MARA Holdings (MARA) AI Stock Analysis

• Market Cap: $3.38B
• Dividend Yield: N/A
• Average Volume (3M): 45.58M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.38
• Revenue Growth: 53.51%
• EPS Growth: 112.53%
• Country: US
• Employees: 171
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -4.52
• Shares Outstanding: 378,184,360
• 10 Day Avg. Volume: 42,753,418
• 30 Day Avg. Volume: 45,576,051
• PEG Ratio: <0.01
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 3.52
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 3.73
• Enterprise Value/Gross Profit: -7.81
• Enterprise Value/Ebitda: 3.38
• 1Y Price Target: $11.50
• Price Target Upside: 28.64% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): -0.88
• Revenue Forecast (FY): $1.02B

• Rating: 47 Neutral
• Price Target: $8.50 ▼(-4.92% Downside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is held down primarily by weak and volatile financial performance (persistent negative operating/free cash flow and large earnings swings) and bearish-to-neutral technicals (below major moving averages with negative MACD). A low P/E and constructive strategic guidance around the Starwood JV/Exaion help, but are outweighed by near-term volatility, cost pressures, and balance-sheet obligations highlighted on the call.

Positive Factors

Hashrate Growth

A 25% energized hashrate increase meaningfully expands MARA’s secured compute capacity and scale, raising long-term expected Bitcoin yield probability per period, improving operating leverage and bargaining power for power/hosting contracts, and supporting diversified infra economics over coming quarters.

Starwood JV (Data Center Pivot)

The Starwood JV shifts MARA toward energy- and data-center infrastructure for hyperscale and AI/HPC tenancy, diversifying revenue away from pure mining. Long-term, larger IT capacity and JV financing improve NOI visibility, reduce bitcoin-price-only revenue dependence, and enhance strategic optionality.

Cost Efficiency / Low-Cost Power

Sustained improvements in kWh costs and petahash efficiency lower structural mining costs, supporting margin durability through cycles. Converting flared gas to power and campus expansion at below-market rates creates a persistent cost advantage versus peers and raises competitive resilience to BTC price swings.

Negative Factors

Weak Cash Generation

Multi-year negative operating and free cash flow indicates the business is not self-funding, increasing reliance on external financing or asset monetization. This constrains capital deployment, heightens refinancing and liquidity risk, and limits ability to organically scale infrastructure without partner funding.

High Bitcoin-Price Sensitivity

Material fair-value swings tied to BTC price translate into extreme earnings and equity volatility, undermining predictability of NOI and impairing stakeholder confidence. Persistent mark-to-market exposure can trigger covenant pressure, impairments, and force opportunistic monetization during adverse windows.

Production Decline from Network Difficulty

Rising network difficulty reduced BTC output per unit of deployed hash, eroding revenue per capacity and requiring continuous capital investment in newer hardware or more energy to sustain production. This structural headwind pressures margins and raises long-term capital intensity for growth.

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

MARA 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 Financial Statement Overview

Summary

Financials are volatile and cash conversion is weak. Revenue scaled strongly into 2024, but 2025 results swung to a large net loss with highly inconsistent margins (including negative 2024 gross profit despite positive net income). Operating and free cash flow were negative through 2024, indicating ongoing funding dependence, and some 2025 balance-sheet/cash-flow fields appear abnormal (reported debt/equity and cash flows at zero), reducing confidence in the latest period.

Income Statement

Revenue scaled rapidly from 2020–2024 (including strong growth in 2023–2024), but 2025 saw a sharp reversal with revenue down materially and profitability swinging to a large net loss (net margin deeply negative). While 2023–2024 showed very strong reported operating and net profitability, margins have been highly volatile year to year, and the 2024 gross profit was negative despite positive net income—highlighting earnings quality/consistency risk.

Balance Sheet

The balance sheet expanded significantly, with total assets rising meaningfully into 2024–2025. Leverage improved from very high levels in 2022 (debt well above equity) to a more moderate debt load in 2024. However, 2025 shows reported total debt and equity at zero (likely missing/abnormal data), which limits confidence in the latest-year leverage and capitalization assessment.

Cash Flow

Cash generation is a key weak spot: operating cash flow was negative in every year shown through 2024, and free cash flow was consistently negative as well, indicating the business has not been self-funding. In 2025, operating and free cash flow are reported as zero alongside a -100% free cash flow growth figure, which suggests data quality issues; even excluding 2025, the multi-year pattern points to ongoing cash burn and funding dependence.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	907.09M	656.38M	387.51M	117.75M	159.16M
Gross Profit	-432.94M	-159.37M	-15.34M	-33.67M	116.77M
EBITDA	772.77M	1.06B	467.46M	-624.56M	1.95M
Net Income	-1.31B	541.25M	261.17M	-694.02M	-37.10M
Balance Sheet
Total Assets	7.65B	6.80B	1.99B	1.20B	1.44B
Cash, Cash Equivalents and Short-Term Investments	0.00	391.77M	357.31M	103.70M	587.70M
Total Debt	0.00	2.47B	326.13M	783.51M	728.41M
Total Liabilities	0.00	2.67B	375.05M	809.30M	762.23M
Stockholders Equity	0.00	4.13B	1.62B	385.94M	682.10M
Cash Flow
Free Cash Flow	0.00	-930.48M	-343.26M	-217.59M	-727.14M
Operating Cash Flow	0.00	-677.02M	-315.65M	-176.48M	-18.22M
Investing Cash Flow	21.24M	-3.23B	4.59M	-390.23M	-891.92M
Financing Cash Flow	0.00	3.95B	555.86M	410.65M	1.04B

MARA Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 8.94
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MARA, the sentiment is Neutral. The current price of 8.94 is above the 20-day moving average (MA) of 8.11, below the 50-day MA of 9.37, and below the 200-day MA of 14.46, indicating a neutral trend. The MACD of -0.36 indicates Negative momentum. The RSI at 52.70 is Neutral, neither overbought nor oversold. The STOCH value of 74.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MARA.

MARA Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VIRT	73 Outperform	$6.40B	8.07	30.87%	2.88%	27.66%	131.25%
RIOT	70 Outperform	$6.06B	48.37	5.24%	―	103.62%	49.48%
SNEX	70 Outperform	$6.69B	19.01	16.17%	―	32.53%	13.38%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CIFR	54 Neutral	$6.32B	-7.60	-110.55%	―	35.41%	-38.08%
MARA	47 Neutral	$3.38B	-2.26	―	―	53.51%	112.53%

MARA Holdings Corporate Events

MARA Holdings, Starwood Partner on U.S. Bitcoin Data Centers

On February 26, 2026, MARA USA Corporation, a wholly owned subsidiary of MARA Holdings, entered a strategic agreement with Starwood Capital Group to develop, lease and market a portfolio of U.S. bitcoin mining data centers, converting select power-rich sites into next-generation digital infrastructure for enterprise, hyperscale and AI customers. Under a joint-venture structure in which Starwood manages development and operations and MARA retains or is compensated for its mining rights, the partners plan to jointly finance and operate projects expected to deliver about 1 gigawatt of near-term IT capacity with a pathway to more than 2.5 gigawatts, marking a significant expansion of MARA’s move into high-performance computing and strengthening its position at the intersection of energy and data-center infrastructure.

The most recent analyst rating on (MARA) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on MARA Holdings stock, see the MARA Stock Forecast page.

MARA Holdings Updates Executive Equity Incentive Award Structures

On February 20, 2026, MARA Holdings, Inc.’s Talent, Culture and Compensation Committee approved new award agreement forms for restricted stock units and performance-based restricted stock units under its Amended and Restated 2018 Equity Incentive Plan, with RSUs vesting in 11 substantially equal quarterly installments from April 1, 2026 through December 31, 2028, subject to continued employment. The newly structured PSUs will vest based on fiscal 2026 performance metrics tied to Economic Triad Megawatt Capacity and Annual Recurring Revenues, modified by a three-year relative total shareholder return component and capped so that the overall long-term incentive payout, including any change-in-control treatment at target performance, cannot exceed 200% of the aggregate target long-term incentive opportunity for the cycle.

The PSU design allows for payouts below or above target, up to a 249% cap on performance-based achievement before TSR adjustment, with one-third of earned units settling shortly after performance certification and the remainder vesting over the following two years, reinforcing multi-year retention and alignment with shareholder returns. In a change in control, unvested PSUs are treated like RSUs with performance deemed achieved at target, which provides clarity and protection for participants while limiting overall dilution and cost through the program-wide payout cap.

The most recent analyst rating on (MARA) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on MARA Holdings stock, see the MARA Stock Forecast page.