Ionic Digital Inc. (IOND) vs Marathon Digital Holdings, Inc. (MARA)

Ionic Digital Inc. and Marathon Digital Holdings, Inc. are both Capital Markets companies. Ionic Digital Inc. and Marathon Digital Holdings, Inc. are of similar size ($2.5B and $2.3B). Ionic Digital Inc. has the higher net margin (−24.9% vs −429.7%) and the higher return on invested capital (−3.52% vs −55.3%). Across the 14 metrics below, Ionic Digital Inc. leads on 11 and Marathon Digital Holdings, Inc. on 3.

Valuation

Metric IOND MARA Capital Markets median
P/E n/m n/m 14.35
P/S 11.53 2.86 2.07
P/B 4.03 1.37 1.36
Price to free cash flow n/m n/m 9.28
EV/EBITDA 102.91 — —
EV/Sales 10.83 — —
Earnings yield (2.15%) (150.91%) (8.28%)
Free cash flow yield (5.18%) (55.48%) (1.12%)

Profitability

Metric IOND MARA Capital Markets median
Gross margin 68.15% 26.27% 68.15%
Operating margin (14.07%) (366.26%) 0.00%
Net margin (24.90%) (429.71%) (0.34%)
Free cash flow margin (59.70%) (158.72%) 0.00%
Return on equity 0.00% (106.77%) 0.00%
Return on assets 0.00% (57.26%) 0.00%
Return on invested capital (3.52%) (55.32%) 0.00%

Growth

Metric IOND MARA Capital Markets median
Revenue growth (TTM) — 0.73% 19.72%
EPS growth (last fiscal year) — (314.53%) 16.79%
Revenue growth, 5-year CAGR — 190.87% 17.41%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric IOND MARA Capital Markets median
Debt to equity 0.00 1.24 0.07
Current ratio 24.39 0.89 1.51
Net debt to EBITDA 0.00 (8.74) (0.03)

Dividend

Metric IOND MARA Capital Markets median
Dividend yield — — 1.58%
Payout ratio — — 0.19

Size

Metric IOND MARA Capital Markets median
Market cap 2.46b 2.27b 527.01m

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