MARA Holdings, Inc (MARA)
NASDAQ:MARA
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MARA Holdings
(NASDAQ:MARA)
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Rating:50Neutral
Price Target:
$15.00
▲(29.31% Upside)
Action:Reiterated
Date:05/14/26
The score is held down primarily by weak financial quality—extreme earnings volatility and persistently negative free cash flow—despite solid revenue scale-up. Technicals are moderately supportive with improving momentum, and management’s strategic pivot toward AI/data-center monetization plus debt/dilution reduction helps sentiment, but valuation remains challenged due to losses and the outlook is still heavily dependent on Bitcoin-price-driven volatility and financing execution.
Positive Factors
Operational scale (energized hashrate)
Sustained increases in energized hashrate and reward share reflect durable scale advantages in mining capacity. Larger, growing hashpower supports higher long-run Bitcoin production potential, improves negotiating leverage with power/hosting partners, and spreads fixed costs across more output, strengthening unit economics.
Negative Factors
Persistent negative free cash flow
Chronic negative free cash flow implies ongoing external funding needs to support operations, capex and acquisitions. Reliance on asset sales or financings constrains reinvestment, increases execution risk for strategic projects, and limits the firm’s ability to self-fund growth or absorb shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Operational scale (energized hashrate)
Sustained increases in energized hashrate and reward share reflect durable scale advantages in mining capacity. Larger, growing hashpower supports higher long-run Bitcoin production potential, improves negotiating leverage with power/hosting partners, and spreads fixed costs across more output, strengthening unit economics.
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
$4.70B
Dividend YieldN/A
Average Volume (3M)42.65M
Price to Earnings (P/E)―
Beta (1Y)2.42
Revenue Growth23.08%
EPS Growth-291.74%
CountryUS
Employees171
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-5.50
Shares Outstanding381,270,500
10 Day Avg. Volume39,970,365
30 Day Avg. Volume42,648,452
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 Cap1.58
Enterprise Value/Revenue8.55
Enterprise Value/Gross Profit2.86K
Enterprise Value/Ebitda5.19
Forecast
1Y Price Target
$14.25Price Target Upside22.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)-2.76
Revenue Forecast (FY)$852.37M
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 approximatel...
How the Company Makes Money
MARA primarily makes money by producing Bitcoin through proof-of-work mining and monetizing that production. Its core revenue stream is generated when it earns Bitcoin as block rewards and transaction fees for contributing computational hash rate ...
MARA Holdings Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Neutral
The call presents a mixed but strategically forward-looking picture: strong operational progress and major strategic moves (Starwood JV execution, Exaion acquisition, Long Ridge deal, record energized hashrate, and debt/dilution reduction) position MARA to scale AI/critical IT infrastructure and monetize powered land. However, material near-term financial headwinds persist — Q1 revenue declines, a large net loss and negative adjusted EBITDA driven by Bitcoin price markdowns, lower BTC holdings, higher per-BTC costs and elevated G&A/restructuring charges. The company has actionable financing plans and capital-efficient JV structures to convert assets to contracted cash flows, but short-term results remain volatile and sensitive to BTC prices.Positive Updates
Strategic M&A and Partnerships Accelerating Execution
Moved Starwood joint venture from announcement to execution (permitting, site prep, active tenant discussions across ~90% of owned/operated sites). Closed majority acquisition of Exaion and announced definitive agreement to acquire Long Ridge Energy & Power, positioning MARA to scale AI and critical IT infrastructure.
Negative Updates
Revenue Decline Driven by Bitcoin Price Weakness
Q1 2026 revenues of $174.6 million versus $213.9 million prior-year, a decline driven primarily by an 18% decrease in Bitcoin average price which reduced revenue by ~$33.1 million; lower mining production and other digital asset hosting revenues further reduced revenue (~$2.5M and ~$3.7M respectively).
Read all updates
Q1-2026 Updates
Positive
Negative
Strategic M&A and Partnerships Accelerating Execution
Moved Starwood joint venture from announcement to execution (permitting, site prep, active tenant discussions across ~90% of owned/operated sites). Closed majority acquisition of Exaion and announced definitive agreement to acquire Long Ridge Energy & Power, positioning MARA to scale AI and critical IT infrastructure.
Read all positive updates
Company Guidance
MARA’s guidance emphasized accelerating AI/data‑center commercialization and near‑term financings: management expects to sign multiple tenant leases by year‑end and will disclose contracted megawatts as they convert, with the Starwood JV able to monetize sites (an illustrative 200 MW project could generate ~$50M–$100M of net annualized stabilized cash flow at a 9%–15% yield on cost and construction financing that can support ~80% LTV); Long Ridge adds ~1,600 contiguous acres and an existing 200 MW of capacity with a 505 MW nameplate combined‑cycle plant (76% contracted) that produced $144M annualized adjusted EBITDA in H2 2025, gives a path from ~1.3 GW energized capacity to ~2.2 GW at close (≈65% increase) and up to ~2.4 GW with expansion, with a pathway to >1 GW on site and an initial 200 MW AI build‑out targeted to start construction H1 2027 with initial capacity mid‑2028, paired with very low incremental power cost (~$15/MWh) and a plan to retain the plant’s ~25 FTEs; Long Ridge pro‑forma debt is expected to be about $900M (down from $1.1B) with ~185M in tack‑on notes and a $785M Barclays bridge commitment if needed. Financial/operational context and balance‑sheet guidance included targeting a lower quarterly G&A run‑rate post‑restructuring, realizing ~$12M annualized savings from a 15% workforce reduction, having retired ~30% of convertible notes (≈33% of outstanding debt) to reduce dilution by ~46M shares (~9% FD), selling ~$1.5B of Bitcoin in Q1 to repurchase >$1B face value of 2030/2031 notes and cut a credit line by $200M while refinancing $150M of the line at 7% (from 10.5%); company reiterated that every $10,000 move in BTC price changes digital‑asset fair value by ~$350M, and operational metrics from Q1 included revenue $174.6M, record energized hashrate 72.2 EH/s (+33% YoY), mined 2,247 BTC (25 BTC/day), 35,303 BTC held (28% loaned/pledged), net loss $1.3B (‑$3.31/sh), and adjusted EBITDA of ‑$1.0B.MARA Holdings Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
46
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 867.82M | 907.09M | 656.38M | 387.51M | 117.75M | 159.16M |
| Gross Profit | 2.59M | -432.94M | -159.37M | -15.34M | -33.67M | 116.77M |
| EBITDA | 1.43B | -49.40M | 1.06B | 467.46M | -624.56M | 1.95M |
| Net Income | -2.04B | -1.31B | 541.25M | 261.17M | -694.02M | -37.10M |
Balance Sheet | ||||||
| Total Assets | 4.95B | 7.42B | 6.80B | 1.99B | 1.20B | 1.44B |
| Cash, Cash Equivalents and Short-Term Investments | 527.56M | 547.13M | 391.77M | 357.31M | 103.70M | 587.70M |
| Total Debt | 2.46B | 3.65B | 2.47B | 326.13M | 783.51M | 728.41M |
| Total Liabilities | 2.62B | 3.95B | 2.67B | 375.05M | 809.30M | 762.23M |
| Stockholders Equity | 2.23B | 3.47B | 4.13B | 1.62B | 385.94M | 682.10M |
Cash Flow | ||||||
| Free Cash Flow | -385.02M | -312.35M | -930.48M | -343.26M | -217.59M | -727.14M |
| Operating Cash Flow | 62.72M | 94.72M | -677.02M | -315.65M | -176.48M | -18.22M |
| Investing Cash Flow | 730.77M | -669.92M | -3.23B | 4.59M | -390.23M | -891.92M |
| Financing Cash Flow | 289.37M | 1.63B | 3.95B | 555.86M | 410.65M | 1.04B |
MARA Holdings Technical Analysis
Negative
11.60
Price Trends
11.67
Positive
10.31
Positive
12.63
Negative
Market Momentum
0.56
Positive
44.19
Neutral
27.67
Neutral
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 11.6 is below the 20-day moving average (MA) of 13.45, below the 50-day MA of 11.67, and below the 200-day MA of 12.63, indicating a neutral trend. The MACD of 0.56 indicates Positive momentum. The RSI at 44.19 is Neutral, neither overbought nor oversold. The STOCH value of 27.67 is Neutral, 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 53 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $9.16B | 19.11 | 19.31% | ― | 23.83% | 45.00% | |
74 Outperform | $8.09B | 8.15 | 35.67% | 2.88% | 28.84% | 73.53% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
58 Neutral | $9.33B | -9.88 | -28.78% | ― | 42.40% | -72.16% | |
57 Neutral | $9.18B | -10.13 | -117.65% | ― | 37.96% | -506.10% | |
50 Neutral | $4.70B | -2.30 | -52.07% | ― | 23.08% | -291.74% | |
49 Neutral | $9.06B | -0.83 | -116.38% | ― | 261.26% | -199.41% |
* Financial Sector Average
MARA
MARA Holdings
12.32
-3.95
-24.28%
RIOT
Riot Platforms
24.66
14.54
143.68%
SNEX
StoneX Group
115.54
59.11
104.74%
VIRT
Virtu Financial
52.18
11.73
29.00%
BMNR
BitMine Immersion Technologies
15.90
9.01
130.77%
CIFR
Cipher Mining
22.45
18.31
442.27%
MARA Holdings Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
MARA Holdings Acquires Long Ridge to Expand AI Power
Positive
Apr 30, 2026
On April 29, 2026, MARA USA Corporation, a subsidiary of MARA Holdings, agreed to acquire Long Ridge Energy Power LLC from Ohio River Partners entities and FTAI Infrastructure for about $1.5 billion, including assumed debt, with closing targeted ...
Business Operations and StrategyFinancial Disclosures
MARA Holdings Sells Bitcoin to Fund Convertible Note Buybacks
Positive
Mar 26, 2026
On March 25, 2026, MARA Holdings, Inc. agreed to privately repurchase approximately $367.5 million of its 0.00% Convertible Senior Notes due 2030 and about $633.4 million of its 0.00% Convertible Senior Notes due 2031 for cash, with closings expec...
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.