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%
Market cap
$3.2B
P/E
0.0×
Fwd P/E
−3.7×
Dividend yield
—
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a

Insider Decisions trades per month

Total sells 7.42
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 4 2 1 2 2 3 3 4 3 3 3 1
Insider Ownership 0.90%

Capital & Financial Ratios $m

Market Cap 3,220.00
Revenue 804.22
Net Income (3,460.37)
Free Cash Flow (1,276.43)
Net Debt 1,650.92
Current Ratio 0.89
Debt/Equity 1.24
P/E ratio 0.00
Fwd P/E (3.71) (negative: loss-making)
P/S ratio 3.57
P/B ratio 1.71
Past 5Y EPS Growth —
This Y EPS Growth (33.89%) (below 0%: weak)
Next Y EPS Growth 79.30% (at or above 15%: strong)
Next Y revenue growth (22.05%) (below 0%: weak)
Next 5Y EPS Growth 26.09% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 17.69%
10-year low 10-year high
P/B against its own 10 years 24.05%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
special payouts not included in total or ratios

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%

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.

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 0.67 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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 20.64 2.08 1.44 0.86 0.35 10.53 3.11 3.28 13.17 8.95

Analyst estimates 2026–2028

Powerpack
High 55.04 40.12 20.24 3.97 14.66 83.45 35.48 31.30 34.09 23.45
People
People Employees 15 3 3 3 3 9 30 60 152 266
Revenue/emp, $m 2.44 0.17 0.52 0.40 1.45 17.68 3.93 6.46 4.32 3.41
Income, $m
Income, $m Revenue 37 1 2 1 4 159 118 388 656 907
Gross margin, % 27.61 (567.98) (114.53) (109.43) (58.71) 73.36 (28.59) 41.51 36.12 37.46
EBT (17) (31) (13) (4) (10) (5) (718) 278 617 (1,368)
EBT margin, % (47.26) (6,050.33) (815.75) (296.75) (239.75) (3.04) (609.97) 71.64 93.92 (150.84)
Net income (29) (31) (13) (4) (10) (30) (694) 261 541 (1,312)
Depreciation 24 8 4 1 3 15 105 186 429 882
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
Earnings (30.24) (15.73) (2.40) (0.53) (0.13) (0.36) (6.05) 1.41 1.87 (3.69)
Cash flow 10.72 (6.63) (1.55) (0.50) (0.10) (0.19) (1.56) (1.72) (2.33) (2.26)
Capex (3.89) 0.00 (1.03) 0.00 (0.22) (2.76) 1.21 (0.15) (0.86) (1.14)
Free cash flow 6.83 (6.63) (2.58) (0.50) (0.31) (2.95) (0.35) (1.87) (3.20) (3.40)
Book value (9.79) 4.53 0.55 0.55 3.83 6.87 3.40 8.79 14.26 9.79
Shares, m 1 2 5 7 81 99 113 184 290 355
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17.87 9.00 0.00
P/S 0.74 54.23 4.90 4.95 195.06 20.51 3.28 10.88 7.41 3.52
P/B 0.00 3.81 2.62 1.61 2.73 4.79 1.00 2.61 1.18 0.92
EV/Sales 0.73 47.60 3.91 5.28 162.12 21.40 7.93 9.15 10.52 6.82
EV/FCF 4.16 (2.11) (0.44) (1.75) (22.14) (9.65) (9.40) (8.79) (6.82) (4.66)
Cash, $m
Cash, $m Operating cash flow 10 (11) (8) (3) (8) (19) (176) (316) (677) (803)
Capex (4) 0 (6) 0 (18) (274) 137 (28) (250) (403)
Free cash flow 6 (11) (14) (3) (26) (293) (39) (343) (927) (1,206)
Balance, $m
Balance, $m Working capital (15) 7 1 0 285 673 251 996 375 142
Total debt 18 2 1 1 0 729 782 326 2,450 3,556
Net debt 13 (13) (2) 0 (144) 142 548 (671) 2,042 2,994
Shareholders’ equity (9) 7 3 4 312 682 386 1,616 4,136 3,477
Returns, %
Returns, % ROA (87.51) (187.93) (126.54) (59.54) (6.53) (3.39) (52.59) 16.26 12.31 (18.62)
ROIC (274.58) 0.00 (551.05) (67.03) (3.65) (0.23) (45.08) 14.62 3.10 (11.82)
ROE (1,691.90) 3,299.84 (248.60) (107.09) (6.63) (6.00) (129.96) 25.88 18.82 (34.45)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
PIPR Piper Sandler Companies $4.6B 14.2× 16.3× +24.88% (above 0%: growing) +58.10% (above 0%: growing) +58.77% (above 0%: growing) 98.91% 20.27% Compare
MC Moelis & Company $4.5B 18.0× 21.5× +12.05% (above 0%: growing) +16.36% (above 0%: growing) +8.25% (above 0%: growing) 100.00% 17.79% Compare
LAZ Lazard, Inc. $3.5B 16.3× 14.6× +1.47% (above 0%: growing) −94.64% (below 0%: shrinking) +434.39% (above 0%: growing) 100.00% 4.66% Compare
PJT PJT Partners Inc. $3.5B 17.9× 23.7× +19.52% (above 0%: growing) +34.65% (above 0%: growing) +26.53% (above 0%: growing) 33.04% 20.99% Compare
MARA Marathon Digital Holdings, Inc. $3.2B — (loss-making) — (loss-making) −26.67% (below 0%: shrinking) n/m +85.60% (above 0%: growing) 17.19% (297.96%)
MIAX Miami International Holdings, Inc. $3.1B 26.0× 15.2× +18.26% (above 0%: growing) +26.97% (above 0%: growing) +162.65% (above 0%: growing) 36.40% 7.17% Compare
PURR Hyperliquid Strategies Inc $2.7B — (loss-making) — (loss-making) +6,940.21% (above 0%: growing) n/m −6,672.51% (below 0%: shrinking) 100.00% 7,380.58% Compare
CLSK Cleanspark, Inc. $2.4B — (loss-making) — (loss-making) −30.53% (below 0%: shrinking) n/m +202.37% (above 0%: growing) 38.06% (168.40%) Compare
ETOR eToro Group Ltd. $2.0B 7.9× 13.7× −23.93% (below 0%: shrinking) +71.05% (above 0%: growing) −32.39% (below 0%: shrinking) 15.03% 4.80% Compare
Median of peers $3.3B 17.1× 15.8× +15.16% +30.81% +42.65% 68.49% 12.48%

All 93 Capital Markets stocks →

Marathon Digital Holdings, Inc. (MARA) key facts

  • Strength: Marathon Digital Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $907.1 million, up 38.2% from fiscal 2024.
  • Marathon Digital Holdings, Inc. (MARA) is a Capital Markets company in the Financial sector, listed on Nasdaq.
  • As of October 16, 2026, MARA traded at $7.53, a market capitalization of $3.2 billion.
  • Return on equity was −34.5% and debt-to-equity 1.24.
  • Its Piotroski F-score is 3 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Marathon Digital Holdings, Inc. (MARA) Latest News

12 Oct

23 Sep

stockrow.com/MARA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com