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MARA Holdings
(NASDAQ:MARA)
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Rating:48Neutral
Price Target:
$7.00
▼(-40.83% Downside)
Action:Reiterated
Date:10/15/26
MARA scores below average primarily due to weak financial performance (sharp TTM profitability deterioration and heavy cash burn) and bearish technicals (price below all key moving averages with negative MACD). Offsetting factors include a more constructive earnings-call outlook with capacity expansion and potentially more contracted EBITDA via Long Ridge, plus modestly positive corporate actions, but current losses, liquidity pressure, and collateralized Bitcoin exposure keep the overall score constrained.
Positive Factors
Mining scale and efficiency
Higher energized hash rate increases MARA’s share of Bitcoin network production, while sustained reductions in mining cost per petahash improve resilience across market cycles. This combination supports operating leverage and strengthens the economics of the company’s core mining platform over the next several quarters.
Negative Factors
Sustained cash burn
Deeply negative operating and free cash flow indicate that current operations are not funding the company’s investment program. Continued cash consumption can increase dependence on financing, constrain flexibility during weaker Bitcoin conditions, and make execution of expansion plans more financially demanding.
Read all positive and negative factors
Positive Factors
Negative Factors
Mining scale and efficiency
Higher energized hash rate increases MARA’s share of Bitcoin network production, while sustained reductions in mining cost per petahash improve resilience across market cycles. This combination supports operating leverage and strengthens the economics of the company’s core mining platform over the next several quarters.
Read all positive factors
MARA Holdings Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks revenue into business lines—such as mining operations, hosting services, and equipment or service sales—revealing which areas drive growth and profit. Segment detail highlights dependence on Bitcoin-linked mining income versus steadier service or contract revenue, helping assess diversification, margin differences, and where operational or market risk is concentrated.
Breaks revenue into business lines—such as mining operations, hosting services, and equipment or service sales—revealing which areas drive growth and profit. Segment detail highlights dependence on Bitcoin-linked mining income versus steadier service or contract revenue, helping assess diversification, margin differences, and where operational or market risk is concentrated.
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The Fly
The FlyMARA Holdings (MARA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.89B
Dividend YieldN/A
Average Volume (3M)40.96M
Price to Earnings (P/E)―
Beta (1Y)2.03
Revenue Growth0.73%
EPS Growth-642.27%
CountryUS
Employees266
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-9.39
Shares Outstanding386,299,300
10 Day Avg. Volume36,337,774
30 Day Avg. Volume40,961,401
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.92
Price to Sales (P/S)3.52
P/FCF Ratio-10.21
Enterprise Value/Market Cap2.57
Enterprise Value/Revenue9.24
Enterprise Value/Gross Profit-109.20
Enterprise Value/Ebitda-4.27
Forecast
1Y Price Target
$14.78Price Target Upside24.92% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)-4.83
Revenue Forecast (FY)$766.70M
MARA Holdings Business Overview & Revenue Model
Company Description
MARA Holdings, Inc. is a digital asset technology company, which engages in mining cryptocurrencies with a focus on the Bitcoin ecosystem. It also deals with owning and operating bitcoin mining facilities or data centers, selling proprietary softw...
How the Company Makes Money
MARA primarily makes money by mining bitcoin: it operates application-specific integrated circuit (ASIC) miners that perform computational work (hashing) to help secure the Bitcoin network. In return, when its mining capacity contributes to succes...
MARA Holdings Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call describes a strategic, transformational quarter: Mara is materially expanding powered land and capacity (targeting ~4.8 GW including a ~2 GW Matagorda site), advancing the Long Ridge acquisition (adds ~$144M EBITDA), securing non-dilutive financing, and showing commercial and technology traction (Starwood partnership, Exaion, HUM, Vertebra AI). Short-term financial results were weak due to a sharp decline in Bitcoin prices, producing a large unrealized mark-to-market loss, reduced revenues (‑26.8% YoY), and a significant net loss. The company nevertheless finished the quarter with strong liquidity ($1.21B cash, ~$2.5B cash+BTC), improved mining unit costs, growing energized hash rate, and a clear pathway to convert power into longer-term contracted infrastructure revenue. Given the balance of meaningful strategic progress and execution milestones against short-term crypto-driven financial pain, the tone is constructive with a longer-term positive outlook.Positive Updates
Significant Expansion of Power Portfolio
On completion of pending transactions, Mara expects its power portfolio to reach approximately 4.8 GW — more than double its capacity at the beginning of the year; Matagorda County rights add ~2 GW potential capacity on ~1,200 acres (subject to ERCOT/interconnection approvals).
Negative Updates
Quarterly Revenue Decline
Q2 revenue was $175 million versus $239 million in the prior-year period — a decline of approximately 26.8% YoY; a 28% decline in Bitcoin's average price reduced revenue by ~$65.9 million.
Read all updates
Q2-2026 Updates
Positive
Negative
Significant Expansion of Power Portfolio
On completion of pending transactions, Mara expects its power portfolio to reach approximately 4.8 GW — more than double its capacity at the beginning of the year; Matagorda County rights add ~2 GW potential capacity on ~1,200 acres (subject to ERCOT/interconnection approvals).
Read all positive updates
Company Guidance
Management guided that, on completion of pending transactions and required approvals, Mara expects its powered portfolio to expand to roughly 4.8 GW (more than double the start‑of‑year capacity and ~2.5x year‑to‑date growth), anchored by post‑quarter rights to ~1,200 acres in Matagorda County, TX capable of supporting ~2 GW (subject to ERCOT/interconnection) and by the Long Ridge deal (a ~$1.5 billion enterprise‑value acquisition expected to close after FERC approval). They said Long Ridge will contribute about $144 million of annualized EBITDA with roughly >70% of output contracted, and that Mara will assume ~ $900 million of Long Ridge debt; to fund the deal they secured $600 million of incremental Bitcoin‑backed financing at a weighted‑average cost of 7.56% (consolidating a prior $150 million facility), which results in ~54% of Bitcoin holdings pledged as collateral. Commercially, management remains confident it will sign at least two leases before year‑end, will advance Exaion’s international expansion and tech commercialization, and expects major third‑party hosting arrangements to begin expiring in Q3‑2027 and conclude by Q1‑2028 (enabling elimination of hosted costs and improved $/MWh). They also reiterated financial operating guidance that G&A (ex‑stock comp. and acquisition/integration costs) should trend lower, that investments should become more visible in results, and reminded investors that every $10,000 move in Bitcoin price drives ~ $350 million of fair‑value impact on digital assets.MARA Holdings Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
42
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 804.22M | 907.09M | 656.38M | 387.51M | 117.75M | 159.16M |
| Gross Profit | -68.03M | -432.94M | -159.37M | -15.34M | -33.67M | 116.77M |
| EBITDA | -1.74B | -547.12M | 1.06B | 467.46M | -624.56M | 1.95M |
| Net Income | -3.46B | -1.31B | 541.25M | 261.17M | -694.02M | -37.10M |
Balance Sheet | ||||||
| Total Assets | 4.35B | 7.29B | 6.80B | 1.99B | 1.20B | 1.44B |
| Cash, Cash Equivalents and Short-Term Investments | 421.27M | 547.13M | 391.77M | 357.31M | 103.70M | 587.70M |
| Total Debt | 2.47B | 3.65B | 2.47B | 326.13M | 783.51M | 728.41M |
| Total Liabilities | 2.59B | 3.81B | 2.67B | 375.05M | 809.30M | 762.23M |
| Stockholders Equity | 1.66B | 3.47B | 4.13B | 1.62B | 385.94M | 682.10M |
Cash Flow | ||||||
| Free Cash Flow | -1.57B | -312.35M | -930.48M | -343.26M | -217.59M | -727.14M |
| Operating Cash Flow | -1.14B | 94.72M | -677.02M | -315.65M | -176.48M | -18.22M |
| Investing Cash Flow | 2.32B | -669.92M | -3.23B | 4.59M | -390.23M | -891.92M |
| Financing Cash Flow | -1.03B | 1.63B | 3.95B | 555.86M | 410.65M | 1.04B |
MARA Holdings Technical Analysis
Negative
11.83
Price Trends
10.69
Negative
11.63
Negative
10.90
Negative
Market Momentum
-1.12
Positive
25.45
Positive
13.04
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 11.83 is above the 20-day moving average (MA) of 9.75, above the 50-day MA of 10.69, and above the 200-day MA of 10.90, indicating a bearish trend. The MACD of -1.12 indicates Positive momentum. The RSI at 25.45 is Positive, neither overbought nor oversold. The STOCH value of 13.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MARA.
MARA Holdings Risk Analysis
MARA Holdings disclosed 55 risk factors in its most recent earnings report. MARA Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MARA Holdings Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
51 Neutral | $6.37B | -2.90 | -1708.70% | 24.63% | 14.65% | -1179.58% | |
50 Neutral | $8.51B | -13.46 | -39.50% | ― | 129.50% | -441.42% | |
48 Neutral | $2.89B | -0.83 | -110.39% | ― | 0.73% | -642.27% | |
48 Neutral | $5.26B | -3.81 | -48.36% | 12.20% | 24.51% | -842.33% | |
47 Neutral | $2.25B | -2.34 | -75.24% | 0.70% | 7.49% | -468.86% | |
44 Neutral | $339.72M | -1.10 | -46.72% | ― | 23.36% | -150.86% |
* Financial Sector Average
MARA
MARA Holdings
7.25
-11.97
-62.28%
RIOT
Riot Platforms
12.89
-7.60
-37.09%
WULF
TeraWulf Inc
11.32
-1.56
-12.11%
BTBT
Bit Digital
0.91
-2.81
-75.65%
HUT
Hut 8
63.97
23.33
57.41%
CLSK
Cleanspark
8.15
-9.52
-53.88%
MARA Holdings Corporate Events
Business Operations and StrategyM&A Transactions
MARA Holdings Amends Texas Data Center Project Agreement
Positive
Sep 25, 2026
On July 2, 2026, Volt Texas LLC, a subsidiary of MARA Holdings, closed a transaction to acquire substantially all membership interests in MAT 1177 LLC from HIF USA LLC, making MAT 1177 LLC an indirect subsidiary holding Texas land and rights to 2,...
Business Operations and StrategyExecutive/Board Changes
MARA Holdings Adds Independent Directors to Support Expansion
Positive
Aug 4, 2026
On July 29 and July 30, 2026, MARA directors Barbara Humpton and Georges Antoun informed the board of their resignation, effective July 31, 2026, citing personal reasons and no disagreements with the company. As part of a planned transition, MARA ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.