Marathon Digital Holdings, Inc. (MARA) vs Piper Sandler Companies (PIPR)

Marathon Digital Holdings, Inc. and Piper Sandler Companies are both Capital Markets companies. Marathon Digital Holdings, Inc. and Piper Sandler Companies are of similar size ($5.0B and $5.0B). Marathon Digital Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; Piper Sandler Companies trades at 15.9×. Piper Sandler Companies grew revenue faster over the last twelve months: 32.4% against 0.73%. Piper Sandler Companies has the higher net margin (14.5% vs −429.7%) and the higher return on invested capital (26.1% vs −55.3%). Across the 19 metrics below, Piper Sandler Companies leads on 16 and Marathon Digital Holdings, Inc. on 3.

Valuation

Metric MARA PIPR Capital Markets median
P/E n/m 15.88 15.78
P/S 5.95 2.32 2.32
P/B 2.86 3.12 1.89
Price to free cash flow n/m 10.06 6.25
EV/EBITDA n/m 8.21 8.87
EV/Sales 8.01 2.28 2.28
Earnings yield (72.51%) 6.30% (3.77%)
Free cash flow yield (26.66%) 9.94% (1.49%)

Profitability

Metric MARA PIPR Capital Markets median
Gross margin 26.27% 99.05% 62.80%
Operating margin (366.26%) 24.96% 0.00%
Net margin (429.71%) 14.53% (0.55%)
Free cash flow margin (158.72%) 23.02% 0.00%
Return on equity (106.77%) 20.72% 0.00%
Return on assets (57.26%) 14.34% 0.00%
Return on invested capital (55.32%) 26.13% 0.00%

Growth

Metric MARA PIPR Capital Markets median
Revenue growth (TTM) 0.73% 32.39% 21.02%
EPS growth (last fiscal year) (314.53%) 54.49% —
Revenue growth, 5-year CAGR 190.87% 8.93% 18.16%
Net income growth, 5-year CAGR 0.00% 47.35% 0.00%

Health

Metric MARA PIPR Capital Markets median
Debt to equity 1.24 0.00 0.08
Current ratio 0.89 1.41 1.51
Net debt to EBITDA (8.74) (1.72) (0.24)

Dividend

Metric MARA PIPR Capital Markets median
Dividend yield — 3.12% 2.20%
Payout ratio 0.00 0.49 0.00

Size

Metric MARA PIPR Capital Markets median
Market cap 5.03b 5.02b 724.58m

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