Comprehensive Stock Comparison
Compare Marathon Digital Holdings, Inc. (MARA) vs IREN Limited (IREN) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | IREN | 167.7% revenue growth vs MARA's 38.2% |
| Quality / Margins | IREN | 17.4% net margin vs MARA's -144.6% |
| Stability / Safety | IREN | Beta 2.01 vs MARA's 2.26 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | IREN | +397.0% vs MARA's -35.8% |
| Efficiency (ROA) | IREN | -0.2% ROA vs MARA's -17.1%, ROIC 0.7% vs -74.2% |
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.
IREN Limited is a vertically integrated Bitcoin mining company that operates data centers and computing infrastructure in Australia and Canada. It generates revenue primarily from Bitcoin mining rewards — converting electricity into digital assets — with additional income from data center services and infrastructure operations. The company's competitive advantage lies in its vertical integration — controlling power sourcing, infrastructure, and mining operations — which provides cost efficiency and operational control in the energy-intensive mining industry.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
IREN leads in 4 of 6 categories (Financial Metrics, Profitability & Efficiency). MARA leads in 1 (Valuation Metrics).
Financial Metrics (TTM)
MARA is the larger business by revenue, generating $907M annually — 1.8x IREN's $501M. IREN is the more profitable business, keeping 17.4% of every revenue dollar as net income compared to MARA's -144.6%.
| Metric | MARAMarathon Digital … | IRENIREN Limited |
|---|---|---|
| RevenueTrailing 12 months | $907M | $501M |
| EBITDAEarnings before interest/tax | -$451M | $62M |
| Net IncomeAfter-tax profit | -$1.3B | -$16M |
| Free Cash FlowCash after capex | -$821M | -$260M |
| Gross MarginGross profit ÷ Revenue | — | +68.3% |
| Operating MarginEBIT ÷ Revenue | -135.0% | +3.5% |
| Net MarginNet income ÷ Revenue | -144.6% | +17.4% |
| FCF MarginFCF ÷ Revenue | — | -2.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -100.0% | -7.1% |
Valuation Metrics
| Metric | MARAMarathon Digital … | IRENIREN Limited |
|---|---|---|
| Market CapShares × price | $3.4B | $13.6B |
| Enterprise ValueMkt cap + debt − cash | $3.4B | $14.0B |
| Trailing P/EPrice ÷ TTM EPS | -2.42x | 105.00x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 117.77x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | 70.58x |
| Price / SalesMarket cap ÷ Revenue | 3.73x | 27.16x |
| Price / BookPrice ÷ Book value/share | — | 5.03x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
On the Piotroski fundamental quality scale (0–9), IREN scores 6/9 vs MARA's 2/9, reflecting solid financial health.
| Metric | MARAMarathon Digital … | IRENIREN Limited |
|---|---|---|
| ROE (TTM)Return on equity | — | -0.6% |
| ROA (TTM)Return on assets | -17.1% | -0.2% |
| ROICReturn on invested capital | -74.2% | +0.7% |
| ROCEReturn on capital employed | -17.6% | +0.9% |
| Piotroski ScoreFundamental quality 0–9 | 2 | 6 |
| Debt / EquityFinancial leverage | — | 0.53x |
| Net DebtTotal debt minus cash | $0 | $400M |
| Cash & Equiv.Liquid assets | $0 | $565M |
| Total DebtShort + long-term debt | $0 | $964M |
| Interest CoverageEBIT ÷ Interest expense | 17.60x | 31.42x |
Total Returns (with DRIP)
A $10,000 investment in IREN five years ago would be worth $16,748 today (with dividends reinvested), compared to $2,322 for MARA. Over the past 12 months, IREN leads with a +397.0% total return vs MARA's -35.8%. The 3-year compound annual growth rate (CAGR) favors IREN at 145.4% vs MARA's 8.0% — a key indicator of consistent wealth creation.
| Metric | MARAMarathon Digital … | IRENIREN Limited |
|---|---|---|
| YTD ReturnYear-to-date | -9.8% | -4.1% |
| 1-Year ReturnPast 12 months | -35.8% | +397.0% |
| 3-Year ReturnCumulative with dividends | +25.9% | +1378.3% |
| 5-Year ReturnCumulative with dividends | -76.8% | +67.5% |
| 10-Year ReturnCumulative with dividends | -74.6% | +67.5% |
| CAGR (3Y)Annualised 3-year return | +8.0% | +145.4% |
Risk & Volatility
IREN is the less volatile stock with a 2.01 beta — it tends to amplify market swings less than MARA's 2.26 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. IREN currently trades 53.3% from its 52-week high vs MARA's 38.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | MARAMarathon Digital … | IRENIREN Limited |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.26x | 2.01x |
| 52-Week HighHighest price in past year | $23.45 | $76.87 |
| 52-Week LowLowest price in past year | $6.66 | $5.13 |
| % of 52W HighCurrent price vs 52-week peak | +38.1% | +53.3% |
| RSI (14)Momentum oscillator 0–100 | 47.9 | 47.9 |
| Avg Volume (50D)Average daily shares traded | 36.2M | 34.2M |
Analyst Outlook
Wall Street rates MARA as "Buy" and IREN as "Buy". Consensus price targets imply 101.3% upside for MARA (target: $18) vs 81.2% for IREN (target: $74).
| Metric | MARAMarathon Digital … | IRENIREN Limited |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $18.00 | $74.20 |
| # AnalystsCovering analysts | 18 | 13 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | — |
| 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 | Dec 21 | Feb 26 | Change |
|---|---|---|---|
| Marathon Digital Ho… (MARA) | 100 | 17.96 | -82.0% |
| IREN Limited (IREN) | 75.54 | 217.1 | +187.4% |
IREN Limited (IREN) returned +67% over 5 years vs Marathon Digital Ho… (MARA)'s -77%. A $10,000 investment in IREN 5 years ago would be worth $16,748 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Marathon Digital Ho… (MARA) | $37M | $907M | +2376.4% |
| IREN Limited (IREN) | $1053.00 | $501M | +47580431.8% |
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% |
| IREN Limited (IREN) | -153.0% | 17.4% | +111.3% |
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% |
| IREN Limited (IREN) | -0.01 | 0.39 | +4039.4% |
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). IREN Limited generated $-1B FCF in 2025 (-27170% vs 2021).
MARA vs IREN: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is MARA or IREN a better buy right now?
IREN Limited (IREN) offers the better valuation at 105.0x trailing P/E (117.8x forward), 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 IREN?
Over the past 5 years, IREN Limited (IREN) delivered a total return of +67.5%, compared to -76.8% for Marathon Digital Holdings, Inc. (MARA). A $10,000 investment in IREN five years ago would be worth approximately $17K today (assuming dividends reinvested). Over 10 years, the gap is even starker: IREN returned +67.5% 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 IREN?
By beta (market sensitivity over 5 years), IREN Limited (IREN) is the lower-risk stock at 2.01β versus Marathon Digital Holdings, Inc.'s 2.26β — meaning MARA is approximately 12% more volatile than IREN relative to the S&P 500.
04Which has better profit margins — MARA or IREN?
IREN Limited (IREN) is the more profitable company, earning 17.4% net margin versus -144.6% for Marathon Digital Holdings, Inc. — meaning it keeps 17.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: IREN leads at 3.5% versus -135.0% for MARA. At the gross margin level — before operating expenses — IREN leads at 68.3%, 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.
05Is MARA or IREN more undervalued right now?
Analyst consensus price targets imply the most upside for MARA: 101.3% to $18.00.
06Which pays a better dividend — MARA or IREN?
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.
07Is MARA or IREN better for a retirement portfolio?
For long-horizon retirement investors, IREN Limited (IREN) 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 (IREN: +67.5%, 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.
08What are the main differences between MARA and IREN?
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. 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.
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