.8%)
Cash flow 10.72 (6.63) (1.55) (0.50) (0.10) (0.19) (1.56) (1.72) (2.33) (2.26) (2.35) n/m
Capex (3.89) 0.00 (1.03) 0.00 (0.22) (2.76) 1.21 (0.15) (0.86) (1.14) (1.00) (12.8%)
Free cash flow 6.83 (6.63) (2.58) (0.50) (0.31) (2.95) (0.35) (1.87) (3.20) (3.40) (3.35) n/m
Book value (9.79) 4.53 0.55 0.55 3.83 6.87 3.40 8.79 14.26 9.79 4.39 n/m
Shares, m 1 2 5 7 81 99 113 184 290 355 372 +93.2%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17.87 9.00 0.00 0.00 2.7
P/S 0.74 54.23 4.93 4.95 195.06 20.51 3.28 10.88 7.41 3.52 2.86 30.6
P/B 0.00 3.81 2.64 1.61 2.73 4.79 1.00 2.61 1.18 0.92 1.37 2.1
EV/Sales 0.73 47.60 3.91 5.28 162.12 21.40 7.93 9.15 10.52 6.82 — 27.5
EV/FCF 4.16 (2.11) (0.44) (1.75) (22.14) (9.65) (9.40) (8.79) (6.82) (4.66) — (6.2)
Cash, $m
Cash, $m Operating cash flow 10 (11) (8) (3) (8) (19) (176) (316) (677) (803) (895) n/m
Capex (4) 0 (6) 0 (18) (274) 137 (28) (250) (403) (381) +68.5%
Free cash flow 6 (11) (14) (3) (26) (293) (39) (343) (927) (1,206) (1,276) n/m
Balance, $m
Balance, $m Working capital (15) 7 1 0 285 673 251 996 375 142 (65) n/m
Net debt 13 (13) (2) 0 (144) 142 548 (671) 2,042 2,994 1,651 +83.3%
Shareholders’ equity (9) 7 3 4 312 682 386 1,616 4,136 3,477 1,677 n/m
Returns, %
Returns, % ROA (87.51) (187.93) (126.54) (59.54) (6.53) (3.39) (52.59) 16.26 12.31 (18.62) (57.26) +68.9 pt
ROIC (274.58) 0.00 (551.05) (67.03) (3.65) (0.23) (45.08) 14.62 3.10 (11.82) (55.32) +262.8 pt
ROE (1,691.90) 3,299.84 (248.60) (107.09) (6.63) (6.00) (129.96) 25.88 18.82 (34.45) (106.77) +1,657.5 pt
People
People Employees 15 3 3 3 3 9 30 60 152 266 — +37.6%
Revenue/emp, $m 2.44 0.17 0.52 0.40 1.45 17.68 3.93 6.46 4.32 3.41 — +3.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Marathon Digital Holdings, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PJT PJT Partners Inc. $3.9B 18.7× 35.4× −13.86% (below 0%: shrinking) +35.37% (above 0%: growing) +26.53% (above 0%: growing) 32.91% 17.86% Compare
LAZ Lazard, Inc. $3.8B 22.0× 22.9× +8.84% (above 0%: growing) −61.97% (below 0%: shrinking) +9.21% (above 0%: growing) 100.00% 6.72% Compare
MIAX Miami International Holdings, Inc. $3.5B 10.7× 12.0× +10.71% (above 0%: growing) n/m −62.61% (below 0%: shrinking) 34.83% 12.55% Compare
LCLN Lincoln International Inc. $2.7B — — — — — 100.00% (7.04%) Compare
IOND Ionic Digital Inc. $2.5B — (loss-making) — — n/m — 93.28% (16.93%) Compare
PURR Hyperliquid Strategies Inc $2.4B — (loss-making) — (loss-making) +6,940.21% (above 0%: growing) n/m −6,672.51% (below 0%: shrinking) 100.00% 7,380.58% Compare
MARA Marathon Digital Holdings, Inc. $2.3B — (loss-making) — (loss-making) −26.67% (below 0%: shrinking) n/m +85.60% (above 0%: growing) 17.19% (297.96%)
ETOR eToro Group Ltd. $1.8B 7.4× 10.1× −23.93% (below 0%: shrinking) +71.05% (above 0%: growing) −32.39% (below 0%: shrinking) 15.03% 4.80% Compare
CLSK Cleanspark, Inc. $1.5B — (loss-making) — (loss-making) −30.53% (below 0%: shrinking) n/m +202.37% (above 0%: growing) 38.06% (168.40%) Compare
Median of peers $2.6B 14.7× 17.5× −2.51% +35.37% −11.59% 65.67% 5.76%

All 97 Capital Markets stocks →

Pay and ownership Proxy statement filed 30 April 2026

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc.50 Hudson Yards, New York, NY 11.90%
Vanguard Portfolio Management100 Vanguard Blvd., Malvern, PA, 6.97%
Vanguard Capital Management100 Vanguard Blvd., Malvern, PA, 5.04%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Marathon Digital Holdings, Inc. (MARA) Latest News

5 Nov

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MARA metrics, ten years each

stockrow.com/MARA · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com