MARA Holdings Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
MARA Holdings Inc has an operating margin of 46.6%, meaning the company retains $47 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 57.0% the prior year.
MARA Holdings Inc's revenue surged 69.4% year-over-year to $656.4M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
MARA Holdings Inc carries a low D/E ratio of 0.59, meaning only $0.59 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.94, MARA Holdings Inc holds $4.94 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While MARA Holdings Inc generated -$677.0M in operating cash flow, capex of $250.8M consumed most of it, leaving -$927.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
MARA Holdings Inc's ROE of 13.1% shows moderate profitability relative to equity, earning a score of 52/100. This is down from 16.2% the prior year.
MARA Holdings Inc scores 0.98, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.0B) relative to total liabilities ($2.7B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
MARA Holdings Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, MARA Holdings Inc generates $-1.25 in operating cash flow (-$677.0M OCF vs $541.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
MARA Holdings Inc earns $23.6 in operating income for every $1 of interest expense ($306.1M vs $13.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows MARA Holdings Inc (MARA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
MARA Holdings Inc generated $656.4M in revenue in fiscal year 2024. This represents an increase of 69.4% from the prior year.
MARA Holdings Inc's EBITDA was $709.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 77.3% from the prior year.
MARA Holdings Inc generated -$927.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 170.3% from the prior year.
MARA Holdings Inc reported $541.3M in net income in fiscal year 2024. This represents an increase of 107.2% from the prior year.
MARA Holdings Inc earned $1.72 per diluted share (EPS) in fiscal year 2024. This represents an increase of 62.3% from the prior year.
MARA Holdings Inc held $391.8M in cash against $2.4B in long-term debt as of fiscal year 2024.
MARA Holdings Inc had 340M shares outstanding in fiscal year 2024. This represents an increase of 40.1% from the prior year.
MARA Holdings Inc's gross margin was -24.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 20.3 percentage points from the prior year.
MARA Holdings Inc's operating margin was 46.6% in fiscal year 2024, reflecting core business profitability. This is down 10.4 percentage points from the prior year.
MARA Holdings Inc's net profit margin was 82.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 15.1 percentage points from the prior year.
MARA Holdings Inc's ROE was 13.1% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 3.0 percentage points from the prior year.
MARA Holdings Inc invested $13.2M in research and development in fiscal year 2024. This represents an increase of 370.4% from the prior year.
MARA Holdings Inc spent $34.9M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
MARA Holdings Inc invested $250.8M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 808.4% from the prior year.
MARA Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $252.4M+5.8% | $238.5M+11.5% | $213.9M-0.2% | $214.4M+47.7% | $145.1M-12.1% | $165.2M+5.4% | $156.8M+60.2% | $97.8M |
| Cost of Revenue | N/A | N/A | N/A | $267.2M+47.1% | $181.7M+8.0% | $168.2M+15.2% | $146.1M+29.1% | $113.2M |
| Gross Profit | N/A | N/A | N/A | -$52.8M-44.4% | -$36.6M-1115.3% | -$3.0M-128.1% | $10.7M+169.8% | -$15.3M |
| R&D Expenses | $8.7M+2.0% | $8.5M-8.1% | $9.3M+126.5% | $4.1M+6.8% | $3.8M+55.9% | $2.5M+99.0% | $1.2M+73.8% | $713K |
| SG&A Expenses | $85.3M-8.2% | $92.9M+8.2% | $85.9M-5.6% | $90.9M+70.0% | $53.5M-22.4% | $68.9M+81.3% | $38.0M+95.7% | $19.4M |
| Operating Income | $47.6M-93.0% | $679.8M+225.6% | -$541.1M-258.7% | $341.0M+246.7% | -$232.4M-162.9% | $369.7M+99.8% | $185.1M+330.9% | -$80.2M |
| Interest Expense | $12.8M-0.6% | $12.8M+29.1% | $9.9M+23.8% | $8.0M+486.5% | $1.4M+9.0% | $1.3M+3.5% | $1.2M-52.1% | $2.5M |
| Income Tax | $37.7M-81.9% | $208.5M+275.0% | -$119.2M-200.8% | $118.3M+473.6% | -$31.7M-183.2% | $38.1M+136.7% | $16.1M+21920.5% | $73K |
| Net Income | $123.1M-84.8% | $808.2M+251.5% | -$533.4M-200.9% | $528.5M+364.7% | -$199.7M-159.2% | $337.2M+122.1% | $151.8M+39029.7% | -$390K |
| EPS (Diluted) | $0.27-85.3% | $1.84+218.7% | $-1.55-196.9% | $1.60+322.2% | $-0.72-157.1% | $1.26+68.0% | $0.75+320.6% | $-0.34 |
MARA Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.2B+18.5% | $7.7B+19.8% | $6.4B-5.2% | $6.8B+118.2% | $3.1B+5.4% | $3.0B+48.5% | $2.0B+43.9% | $1.4B |
| Current Assets | $961.9M+306.8% | $236.5M-19.0% | $291.8M-38.0% | $470.4M+26.5% | $371.9M-77.3% | $1.6B+59.3% | $1.0B+138.0% | $432.6M |
| Cash & Equivalents | $826.4M+654.9% | $109.5M-44.2% | $196.2M-49.9% | $391.8M+53.0% | $256.0M-21.0% | $324.3M-9.2% | $357.3M0.0% | $357.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $82.8M0.0% | $82.8M0.0% | $82.8M0.0% | $82.8M+82.4% | $45.4M+47.0% | $30.9M | $0 | N/A |
| Total Liabilities | $4.0B+36.4% | $2.9B+7.7% | $2.7B+1.8% | $2.7B+463.2% | $474.5M-1.2% | $480.1M+28.0% | $375.1M+3.1% | $363.8M |
| Current Liabilities | $459.4M+4.2% | $441.0M+19.7% | $368.4M+287.0% | $95.2M-4.0% | $99.2M+39.5% | $71.1M+110.7% | $33.8M-11.6% | $38.2M |
| Long-Term Debt | $3.2B+44.3% | $2.3B-2.1% | $2.3B-6.1% | $2.4B | N/A | N/A | $325.7M | N/A |
| Total Equity | $5.2B+7.7% | $4.8B+28.6% | $3.7B-9.8% | $4.1B+56.2% | $2.6B+6.7% | $2.5B+53.3% | $1.6B+58.4% | $1.0B |
| Retained Earnings | $371.8M+49.5% | $248.6M+144.4% | -$559.6M-2020.7% | -$26.4M+93.9% | -$430.1M-86.6% | -$230.5M+59.4% | -$567.6M+29.3% | -$802.6M |
MARA Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$199.0M-21.8% | -$163.4M+24.2% | -$215.5M+31.2% | -$313.4M-172.1% | -$115.2M-30.4% | -$88.3M+3.1% | -$91.2M-11.7% | -$81.6M |
| Capital Expenditures | $84.8M-28.7% | $118.9M+206.0% | $38.9M-79.2% | $186.5M+983.1% | $17.2M+89.5% | $9.1M+405.5% | $1.8M-28.0% | $2.5M |
| Free Cash Flow | -$283.9M-0.5% | -$282.4M-11.0% | -$254.3M+49.1% | -$499.9M-277.6% | -$132.4M-35.9% | -$97.4M-4.8% | -$93.0M-10.5% | -$84.1M |
| Investing Cash Flow | -$285.7M-124.6% | -$127.2M+39.4% | -$209.8M+89.5% | -$2.0B-618.3% | -$278.0M+33.3% | -$416.6M-8485.5% | $5.0M-85.2% | $33.6M |
| Financing Cash Flow | $1.2B+489.4% | $203.9M-11.3% | $229.8M-90.9% | $2.5B+653.2% | $336.9M-28.6% | $471.9M+37.9% | $342.3M+1507.8% | $21.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $7.7M-49.3% | $15.2M-25.5% | $20.4M+245.6% | $5.9M-10.4% | $6.6M-60.2% | $16.5M | $0 | $0 |
MARA Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | -24.6%+0.6pp | -25.2%-23.4pp | -1.8%-8.6pp | 6.8%+22.5pp | -15.7% |
| Operating Margin | 18.9%-266.2pp | 285.0%+538.0pp | -253.0%-412.0pp | 159.1%+319.2pp | -160.1%-383.9pp | 223.8%+105.7pp | 118.1%+200.0pp | -81.9% |
| Net Margin | 48.8%-290.1pp | 338.9%+588.3pp | -249.4%-495.9pp | 246.5%+384.1pp | -137.6%-341.7pp | 204.1%+107.2pp | 96.9%+97.3pp | -0.4% |
| Return on Equity | 2.4%-14.5pp | 16.9% | N/A | 12.8% | N/A | 13.6%+4.2pp | 9.4% | N/A |
| Return on Assets | 1.4%-9.1pp | 10.5%+18.8pp | -8.3%-16.1pp | 7.8%+14.2pp | -6.4%-17.8pp | 11.4%+3.8pp | 7.6%+7.7pp | -0.0% |
| Current Ratio | 2.09+1.6 | 0.54-0.3 | 0.79-4.1 | 4.94+1.2 | 3.75-19.3 | 23.07-7.4 | 30.51+19.2 | 11.33 |
| Debt-to-Equity | 0.63+0.2 | 0.47-0.1 | 0.62+0.0 | 0.59+0.4 | 0.18-0.0 | 0.190.0 | 0.20-0.2 | 0.36 |
| FCF Margin | -112.5%+5.9pp | -118.4%+0.5pp | -118.9%+114.3pp | -233.2%-142.0pp | -91.2%-32.2pp | -59.0%+0.3pp | -59.3%+26.7pp | -86.0% |
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Frequently Asked Questions
What is MARA Holdings Inc's annual revenue?
MARA Holdings Inc (MARA) reported $656.4M in total revenue for fiscal year 2024. This represents a 69.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is MARA Holdings Inc's revenue growing?
MARA Holdings Inc (MARA) revenue grew by 69.4% year-over-year, from $387.5M to $656.4M in fiscal year 2024.
Is MARA Holdings Inc profitable?
Yes, MARA Holdings Inc (MARA) reported a net income of $541.3M in fiscal year 2024, with a net profit margin of 82.5%.
What is MARA Holdings Inc's earnings per share (EPS)?
MARA Holdings Inc (MARA) reported diluted earnings per share of $1.72 for fiscal year 2024. This represents a 62.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is MARA Holdings Inc's EBITDA?
MARA Holdings Inc (MARA) had EBITDA of $709.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does MARA Holdings Inc have?
As of fiscal year 2024, MARA Holdings Inc (MARA) had $391.8M in cash and equivalents against $2.4B in long-term debt.
What is MARA Holdings Inc's gross margin?
MARA Holdings Inc (MARA) had a gross margin of -24.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is MARA Holdings Inc's operating margin?
MARA Holdings Inc (MARA) had an operating margin of 46.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is MARA Holdings Inc's net profit margin?
MARA Holdings Inc (MARA) had a net profit margin of 82.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is MARA Holdings Inc's return on equity (ROE)?
MARA Holdings Inc (MARA) has a return on equity of 13.1% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is MARA Holdings Inc's free cash flow?
MARA Holdings Inc (MARA) generated -$927.8M in free cash flow during fiscal year 2024. This represents a -170.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is MARA Holdings Inc's operating cash flow?
MARA Holdings Inc (MARA) generated -$677.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are MARA Holdings Inc's total assets?
MARA Holdings Inc (MARA) had $6.8B in total assets as of fiscal year 2024, including both current and long-term assets.
What are MARA Holdings Inc's capital expenditures?
MARA Holdings Inc (MARA) invested $250.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does MARA Holdings Inc spend on research and development?
MARA Holdings Inc (MARA) invested $13.2M in research and development during fiscal year 2024.
Does MARA Holdings Inc buy back shares?
Yes, MARA Holdings Inc (MARA) spent $34.9M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does MARA Holdings Inc have outstanding?
MARA Holdings Inc (MARA) had 340M shares outstanding as of fiscal year 2024.
What is MARA Holdings Inc's current ratio?
MARA Holdings Inc (MARA) had a current ratio of 4.94 as of fiscal year 2024, which is generally considered healthy.
What is MARA Holdings Inc's debt-to-equity ratio?
MARA Holdings Inc (MARA) had a debt-to-equity ratio of 0.59 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is MARA Holdings Inc's return on assets (ROA)?
MARA Holdings Inc (MARA) had a return on assets of 8.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is MARA Holdings Inc's cash runway?
Based on fiscal year 2024 data, MARA Holdings Inc (MARA) had $391.8M in cash against an annual operating cash burn of $677.0M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is MARA Holdings Inc's Altman Z-Score?
MARA Holdings Inc (MARA) has an Altman Z-Score of 0.98, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is MARA Holdings Inc's Piotroski F-Score?
MARA Holdings Inc (MARA) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are MARA Holdings Inc's earnings high quality?
MARA Holdings Inc (MARA) has an earnings quality ratio of -1.25x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can MARA Holdings Inc cover its interest payments?
MARA Holdings Inc (MARA) has an interest coverage ratio of 23.6x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is MARA Holdings Inc?
MARA Holdings Inc (MARA) scores 74 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.