Marathon Digital Holdings (MARA) AI Stock Analysis

• Market Cap: $5.29B
• Dividend Yield: N/A
• Average Volume (3M): 46.37M
• Price to Earnings (P/E): 9.6
• Beta (1Y): 2.15
• Revenue Growth: 40.57%
• EPS Growth: -152.87%
• Country: US
• Employees: 171
• Sector: Financial
• Sector Strength: 79
• Industry: Financial - Capital Markets
• EPS (TTM): -1.55
• Shares Outstanding: 351,927,730
• 10 Day Avg. Volume: 43,599,577
• 30 Day Avg. Volume: 46,369,123
• PEG Ratio: 0.28
• Price to Book (P/B): 1.18
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.23
• Enterprise Value/Market Cap: 0.81
• Enterprise Value/Revenue: 1.70
• Enterprise Value/Gross Profit: 305.43
• Enterprise Value/Ebitda: 1.95
• 1Y Price Target: $19.25
• Price Target Upside: 22.77% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 8

• Rating: 48 Neutral
• Price Target: $15.00 ▼(-4.34%Downside)

Marathon Digital Holdings faces significant financial challenges and valuation concerns, primarily due to its negative net income and reliance on external financing. While there are signs of operational improvements and strategic initiatives, these are offset by market volatility and high leverage, impacting the overall stock score negatively.

Positive Factors

Market Leadership

MARA is the undisputed market leader among public miners, and it has taken full advantage of its industry-leading scale.

Strategic Acquisitions

Investments in renewable energy assets with low operating costs support Marathon's strategy to drive energy costs closer to zero, enhancing long-term sustainability.

Technology Development

MARA remains focused on technology development in its core vertical of power conversion, aiming to drive energy costs to zero.

Negative Factors

Earnings Impact

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

Financial Performance

MARA reported an adj. EBITDA miss resulting from higher mining costs and SG&A.

Revenue Estimates

The revenue forecasts were based on a bitcoin price estimate that was almost $10,000 higher than the actual average price found in the March quarter.

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 primarily makes money through its Bitcoin mining operations. By deploying advanced mining hardware, the company solves complex mathematical problems to validate Bitcoin transactions, earning Bitcoin rewards in return. These rewards, which consist of newly minted Bitcoins and transaction fees, constitute the primary revenue stream for the company. Additionally, Marathon may engage in the sale of mined Bitcoins to generate revenue. The company's earnings are significantly influenced by the market price of Bitcoin, the network's mining difficulty, and its operational efficiency. Marathon also seeks to form strategic partnerships and secure favorable energy contracts to minimize costs and maximize profitability.

Marathon Digital Holdings Financial Statement Overview

Summary

Marathon Digital Holdings faces financial challenges with inconsistent revenue growth, negative net income, and high leverage. Despite equity growth, negative cash flows and reliance on financing activities pose significant risks.

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	705.06M	656.38M	387.51M	117.75M	159.16M	4.36M
Gross Profit	14.04M	-159.37M	-15.34M	-33.67M	116.77M	-7.37M
EBITDA	332.61M	1.06B	467.46M	-601.78M	11.63M	-7.26M
Net Income	-329.12M	541.25M	261.17M	-686.74M	-37.10M	-10.52M
Balance Sheet
Total Assets	5.67M	6.80B	1.99B	1.20B	1.45B	313.25M
Cash, Cash Equivalents and Short-Term Investments	474.55K	391.77M	357.31M	103.70M	492.30M	141.32M
Total Debt	1.18M	2.47B	326.13M	783.51M	728.41M	184.10K
Total Liabilities	2.50M	2.67B	375.05M	809.30M	765.22M	1.51M
Stockholders Equity	3.17M	4.13B	1.62B	385.94M	683.02M	311.74M
Cash Flow
Free Cash Flow	-1.23B	-930.48M	-343.26M	-217.59M	-727.14M	-91.16M
Operating Cash Flow	-948.59M	-677.02M	-315.65M	-176.48M	-18.22M	-7.77M
Investing Cash Flow	-3.02B	-3.23B	4.59M	-390.23M	-891.92M	-81.29M
Financing Cash Flow	3.71B	3.95B	555.86M	410.65M	1.04B	229.69M

Marathon Digital Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 15.68
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MARA, the sentiment is Positive. The current price of 15.68 is above the 20-day moving average (MA) of 15.31, above the 50-day MA of 14.96, and below the 200-day MA of 16.81, indicating a neutral trend. The MACD of 0.07 indicates Negative momentum. The RSI at 55.20 is Neutral, neither overbought nor oversold. The STOCH value of 84.27 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MARA.

Marathon Digital Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IREN	59 Neutral	$3.37B	―	-3.39%	―	130.86%	-22.83%
BTBT	58 Neutral	$419.15M	8.82	-23.29%	―	53.68%	-265.12%
CIFR	58 Neutral	$1.43B	―	-18.49%	―	-0.65%	-808.88%
Sector *	58 Neutral	$12.55B	5.33	-2.71%	5.27%	5.88%	-56.03%
FUFU	57 Neutral	$499.92M	296.33	1.33%	―	174.88%	-97.01%
WULF	53 Neutral	$1.62B	―	-56.12%	―	31.85%	-34.27%
MARA	48 Neutral	$5.29B	9.58	-10.61%	―	40.57%	-152.87%

Marathon Digital Holdings Corporate Events

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.