Comprehensive Stock Comparison
Compare Marathon Digital Holdings, Inc. (MARA) vs Bitmine Immersion Technologies, Inc. (BMNR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
Selected Stocks
Add up to 10 tickers. Use presets or search to get started.
Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | BMNR | 84.1% revenue growth vs MARA's 38.2% |
| Quality / Margins | BMNR | 57.2% net margin vs MARA's -144.6% |
| Stability / Safety | MARA | Beta 2.26 vs BMNR's 2.38 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | BMNR | +251.7% vs MARA's -35.8% |
| Efficiency (ROA) | MARA | -17.1% ROA vs BMNR's -42.3%, ROIC -74.2% vs 7.7% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Marathon Digital Holdings is a Bitcoin mining company that operates large-scale data centers to validate transactions and secure the Bitcoin network. It generates revenue primarily from block rewards — newly minted Bitcoin earned for solving complex cryptographic puzzles — and secondarily from transaction fees, with nearly all revenue coming from Bitcoin mining operations. The company's competitive advantage lies in its scale, low-cost energy contracts, and strategic geographic positioning which provide cost efficiency in an industry where electricity is the primary operational expense.
Bitmine Immersion Technologies operates as a blockchain infrastructure company that hosts cryptocurrency mining equipment for third parties and engages in self-mining for its own account. It generates revenue primarily from hosting fees paid by clients for mining equipment operation—including power, cooling, and security services—and from mining rewards earned through its own operations. The company's competitive advantage lies in its specialized data center infrastructure with proprietary thermodynamic management systems that optimize mining efficiency and reduce energy costs.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
MARA leads in 3 of 6 categories (Valuation Metrics, Total Returns). BMNR leads in 2 (Financial Metrics, Profitability & Efficiency).
Financial Metrics (TTM)
MARA is the larger business by revenue, generating $907M annually — 148.8x BMNR's $6M. BMNR is the more profitable business, keeping 57.2% of every revenue dollar as net income compared to MARA's -144.6%.
| Metric | MARAMarathon Digital … | BMNRBitmine Immersion… |
|---|---|---|
| RevenueTrailing 12 months | $907M | $6M |
| EBITDAEarnings before interest/tax | -$451M | $224M |
| Net IncomeAfter-tax profit | -$1.3B | -$4.9B |
| Free Cash FlowCash after capex | -$821M | -$234M |
| Gross MarginGross profit ÷ Revenue | — | +5.1% |
| Operating MarginEBIT ÷ Revenue | -135.0% | +72.9% |
| Net MarginNet income ÷ Revenue | -144.6% | +57.2% |
| FCF MarginFCF ÷ Revenue | — | -85.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -100.0% | -11051.7% |
Valuation Metrics
| Metric | MARAMarathon Digital … | BMNRBitmine Immersion… |
|---|---|---|
| Market CapShares × price | $3.4B | $7.8B |
| Enterprise ValueMkt cap + debt − cash | $3.4B | $7.2B |
| Trailing P/EPrice ÷ TTM EPS | -2.42x | 1.42x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | 16.28x |
| Price / SalesMarket cap ÷ Revenue | 3.73x | 1272.33x |
| Price / BookPrice ÷ Book value/share | — | 0.05x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
On the Piotroski fundamental quality scale (0–9), BMNR scores 4/9 vs MARA's 2/9, reflecting mixed financial health.
| Metric | MARAMarathon Digital … | BMNRBitmine Immersion… |
|---|---|---|
| ROE (TTM)Return on equity | — | -43.1% |
| ROA (TTM)Return on assets | -17.1% | -42.3% |
| ROICReturn on invested capital | -74.2% | +7.7% |
| ROCEReturn on capital employed | -17.6% | +10.1% |
| Piotroski ScoreFundamental quality 0–9 | 2 | 4 |
| Debt / EquityFinancial leverage | — | — |
| Net DebtTotal debt minus cash | $0 | -$512M |
| Cash & Equiv.Liquid assets | $0 | $512M |
| Total DebtShort + long-term debt | $0 | $0 |
| Interest CoverageEBIT ÷ Interest expense | 17.60x | -12890.65x |
Total Returns (with DRIP)
A $10,000 investment in MARA five years ago would be worth $2,322 today (with dividends reinvested), compared to $601 for BMNR. Over the past 12 months, BMNR leads with a +251.7% total return vs MARA's -35.8%. The 3-year compound annual growth rate (CAGR) favors MARA at 8.0% vs BMNR's -1.7% — a key indicator of consistent wealth creation.
| Metric | MARAMarathon Digital … | BMNRBitmine Immersion… |
|---|---|---|
| YTD ReturnYear-to-date | -9.8% | -39.1% |
| 1-Year ReturnPast 12 months | -35.8% | +251.7% |
| 3-Year ReturnCumulative with dividends | +25.9% | -5.0% |
| 5-Year ReturnCumulative with dividends | -76.8% | -94.0% |
| 10-Year ReturnCumulative with dividends | -74.6% | -50.5% |
| CAGR (3Y)Annualised 3-year return | +8.0% | -1.7% |
Risk & Volatility
MARA is the less volatile stock with a 2.26 beta — it tends to amplify market swings less than BMNR's 2.38 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MARA currently trades 38.1% from its 52-week high vs BMNR's 11.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | MARAMarathon Digital … | BMNRBitmine Immersion… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.26x | 2.38x |
| 52-Week HighHighest price in past year | $23.45 | $161.00 |
| 52-Week LowLowest price in past year | $6.66 | $3.92 |
| % of 52W HighCurrent price vs 52-week peak | +38.1% | +11.8% |
| RSI (14)Momentum oscillator 0–100 | 47.9 | 41.9 |
| Avg Volume (50D)Average daily shares traded | 36.2M | 36.1M |
Analyst Outlook
Wall Street rates MARA as "Buy" and BMNR as "Buy". Consensus price targets imply 105.5% upside for BMNR (target: $39) vs 101.3% for MARA (target: $18).
| Metric | MARAMarathon Digital … | BMNRBitmine Immersion… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $18.00 | $39.00 |
| # AnalystsCovering analysts | 18 | 1 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | 1 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Apr 20 | Feb 26 | Change |
|---|---|---|---|
| Marathon Digital Ho… (MARA) | 100 | 2,280 | +2180.0% |
| Bitmine Immersion T… (BMNR) | 60.81 | 77.03 | +26.7% |
Marathon Digital Ho… (MARA) returned -77% over 5 years vs Bitmine Immersion T… (BMNR)'s -94%.
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Marathon Digital Ho… (MARA) | $37M | $907M | +2376.4% |
| Bitmine Immersion T… (BMNR) | $0.00 | $6M | — |
Marathon Digital Holdings, Inc.'s revenue grew from $37M (2016) to $907M (2025) — a 42.8% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Marathon Digital Ho… (MARA) | -78.3% | -144.6% | -84.8% |
| Bitmine Immersion T… (BMNR) | -4.7% | 57.2% | +1319.7% |
Marathon Digital Holdings, Inc.'s net margin went from -78% (2016) to -145% (2025).
Chart 4EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Marathon Digital Ho… (MARA) | -30.22 | -3.69 | +87.8% |
| Bitmine Immersion T… (BMNR) | -0 | 13.39 | +1673850.0% |
Marathon Digital Holdings, Inc.'s EPS grew from $-30.22 (2016) to $-3.69 (2025).
Chart 5Free Cash Flow — 5 Years
Marathon Digital Holdings, Inc. generated $0M FCF in 2025 (+100% vs 2021). Bitmine Immersion Technologies, Inc. generated $-5M FCF in 2025 (-935% vs 2021).
MARA vs BMNR: Frequently Asked Questions
7 questions · data-driven answers · updated daily
01Is MARA or BMNR a better buy right now?
Bitmine Immersion Technologies, Inc. (BMNR) offers the better valuation at 1.4x trailing P/E, making it the more compelling value choice. Analysts rate Marathon Digital Holdings, Inc. (MARA) a "Buy" — based on 18 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — MARA or BMNR?
Over the past 5 years, Marathon Digital Holdings, Inc. (MARA) delivered a total return of -76.8%, compared to -94.0% for Bitmine Immersion Technologies, Inc. (BMNR). A $10,000 investment in MARA five years ago would be worth approximately $2K today (assuming dividends reinvested). Over 10 years, the gap is even starker: BMNR returned -50.5% versus MARA's -74.6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — MARA or BMNR?
By beta (market sensitivity over 5 years), Marathon Digital Holdings, Inc. (MARA) is the lower-risk stock at 2.26β versus Bitmine Immersion Technologies, Inc.'s 2.38β — meaning BMNR is approximately 5% more volatile than MARA relative to the S&P 500.
04Which has better profit margins — MARA or BMNR?
Bitmine Immersion Technologies, Inc. (BMNR) is the more profitable company, earning 57.2% net margin versus -144.6% for Marathon Digital Holdings, Inc. — meaning it keeps 57.2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BMNR leads at 72.9% versus -135.0% for MARA. At the gross margin level — before operating expenses — BMNR leads at 5.1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Which pays a better dividend — MARA or BMNR?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
06Is MARA or BMNR better for a retirement portfolio?
For long-horizon retirement investors, Bitmine Immersion Technologies, Inc. (BMNR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding. Marathon Digital Holdings, Inc. (MARA) carries a higher beta of 2.26 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (BMNR: -50.5%, MARA: -74.6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
07What are the main differences between MARA and BMNR?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: MARA is a small-cap quality compounder stock; BMNR is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
Find Stocks Like These
Explore pre-built screens for each stock's profile, or build a custom screen to find stocks that beat both.