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MARA Holdings
(NASDAQ:MARA)
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Rating:50Neutral
Price Target:
$10.50
▼(-13.37% Downside)
Action:Reiterated
Date:08/07/26
The score is held back primarily by weak financial performance (sharp TTM profitability deterioration and significant cash burn) and bearish technical trends (price below key moving averages with negative momentum). Offsetting these, the latest earnings call outlined meaningful strategic progress and guidance around large-scale power capacity expansion and the Long Ridge deal’s expected EBITDA contribution, but execution, leverage/collateralization, and Bitcoin-price sensitivity remain key risks.
Positive Factors
Large power portfolio expansion
Doubling powered capacity to ~4.8 GW materially increases Mara's long-term production and infrastructure scale. Large owned/controlled power and land rights support lower unit energy costs, enable hosting/contracting revenue, and position the company as a leading developer of digital energy infrastructure over next 2–6 months and beyond.
Negative Factors
Persistent cash burn & negative FCF
Sustained negative operating and free cash flow creates ongoing funding needs and reliance on external financing. Over a multi-month horizon this raises refinancing, interest and covenant risks, constrains discretionary investment, and increases execution risk for large projects despite current liquidity reported in the quarter.
Read all positive and negative factors
Positive Factors
Negative Factors
Large power portfolio expansion
Doubling powered capacity to ~4.8 GW materially increases Mara's long-term production and infrastructure scale. Large owned/controlled power and land rights support lower unit energy costs, enable hosting/contracting revenue, and position the company as a leading developer of digital energy infrastructure over next 2–6 months and beyond.
Read all positive factors
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.
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The Fly
The FlyMARA Holdings (MARA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.32B
Dividend YieldN/A
Average Volume (3M)46.47M
Price to Earnings (P/E)―
Beta (1Y)2.45
Revenue Growth23.08%
EPS Growth-291.74%
CountryUS
Employees266
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-9.39
Shares Outstanding381,270,500
10 Day Avg. Volume54,682,317
30 Day Avg. Volume46,465,918
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$15.39Price Target Upside26.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)-2.84
Revenue Forecast (FY)$849.95M
MARA Holdings Business Overview & Revenue Model
Company Description
MARA Holdings, Inc. is a digital asset technology company, which engages in mining cryptocurrencies with a focus on the Bitcoin ecosystem. It also deals with owning and operating bitcoin mining facilities or data centers, selling proprietary softw...
How the Company Makes Money
MARA primarily makes money by producing Bitcoin through proof-of-work mining and monetizing that production. Its core revenue stream is generated when it earns Bitcoin as block rewards and transaction fees for contributing computational hash rate ...
MARA Holdings Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call describes a strategic, transformational quarter: Mara is materially expanding powered land and capacity (targeting ~4.8 GW including a ~2 GW Matagorda site), advancing the Long Ridge acquisition (adds ~$144M EBITDA), securing non-dilutive financing, and showing commercial and technology traction (Starwood partnership, Exaion, HUM, Vertebra AI). Short-term financial results were weak due to a sharp decline in Bitcoin prices, producing a large unrealized mark-to-market loss, reduced revenues (‑26.8% YoY), and a significant net loss. The company nevertheless finished the quarter with strong liquidity ($1.21B cash, ~$2.5B cash+BTC), improved mining unit costs, growing energized hash rate, and a clear pathway to convert power into longer-term contracted infrastructure revenue. Given the balance of meaningful strategic progress and execution milestones against short-term crypto-driven financial pain, the tone is constructive with a longer-term positive outlook.Positive Updates
Significant Expansion of Power Portfolio
On completion of pending transactions, Mara expects its power portfolio to reach approximately 4.8 GW — more than double its capacity at the beginning of the year; Matagorda County rights add ~2 GW potential capacity on ~1,200 acres (subject to ERCOT/interconnection approvals).
Negative Updates
Quarterly Revenue Decline
Q2 revenue was $175 million versus $239 million in the prior-year period — a decline of approximately 26.8% YoY; a 28% decline in Bitcoin's average price reduced revenue by ~$65.9 million.
Read all updates
Q2-2026 Updates
Positive
Negative
Significant Expansion of Power Portfolio
On completion of pending transactions, Mara expects its power portfolio to reach approximately 4.8 GW — more than double its capacity at the beginning of the year; Matagorda County rights add ~2 GW potential capacity on ~1,200 acres (subject to ERCOT/interconnection approvals).
Read all positive updates
Company Guidance
Management guided that, on completion of pending transactions and required approvals, Mara expects its powered portfolio to expand to roughly 4.8 GW (more than double the start‑of‑year capacity and ~2.5x year‑to‑date growth), anchored by post‑quarter rights to ~1,200 acres in Matagorda County, TX capable of supporting ~2 GW (subject to ERCOT/interconnection) and by the Long Ridge deal (a ~$1.5 billion enterprise‑value acquisition expected to close after FERC approval). They said Long Ridge will contribute about $144 million of annualized EBITDA with roughly >70% of output contracted, and that Mara will assume ~ $900 million of Long Ridge debt; to fund the deal they secured $600 million of incremental Bitcoin‑backed financing at a weighted‑average cost of 7.56% (consolidating a prior $150 million facility), which results in ~54% of Bitcoin holdings pledged as collateral. Commercially, management remains confident it will sign at least two leases before year‑end, will advance Exaion’s international expansion and tech commercialization, and expects major third‑party hosting arrangements to begin expiring in Q3‑2027 and conclude by Q1‑2028 (enabling elimination of hosted costs and improved $/MWh). They also reiterated financial operating guidance that G&A (ex‑stock comp. and acquisition/integration costs) should trend lower, that investments should become more visible in results, and reminded investors that every $10,000 move in Bitcoin price drives ~ $350 million of fair‑value impact on digital assets.MARA Holdings Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
42
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 804.22M | 907.09M | 656.38M | 387.51M | 117.75M | 159.16M |
| Gross Profit | -194.16M | -432.94M | -159.37M | -15.34M | -33.67M | 116.77M |
| EBITDA | -1.75B | -547.12M | 1.06B | 467.46M | -624.56M | 1.95M |
| Net Income | -3.46B | -1.31B | 541.25M | 261.17M | -694.02M | -37.10M |
Balance Sheet | ||||||
| Total Assets | 3.82B | 7.29B | 6.80B | 1.99B | 1.20B | 1.44B |
| Cash, Cash Equivalents and Short-Term Investments | 421.27M | 547.13M | 391.77M | 357.31M | 103.70M | 587.70M |
| Total Debt | 338.91M | 3.65B | 2.47B | 326.13M | 783.51M | 728.41M |
| Total Liabilities | 0.00 | 3.81B | 2.67B | 375.05M | 809.30M | 762.23M |
| Stockholders Equity | 0.00 | 3.47B | 4.13B | 1.62B | 385.94M | 682.10M |
Cash Flow | ||||||
| Free Cash Flow | -1.57B | -312.35M | -930.48M | -343.26M | -217.59M | -727.14M |
| Operating Cash Flow | -1.14B | 94.72M | -677.02M | -315.65M | -176.48M | -18.22M |
| Investing Cash Flow | 2.32B | -669.92M | -3.23B | 4.59M | -390.23M | -891.92M |
| Financing Cash Flow | -1.03B | 1.63B | 3.95B | 555.86M | 410.65M | 1.04B |
MARA Holdings Technical Analysis
Negative
12.12
Price Trends
12.94
Negative
11.89
Negative
11.60
Negative
Market Momentum
-0.47
Positive
41.12
Neutral
42.27
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 12.12 is above the 20-day moving average (MA) of 11.71, below the 50-day MA of 12.94, and above the 200-day MA of 11.60, indicating a bearish trend. The MACD of -0.47 indicates Positive momentum. The RSI at 41.12 is Neutral, neither overbought nor oversold. The STOCH value of 42.27 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 53 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $9.11B | 7.43 | 41.25% | 2.88% | 27.58% | 36.35% | |
69 Neutral | $9.10B | 12.87 | 20.18% | ― | 23.83% | 45.00% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
54 Neutral | $9.13B | -9.54 | -53.39% | ― | 37.96% | -506.10% | |
52 Neutral | $10.42B | -0.75 | -84.58% | ― | 1022.30% | -188.92% | |
50 Neutral | $4.32B | -2.06 | -52.07% | ― | 23.08% | -291.74% | |
50 Neutral | $7.63B | -8.58 | -28.78% | ― | 42.40% | -72.16% |
* Financial Sector Average
MARA
MARA Holdings
10.65
-5.30
-33.23%
RIOT
Riot Platforms
21.21
9.63
83.16%
SNEX
StoneX Group
66.73
27.98
72.23%
VIRT
Virtu Financial
55.58
14.09
33.98%
BMNR
BitMine Immersion Technologies
18.30
-22.97
-55.66%
CIFR
Cipher Mining
18.21
13.34
273.92%
MARA Holdings Corporate Events
Business Operations and StrategyExecutive/Board Changes
MARA Holdings Adds Independent Directors to Support Expansion
Positive
Aug 4, 2026
On July 29 and July 30, 2026, MARA directors Barbara Humpton and Georges Antoun informed the board of their resignation, effective July 31, 2026, citing personal reasons and no disagreements with the company. As part of a planned transition, MARA ...
Business Operations and StrategyM&A Transactions
MARA Secures Major Texas Digital Infrastructure Campus
Positive
Jul 9, 2026
On July 2, 2026, MARA subsidiary Volt Texas, LLC acquired control of MAT 1177 LLC from HIF USA, securing a more than 1,200-acre powered land site in Matagorda County, Texas, along with rights to up to 2,000 megawatts of power capacity and associat...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
MARA Holdings Advances Digital Infrastructure with Long Ridge Acquisition
Positive
Jun 25, 2026
On April 29, 2026, MARA USA Corporation, a subsidiary of MARA Holdings, agreed to acquire 100% of Long Ridge Energy Power LLC from Ohio River Partners entities for a base price of about $1.5 billion, after customary adjustments, which will make L...
Executive/Board ChangesShareholder Meetings
MARA Holdings Shareholders Back Directors and Governance Measures
Positive
Jun 22, 2026
At its June 18, 2026 annual meeting, MARA Holdings’ shareholders elected two Class III directors, Vicki Mealer-Burke and Douglas Mellinger, to serve until the 2029 annual meeting or until their successors are elected. The meeting achieved qu...
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.