MARA Holdings (MARA) AI Stock Analysis

• Market Cap: $6.16B
• Dividend Yield: N/A
• Average Volume (3M): 55.74M
• Price to Earnings (P/E): 14.9
• Beta (1Y): 2.11
• Revenue Growth: 41.32%
• EPS Growth: -12.83%
• Country: US
• Employees: 171
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 0.35
• Shares Outstanding: 370,457,900
• 10 Day Avg. Volume: 36,914,392
• 30 Day Avg. Volume: 55,744,729
• PEG Ratio: 0.28
• Price to Book (P/B): 1.18
• Price to Sales (P/S): 7.41
• P/FCF Ratio: -5.23
• Enterprise Value/Market Cap: 1.53
• Enterprise Value/Revenue: 10.27
• Enterprise Value/Gross Profit: 154.16
• Enterprise Value/Ebitda: 5.43
• 1Y Price Target: $24.38
• Price Target Upside: 36.89% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 10

• Rating: 61 Neutral
• Price Target: $19.50 ▲(9.49% Upside)

Marathon Digital Holdings' overall stock score reflects its strong earnings call performance and positive technical indicators, offset by financial performance challenges and valuation concerns. The company's strategic initiatives and growth in bitcoin holdings are significant positives, but high leverage and cash flow issues pose risks.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong operational performance and market demand, enhancing the company's financial stability and potential for future expansion.

Bitcoin Holdings Growth

The substantial increase in bitcoin holdings strengthens MARA's asset base, providing a buffer against market volatility and enhancing long-term financial resilience.

Low-Cost Energy Strategy

Access to low-cost energy improves MARA's margin structure, enhancing profitability and competitive positioning in the energy-intensive cryptocurrency mining industry.

Negative Factors

High Leverage

High leverage can increase financial risk, limiting MARA's flexibility to invest in growth opportunities and potentially impacting long-term financial health.

Cash Flow Challenges

Negative cash flow suggests inefficiencies in converting revenue into cash, which could hinder MARA's ability to fund operations and growth initiatives sustainably.

Bitcoin Price Volatility

Bitcoin price volatility poses a risk to MARA's revenue and asset valuation, potentially impacting financial performance and strategic planning.

MARA Holdings Business Overview & Revenue Model

Company Description

Marathon Digital Holdings, Inc. operates as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States. As of December 31, 2021, it had approximately 8,115 bitcoins, which included the 4,794 bitcoins held in the investment fund. The company was formerly known as Marathon Patent Group, Inc. and changed its name to Marathon Digital Holdings, Inc. in February 2021. Marathon Digital Holdings, Inc. was incorporated in 2010 and is headquartered in Las Vegas, Nevada.

How the Company Makes Money

Marathon Digital Holdings generates revenue primarily through the mining of Bitcoin, utilizing its extensive fleet of high-performance mining rigs. The company earns money by solving complex cryptographic puzzles, which allows it to validate transactions on the Bitcoin network and receive newly minted Bitcoin as a reward. Additionally, Marathon may generate revenue from the sale of mined Bitcoin, which can fluctuate based on market conditions. The company also potentially benefits from strategic partnerships with energy providers to secure low-cost electricity for its mining operations, further enhancing profitability. Furthermore, by leveraging its infrastructure, Marathon may explore opportunities in blockchain technology and digital asset management, expanding its revenue streams.

MARA Holdings Financial Statement Overview

Summary

Marathon Digital Holdings shows a mixed financial performance with strong revenue growth and a solid equity base but faces profitability and cash flow challenges. The company’s high leverage and negative cash flows could pose risks, but strategic improvements in revenue generation and equity positioning offer potential upside.

Income Statement

The company's recent TTM data indicates a challenging financial environment, with a negative gross profit margin and EBIT margin, but a strong EBITDA margin at 178.76%. Revenue growth is notable, with a substantial increase from 2024 to TTM, showing resilience. However, the net profit margin has been inconsistent, currently at 84.98%, due to fluctuations in net income.

Balance Sheet

The balance sheet shows a relatively high debt-to-equity ratio, reflecting significant leverage, but the equity ratio has improved to 62.06%, indicating a strong equity base. Return on equity is solid at 14.16% in the TTM, showing effective use of shareholder funds despite the high level of liabilities.

Cash Flow

Operating cash flow and free cash flow remain negative, indicating cash flow challenges, although there is a significant increase in financing cash flow. The free cash flow to net income ratio is negative, highlighting potential issues in converting profits into cash. The operating cash flow to net income ratio is also negative, suggesting inefficiencies in core operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	919.17M	656.38M	387.51M	117.75M	159.16M	4.36M
Gross Profit	61.23M	-159.37M	-15.34M	-33.67M	116.77M	-7.37M
EBITDA	1.74B	1.06B	467.46M	-601.78M	1.95M	-7.26M
Net Income	926.69M	541.25M	261.17M	-694.02M	-37.10M	-10.45M
Balance Sheet
Total Assets	8.19B	6.80B	1.99B	1.20B	1.45B	313.25M
Cash, Cash Equivalents and Short-Term Investments	826.39M	391.77M	357.31M	103.70M	268.56M	141.32M
Total Debt	1.49M	2.47B	326.13M	783.51M	728.41M	184.10K
Total Liabilities	0.00	2.67B	375.05M	809.30M	765.22M	1.51M
Stockholders Equity	0.00	4.13B	1.62B	385.94M	683.02M	311.74M
Cash Flow
Free Cash Flow	-1.32B	-930.48M	-343.26M	-217.59M	-727.14M	-91.16M
Operating Cash Flow	-891.41M	-677.02M	-315.65M	-176.48M	-18.22M	-7.77M
Investing Cash Flow	-2.62B	-3.23B	4.59M	-390.23M	-891.92M	-81.29M
Financing Cash Flow	4.17B	3.95B	555.86M	410.65M	1.04B	229.69M

MARA Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 17.81
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MARA, the sentiment is Negative. The current price of 17.81 is below the 20-day moving average (MA) of 19.53, below the 50-day MA of 18.07, and above the 200-day MA of 16.03, indicating a neutral trend. The MACD of -0.23 indicates Positive momentum. The RSI at 38.24 is Neutral, neither overbought nor oversold. The STOCH value of 11.18 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MARA.

MARA Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VIRT	―	$5.31B	7.52	29.43%	2.75%	27.66%	131.25%
Sector *	―	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MARA	―	$6.16B	14.89	18.26%	―	41.32%	-12.83%
CIFR	―	$8.89B	-118.16	-9.69%	―	0.11%	-914.42%
SNEX	―	$4.18B	14.51	16.01%	―	53.19%	23.89%
RIOT	―	$7.17B	57.23	5.24%	―	103.62%	49.48%

MARA Holdings Corporate Events

Marathon Digital Expands with Exaion Investment Deal

On August 11, 2025, MARA Holdings, Inc. announced an investment agreement with Exaion SAS, a subsidiary of EDF, to acquire a 64% stake in Exaion, with the option to increase ownership to 75% by 2027. This strategic move is expected to expand MARA’s capabilities in AI and high-performance computing infrastructure, enhancing its market position and meeting the growing demand for secure cloud solutions.

The most recent analyst rating on (MARA) stock is a Hold with a $23.00 price target. To see the full list of analyst forecasts on Marathon Digital Holdings stock, see the MARA Stock Forecast page.

Marathon Digital’s Record Q2 2025 Earnings Call

Marathon Digital Holdings, Inc. (MARA) recently held its earnings call, revealing a record-breaking financial performance and strategic expansions. The sentiment was generally positive, with significant growth in bitcoin holdings and infrastructure investments. However, there were also concerns about market frothiness and operational challenges in the bitcoin mining sector, resulting in a balanced outlook.

Marathon Digital Reports Strong Q2 2025 Earnings

Marathon Digital Holdings, Inc. is a vertically integrated digital energy and infrastructure company specializing in bitcoin mining and advanced technology solutions for data center operations. In its latest earnings report for the quarter ending June 30, 2025, Marathon Digital Holdings reported significant financial improvements, showcasing a robust increase in revenues and net income compared to the previous year. The company achieved revenues of $238.5 million, a substantial rise from $145.1 million in the same quarter of 2024, while net income soared to $808.2 million from a loss of $199.7 million in the prior year. Key financial metrics highlighted include a notable increase in digital assets and receivables, with digital assets net of current portion reaching $3.69 billion, up from $3.22 billion at the end of 2024. The company’s operating income also saw a remarkable turnaround, posting $679.8 million compared to a loss of $232.4 million in the same period last year. Looking ahead, Marathon Digital Holdings remains focused on leveraging its strategic acquisitions and technological advancements to optimize its operations and enhance shareholder value, as indicated by the management’s positive outlook for the remainder of the year.

Marathon Digital Raises $950M in Convertible Notes

On July 25, 2025, Marathon Digital Holdings completed a private offering of 0.00% convertible senior notes due 2032, raising $950 million. The proceeds are intended for repurchasing existing notes, capped call transactions, acquiring bitcoin, and general corporate purposes. The notes are convertible into common stock and are subject to specific conditions for redemption and conversion, impacting the company’s financial strategy and market positioning.

The most recent analyst rating on (MARA) stock is a Hold with a $23.00 price target. To see the full list of analyst forecasts on Marathon Digital Holdings stock, see the MARA Stock Forecast page.