MARA Stock Analysis: Marathon Digital Holdings | NASDAQ
Capital Markets | NASDAQ, USA | Market Cap: 2.642m USD | 12M Return: -63.9% | US5657881067 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 292M
Qual. Beats: 0
Rev. Trend: 90.0%
Qual. Beats: -1
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
MARA Holdings, Inc. (NASDAQ: MARA) is a US-based energy and digital infrastructure company with operations spanning North America, the Middle East, Europe, and Latin America. The company monetizes excess energy and underutilized power through Bitcoin mining and AI compute workloads, while also optimizing power management across its operations and supporting AI inference applications. Originally incorporated in 2010 and headquartered in Hallandale Beach, Florida, the firm rebranded from Marathon Digital Holdings, Inc. to MARA Holdings, Inc. in August 2024.
The dual business model of pairing Bitcoin mining with AI compute infrastructure has become an emerging strategy within the digital asset and data center sectors, as both activities require substantial power capacity and can be flexibly allocated based on energy availability and market demand. MARA is classified under the GICS Application Software sub-industry within the Information Technology sector, despite its operational emphasis on energy infrastructure and cryptocurrency mining.
- Bitcoin price swings directly drive mining revenue
- Post-halving block reward cuts pressure miner margins
- AI compute pivot diversifies revenue beyond Bitcoin mining
| Net Income: -3.46b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.36 > 0.02 and ΔFCF/TA -16.34 > 1.0 |
| NWC/Revenue: -8.04% < 20% (prev -25.62%; Δ 17.58% < -1%) |
| CFO/TA -0.26 > 3% & CFO -1.14b > Net Income -3.46b |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 0.89 > 1.5 & < 3 |
| Outstanding Shares: last quarter (381.6m) vs 12m ago -13.46% < -2% |
| Gross Margin: -8.46% > 18% (prev 30.98%; Δ -39.44% > 0.5%) |
| Asset Turnover: 13.33% > 50% (prev 10.34%; Δ 2.99% > 0%) |
| Interest Coverage Ratio: -60.11 > 6 (EBIT TTM -2.56b / Interest Expense TTM 42.6m) |
| A: -0.01 (Total Current Assets 527.2m - Total Current Liabilities 591.8m) / Total Assets 4.35b |
| B: -0.74 (Retained Earnings -3.21b / Total Assets 4.35b) |
| C: -0.42 (EBIT TTM -2.56b / Avg Total Assets 6.04b) |
| D: 0.64 (Book Value of Equity 1.66b / Total Liabilities 2.59b) |
| Altman-Z'' = -4.68 = D |
| DSRI: 0.88 (Receivables 27.5m/31.0m, Revenue 804.2m/798.4m) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 0.78 (AQ_t 0.59 / AQ_t-1 0.75) |
| SGI: 1.01 (Revenue 804.2m / 798.4m) |
| TATA: -0.53 (NI -3.46b - CFO -1.14b) / TA 4.35b) |
| Beneish M = -3.30 (Cap -4..+1) = AA |
As of November 03, 2026, the stock is trading at USD 6.43 with a total of 30,366,665 shares traded. Over the past week, the price has changed by -5.99%, over one month by -42.74%, over three months by -45.28% and over the past year by -63.90%.
Current recommended Stop Loss: 5.60 (which is 12.9% or 1.3 ATR below the current price).
Marathon Digital Holdings has received a consensus analysts rating of 3.87. Therefore, it is recommended to buy MARA.
- StrongBuy: 7
- Buy: 2
- Hold: 4
- Sell: 1
- StrongSell: 1
| Analysts Target Price | 18.5 | 187.1% |
P/E Forward = 39.5257
P/S = 3.2855
P/B = 1.6331
P/EG = 0.0971
Revenue TTM = 804.2m USD
EBIT TTM = -2.56b USD
EBITDA TTM = -1.74b USD
Long Term Debt = 1.93b USD (from longTermDebt, last quarter)
Short Term Debt = 488.9m USD (from shortTermDebt, last quarter)
Debt = 2.51b USD (from shortLongTermDebtTotal, last quarter) + Leases 48.2m
Net Debt = 2.09b USD (calculated: Debt 2.51b - CCE 421.3m)
Enterprise Value = 4.74b USD (2.64b + Debt 2.51b - CCE 421.3m)
Interest Coverage Ratio = -60.11 (Ebit TTM -2.56b / Interest Expense TTM 42.6m)
EV/FCF = -3.02x (Enterprise Value 4.74b / FCF TTM -1.57b)
FCF Yield = -33.06% (FCF TTM -1.57b / Enterprise Value 4.74b)
FCF Margin = -194.7% (FCF TTM -1.57b / Revenue TTM 804.2m)
Net Margin = -429.7% (Net Income TTM -3.46b / Revenue TTM 804.2m)
Gross Margin = -8.46% ((Revenue TTM 804.2m - Cost of Revenue TTM 872.3m) / Revenue TTM)
Gross Margin QoQ = 72.12% (prev -92.98%)
Tobins Q-Ratio = 1.09 (Enterprise Value 4.74b / Total Assets 4.35b)
Interest Expense / Debt = 1.69% (Interest Expense 42.6m / Debt 2.51b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -2.02b (EBIT -2.56b * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 0.89 (Total Current Assets 527.2m / Total Current Liabilities 591.8m)
Debt / Equity = 1.51 (Debt 2.51b / totalStockholderEquity, last quarter 1.66b)
Debt / EBITDA = -1.20 (negative EBITDA) (Net Debt 2.09b / EBITDA -1.74b)
Debt / FCF = -1.34 (negative FCF - burning cash) (Net Debt 2.09b / FCF TTM -1.57b)
Total Stockholder Equity = 3.13b (last 4 quarters mean from totalStockholderEquity)
RoA = -57.26% (Net Income -3.46b / Total Assets 4.35b)
RoE = -110.4% (Net Income TTM -3.46b / Total Stockholder Equity 3.13b)
RoCE = -50.56% (EBIT -2.56b / Capital Employed (Equity 3.13b + L.T.Debt 1.93b))
RoIC = -48.09% (negative operating profit) (NOPAT -2.02b / Invested Capital 4.21b)
WACC = 8.34% (E(2.64b)/V(5.16b) * Re(15.01%) + D(2.51b)/V(5.16b) * Rd(1.69%) * (1-Tc(0.21)))
Discount Rate = 15.01% (= CAPM, Blume Beta Adj.) -> capped to 12.54%
Shares (quarterly) Correlation: 60.85 | Cagr: 17.02%
[DCF] Fair Price = unknown (Cash Flow -1.57b)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.10 | # QB: 0
Revenue Correlation: 90.02 | Revenue CAGR: 46.35% | SUE: -1.49 | # QB: -1
EPS current Quarter (2026-09-30): EPS=-0.10 | Chg30d=+0.00% | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=-3.54 | Chg30d=+16.90% | Revisions=+0% | GrowthEPS=-91.7% | GrowthRev=-22.1%
EPS next Year (2027-12-31): EPS=-0.34 | Chg30d=+63.18% | Revisions=+0% | GrowthEPS=+90.4% | GrowthRev=+13.9%
[Analyst] Revisions Ratio: +0% (up=0, down=0)