MARA Holdings Inc Financials
MARA Holdings Inc (MARA) reported $907.1M in revenue for fiscal year 2025, up 38.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Reported earnings swing, but the dominant mechanic is cash-burning, externally financed asset expansion rather than self-funded operating growth.
FY2025 depreciation and amortization reached$773M while operating cash flow was-$803M , so the reported loss partly reflects a very heavy asset base. Yet FY2023 and FY2024 still showed positive net income alongside negative operating cash flow, which means cash generation has lagged asset growth across both profit and loss years, not just in a single weak period.
The buildout has been externally financed: FY2025 free cash flow was
Near-term balance-sheet flexibility tightened sharply as the current ratio fell from 4.9x in FY2024 to 1.3x in FY2025. Even with
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of MARA Holdings Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for MARA Holdings Inc, and counted as zero in the overall score.
Not available for MARA Holdings Inc, and counted as zero in the overall score.
MARA Holdings Inc passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
MARA Holdings Inc reported a net loss of $1.3B while operations used $802.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
MARA Holdings Inc reported an operating loss of $1.2B against $48.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
MARA Holdings Inc generated $907.1M in revenue in fiscal year 2025. This represents an increase of 38.2% from the prior year.
MARA Holdings Inc's EBITDA was -$451.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 161.4% from the prior year.
MARA Holdings Inc reported -$1.3B in net income in fiscal year 2025. This represents a decrease of 342.3% from the prior year.
MARA Holdings Inc earned -$3.69 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 314.5% from the prior year.
Cash & Balance Sheet
MARA Holdings Inc recorded an outflow of $1.2B in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 30.4% from the prior year.
MARA Holdings Inc held $547.1M in cash against $3.2B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
MARA Holdings Inc's ROE was -37.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 50.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
MARA Holdings Inc invested $30.1M in research and development in fiscal year 2025. This represents an increase of 127.7% from the prior year.
MARA Holdings Inc spent $46.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 25.4% from the prior year.
MARA Holdings Inc invested $407.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 62.3% from the prior year.
MARA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $804.2M | $907.1M+38.2% | $656.4M+69.4% | $387.5M+229.1% | $117.8M-26.0% | $159.2M+3553.0% | $4.4M+267.6% | $1.2M-24.1% | $1.6M+200.7% | $520K-98.6% | $36.6M+93.0% | $19.0M-11.3% | $21.4M+526.2% | $3.4M | N/A | N/A |
| Cost of Revenue | N/A | N/A | $815.8M+102.5% | $402.9M+166.0% | $151.4M+257.2% | $42.4M+513.1% | $6.9M+178.6% | $2.5M-25.9% | $3.4M-3.4% | $3.5M-86.9% | $26.5M+59.7% | $16.6M+40.9% | $11.8M+1131.7% | $957K | N/A | N/A |
| Gross Profit | N/A | N/A | -$159.4M-938.7% | -$15.3M+54.4% | -$33.7M-128.8% | $116.8M+4664.8% | -$2.6M-97.2% | -$1.3M+27.5% | -$1.8M+39.4% | -$3.0M-129.2% | $10.1M+325.9% | $2.4M-75.3% | $9.6M+290.7% | $2.5M | N/A | N/A |
| R&D Expenses | $27.7M | $30.1M+127.7% | $13.2M+370.4% | $2.8M+2769.4% | $98K | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $372.7M | $349.9M+37.8% | $254.0M+203.7% | $83.6M+47.6% | $56.6M-67.5% | $174.4M+2622.6% | $6.4M+1274.9% | $466K-66.1% | $1.4M+65.3% | $831K-1.1% | $840K-26.5% | $1.1M+109.7% | $545K+0.2% | $544K+79.4% | $303K | N/A |
| Operating Income | -$2.9B | -$1.2B-499.9% | $306.1M+38.6% | $220.9M+132.8% | -$673.5M-22441.6% | -$3.0M+69.6% | -$9.8M-131.6% | -$4.2M+64.9% | -$12.1M+14.9% | -$14.2M+9.0% | -$15.6M+39.3% | -$25.7M-313.8% | -$6.2M-68.9% | -$3.7M+33.7% | -$5.5M | N/A |
| Interest Expense | $42.6M | $48.4M+272.3% | $13.0M+25.6% | $10.3M-30.9% | $15.0M+854.8% | $1.6M+7371.4% | $21K-59.5% | $52K-36.3% | $81K-93.8% | $1.3M-58.3% | $3.1M-26.0% | $4.2M+681.5% | $543K+50438.0% | $1K+602.6% | $153 | N/A |
| Income Tax | -$176.1M | -$56.4M-174.7% | $75.5M+359.6% | $16.4M+167.8% | -$24.2M-197.1% | $25.0M+1248300.0% | $2K | N/A | $69K+166.5% | -$104K-100.9% | $11.5M+241.2% | -$8.2M-66.0% | -$4.9M | N/A | N/A | N/A |
| Net Income | -$3.5B | -$1.3B-342.3% | $541.3M+108.9% | $259.1M+137.3% | -$694.0M-2228.1% | -$29.8M-185.3% | -$10.4M-197.1% | -$3.5M+72.6% | -$12.8M+59.1% | -$31.3M-9.3% | -$28.7M-69.2% | -$16.9M-437.2% | -$3.2M+8.6% | -$3.5M+50.2% | -$6.9M | N/A |
| EPS (Diluted) | — | -$3.69-314.5% | $1.72+62.3% | $1.06 | -$6.12-1940.0% | -$0.30-130.8% | -$0.13 | -$0.53 | N/A | N/A | -$1.89 | -$1.19-340.7% | -$0.27 | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MARA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.3B+7.1% | $6.8B+241.6% | $2.0B+66.6% | $1.2B-17.2% | $1.4B+361.1% | $313.3M+4631.9% | $6.6M+27.4% | $5.2M-65.5% | $15.1M-17.7% | $18.3M-61.3% | $47.2M-22.3% | $60.8M+369.2% | $13.0M+222.5% | $4.0M+118043.2% | $3K |
| Current Assets | $664.3M+41.2% | $470.4M-54.3% | $1.0B+271.0% | $277.5M-59.4% | $684.2M+138.9% | $286.4M+19069.0% | $1.5M-50.4% | $3.0M-80.0% | $15.0M+172.5% | $5.5M+15.5% | $4.8M-37.8% | $7.7M+65.6% | $4.6M+86.4% | $2.5M | N/A |
| Cash & Equivalents | $547.1M+39.7% | $391.8M+9.6% | $357.3M+244.5% | $103.7M-61.4% | $268.6M+90.0% | $141.3M+20294.0% | $693K-72.8% | $2.6M-82.9% | $14.9M+199.1% | $5.0M+92.2% | $2.6M-48.8% | $5.1M+40.8% | $3.6M+53.4% | $2.4M+4280207.3% | $55 |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $7K-92.8% | $95K-30.5% | $137K-36.9% | $217K-19.6% | $270K | N/A | N/A |
| Goodwill | $0-100.0% | $82.8M | $0 | N/A | N/A | N/A | N/A | N/A | N/A | $223K-95.0% | $4.5M-8.4% | $4.9M+128.2% | $2.1M | N/A | N/A |
| Total Liabilities | $3.8B+42.8% | $2.7B+612.5% | $375.1M-53.7% | $809.3M+5.8% | $765.2M+50702.2% | $1.5M-49.3% | $3.0M+30.7% | $2.3M-70.4% | $7.7M-72.2% | $27.6M-20.2% | $34.6M-5.4% | $36.5M+4550.2% | $786K+794.5% | $88K+694.8% | $11K |
| Current Liabilities | $521.9M+448.2% | $95.2M+182.0% | $33.8M+29.3% | $26.1M+132.1% | $11.3M+679.2% | $1.4M-22.1% | $1.9M-18.5% | $2.3M-70.4% | $7.7M-62.5% | $20.5M+20.7% | $17.0M-22.8% | $21.9M+2806.9% | $755K+759.6% | $88K | N/A |
| Long-Term Debt | $3.2B+30.9% | $2.4B+651.3% | $325.7M-58.4% | $782.2M+7.4% | $728.4M | N/A | $999K0.0% | $999K-43.4% | $1.8M-62.2% | $4.7M | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $3.5B-15.9% | $4.1B+155.5% | $1.6B+318.7% | $385.9M-43.4% | $682.1M+118.8% | $311.7M+8446.4% | $3.6M+24.9% | $2.9M-60.5% | $7.4M+179.6% | -$9.3M-173.3% | $12.7M-47.7% | $24.3M+99.1% | $12.2M+209.2% | $3.9M+51597.3% | -$8K |
| Retained Earnings | -$1.3B-4970.2% | -$26.4M+95.4% | -$567.6M+32.5% | -$840.3M-474.3% | -$146.3M-26.1% | -$116.1M-9.9% | -$105.6M-3.4% | -$102.1M-14.4% | -$89.3M-54.1% | -$57.9M-97.9% | -$29.3M-137.3% | -$12.3M-17.6% | -$10.5M-49.0% | -$7.0M-21289.5% | -$33K |
Not reported in any period shown, so not listed: Inventory.
MARA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$895.1M | -$802.7M-18.6% | -$677.0M-114.5% | -$315.7M-78.9% | -$176.5M-830.6% | -$19.0M-144.0% | -$7.8M-134.2% | -$3.3M+59.7% | -$8.2M+23.8% | -$10.8M-206.3% | $10.2M+443.5% | -$3.0M-166.5% | $4.5M+393.2% | -$1.5M-20.5% | -$1.3M | N/A |
| Capital Expenditures | $343.6M | $407.1M+62.3% | $250.8M+808.4% | $27.6M-32.8% | $41.1M-85.0% | $273.9M+1443.5% | $17.7M+339459.8% | $5K-99.9% | $5.3M+67333.5% | $8K-7.2% | $8K-85.6% | $58K+10.2% | $53K+211.5% | -$17K | N/A | N/A |
| Free Cash Flow | -$1.2B | -$1.2B-30.4% | -$927.8M-170.3% | -$343.3M-57.8% | -$217.6M+25.7% | -$292.8M-1047.6% | -$25.5M-667.6% | -$3.3M+75.4% | -$13.5M-24.7% | -$10.8M-206.4% | $10.2M+436.6% | -$3.0M-168.6% | $4.4M+386.5% | -$1.5M | N/A | N/A |
| Investing Cash Flow | $1.1B | -$669.9M+79.3% | -$3.2B-70373.3% | $4.6M+101.2% | -$390.2M+56.2% | -$891.1M-996.3% | -$81.3M-6790.6% | $1.2M+129.2% | -$4.2M-53300.1% | -$8K+99.8% | -$3.7M | N/A | N/A | -$3.0M-61.4% | -$1.9M | N/A |
| Financing Cash Flow | $78.4M | $1.6B-58.8% | $4.0B+611.1% | $555.9M+35.4% | $410.7M-60.4% | $1.0B+351.6% | $229.7M+93462.8% | $245K | N/A | $20.4M+610.2% | -$4.0M | N/A | N/A | $5.8M+8.1% | $5.3M+55166.1% | $10K |
| Share Buybacks | $26.5M | $46.9M+25.4% | $37.4M+9743.2% | $380K | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MARA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | -24.3%-20.3pp | -4.0%+24.6pp | -28.6%-102.0pp | 73.4%+132.1pp | -58.7% | -109.4% | -114.5% | -568.0% | 27.6%+15.1pp | 12.5%-32.4pp | 44.9%-27.1pp | 72.0% | N/A | N/A |
| Operating Margin | -135.0% | 46.6%-10.4pp | 57.0% | -572.0% | -1.9% | -225.3% | -357.7% | -772.9% | -2729.6% | -42.5% | -135.3% | -29.0% | -107.5% | N/A | N/A |
| Net Margin | -144.6% | 82.5%+15.6pp | 66.8% | -589.4% | -18.7% | -239.8% | -296.7% | -820.2% | -6030.1% | -78.3%+11.0pp | -89.3%-74.5pp | -14.7% | -100.9% | N/A | N/A |
| Return on Equity | -37.8%-50.9pp | 13.1%-2.9pp | 16.0%+195.9pp | -179.8%-175.5pp | -4.4%-1.0pp | -3.4%+93.1pp | -96.4%+342.3pp | -438.7%-14.6pp | -424.1% | N/A | -133.6%-120.6pp | -13.0%+15.3pp | -28.3%+147.5pp | -175.8% | N/A |
| Return on Assets | -18.0%-26.0pp | 8.0%-5.0pp | 13.0%+71.1pp | -58.1%-56.0pp | -2.1%+1.3pp | -3.3%+49.8pp | -53.1%+193.6pp | -246.7%-38.6pp | -208.1%-51.3pp | -156.7%-120.9pp | -35.9%-30.7pp | -5.2%+21.4pp | -26.6%+145.8pp | -172.5% | N/A |
| Current Ratio | 1.27-3.7x | 4.94-25.6x | 30.51+19.9x | 10.63-50.2x | 60.82-137.6x | 198.38+197.6x | 0.81-0.5x | 1.33-0.6x | 1.96+1.7x | 0.270.0x | 0.28-0.1x | 0.35-5.8x | 6.15-22.2x | 28.34 | N/A |
| Debt-to-Equity | 0.92+0.3x | 0.59+0.4x | 0.20-1.8x | 2.03+1.0x | 1.07+1.1x | 0.00-0.3x | 0.27-0.1x | 0.34+0.1x | 0.24 | N/A | 2.73+1.2x | 1.51+1.4x | 0.060.0x | 0.02 | N/A |
| FCF Margin | -133.4% | -141.4% | -88.6% | -184.8% | -184.0% | -585.6% | -280.4% | -863.4% | -2081.6% | 27.8%+43.7pp | -15.9%-36.5pp | 20.6%+65.5pp | -45.0% | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where MARA Holdings Inc Ranks
Frequently Asked Questions
What is MARA Holdings Inc's annual revenue?
MARA Holdings Inc (MARA) reported $907.1M in total revenue for fiscal year 2025. This represents a 38.2% 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 38.2% year-over-year, from $656.4M to $907.1M in fiscal year 2025.
Is MARA Holdings Inc profitable?
No, MARA Holdings Inc (MARA) reported a net income of -$1.3B in fiscal year 2025.
What is MARA Holdings Inc's EBITDA?
MARA Holdings Inc (MARA) had EBITDA of -$451.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does MARA Holdings Inc have?
As of fiscal year 2025, MARA Holdings Inc (MARA) had $547.1M in cash and equivalents against $3.2B in long-term debt.
What is MARA Holdings Inc's return on equity (ROE)?
MARA Holdings Inc (MARA) has a return on equity of -37.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is MARA Holdings Inc's free cash flow?
MARA Holdings Inc (MARA) recorded an outflow of $1.2B in free cash flow during fiscal year 2025. This represents a -30.4% 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) recorded an outflow of $802.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are MARA Holdings Inc's total assets?
MARA Holdings Inc (MARA) had $7.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are MARA Holdings Inc's capital expenditures?
MARA Holdings Inc (MARA) invested $407.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does MARA Holdings Inc spend on research and development?
MARA Holdings Inc (MARA) invested $30.1M in research and development during fiscal year 2025.
What is MARA Holdings Inc's current ratio?
MARA Holdings Inc (MARA) had a current ratio of 1.27 as of fiscal year 2025, which is considered adequate.
What is MARA Holdings Inc's debt-to-equity ratio?
MARA Holdings Inc (MARA) had a debt-to-equity ratio of 0.92 as of fiscal year 2025, 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 -18.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is MARA Holdings Inc's cash runway?
Based on fiscal year 2025 data, MARA Holdings Inc (MARA) had $547.1M in cash against an annual operating cash burn of $802.7M. This gives an estimated cash runway of approximately 8 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 Piotroski F-Score?
MARA Holdings Inc (MARA) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $1.3B while operations used $802.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $1.2B against $48.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 33 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.