Marathon Digital Holdings (MARA) AI Stock Analysis

• Market Cap: $5.70B
• Dividend Yield: N/A
• Average Volume (3M): 45.43M
• Price to Earnings (P/E): 13.8
• Beta (1Y): 2.15
• Revenue Growth: 41.32%
• EPS Growth: -12.83%
• Country: US
• Employees: 171
• Sector: Financial
• Sector Strength: 71
• Industry: Financial - Capital Markets
• EPS (TTM): 1.84
• Shares Outstanding: 370,457,900
• 10 Day Avg. Volume: 37,067,608
• 30 Day Avg. Volume: 45,429,713
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.66
• Enterprise Value/Revenue: 11.82
• Enterprise Value/Gross Profit: -1.63K
• Enterprise Value/Ebitda: 6.61
• 1Y Price Target: $22.95
• Price Target Upside: 46.55% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 12

• Rating: 52 Neutral
• Price Target: $15.50 ▼(-1.02% Downside)

Marathon Digital Holdings' overall stock score reflects a challenging financial environment with strong revenue growth but significant profitability and cash flow issues. Technical indicators suggest bearish momentum, while valuation appears reasonable. The earnings call and recent corporate events highlight strategic growth initiatives, but market risks and operational challenges remain.

Positive Factors

Financial Performance

MARA reported increased revenue driven by a significant rise in BTC price and improvements in fleet efficiency.

Partnerships

MARA plans to partner with energy companies to monetize stranded energy.

Technological Advancements

Partnerships with companies like Google-backed TAE Power Solutions and LG-backed PADO AI suggest growing potential in AI-adjacent technologies.

Negative Factors

Earnings Impact

A non-cash, fair value negative price adjustment caused MARA's per share earnings to plummet.

Operational Costs

Costs associated with the leased sites is still high which remains a drag on COGS.

Profitability Challenges

Reported lower gross profits and higher SG&A, leading to a narrow adjusted EBITDA miss.

Marathon Digital 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.

Marathon Digital Holdings Financial Statement Overview

Summary

Marathon Digital Holdings faces financial challenges with inconsistent revenue growth and significant negative net income. The balance sheet reflects high leverage, and cash flow analysis shows negative free cash flow and reliance on financing activities for liquidity.

Income Statement

Marathon Digital Holdings shows inconsistent revenue growth with a decrease in total revenue from 2024 to TTM. Gross profit margins are volatile, and the company has significant negative net income in TTM, leading to a negative net profit margin. EBIT and EBITDA margins reflect operational challenges, although EBITDA remains positive due to adjustments.

Balance Sheet

The balance sheet reflects a high level of debt with a debt-to-equity ratio above 0.7, indicating moderate leverage. However, the company has improved its equity position over the years, showing a positive trajectory. The equity ratio remains stable, suggesting a balanced asset structure despite high liabilities.

Cash Flow

Cash flow analysis reveals a negative free cash flow in TTM, with significant capital expenditures impacting cash reserves. The operating cash flow is negative, indicating potential challenges in generating cash from operations. The company relies heavily on financing activities to maintain liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	798.41M	656.38M	387.51M	117.75M	159.16M	4.36M
Gross Profit	-5.78M	-159.37M	-15.34M	-33.67M	116.77M	-7.37M
EBITDA	1.43B	1.06B	467.46M	-601.78M	1.95M	-7.26M
Net Income	678.77M	541.25M	261.17M	-694.02M	-37.10M	-10.45M
Balance Sheet
Total Assets	7.72B	6.80B	1.99B	1.20B	1.45B	313.25M
Cash, Cash Equivalents and Short-Term Investments	109.47M	391.77M	357.31M	103.70M	268.56M	141.32M
Total Debt	2.65B	2.47B	326.13M	783.51M	728.41M	184.10K
Total Liabilities	2.93B	2.67B	375.05M	809.30M	765.22M	1.51M
Stockholders Equity	4.79B	4.13B	1.62B	385.94M	683.02M	311.74M
Cash Flow
Free Cash Flow	-1.52B	-930.48M	-343.26M	-217.59M	-727.14M	-91.16M
Operating Cash Flow	-1.13B	-677.02M	-315.65M	-176.48M	-18.22M	-7.77M
Investing Cash Flow	-2.87B	-3.23B	4.59M	-390.23M	-891.92M	-81.29M
Financing Cash Flow	3.58B	3.95B	555.86M	410.65M	1.04B	229.69M

Marathon Digital Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 15.66
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 15.66 is below the 20-day moving average (MA) of 17.25, below the 50-day MA of 16.50, and below the 200-day MA of 16.98, indicating a bearish trend. The MACD of -0.42 indicates Positive momentum. The RSI at 41.93 is Neutral, neither overbought nor oversold. The STOCH value of 22.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MARA.

Marathon Digital Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	67 Neutral	¥815.90B	12.84	9.17%	3.05%	8.46%	12.96%
BTBT	65 Neutral	$956.70M	8.82	-23.29%	―	53.68%	-265.12%
IREN	63 Neutral	$4.45B	―	-3.39%	―	130.86%	-22.83%
FUFU	58 Neutral	$645.90M	363.30	1.33%	―	174.88%	-97.01%
MARA	52 Neutral	$5.70B	13.78	18.26%	―	41.32%	-12.83%
CIFR	51 Neutral	$1.87B	―	-21.39%	―	0.11%	-914.42%
WULF	50 Neutral	$1.93B	―	-46.99%	―	19.82%	-77.95%

Marathon Digital 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 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.

Marathon Digital Announces $950M Convertible Notes Offering

On July 23, 2025, MARA Holdings, Inc. announced the pricing of a $950 million upsized private offering of 0.00% convertible senior notes due 2032, with an option for initial purchasers to acquire an additional $200 million. The net proceeds are expected to be used for repurchasing existing convertible notes, capped call transactions, acquiring bitcoin, and general corporate purposes. The offering is anticipated to close on July 25, 2025, and is aimed at qualified institutional buyers, potentially impacting the market price of MARA’s common stock.

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 Announces $850M Convertible Notes Offering

On July 23, 2025, MARA Holdings, Inc. announced that as of June 30, 2025, it had 310,000 energized miners and mined 2,358 bitcoin during the second quarter of 2025. The company’s total bitcoin holdings reached 49,951, and its compute power was 57.4 EH/s. Additionally, MARA announced a proposed private offering of $850 million in convertible senior notes due 2032, with plans to use the proceeds for repurchasing existing notes, acquiring bitcoin, and general corporate purposes. This move is expected to impact the market price of MARA’s common stock and notes.

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 Holds Annual Stockholder Meeting Decisions

On June 26, 2025, Marathon Digital Holdings held its annual meeting of stockholders where key decisions were made regarding company leadership and operations. The election of Class II directors saw Georges Antoun and Jay Leupp elected to serve until 2028. The appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2025 was ratified. However, the compensation for the Named Executive Officers was not approved by stockholders. An amendment to the 2018 Plan was approved, reflecting strategic adjustments in the company’s governance.

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.