Overview Dividends

(MARA) Marathon Digital Holdings - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US5657881067

Bitcoin Mining, Data Centers, Mining Firmware

MARA EPS (Earnings per Share)

EPS Growth (3Y CAGR): 15.27%
EPS Trend (3Y Correlation): 16.2%

MARA Revenue

Revenue Growth (3Y CAGR): 190.58%
Revenue Trend (3Y Correlation): 89.7%

Description: MARA Marathon Digital Holdings November 05, 2025

MARA Holdings, Inc. (NASDAQ: MARA) is a U.S.–based digital-asset technology firm that designs and operates bitcoin mining infrastructure across the United States and Europe. Its core offerings include large-scale mining farms, liquid-immersion cooling systems, and proprietary firmware that aim to improve miner efficiency and data-center uptime. The company rebranded from Marathon Digital Holdings to MARA Holdings in August 2024, but its corporate domicile and incorporation (2010) remain in Hallandale Beach, Florida.

As of the latest quarterly release (Q2 2024), MARA reported an operational hash-rate of roughly **13 EH/s**, supporting the production of **≈1,300 BTC per month**. The average cost to mine a bitcoin stood at **≈$9,200**, reflecting a blend of lower electricity rates in Texas-based facilities and the efficiency gains from its immersion-cooling technology. The firm’s balance sheet shows **$1.2 bn in cash and short-term investments**, providing a buffer against the cyclical nature of Bitcoin pricing.

Key economic drivers for MARA include the **price trajectory of Bitcoin**, which directly influences revenue per mined coin, and **global energy costs**, especially the availability of low-cost, renewable power contracts that can improve margins. A sector-wide catalyst is the upcoming **Bitcoin halving in 2024**, which reduces block rewards by 50 % and historically tightens supply, often leading to price appreciation-but also intensifies competition for efficient hash-rate.

For a deeper, data-driven valuation framework, you might explore the MARA profile on ValueRay.

MARA Stock Overview

Market Cap in USD	6,579m
Sub-Industry	Application Software
IPO / Inception	2012-05-04

MARA Stock Ratings

Growth Rating	12.6%
Fundamental	44.0%
Dividend Rating	-
Return 12m vs S&P 500	-27.9%
Analyst Rating	3.53 of 5

MARA Dividends

Currently no dividends paid

MARA Growth Ratios

Growth Correlation 3m	69.2%
Growth Correlation 12m	-13.7%
Growth Correlation 5y	-21.8%
CAGR 5y	17.73%
CAGR/Max DD 3y (Calmar Ratio)	0.26
CAGR/Mean DD 3y (Pain Ratio)	0.48
Sharpe Ratio 12m	-0.21
Alpha	-92.60
Beta	6.350
Volatility	81.42%
Current Volume	50902.1k
Average Volume 20d	41372.9k
Stop Loss	14.7 (-7.4%)
Signal	-1.14

Piotroski VR‑10 (Strict, 0-10) 4.0

Net Income (678.8m TTM) > 0 and > 6% of Revenue (6% = 47.9m TTM)

FCFTA -0.20 (>2.0%) and ΔFCFTA -20.59pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -25.62% (prev 48.28%; Δ -73.90pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA -0.11 (>3.0%) and CFO -852.4m <= Net Income 678.8m (YES >=105%, WARN >=100%)

Net Debt (2.54b) to EBITDA (1.43b) ratio: 1.78 <= 3.0 (WARN <= 3.5)

Current Ratio 0.54 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (440.9m) change vs 12m ago 58.22% (target <= -2.0% for YES)

Gross Margin -0.72% (prev 16.67%; Δ -17.40pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 14.73% (prev 18.12%; Δ -3.39pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 26.24 (EBITDA TTM 1.43b / Interest Expense TTM 33.1m) >= 6 (WARN >= 3)

Altman Z'' 1.10

(A) -0.03 = (Total Current Assets 236.5m - Total Current Liabilities 441.0m) / Total Assets 7.72b

(B) 0.03 = Retained Earnings (Balance) 248.6m / Total Assets 7.72b

(D) 0.09 = Book Value of Equity 248.7m / Total Liabilities 2.93b

Total Rating: 1.10 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 43.98

1. Piotroski 4.0pt = -1.0

2. FCF Yield -16.65% = -5.0

3. FCF Margin data missing

4. Debt/Equity 0.55 = 2.35

5. Debt/Ebitda 1.78 = 0.44

6. ROIC - WACC (= -9.45)% = -11.81

7. RoE 17.52% = 1.46

8. Rev. Trend 89.74% = 6.73

9. EPS Trend 16.23% = 0.81

What is the price of MARA shares?

As of November 08, 2025, the stock is trading at USD 15.87 with a total of 50,902,137 shares traded.
Over the past week, the price has changed by -13.14%, over one month by -21.63%, over three months by -0.50% and over the past year by -17.81%.

Is Marathon Digital Holdings a good stock to buy?

No, based on ValueRay´s Fundamental Analyses, Marathon Digital Holdings (NASDAQ:MARA) is currently (November 2025) a stock to sell. It has a ValueRay Fundamental Rating of 43.98 and therefor a negative outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of MARA is around 12.75 USD . This means that MARA is currently overvalued and has a potential downside of -19.66%.

Is MARA a buy, sell or hold?

Marathon Digital Holdings has received a consensus analysts rating of 3.53. Therefor, it is recommend to hold MARA.

Strong Buy: 4
Buy: 2
Hold: 8
Sell: 0
Strong Sell: 1

What are the forecasts/targets for the MARA price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	24.1	52.1%
Analysts Target Price	24.1	52.1%
ValueRay Target Price	15.3	-3.6%

MARA Fundamental Data Overview November 01, 2025

Market Cap USD = 6.58b (6.58b USD * 1.0 USD.USD)
P/E Trailing = 9.5484
P/E Forward = 39.5257
P/S = 8.2405
P/B = 1.4527
Beta = 6.35
Revenue TTM = 798.4m USD
EBIT TTM = 869.8m USD
EBITDA TTM = 1.43b USD
Long Term Debt = 2.25b USD (from longTermDebt, last quarter)
Short Term Debt = 351.2m USD (from shortTermDebt, last quarter)
Debt = 2.65b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.54b USD (from netDebt column, last quarter)
Enterprise Value = 9.12b USD (6.58b + Debt 2.65b - CCE 109.5m)
Interest Coverage Ratio = 26.24 (Ebit TTM 869.8m / Interest Expense TTM 33.1m)
FCF Yield = -16.65% (FCF TTM -1.52b / Enterprise Value 9.12b)
FCF Margin = -190.1% (FCF TTM -1.52b / Revenue TTM 798.4m)
Net Margin = 85.02% (Net Income TTM 678.8m / Revenue TTM 798.4m)
Gross Margin = -0.72% ((Revenue TTM 798.4m - Cost of Revenue TTM 804.2m) / Revenue TTM)
Gross Margin QoQ = -23.64% (prev 79.67%)
Tobins Q-Ratio = 1.18 (Enterprise Value 9.12b / Total Assets 7.72b)
Interest Expense / Debt = 0.49% (Interest Expense 12.8m / Debt 2.65b)
Taxrate = 20.51% (208.5m / 1.02b)
NOPAT = 691.5m (EBIT 869.8m * (1 - 20.51%))
Current Ratio = 0.54 (Total Current Assets 236.5m / Total Current Liabilities 441.0m)
Debt / Equity = 0.55 (Debt 2.65b / totalStockholderEquity, last quarter 4.79b)
Debt / EBITDA = 1.78 (Net Debt 2.54b / EBITDA 1.43b)
Debt / FCF = -1.67 (negative FCF - burning cash) (Net Debt 2.54b / FCF TTM -1.52b)
Total Stockholder Equity = 3.88b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.79% (Net Income 678.8m / Total Assets 7.72b)
RoE = 17.52% (Net Income TTM 678.8m / Total Stockholder Equity 3.88b)
RoCE = 14.20% (EBIT 869.8m / Capital Employed (Equity 3.88b + L.T.Debt 2.25b))
RoIC = 11.64% (NOPAT 691.5m / Invested Capital 5.94b)
WACC = 21.09% (E(6.58b)/V(9.22b) * Re(29.41%) + D(2.65b)/V(9.22b) * Rd(0.49%) * (1-Tc(0.21)))
Discount Rate = 29.41% (= CAPM, Blume Beta Adj.) -> capped to 17.95%
Shares Correlation 3-Years: 100.0 | Cagr: 37.46%
Fair Price DCF = unknown (Cash Flow -1.52b)
EPS Correlation: 16.23 | EPS CAGR: 15.27% | SUE: 0.07 | # QB: 0
Revenue Correlation: 89.74 | Revenue CAGR: 190.6% | SUE: 1.13 | # QB: 1

Additional Sources for MARA Stock

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