Marathon Digital Holdings, Inc. (MARA) vs Miami International Holdings, Inc. (MIAX)

Marathon Digital Holdings, Inc. and Miami International Holdings, Inc. are both Capital Markets companies. Marathon Digital Holdings, Inc. is the larger, with a market value of $5.0B against $3.5B — 1.4× the size. Marathon Digital Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; Miami International Holdings, Inc. trades at 29.3×. Miami International Holdings, Inc. has the higher net margin (9.70% vs −429.7%) and the higher return on invested capital (16.1% vs −55.3%). Across the 16 metrics below, Miami International Holdings, Inc. leads on 14 and Marathon Digital Holdings, Inc. on 2.

Valuation

Metric MARA MIAX Capital Markets median
P/E n/m 29.33 15.78
P/S 5.95 2.27 2.32
P/B 2.86 2.89 1.89
Price to free cash flow n/m 13.81 6.25
EV/EBITDA n/m 17.51 8.87
EV/Sales 8.01 1.79 2.28
Earnings yield (72.51%) 3.41% (3.77%)
Free cash flow yield (26.66%) 7.24% (1.49%)

Profitability

Metric MARA MIAX Capital Markets median
Gross margin 26.27% 34.35% 62.80%
Operating margin (366.26%) 7.92% 0.00%
Net margin (429.71%) 9.70% (0.55%)
Free cash flow margin (158.72%) 16.43% 0.00%
Return on equity (106.77%) 18.75% 0.00%
Return on assets (57.26%) 17.78% 0.00%
Return on invested capital (55.32%) 16.10% 0.00%

Growth

Metric MARA MIAX Capital Markets median
Revenue growth (TTM) 0.73% — 21.02%
EPS growth (last fiscal year) (314.53%) (173.17%) —
Revenue growth, 5-year CAGR 190.87% — 18.16%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric MARA MIAX Capital Markets median
Debt to equity 1.24 0.00 0.08
Current ratio 0.89 2.61 1.51
Net debt to EBITDA (8.74) (3.75) (0.24)

Dividend

Metric MARA MIAX Capital Markets median
Dividend yield — — 2.20%
Payout ratio 0.00 — 0.00

Size

Metric MARA MIAX Capital Markets median
Market cap 5.03b 3.54b 724.58m

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