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MARA Holdings, Inc (MARA)
NASDAQ:MARA
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MARA Holdings
(NASDAQ:MARA)
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Rating:64Neutral
Price Target:
$12.00
▲(12.57% Upside)
MARA's overall stock score is driven by strong earnings call outcomes and favorable valuation, despite technical analysis indicating bearish momentum. Financial performance shows growth but is hindered by operational and cash flow challenges.
Positive Factors
Revenue Growth
Significant revenue growth indicates strong market demand and successful business expansion, enhancing long-term financial stability.
Strategic Partnerships
Strategic partnerships and acquisitions can drive innovation and diversification, strengthening MARA's competitive position in the tech industry.
Strong Financial Position
A strong liquidity position offers MARA the ability to invest in growth opportunities and weather economic uncertainties, supporting long-term resilience.
Negative Factors
Cash Flow Challenges
Persistent cash flow issues can limit MARA's ability to fund operations and growth initiatives, potentially impacting long-term sustainability.
Competitive Mining Environment
Increased competition in Bitcoin mining could pressure margins and profitability, challenging MARA's market position over time.
Risks in AI and Data Center Expansion
Expansion into AI and data centers involves significant risks, including tech obsolescence and high capital costs, which could affect MARA's financial health.
MARA Holdings (MARA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.20B
Dividend YieldN/A
Average Volume (3M)35.31M
Price to Earnings (P/E)5.9
Beta (1Y)2.39
Revenue Growth53.51%
EPS Growth112.53%
CountryUS
Employees171
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.27
Shares Outstanding378,184,360
10 Day Avg. Volume35,328,549
30 Day Avg. Volume35,310,217
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)1.18
Price to Sales (P/S)7.41
P/FCF Ratio-5.23
Enterprise Value/Market Cap2.71
Enterprise Value/Revenue12.40
Enterprise Value/Gross Profit21.77
Enterprise Value/Ebitda6.20
Forecast
1Y Price Target
$21.00Price Target Upside97.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)-1.01
Revenue Forecast (FY)$1.07B
MARA Holdings Business Overview & Revenue Model
Company DescriptionMarathon 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 MoneyMARA generates revenue through multiple streams including property sales, rental income from its real estate portfolio, and management fees from its investment activities. The company engages in property development projects, which involve acquiring land, constructing buildings, and selling the completed units. Additionally, MARA earns ongoing income from leasing commercial and residential properties. Strategic partnerships with other real estate developers and financial institutions further enhance its revenue potential, allowing it to leverage resources and share risks in large-scale projects.
MARA Holdings Earnings Call Summary
Earnings Call Date:Nov 04, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 04, 2026
Earnings Call Sentiment Positive
The earnings call highlighted MARA's strong financial performance, strategic initiatives, and growth in Bitcoin holdings. However, challenges in the competitive mining environment and potential risks in AI and data center expansion were noted. Overall, the sentiment leans positive due to the significant achievements and strategic partnerships.Q3-2025 Updates
Positive Updates
Record Bitcoin Holdings and Revenue Growth
MARA ended the quarter with 52,850 Bitcoin, marking a 98% increase from the previous year. Revenues increased by 92% to $252.4 million compared to $131.6 million in Q3 2024.
New Strategic Initiatives and Partnerships
MARA announced the pending acquisition of Exaion, a subsidiary of EDF, to expand AI-optimized private cloud capabilities. Additionally, a partnership with MPLX was announced to develop power generation facilities and data centers in West Texas with an initial capacity of 400 megawatts.
Successful Vertical Integration and Cost Management
The company reported a 15% improvement in daily cost per petahash, and 70% of its nameplate megawatt capacity is now owned and operated.
Strong Financial Position
MARA holds over $7 billion in liquid assets, providing flexibility for growth and international expansion.
Negative Updates
Challenging Mining Environment
The global hashrate grew by 20%, creating a competitive mining environment and contributing to a difficult performance backdrop.
Risks in AI and Data Center Expansion
Concerns about technology obsolescence and capital expenditure risks in expanding AI and HPC capabilities were discussed, highlighting the need for efficient cost management.
Company Guidance
During the Q3 2025 earnings call, MARA emphasized its strategic transition from a Bitcoin mining company to a vertically integrated digital infrastructure leader. The call highlighted MARA's plan to integrate energy, Bitcoin, and AI compute into a single scalable platform, with a key metric being profit per megawatt hour. MARA reported strong financial performance, ending the quarter with 52,850 Bitcoin, a 98% increase in holdings year-over-year, and achieving a net income of $123.1 million. The company mined 2,144 Bitcoin during the quarter and reported a 92% increase in revenues to $252.4 million. MARA's future growth strategy includes the acquisition of Exaion to expand into AI-optimized cloud services, and a new initiative with MPLX to develop power generation facilities and data centers in Texas, aiming for an initial 400 megawatts capacity with potential expansion to 1.5 gigawatts.MARA Holdings Financial Statement Overview
Summary
MARA Holdings shows strong revenue growth and improved profitability, with a solid equity base. However, operational inefficiencies and cash flow challenges remain concerns, particularly with negative operating and free cash flows.Income Statement
MARA Holdings has shown significant revenue growth over the years, with a notable 15.13% increase in the TTM period. The company has managed to turn its net profit margin positive in the TTM, indicating improved profitability. However, the EBIT margin remains negative, suggesting operational challenges. The EBITDA margin is strong, reflecting good earnings before interest, taxes, depreciation, and amortization.65
Positive
Balance Sheet
The balance sheet shows a strong equity position with a low debt-to-equity ratio in the TTM, indicating financial stability. The return on equity has improved significantly, reflecting better utilization of equity to generate profits. However, the historical high leverage in previous years poses a potential risk.70
Positive
Cash Flow
Cash flow analysis reveals challenges, with negative operating and free cash flows in the TTM. The free cash flow to net income ratio is positive, suggesting that the company is generating cash relative to its net income. However, the negative free cash flow growth rate indicates declining cash generation capabilities.55
Neutral
| 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 | 523.70M | -159.37M | -15.34M | -33.67M | 116.77M | -2.56M |
| EBITDA | 1.84B | 1.06B | 467.46M | -624.56M | 1.95M | -7.36M |
| Net Income | 926.70M | 541.25M | 261.17M | -694.02M | -37.10M | -10.45M |
Balance Sheet | ||||||
| Total Assets | 9.15B | 6.80B | 1.99B | 1.20B | 1.44B | 313.25M |
| Cash, Cash Equivalents and Short-Term Investments | 826.39M | 391.77M | 357.31M | 103.70M | 587.70M | 141.32M |
| Total Debt | 3.64B | 2.47B | 326.13M | 783.51M | 728.41M | 184.10K |
| Total Liabilities | 3.98B | 2.67B | 375.05M | 809.30M | 762.23M | 1.51M |
| Stockholders Equity | 5.16B | 4.13B | 1.62B | 385.94M | 682.10M | 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
Negative
10.66
Price Trends
11.56
Negative
14.80
Negative
15.08
Negative
Market Momentum
-0.27
Negative
48.52
Neutral
77.04
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 10.66 is above the 20-day moving average (MA) of 10.10, below the 50-day MA of 11.56, and below the 200-day MA of 15.08, indicating a neutral trend. The MACD of -0.27 indicates Negative momentum. The RSI at 48.52 is Neutral, neither overbought nor oversold. The STOCH value of 77.04 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 50 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% | |
64 Neutral | $4.20B | 5.90 | 23.13% | ― | 53.51% | 112.53% | |
64 Neutral | $6.44B | 49.20 | 5.24% | ― | 103.62% | 49.48% | |
64 Neutral | $5.38B | 7.62 | 29.43% | 2.88% | 27.66% | 131.25% | |
58 Neutral | $5.28B | 17.96 | 14.47% | ― | 32.53% | 13.38% | |
56 Neutral | $7.16B | -91.97 | -9.69% | ― | 35.41% | -38.08% |
* Financial Sector Average
MARA
MARA Holdings
10.66
-9.25
-46.46%
RIOT
Riot Platforms
16.57
3.18
23.75%
SNEX
StoneX Group
105.89
35.88
51.25%
VIRT
Virtu Financial
35.88
-0.46
-1.27%
BMNR
BitMine Immersion Technologies
30.87
24.87
414.50%
CIFR
Cipher Mining
17.52
12.09
222.65%
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.