Comprehensive Stock Comparison
Compare Marathon Digital Holdings, Inc. (MARA) vs Morgan Stanley (MS) 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 | MARA | 38.2% revenue growth vs MS's 16.8% |
| Quality / Margins | MS | 13.0% net margin vs MARA's -144.6% |
| Stability / Safety | MS | Beta 1.35 vs MARA's 2.26 |
| Dividends | MS | 2.3% yield; 11-year raise streak; MARA pays no meaningful dividend |
| Momentum (1Y) | MS | +28.0% vs MARA's -35.8% |
| Efficiency (ROA) | MS | 1.2% ROA vs MARA's -17.1%, ROIC 2.9% 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.
Morgan Stanley is a global investment bank and wealth management firm that provides financial services to institutions, corporations, and individuals. It generates revenue primarily through investment banking fees (~30%), wealth management fees (~40%), and trading & sales activities (~25%), with the remainder from investment management. The company's competitive advantage lies in its elite brand reputation, global institutional relationships, and integrated platform that connects investment banking with wealth management.
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
MS leads in 4 of 6 categories — strongest in Financial Metrics and Profitability & Efficiency. 1 category is tied.
Financial Metrics (TTM)
MS is the larger business by revenue, generating $103.1B annually — 113.7x MARA's $907M. MS is the more profitable business, keeping 13.0% of every revenue dollar as net income compared to MARA's -144.6%.
| Metric | MARAMarathon Digital … | MSMorgan Stanley |
|---|---|---|
| RevenueTrailing 12 months | $907M | $103.1B |
| EBITDAEarnings before interest/tax | -$451M | $26.3B |
| Net IncomeAfter-tax profit | -$1.3B | $16.2B |
| Free Cash FlowCash after capex | -$821M | -$6.7B |
| Gross MarginGross profit ÷ Revenue | — | +55.6% |
| Operating MarginEBIT ÷ Revenue | -135.0% | +17.1% |
| Net MarginNet income ÷ Revenue | -144.6% | +13.0% |
| FCF MarginFCF ÷ Revenue | — | -2.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -100.0% | +48.9% |
Valuation Metrics
| Metric | MARAMarathon Digital … | MSMorgan Stanley |
|---|---|---|
| Market CapShares × price | $3.4B | $264.9B |
| Enterprise ValueMkt cap + debt − cash | $3.4B | $549.6B |
| Trailing P/EPrice ÷ TTM EPS | -2.42x | 20.94x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 14.79x |
| PEG RatioP/E ÷ EPS growth rate | — | 2.35x |
| EV / EBITDAEnterprise value multiple | — | 24.15x |
| Price / SalesMarket cap ÷ Revenue | 3.73x | 2.57x |
| Price / BookPrice ÷ Book value/share | — | 2.54x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
On the Piotroski fundamental quality scale (0–9), MS scores 5/9 vs MARA's 2/9, reflecting solid financial health.
| Metric | MARAMarathon Digital … | MSMorgan Stanley |
|---|---|---|
| ROE (TTM)Return on equity | — | +14.6% |
| ROA (TTM)Return on assets | -17.1% | +1.2% |
| ROICReturn on invested capital | -74.2% | +2.9% |
| ROCEReturn on capital employed | -17.6% | +3.8% |
| Piotroski ScoreFundamental quality 0–9 | 2 | 5 |
| Debt / EquityFinancial leverage | — | 3.42x |
| Net DebtTotal debt minus cash | $0 | $284.7B |
| Cash & Equiv.Liquid assets | $0 | $75.7B |
| Total DebtShort + long-term debt | $0 | $360.5B |
| Interest CoverageEBIT ÷ Interest expense | 17.60x | 0.44x |
Total Returns (with DRIP)
A $10,000 investment in MS five years ago would be worth $23,095 today (with dividends reinvested), compared to $2,322 for MARA. Over the past 12 months, MS leads with a +28.0% total return vs MARA's -35.8%. The 3-year compound annual growth rate (CAGR) favors MS at 22.5% vs MARA's 8.0% — a key indicator of consistent wealth creation.
| Metric | MARAMarathon Digital … | MSMorgan Stanley |
|---|---|---|
| YTD ReturnYear-to-date | -9.8% | -7.9% |
| 1-Year ReturnPast 12 months | -35.8% | +28.0% |
| 3-Year ReturnCumulative with dividends | +25.9% | +83.8% |
| 5-Year ReturnCumulative with dividends | -76.8% | +131.0% |
| 10-Year ReturnCumulative with dividends | -74.6% | +662.8% |
| CAGR (3Y)Annualised 3-year return | +8.0% | +22.5% |
Risk & Volatility
MS is the less volatile stock with a 1.35 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. MS currently trades 86.4% 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 … | MSMorgan Stanley |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.26x | 1.35x |
| 52-Week HighHighest price in past year | $23.45 | $192.68 |
| 52-Week LowLowest price in past year | $6.66 | $94.33 |
| % of 52W HighCurrent price vs 52-week peak | +38.1% | +86.4% |
| RSI (14)Momentum oscillator 0–100 | 47.9 | 51.2 |
| Avg Volume (50D)Average daily shares traded | 36.2M | 5.8M |
Analyst Outlook
Wall Street rates MARA as "Buy" and MS as "Buy". Consensus price targets imply 101.3% upside for MARA (target: $18) vs 17.7% for MS (target: $196). MS is the only dividend payer here at 2.29% yield — a key consideration for income-focused portfolios.
| Metric | MARAMarathon Digital … | MSMorgan Stanley |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $18.00 | $196.00 |
| # AnalystsCovering analysts | 18 | 50 |
| Dividend YieldAnnual dividend ÷ price | — | +2.3% |
| Dividend StreakConsecutive years of raises | — | 11 |
| Dividend / ShareAnnual DPS | — | $3.81 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +1.6% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Marathon Digital Ho… (MARA) | 100 | 1,013.33 | +913.3% |
| Morgan Stanley (MS) | 100 | 416.89 | +316.9% |
Morgan Stanley (MS) returned +131% over 5 years vs Marathon Digital Ho… (MARA)'s -77%. A $10,000 investment in MS 5 years ago would be worth $23,095 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Marathon Digital Ho… (MARA) | $37M | $907M | +2376.4% |
| Morgan Stanley (MS) | $36.0B | $103.1B | +186.3% |
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% |
| Morgan Stanley (MS) | 16.6% | 13.0% | -21.8% |
Marathon Digital Holdings, Inc.'s net margin went from -78% (2016) to -145% (2025).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Morgan Stanley (MS) | 17 | 15.8 | -7.1% |
Morgan Stanley has traded in a 8x–18x P/E range over 8 years; current trailing P/E is ~21x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Marathon Digital Ho… (MARA) | -30.22 | -3.69 | +87.8% |
| Morgan Stanley (MS) | 2.92 | 7.95 | +172.3% |
Marathon Digital Holdings, Inc.'s EPS grew from $-30.22 (2016) to $-3.69 (2025).
Chart 6Free Cash Flow — 5 Years
Marathon Digital Holdings, Inc. generated $0M FCF in 2025 (+100% vs 2021). Morgan Stanley generated $-2B FCF in 2024 (-107% vs 2021).
MARA vs MS: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is MARA or MS a better buy right now?
Morgan Stanley (MS) offers the better valuation at 20.9x trailing P/E (14.8x 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 MS?
Over the past 5 years, Morgan Stanley (MS) delivered a total return of +131.0%, compared to -76.8% for Marathon Digital Holdings, Inc. (MARA). A $10,000 investment in MS five years ago would be worth approximately $23K today (assuming dividends reinvested). Over 10 years, the gap is even starker: MS returned +662.8% 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 MS?
By beta (market sensitivity over 5 years), Morgan Stanley (MS) is the lower-risk stock at 1.35β versus Marathon Digital Holdings, Inc.'s 2.26β — meaning MARA is approximately 67% more volatile than MS relative to the S&P 500.
04Which has better profit margins — MARA or MS?
Morgan Stanley (MS) is the more profitable company, earning 13.0% net margin versus -144.6% for Marathon Digital Holdings, Inc. — meaning it keeps 13.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MS leads at 17.1% versus -135.0% for MARA. At the gross margin level — before operating expenses — MS leads at 55.6%, 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 MS 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 MS?
In this comparison, MS (2.3% yield) pays a dividend. MARA does not pay a meaningful dividend and should not be held primarily for income.
07Is MARA or MS better for a retirement portfolio?
For long-horizon retirement investors, Morgan Stanley (MS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (2.3% yield, +662.8% 10Y return). 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 (MS: +662.8%, 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 MS?
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. MS pays a dividend while MARA does not, making them suitable for different income and tax situations. 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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