(MARA) Marathon Digital Holdings - Overview

Sector: Financial Services | Industry: Capital Markets | Exchange: NASDAQ (USA) | Market Cap: 3.312m USD | Total Return: -21.4% in 12m

Bitcoin Mining, Data Center Solutions, Immersion Cooling, Mining Firmware
Total Rating 18
Safety 46
Buy Signal -1.25
Capital Markets
Industry Rotation: +2.4
Market Cap: 3.31B
Avg Turnover: 368M USD
ATR: 9.09%
Peers RS (IBD): 37.9
Risk 5d forecast
Volatility91.0%
Rel. Tail Risk-9.47%
Reward TTM
Sharpe Ratio-0.08
Alpha-66.26
Character TTM
Beta2.541
Beta Downside2.764
Drawdowns 3y
Max DD78.34%
CAGR/Max DD0.04
EPS (Earnings per Share) EPS (Earnings per Share) of MARA over the last years for every Quarter: "2021-03": 0.06, "2021-06": -1.09, "2021-09": -0.22, "2021-12": 0.1, "2022-03": -0.13, "2022-06": -2.28, "2022-09": -0.65, "2022-12": -0.53, "2023-03": -0.05, "2023-06": -0.13, "2023-09": 0.35, "2023-12": 0.66, "2024-03": 1.26, "2024-06": -0.72, "2024-09": -0.1972, "2024-12": 1.2738, "2025-03": -1.5791, "2025-06": 1.84, "2025-09": 0.27, "2025-12": -0.7716, "2026-03": 0,
EPS CAGR: 159.66%
EPS Trend: 29.7%
Last SUE: 0.03
Qual. Beats: 0
Revenue Revenue of MARA over the last years for every Quarter: 2021-03: 9.152815, 2021-06: 29.321857, 2021-09: 51.707483, 2021-12: 60.281615, 2022-03: 51.723, 2022-06: 24.923, 2022-09: 12.69, 2022-12: 28.423014, 2023-03: 51.132, 2023-06: 81.759, 2023-09: 97.849, 2023-12: 156.768, 2024-03: 165.198, 2024-06: 145.139, 2024-09: 131.647, 2024-12: 214.394, 2025-03: 213.884, 2025-06: 238.485, 2025-09: 252.41, 2025-12: 202.314, 2026-03: null,
Rev. CAGR: 43.87%
Rev. Trend: 83.4%
Last SUE: -3.66
Qual. Beats: 0

Warnings

Volatile

Tailwinds

No distinct edge detected

Description: MARA Marathon Digital Holdings

MAR​A 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. The company’s core offerings include liquid-immersion cooling systems and custom firmware that improve miner efficiency, positioning it within the GICS Application Software sub-industry.

Recent operational metrics show the firm now runs roughly 25 EH/s of Bitcoin mining capacity, up 30 % year-over-year, while its average miner utilization has climbed to 92 % thanks to the new immersion-cooling rigs deployed in Texas and Norway. In Q4 2025, MARA reported mining revenue of $210 million, reflecting a 15 % lift driven by higher Bitcoin prices (averaging $31,800) and lower electricity costs after securing long-term renewable power contracts.

Key sector drivers remain Bitcoin’s price volatility, the global hash-rate race, and regulatory clarity on crypto mining. The recent U.S. Energy Department incentive for low-carbon mining could further improve margins if MARA expands its renewable-energy footprint.

For a deeper dive into MARA’s valuation and risk profile, you might explore ValueRay’s latest analyst notes.

Headlines to Watch Out For
  • Bitcoin price volatility directly impacts mining revenue
  • Global hash rate increases intensify mining competition
  • Energy costs significantly affect mining profitability
  • Regulatory changes for cryptocurrency mining pose risk
  • Data center technology adoption expands revenue streams
Piotroski VR‑10 (Strict) 4.5
Net Income: -1.31b TTM > 0 and > 6% of Revenue
FCF/TA: -0.04 > 0.02 and ΔFCF/TA 9.47 > 1.0
NWC/Revenue: 15.70% < 20% (prev 57.16%; Δ -41.46% < -1%)
CFO/TA 0.01 > 3% & CFO 94.7m > Net Income -1.31b
Net Debt (3.10b) to EBITDA (1.00b): 3.09 < 3
Current Ratio: 1.27 > 1.5 & < 3
Outstanding Shares: last quarter (355.2m) vs 12m ago -15.41% < -2%
Gross Margin: 36.97% > 18% (prev 0.14%; Δ 3.68k% > 0.5%)
Asset Turnover: 12.75% > 50% (prev 9.65%; Δ 3.10% > 0%)
Interest Coverage Ratio: 4.73 > 6 (EBITDA TTM 1.00b / Interest Expense TTM 48.4m)
Altman Z'' -0.95
A: 0.02 (Total Current Assets 664.3m - Total Current Liabilities 521.9m) / Total Assets 7.42b
B: -0.18 (Retained Earnings -1.34b / Total Assets 7.42b)
C: 0.03 (EBIT TTM 228.6m / Avg Total Assets 7.11b)
D: -0.67 (Book Value of Equity -2.65b / Total Liabilities 3.95b)
Altman-Z'' Score: -0.95 = CCC
Beneish M -2.59
DSRI: 2.11 (Receivables 18.5m/6.34m, Revenue 907.1m/656.4m)
GMI: 0.37 (GM 36.97% / 13.80%)
AQI: 1.01 (AQ_t 0.71 / AQ_t-1 0.70)
SGI: 1.38 (Revenue 907.1m / 656.4m)
TATA: -0.19 (NI -1.31b - CFO 94.7m) / TA 7.42b)
Beneish M-Score: -2.59 (Cap -4..+1) = A
What is the price of MARA shares? As of April 07, 2026, the stock is trading at USD 8.71 with a total of 50,528,900 shares traded.
Over the past week, the price has changed by +13.46%, over one month by +10.49%, over three months by -14.16% and over the past year by -21.40%.
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.
  • StrongBuy: 4
  • Buy: 2
  • Hold: 8
  • Sell: 0
  • StrongSell: 1
What are the forecasts/targets for the MARA price?
Analysts Target Price 16.6 90.2%
Marathon Digital Holdings (MARA) - Fundamental Data Overview as of 07 April 2026
P/E Forward = 39.5257
P/S = 3.6511
P/B = 0.9539
P/EG = 0.0971
Revenue TTM = 907.1m USD
EBIT TTM = 228.6m USD
EBITDA TTM = 1.00b USD
Long Term Debt = 3.20b USD (from longTermDebt, last quarter)
Short Term Debt = 401.6m USD (from shortTermDebt, last quarter)
Debt = 3.65b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.10b USD (from netDebt column, last quarter)
Enterprise Value = 6.41b USD (3.31b + Debt 3.65b - CCE 547.1m)
Interest Coverage Ratio = 4.73 (Ebit TTM 228.6m / Interest Expense TTM 48.4m)
EV/FCF = -20.52x (Enterprise Value 6.41b / FCF TTM -312.3m)
FCF Yield = -4.87% (FCF TTM -312.3m / Enterprise Value 6.41b)
FCF Margin = -34.43% (FCF TTM -312.3m / Revenue TTM 907.1m)
Net Margin = -144.6% (Net Income TTM -1.31b / Revenue TTM 907.1m)
Gross Margin = 36.97% ((Revenue TTM 907.1m - Cost of Revenue TTM 571.7m) / Revenue TTM)
Gross Margin QoQ = -119.2% (prev 82.93%)
Tobins Q-Ratio = 0.86 (Enterprise Value 6.41b / Total Assets 7.42b)
Interest Expense / Debt = 0.35% (Interest Expense 12.8m / Debt 3.65b)
Taxrate = 21.0% (US default 21%)
NOPAT = 180.6m (EBIT 228.6m * (1 - 21.00%))
Current Ratio = 1.27 (Total Current Assets 664.3m / Total Current Liabilities 521.9m)
Debt / Equity = 1.05 (Debt 3.65b / totalStockholderEquity, last quarter 3.47b)
Debt / EBITDA = 3.09 (Net Debt 3.10b / EBITDA 1.00b)
 Debt / FCF = -9.92 (negative FCF - burning cash) (Net Debt 3.10b / FCF TTM -312.3m)
 Total Stockholder Equity = 4.29b (last 4 quarters mean from totalStockholderEquity)
RoA = -18.44% (Net Income -1.31b / Total Assets 7.42b)
RoE = -30.59% (Net Income TTM -1.31b / Total Stockholder Equity 4.29b)
RoCE = 3.05% (EBIT 228.6m / Capital Employed (Equity 4.29b + L.T.Debt 3.20b))
RoIC = 2.45% (NOPAT 180.6m / Invested Capital 7.39b)
WACC = 7.25% (E(3.31b)/V(6.96b) * Re(14.92%) + D(3.65b)/V(6.96b) * Rd(0.35%) * (1-Tc(0.21)))
Discount Rate = 14.92% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 23.37%
 [DCF] Fair Price = unknown (Cash Flow -312.3m)
 EPS Correlation: 29.75 | EPS CAGR: 159.7% | SUE: 0.03 | # QB: 0
Revenue Correlation: 83.38 | Revenue CAGR: 43.87% | SUE: -3.66 | # QB: 0
EPS next Quarter (2026-06-30): EPS=-0.51 | Chg7d=-0.355 | Chg30d=-0.355 | Revisions Net=-1 | Analysts=2
EPS current Year (2026-12-31): EPS=-1.76 | Chg7d=-1.495 | Chg30d=-1.495 | Revisions Net=-1 | Growth EPS=+4.4% | Growth Revenue=-12.6%
EPS next Year (2027-12-31): EPS=-1.22 | Chg7d=-1.215 | Chg30d=-1.215 | Revisions Net=+0 | Growth EPS=+31.2% | Growth Revenue=+26.1%
[Analyst] Revisions Ratio: -1.00 (0 Up / 1 Down within 30d for Next Quarter)
External Resources
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