What is MARA Holdings, Inc.'s earnings per share (EPS)?

MARA Holdings, Inc. (MARA) reported diluted earnings per share of -$3.69 for fiscal year 2025. This represents a -314.5% 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.

MARA Holdings, Inc. (MARA) Financials

MARA

Trailing 12 months to June 30, 2026

Revenue $804.2M +0.7% YoY

Net Income -$3.5B -609.9% YoY

EPS (Diluted) -$9.23 -699.4% YoY

Free Cash Flow -$1.2B -0.3% YoY

Market Cap $3.8B as of Oct 8, 2026

Price / Sales 4.8x on $804.2M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 2.3x on $1.7B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MARA SEC filings page.

MARA Holdings, Inc. (MARA) reported $804.2M in revenue over the twelve months to Jun 30, 2026, up 0.7% from the prior twelve months. 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).

Rhea AI MARA FY2025 2026-10-03

MARA’s reported earnings swing sharply, but its core operation consumes cash and increasingly relies on external financing.

FY2024 paired net income of $541M with operating cash flow of -$677M, so reported profit was not converting into cash. That pattern persisted into FY2025, when operating cash flow reached -$803M alongside a net loss of $1.3B; the cash requirement spans both profitable and loss-reporting years.

Revenue increased from $656M in FY2024 to $907M in FY2025, while reported gross profit remained negative in both FY2023 and FY2024; top-line expansion has not repaired reported production economics.

In FY2025, financing provided $1.6B while free cash flow was negative $1.2B, showing that cash needs were not funded internally. Debt rose from $2.4B in FY2024 to $3.2B in FY2025 as equity declined, leaving a thinner capital cushion and a current ratio of 1.3x.

Financial Health Signals

Financial Health Score 33/100

Scored as: Banks peer group

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.

Earnings

MARA Holdings, Inc. earned a return on assets of -18.0% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is down from 8.0% the prior year. Earnings ranks banks on that return over three years, and MARA Holdings, Inc. scores 9/100 among other banks.

Growth

MARA Holdings, Inc. reported revenue of $907.1M in fiscal year 2025, against $656.4M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and MARA Holdings, Inc. scores 93/100 among other banks.

Capital

MARA Holdings, Inc. funded 47.6% of its assets with shareholders' equity at the end of fiscal year 2025, holding $3.5B of equity against $7.3B of assets. Capital ranks banks on that cushion, and MARA Holdings, Inc. scores 92/100 among other banks.

Efficiency

Not available for MARA Holdings, Inc., and counted as zero in the overall score.

Credit Quality

Not available for MARA Holdings, Inc., and counted as zero in the overall score.

Stability

MARA Holdings, Inc. reported a net loss of $1.3B in fiscal year 2025, against $541.3M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and MARA Holdings, Inc. scores 6/100 among other banks.

Piotroski F-Score Partial

2/8

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.

Earnings Quality No Cash Backing

N/A

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.

Interest Coverage At Risk

N/A

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

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Earnings & Revenue

Revenue

$174.9M

YoY-26.7%

QoQ+0.2%

5Y CAGR+42.9%

MARA Holdings, Inc. generated $174.9M in revenue in Q2 2026. This represents a decrease of 26.7% from the same quarter a year earlier. Against the prior quarter it is up 0.2%.

EBITDA

-$350.0M

YoY-141.7%

QoQ+59.8%

MARA Holdings, Inc.'s EBITDA was -$350.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 141.7% from the same quarter a year earlier. Against the prior quarter it is up 59.8%.

Net Income

-$611.3M

YoY-175.6%

QoQ+51.6%

MARA Holdings, Inc. reported -$611.3M in net income in Q2 2026. This represents a decrease of 175.6% from the same quarter a year earlier. Against the prior quarter it is up 51.6%.

EPS (Diluted)

-$1.60

YoY-187.0%

QoQ+51.7%

MARA Holdings, Inc. earned -$1.60 per diluted share (EPS) in Q2 2026. This represents a decrease of 187.0% from the same quarter a year earlier. Against the prior quarter it is up 51.7%.

Cash & Balance Sheet

Free Cash Flow

-$238.5M

YoY+15.5%

QoQ+27.1%

MARA Holdings, Inc. recorded an outflow of $238.5M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 15.5% from the same quarter a year earlier. Against the prior quarter it is up 27.1%.

Cash & Debt

$421.3M

YoY+284.8%

QoQ-18.0%

5Y CAGR+19.8%

10Y CAGR+50.3%

MARA Holdings, Inc. held $421.3M in cash against $1.9B in long-term debt as of Q2 2026.

Shares Outstanding

386M

YoY+4.3%

QoQ+1.3%

5Y CAGR+31.1%

10Y CAGR+38.3%

MARA Holdings, Inc. had 386M shares outstanding in Q2 2026. This represents an increase of 4.3% from the same quarter a year earlier. Against the prior quarter it is up 1.3%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-36.8%

YoY-53.7pp

QoQ+19.8pp

5Y change-18.1pp

MARA Holdings, Inc.'s ROE was -36.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 53.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 19.8 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

R&D Spending

$7.2M

YoY-16.1%

QoQ-13.0%

MARA Holdings, Inc. invested $7.2M in research and development in Q2 2026. This represents a decrease of 16.1% from the same quarter a year earlier. Against the prior quarter it is down 13.0%.

Share Buybacks

$7.7M

YoY-49.4%

QoQ+3.0%

MARA Holdings, Inc. spent $7.7M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 49.4% from the same quarter a year earlier. Against the prior quarter it is up 3.0%.

Capital Expenditures

$14.8M

YoY-87.6%

QoQ-81.4%

5Y CAGR-18.5%

MARA Holdings, Inc. invested $14.8M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 87.6% from the same quarter a year earlier. Against the prior quarter it is down 81.4%.

MARA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MARA quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
EBITDA	N/A	-$451.5M-161.4%	$735.3M+80.9%	$406.4M+168.3%	-$594.8M-5091.9%	$11.9M+276.4%	-$6.8M-108.2%	-$3.2M+67.6%	-$10.0M+18.9%	-$12.3M-51.8%	-$8.1M+45.3%	-$14.9M-2089.6%	-$678K+74.3%	-$2.6M+52.3%	-$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 (Basic)	N/A	-$3.69-297.3%	$1.87+32.6%	$1.41+123.0%	-$6.12-1940.0%	-$0.30-130.8%	-$0.13+75.5%	-$0.53	N/A	N/A	-$1.89-58.8%	-$1.19-340.7%	-$0.27	N/A	N/A	N/A
EPS (Diluted)	-$9.23	-$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	-$1.89-58.8%	-$1.19-340.7%	-$0.27	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	355M+13.9%	312M+62.2%	192M	113M+14.2%	99M+22.0%	81M	7M	N/A	N/A	15M+6.8%	14M+21.9%	12M	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$174.9M-26.7%	$174.6M-18.4%	$202.3M-5.6%	$252.4M+91.7%	$238.5M+64.3%	$213.9M+29.5%	$214.4M+36.8%	$131.6M+34.5%
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	$267.2M+82.9%	$198.7M+75.5%
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	-$52.8M-593.4%	-$67.0M-337.2%
R&D Expenses	$7.2M-16.1%	$8.2M-11.3%	$3.6M-13.3%	$8.7M+209.8%	$8.5M+122.3%	$9.3M+277.0%	$4.1M+231.3%	$2.8M+294.5%
SG&A Expenses	$114.7M+23.4%	$86.9M+1.2%	$85.8M+17.9%	$85.3M+45.2%	$92.9M+73.8%	$85.9M+24.6%	$72.8M+149.3%	$58.7M+202.4%
Operating Income	-$521.1M-176.7%	-$1.1B-96.2%	-$1.4B-513.6%	$47.6M+127.6%	$679.8M+392.5%	-$541.1M-246.4%	$341.0M+84.3%	-$172.2M-114.8%
EBITDA	-$350.0M-141.7%	-$869.9M-127.0%	-$1.1B-333.1%	$211.4M+398.2%	$839.0M+770.6%	-$383.2M-184.9%	$480.0M+83.2%	-$70.9M-165.9%
Interest Expense	$6.3M-51.2%	$10.7M+7.8%	$12.8M+60.0%	$12.8M+444.8%	$12.8M+837.5%	$9.9M+691.5%	$8.0M+561.4%	$2.3M-7.6%
Income Tax	$580K-99.7%	-$30.9M+74.0%	-$183.4M-255.1%	$37.7M+176.6%	$208.5M+758.6%	-$119.2M-413.2%	$118.3M+635.7%	-$49.2M-67443.8%
Net Income	-$611.3M-175.6%	-$1.3B-136.7%	-$1.7B-423.4%	$123.1M+198.7%	$808.2M+504.8%	-$533.4M-258.2%	$528.5M+253.0%	-$124.8M-31897.2%
EPS (Basic)	-$1.60-169.9%	-$3.31-113.5%	-$4.82-364.8%	$0.33+178.6%	$2.29+418.1%	-$1.55-219.2%	$1.82+133.3%	-$0.42
EPS (Diluted)	-$1.60-187.0%	-$3.31-113.5%	-$4.59-374.9%	$0.27	$1.84	-$1.55-223.0%	$1.67	-$0.42
Diluted Shares (Avg)	382M-13.5%	380M+10.5%	N/A	470M	441M	344M+28.4%	N/A	295M

MARA Balance Sheet

MARA quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Short-Term Investments	$0	$0	$0	$0-100.0%	$223.9M	$0	$0	$0	$0	$0	$0	$0-100.0%	$6K-50.0%	$13K	$0
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
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Non-Current Liabilities	$3.3B+27.9%	$2.6B+653.1%	$341.3M-56.4%	$783.2M+4.3%	$751.0M+1201469.6%	$63K-94.4%	$1.1M	$0	$0-100.0%	$7.1M-59.6%	$17.6M+20.7%	$14.6M+47470.3%	$31K	$0	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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$4.3B-43.7%	$4.9B-23.2%	$7.3B+7.1%	$9.2B+155.7%	$7.7B+147.7%	$6.4B+117.9%	$6.8B+241.6%	$3.6B+158.7%
Current Assets	$527.2M+123.0%	$611.1M+109.4%	$664.3M+41.2%	$961.9M+301.9%	$236.5M-36.4%	$291.8M-82.2%	$470.4M-54.3%	$239.4M-44.7%
Cash & Equivalents	$421.3M+284.8%	$513.7M+161.8%	$547.1M+39.7%	$826.4M+403.1%	$109.5M-57.2%	$196.2M-39.5%	$391.8M+9.6%	$164.3M-54.0%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$89.7M+8.4%	$90.5M+9.3%	$0-100.0%	$82.8M+82.5%	$82.8M+82.5%	$82.8M+168.2%	$82.8M	$45.4M
Total Liabilities	$2.7B-8.2%	$2.7B-0.1%	$3.8B+42.8%	$4.0B+451.4%	$2.9B+517.4%	$2.7B+466.5%	$2.7B+612.5%	$724.6M+99.1%
Current Liabilities	$591.8M+34.2%	$331.5M-10.0%	$521.9M+448.2%	$459.4M+668.3%	$441.0M+344.5%	$368.4M+417.9%	$95.2M+182.0%	$59.8M+56.6%
Non-Current Liabilities	$2.0B-19.6%	$2.3B-2.7%	$3.3B+27.9%	$3.5B+429.4%	$2.5B+561.9%	$2.3B+474.0%	$2.6B+653.1%	$664.8M+104.1%
Long-Term Debt	$1.9B-14.1%	$2.2B-3.5%	$3.2B+30.9%	$3.2B+424.9%	$2.3B	$2.3B	$2.4B+651.3%	$618.7M
Total Equity	$1.7B-65.3%	$2.2B-40.1%	$3.5B-15.9%	$5.2B+80.6%	$4.8B+81.3%	$3.7B+50.4%	$4.1B+155.5%	$2.9B+180.0%
Retained Earnings	-$3.2B-1389.8%	-$2.6B-364.2%	-$1.3B-4970.2%	$371.8M+167.0%	$248.6M+157.8%	-$559.6M-142.8%	-$26.4M+95.4%	-$554.9M+30.9%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable.

MARA Cash Flow Statement

MARA quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Depreciation & Amortization	N/A	$772.8M+80.1%	$429.2M+131.3%	$185.5M+135.7%	$78.7M+428.1%	$14.9M+386.4%	$3.1M+208.1%	$994K-52.0%	$2.1M+11.9%	$1.9M-75.2%	$7.5M-31.1%	$10.8M+95.8%	$5.5M+432.3%	$1.0M+11737.5%	$9K	N/A
Stock-Based Compensation	N/A	$172.3M+9.3%	$157.6M+382.9%	$32.6M+32.7%	$24.6M-84.7%	$160.8M+13549.1%	$1.2M+26.2%	$934K-34.5%	$1.4M-27.9%	$2.0M+1.2%	$2.0M-21.6%	$2.5M+42.2%	$1.8M-19.6%	$2.2M+6445.8%	$33K-98.7%	$2.5M
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$223.8M-36.9%	-$247.5M-14.9%	-$224.7M+28.3%	-$199.0M-24.3%	-$163.4M-41.9%	-$215.5M-143.9%	-$313.4M-243.8%	-$160.1M-96.1%
Depreciation & Amortization	$171.1M+7.5%	$191.6M+21.3%	$285.8M+104.8%	$163.8M+61.7%	$159.2M+48.4%	$157.9M+93.5%	$139.6M+81.3%	$101.3M+89.4%
Stock-Based Compensation	$46.9M-14.2%	$30.5M-37.9%	N/A	$38.5M+64.8%	$54.7M+92.9%	$49.1M-5.4%	N/A	$23.3M+323.5%
Capital Expenditures	$14.8M-87.6%	$79.5M+104.7%	$164.5M-11.8%	$84.8M+123.3%	$118.9M+590.5%	$38.9M+327.6%	$186.5M+10273.9%	$38.0M+1421.6%
Free Cash Flow	-$238.5M+15.5%	-$327.0M-28.6%	-$389.2M+22.1%	-$283.9M-43.3%	-$282.4M-113.3%	-$254.3M-161.1%	-$499.9M-437.8%	-$198.1M-135.5%
Investing Cash Flow	$275.3M+316.5%	$1.2B+667.2%	-$47.3M+97.6%	-$285.7M+46.9%	-$127.2M+54.3%	-$209.8M+49.6%	-$2.0B-40293.3%	-$537.7M-1701.3%
Financing Cash Flow	-$7.7M-103.8%	-$1.1B-582.3%	-$7.3M-100.3%	$1.2B+98.3%	$203.9M-39.5%	$229.8M-51.3%	$2.5B+641.4%	$606.0M+2746.3%
Share Buybacks	$7.7M-49.4%	$7.5M-63.4%	$3.7M-56.2%	$7.7M+31.4%	$15.2M+130.6%	$20.4M+23.1%	$8.4M+2120.8%	$5.9M

Not reported in any period shown, so not listed: Dividends Paid.

MARA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MARA quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Asset Turnover	0.120.0x	0.10-0.1x	0.19+0.1x	0.100.0x	0.11+0.1x	0.01-0.2x	0.18-0.1x	0.30+0.3x	0.03-2.0x	2.00+1.6x	0.400.0x	0.35+0.1x	0.26	N/A	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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	-24.6%-31.4pp	-50.9%-35.3pp
Operating Margin	-298.0%	-607.9%	-697.2%	18.9%	285.0%	-253.0%	159.1%	-130.8%
Net Margin	-349.6%	-723.0%	-844.9%	48.8%+143.6pp	338.9%	-249.4%	246.5%	-94.8%-94.4pp
Return on Equity	-36.8%-53.7pp	-56.6%-42.2pp	-49.2%-62.0pp	2.4%+6.8pp	16.9%+24.4pp	-14.3%-27.9pp	12.8%+3.5pp	-4.4%-4.3pp
Return on Assets	-14.1%-24.5pp	-25.5%-17.2pp	-23.5%-31.2pp	1.4%+4.8pp	10.5%+16.9pp	-8.3%-19.7pp	7.8%+0.3pp	-3.5%-3.5pp
Current Ratio	0.89+0.4x	1.84+1.1x	1.27-3.7x	2.09-1.9x	0.54-3.2x	0.79-22.3x	4.94-25.6x	4.00-7.3x
Debt-to-Equity	1.16+0.7x	0.99+0.4x	0.92+0.3x	0.63+0.4x	0.47+0.3x	0.62+0.4x	0.59+0.4x	0.22-0.1x
Asset Turnover	0.040.0x	0.040.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.040.0x
FCF Margin	-136.4%	-187.3%	-192.4%	-112.5%	-118.4%	-118.9%	-233.2%	-150.5%

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: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
MARA Holdings, Inc. MARA	FY2025	$907.1M	-$1.3B	N/A	$3.8B	33/100
Riot Platforms, Inc. RIOT	FY2025	$647.4M	-$663.2M	N/A	$7.0B	35/100
Piper Sandler Companies PIPR	FY2025	$1.9B	$281.3M	14.8%	$4.5B	53/100
MOELIS & COMPANY MC	FY2025	N/A	$259.6M	N/A	$4.2B	—
BGC Group, Inc. BGC	FY2025	$2.9B	$155.0M	5.3%	$5.4B	49/100
BitMine Immersion Technologies, Inc. BMNR	FY2025	$6K	$349K	N/A	$14.9B	—

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.

Does MARA Holdings, Inc. buy back shares?

Yes, MARA Holdings, Inc. (MARA) spent $46.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does MARA Holdings, Inc. have outstanding?

MARA Holdings, Inc. (MARA) had 380M shares outstanding as of 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 P/E ratio?

MARA Holdings, Inc. (MARA) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $3.8B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is MARA Holdings, Inc.'s price-to-sales ratio?

MARA Holdings, Inc. (MARA) trades at 4.8x sales, its market capitalization divided by revenue of $804.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.8B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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.