Saturday 17 October 2026
Export MARA’s income statement to Excel — free account
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. In the quarter to June 2026, revenue fell 26.7%, EPS fell 169.9%, free cash flow grew 85.6% and total debt fell 19.9%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
7.53
0.80
−9.60%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
0.00 | 9.00 | 17.87 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Piotroski F-Score |
3 | 1 | 6 | 2 | 4 | 5 | 4 | 5 | 3 | 5 |
P/S ratio |
3.52 | 7.41 | 10.88 | 3.28 | 20.51 | 195.06 | 4.95 | 4.90 | 54.23 | 0.74 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.21 |
P/Operating CF |
(14.19) | (15.51) | (46.24) | (4.16) | 128.55 | (196.52) | (5.25) | (8.01) | 7.05 | (26.08) |
P/B ratio |
0.92 | 1.18 | 2.61 | 1.00 | 4.79 | 2.73 | 1.61 | 2.62 | 3.81 | 0.00 |
Price to Tangible BV |
0.92 | 1.20 | 2.61 | 1.00 | 4.79 | 2.74 | 2.28 | 4.31 | 0.00 | 0.00 |
EV/Sales |
6.82 | 10.52 | 9.15 | 7.93 | 21.40 | 162.12 | 5.28 | 3.91 | 47.60 | 0.73 |
EV/EBITDA |
0.00 | 9.39 | 8.72 | 0.00 | 285.83 | 0.00 | 0.00 | 0.00 | 0.00 | 3.29 |
EV/Operating CF |
(7.70) | (10.20) | (11.23) | (5.29) | (179.60) | (90.87) | (1.89) | (0.74) | (2.29) | 2.64 |
EV/FCF |
(4.66) | (6.82) | (8.79) | (9.40) | (9.65) | (22.14) | (1.75) | (0.44) | (2.11) | 4.16 |
Quick Ratio |
1.11 | 4.35 | 29.59 | 8.97 | 54.63 | 151.24 | 0.37 | 1.12 | 1.95 | 0.25 |
Current Ratio |
1.27 | 4.94 | 30.51 | 10.63 | 60.82 | 198.37 | 0.81 | 1.33 | 1.96 | 0.27 |
Net Debt/EBITDA |
(8.74) | 2.78 | (1.65) | (0.96) | 11.89 | 21.25 | (0.10) | 0.20 | 2.13 | 1.57 |
Debt/Assets |
48.80% | 36.03% | 16.36% | 65.44% | 50.50% | 0.02% | 15.09% | 19.25% | 13.28% | 97.51% |
Debt/Equity |
1.02 | 0.59 | 0.20 | 2.03 | 1.07 | 0.00 | 0.27 | 0.34 | 0.27 | (1.92) |
Asset Turnover |
0.13 | 0.15 | 0.24 | 0.09 | 0.18 | 0.03 | 0.20 | 0.15 | 0.03 | 1.12 |
Operating CF/Net income |
0.61 | (1.25) | (1.22) | 0.25 | 0.64 | 0.74 | 0.94 | 0.64 | 0.34 | (0.35) |
Capex/Depreciation |
(0.46) | (0.58) | (0.15) | 1.30 | (18.37) | (5.79) | 0.00 | (1.26) | 0.00 | (0.16) |
Interest Coverage |
(25.30) | 23.55 | 21.34 | (44.96) | (1.90) | (467.52) | (81.68) | (148.18) | (10.83) | (4.96) |
| (34.45%) | 18.82% | 25.88% | (129.96%) | (6.00%) | (6.63%) | (107.09%) | (248.60%) | 3,299.84% | (1,691.90%) | |
| (18.62%) | 12.31% | 16.26% | (52.59%) | (3.39%) | (6.53%) | (59.54%) | (126.54%) | (187.93%) | (87.51%) | |
ROIC |
(11.82%) | 3.10% | 14.62% | (45.08%) | (0.23%) | (3.65%) | (67.03%) | (551.05%) | 0.00% | (274.58%) |
Return on Tangible Assets |
(80.31%) | 28.12% | 15.53% | (132.33%) | (3.14%) | (3.46%) | (103.55%) | (721.44%) | (424.11%) | 192.24% |
Average Days of Receivables |
7.46 | 3.53 | 1.97 | 0.06 | 61.76 | 6,263.49 | 0.00 | 0.00 | 4.78 | 0.95 |
Research and Development Expense of Revenue |
3.32% | 2.02% | 0.73% | 0.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
38.58% | 38.69% | 21.58% | 48.10% | 109.55% | 146.98% | 210.46% | 333.74% | 1,641.40% | 25.66% |
Intangible Assets out of Total Assets |
0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.16 | 0.22 | 0.00 | 0.69 |
Share Based Compensation of Revenue |
18.99% | 24.02% | 8.42% | 20.89% | 101.02% | 27.04% | 78.78% | 91.25% | 380.45% | 5.33% |
Graham Net Nets |
(0.99) | (0.45) | 0.16 | (1.38) | (0.02) | 0.34 | (0.25) | 0.10 | 0.26 | (0.81) |
Graham Number |
0.00 | 24.46 | 15.93 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 81.62 |
Earnings Yield |
(38.42%) | 11.12% | 5.60% | (166.76%) | (0.97%) | (3.93%) | (60.23%) | (175.00%) | (111.72%) | (105.59%) |
Free Cash Flow Yield |
(41.58%) | (20.81%) | (9.57%) | (25.75%) | (10.81%) | (3.75%) | (60.89%) | (179.49%) | (41.61%) | 23.73% |
Revenue per Share |
2.55 | 2.26 | 2.11 | 1.04 | 1.60 | 0.05 | 0.18 | 0.29 | 0.32 | 38.62 |
Operating CF per Share |
(2.26) | (2.33) | (1.72) | (1.56) | (0.19) | (0.10) | (0.50) | (1.55) | (6.63) | 10.72 |
Capex per Share |
(1.14) | (0.86) | (0.15) | 1.21 | (2.76) | (0.22) | 0.00 | (1.03) | 0.00 | (3.89) |
Free Cash Flow per Share |
(3.40) | (3.20) | (1.87) | (0.35) | (2.95) | (0.31) | (0.50) | (2.58) | (6.63) | 6.83 |
Cash per Share |
1.58 | 1.41 | 5.42 | 2.07 | 5.92 | 1.76 | 0.10 | 0.48 | 9.17 | 5.27 |
Shareholders Equity per Share |
9.79 | 14.26 | 8.79 | 3.40 | 6.87 | 3.83 | 0.55 | 0.55 | 4.53 | (9.79) |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
9.79 | 14.26 | 8.79 | 3.40 | 6.87 | 3.83 | 0.55 | 0.55 | 4.53 | (9.79) |
Free Cash Flow |
(1,206.14) | (926.97) | (343.26) | (39.21) | (292.81) | (25.51) | (3.32) | (13.74) | (10.82) | 6.48 |
Working Capital |
142.39 | 375.18 | 996.05 | 251.43 | 672.99 | 284.97 | (0.36) | 0.74 | 7.38 | (14.94) |
Capital Expenditures |
(403.42) | (249.95) | (27.61) | 137.26 | (273.85) | (17.74) | (0.01) | (5.50) | (0.01) | (3.69) |
Net Current Asset Value |
(3,145.54) | (2,195.00) | 654.75 | (531.75) | (77.99) | 284.90 | (1.48) | 0.74 | 7.38 | (22.05) |
EV/EBIT |
0.00 | 22.56 | 16.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.44 | 0.38 | 0.07 | (1.17) | 1.72 | 4.07 | 0.00 | 3.52 | 0.02 | 0.10 |
Price to Operating Income |
0.00 | 15.89 | 19.08 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.59 | 0.28 | 0.28 | 0.39 | 0.05 | 0.18 | 0.29 | 4.21 | 811.49 | 839.31 |
Cash ROIC |
(15.88%) | (13.25%) | (11.68%) | (2.80%) | (14.65%) | (5.60%) | (62.23%) | (212.30%) | (44.44%) | 47.87% |
Accounts Receivable Turnover |
72.90 | 155.61 | 367.48 | 8.74 | 3.13 | 0.12 | 0.00 | 0.00 | 10.20 | 315.91 |
Accounts Payable Turnover |
45.20 | 35.09 | 35.82 | 33.33 | 9.67 | 6.18 | 2.01 | 2.10 | 0.76 | 3.86 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
8.07 | 10.93 | 18.27 | 3.16 | 66.92 | 52.77 | 182.07 | 134.53 | 206.31 | 99.34 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
12.44 | 4.22 | 1.05 | 13.48 | 50.85 | 37.39 | — | — | 0.05 | 0.12 |
Average Payables |
12.55 | 11.95 | 6.33 | 4.54 | 4.39 | 1.12 | 1.24 | 1.60 | 4.59 | 6.88 |
Average Assets |
7,044.11 | 4,396.15 | 1,593.11 | 1,319.79 | 878.79 | 159.94 | 5.91 | 10.13 | 16.67 | 32.76 |
Average Common Equity |
3,806.52 | 2,875.93 | 1,000.93 | 534.02 | 496.92 | 157.70 | 3.28 | 5.15 | (0.95) | 1.69 |
Columns are period end dates