MARA Holdings (MARA)
NASDAQ:MARA
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MARA Holdings
(NASDAQ:MARA)
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Rating:47Neutral
Price Target:
$10.50
▼(-9.48% Downside)
Action:ReiteratedDate:05/01/26
The score is primarily held back by weak cash generation and high earnings volatility (including large losses tied to Bitcoin price sensitivity), which outweigh improving near-term technical momentum. Strategic progress toward AI/HPC and power vertical integration, plus debt reduction and an accretive-looking power acquisition, provide partial support but still carry meaningful execution and financing risk.
Positive Factors
Strategic diversification into AI/HPC
The Starwood JV materially diversifies MARA beyond pure Bitcoin mining into AI/HPC and hyperscale tenancy. Building multi-gigawatt IT capacity creates new, higher-margin revenue streams and reduces reliance on BTC price cycles, improving long-term NOI and free cash flow visibility if execution and demand materialize.
Negative Factors
Persistent negative cash generation
Multi-year negative operating and free cash flow indicate the business has not been self-funding and remains dependent on external financing or asset monetization. This persistent cash burn elevates refinancing risk and constrains capital allocation flexibility during adverse BTC or energy conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic diversification into AI/HPC
The Starwood JV materially diversifies MARA beyond pure Bitcoin mining into AI/HPC and hyperscale tenancy. Building multi-gigawatt IT capacity creates new, higher-margin revenue streams and reduces reliance on BTC price cycles, improving long-term NOI and free cash flow visibility if execution and demand materialize.
Read all positive factors
MARA Holdings (MARA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.50B
Dividend YieldN/A
Average Volume (3M)45.30M
Price to Earnings (P/E)―
Beta (1Y)2.33
Revenue Growth38.20%
EPS Growth-326.36%
CountryUS
Employees171
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-3.74
Shares Outstanding380,234,650
10 Day Avg. Volume46,001,377
30 Day Avg. Volume45,298,946
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 Cap1.72
Enterprise Value/Revenue8.51
Enterprise Value/Gross Profit23.03
Enterprise Value/Ebitda7.71
Forecast
1Y Price Target
$13.75Price Target Upside18.53% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)-2.46
Revenue Forecast (FY)$784.29M
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 mining Bitcoin. It operates fleets of ASIC miners that contribute hash rate to the Bitcoin network; when MARA (directly or via mining pools) finds valid blocks, it earns Bitcoin-denominated block rewards and transacti...
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.
Data provided by:
The Fly
The FlyMARA Holdings Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Neutral
The call balanced significant strategic progress (Starwood JV, Exaion acquisition, energized hashrate +25%, Bitcoin holdings +20%, FY revenue +38%, cost-efficiency gains) with material near-term financial headwinds driven by Bitcoin price volatility, large non-cash fair-value and impairment charges, lower quarterly production, and elevated purchased-energy cost per Bitcoin. Management emphasized a deliberate pivot to energy-dominant digital infrastructure to generate more predictable NOI and free cash flow while taking steps to strengthen liquidity and prudently allocate capital.Positive Updates
Strategic JV with Starwood Digital Ventures
Announced joint venture with Starwood to develop AI/HPC-capable data centers; MARA can retain up to 50% ownership. JV targets more than 1 GW of near-term IT capacity with a pathway to >2.5 GW, expected to accelerate hyperscale tenancy, improve execution certainty and enhance long-term NOI and free cash flow visibility.
Negative Updates
Severe Bitcoin Price Volatility and Fair-Value Losses
Bitcoin price swung from ~$111k to an all-time high near $125k then down to ~$87k by quarter-end, causing a $1.5 billion change in fair value of digital assets booked in Q4 and a $1.7 billion net loss for the quarter.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic JV with Starwood Digital Ventures
Announced joint venture with Starwood to develop AI/HPC-capable data centers; MARA can retain up to 50% ownership. JV targets more than 1 GW of near-term IT capacity with a pathway to >2.5 GW, expected to accelerate hyperscale tenancy, improve execution certainty and enhance long-term NOI and free cash flow visibility.
Read all positive updates
Company Guidance
Management guided that the Starwood JV and Exaion investments should accelerate AI/HPC growth and improve NOI/free cash flow, pointing to a near‑term JV IT capacity of >1 GW with a pathway to >2.5 GW, and emphasized opportunistic monetization of Bitcoin to bolster liquidity; they reported Q4 revenue $202.3M (vs. $214.4M Q4'24), FY2025 revenue $907.1M (+38% y/y vs. $656.4M), Q4 net loss $1.7B (−$4.52/sh) vs. Q4'24 net income $528.3M ($1.24/sh), FY2025 net loss $1.3B (vs. $541M prior year), a $1.5B Q4 fair‑value digital asset loss and an $82.8M non‑cash goodwill impairment, energized hashrate up 25% to 66.4 EH (from 53.2 EH), Bitcoin holdings 53,822 (up 8,929 YoY, >20%), mined 2,011 BTC in Q4 and purchased 1,670 (average Q4 production 21.9 BTC/day vs. 27.1 in Q4'24, ~481 fewer BTC), ~28% of holdings activated (15,315 BTC loaned/managed/pledged; 9,377 BTC loaned generating ~$32.1M interest; 5,938 BTC pledged), cost per kWh at owned sites $0.04 (2025), purchased‑energy cost per BTC $48,611 (vs. $31,608 Q4'24), daily cost per PH/day improved 4% y/y to $30.5 (from $31.7) and 36% over 11 quarters, expanded Nebraska campus via a 42‑MW acquisition (~+40% campus), doubled NGON gas‑to‑power from 25 MW to 50 MW, noted Bitcoin price volatility (≈$111k start → ≈$125k peak → ≈$87k quarter‑end) and that each $10k BTC price move ≈ $538M change in holdings value, and reminded investors of put rights on $925M (2031) and $1B (2030) notes exercisable 6/4/2027 and 12/1/2027.MARA Holdings Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
52
Neutral
Cash Flow
23
Negative
| 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 | -49.40M | 1.06B | 467.46M | -624.56M | 1.95M |
| Net Income | -1.31B | 541.25M | 261.17M | -694.02M | -37.10M |
Balance Sheet | |||||
| Total Assets | 7.42B | 6.80B | 1.99B | 1.20B | 1.44B |
| Cash, Cash Equivalents and Short-Term Investments | 547.13M | 391.77M | 357.31M | 103.70M | 587.70M |
| Total Debt | 3.65B | 2.47B | 326.13M | 783.51M | 728.41M |
| Total Liabilities | 3.95B | 2.67B | 375.05M | 809.30M | 762.23M |
| Stockholders Equity | 3.47B | 4.13B | 1.62B | 385.94M | 682.10M |
Cash Flow | |||||
| Free Cash Flow | -312.35M | -930.48M | -343.26M | -217.59M | -727.14M |
| Operating Cash Flow | 94.72M | -677.02M | -315.65M | -176.48M | -18.22M |
| Investing Cash Flow | -669.92M | -3.23B | 4.59M | -390.23M | -891.92M |
| Financing Cash Flow | 1.63B | 3.95B | 555.86M | 410.65M | 1.04B |
MARA Holdings Technical Analysis
Positive
11.60
Price Trends
8.70
Positive
9.63
Positive
13.39
Negative
Market Momentum
0.63
Negative
73.13
Negative
88.93
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 11.6 is above the 20-day moving average (MA) of 9.21, above the 50-day MA of 8.70, and below the 200-day MA of 13.39, indicating a neutral trend. The MACD of 0.63 indicates Negative momentum. The RSI at 73.13 is Negative, neither overbought nor oversold. The STOCH value of 88.93 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MARA.
MARA Holdings Risk Analysis
MARA Holdings disclosed 52 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $7.66B | 5.19 | 69.74% | 2.88% | 28.84% | 73.53% | |
74 Outperform | $8.33B | 5.77 | 16.43% | ― | 32.54% | 22.72% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
58 Neutral | $7.26B | -1.92 | -107.05% | ― | 48.04% | -1546.55% | |
56 Neutral | $7.06B | -2.15 | -21.05% | ― | 42.40% | -72.16% | |
52 Neutral | $12.98B | -0.56 | -116.38% | ― | 261.26% | -199.41% | |
47 Neutral | $4.50B | -0.47 | -30.59% | ― | 38.20% | -326.36% |
* Financial Sector Average
MARA
MARA Holdings
11.83
-1.32
-10.04%
RIOT
Riot Platforms
18.68
10.82
137.66%
SNEX
StoneX Group
105.88
43.61
70.03%
VIRT
Virtu Financial
49.55
9.17
22.70%
BMNR
BitMine Immersion Technologies
22.79
14.39
171.31%
CIFR
Cipher Mining
17.89
14.85
488.49%
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...
Business Operations and StrategyPrivate Placements and Financing
MARA Holdings, Starwood Partner on U.S. Bitcoin Data Centers
Positive
Feb 26, 2026
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...
Business Operations and StrategyExecutive/Board Changes
MARA Holdings Updates Executive Equity Incentive Award Structures
Neutral
Feb 25, 2026
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 Ince...
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.