Comprehensive Stock Comparison
Compare Marathon Digital Holdings, Inc. (MARA) vs TeraWulf Inc. (WULF) 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 | WULF | 102.3% revenue growth vs MARA's 38.2% |
| Quality / Margins | WULF | -51.7% net margin vs MARA's -144.6% |
| Stability / Safety | MARA | Beta 2.26 vs WULF's 2.58 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | WULF | +287.1% vs MARA's -35.8% |
| Efficiency (ROA) | MARA | -17.1% ROA vs WULF's -23.0%, ROIC -74.2% vs -10.6% |
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.
TeraWulf is a bitcoin mining company that develops, owns, and operates large-scale mining facilities in the United States. It generates revenue primarily from bitcoin mining rewards — converting electricity into digital assets — with additional income from hosting services for other miners. The company's competitive advantage lies in its access to low-cost, sustainable energy sources — particularly nuclear and hydroelectric power — which gives it superior mining economics.
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
WULF leads in 2 of 6 categories (Financial Metrics, Total Returns). MARA leads in 1 (Profitability & Efficiency). 2 tied.
Financial Metrics (TTM)
MARA is the larger business by revenue, generating $907M annually — 6.5x WULF's $140M. WULF is the more profitable business, keeping -51.7% of every revenue dollar as net income compared to MARA's -144.6%.
| Metric | MARAMarathon Digital … | WULFTeraWulf Inc. |
|---|---|---|
| RevenueTrailing 12 months | $907M | $140M |
| EBITDAEarnings before interest/tax | -$451M | -$72M |
| Net IncomeAfter-tax profit | -$1.3B | -$564M |
| Free Cash FlowCash after capex | -$821M | -$677M |
| Gross MarginGross profit ÷ Revenue | — | +55.3% |
| Operating MarginEBIT ÷ Revenue | -135.0% | -54.4% |
| Net MarginNet income ÷ Revenue | -144.6% | -51.7% |
| FCF MarginFCF ÷ Revenue | — | -2.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -100.0% | -17.7% |
Valuation Metrics
| Metric | MARAMarathon Digital … | WULFTeraWulf Inc. |
|---|---|---|
| Market CapShares × price | $3.4B | $7.1B |
| Enterprise ValueMkt cap + debt − cash | $3.4B | $7.3B |
| Trailing P/EPrice ÷ TTM EPS | -2.42x | -77.24x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | — |
| Price / SalesMarket cap ÷ Revenue | 3.73x | 50.87x |
| Price / BookPrice ÷ Book value/share | — | 23.31x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
On the Piotroski fundamental quality scale (0–9), WULF scores 3/9 vs MARA's 2/9, reflecting mixed financial health.
| Metric | MARAMarathon Digital … | WULFTeraWulf Inc. |
|---|---|---|
| ROE (TTM)Return on equity | — | -2.3% |
| ROA (TTM)Return on assets | -17.1% | -23.0% |
| ROICReturn on invested capital | -74.2% | -10.6% |
| ROCEReturn on capital employed | -17.6% | -15.9% |
| Piotroski ScoreFundamental quality 0–9 | 2 | 3 |
| Debt / EquityFinancial leverage | — | 2.01x |
| Net DebtTotal debt minus cash | $0 | $217M |
| Cash & Equiv.Liquid assets | $0 | $274M |
| Total DebtShort + long-term debt | $0 | $491M |
| Interest CoverageEBIT ÷ Interest expense | 17.60x | -27.06x |
Total Returns (with DRIP)
A $10,000 investment in WULF five years ago would be worth $21,413 today (with dividends reinvested), compared to $2,322 for MARA. Over the past 12 months, WULF leads with a +287.1% total return vs MARA's -35.8%. The 3-year compound annual growth rate (CAGR) favors WULF at 193.7% vs MARA's 8.0% — a key indicator of consistent wealth creation.
| Metric | MARAMarathon Digital … | WULFTeraWulf Inc. |
|---|---|---|
| YTD ReturnYear-to-date | -9.8% | +27.3% |
| 1-Year ReturnPast 12 months | -35.8% | +287.1% |
| 3-Year ReturnCumulative with dividends | +25.9% | +2434.4% |
| 5-Year ReturnCumulative with dividends | -76.8% | +114.1% |
| 10-Year ReturnCumulative with dividends | -74.6% | +77.6% |
| CAGR (3Y)Annualised 3-year return | +8.0% | +193.7% |
Risk & Volatility
MARA is the less volatile stock with a 2.26 beta — it tends to amplify market swings less than WULF's 2.58 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. WULF currently trades 87.6% 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 … | WULFTeraWulf Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.26x | 2.58x |
| 52-Week HighHighest price in past year | $23.45 | $18.51 |
| 52-Week LowLowest price in past year | $6.66 | $2.06 |
| % of 52W HighCurrent price vs 52-week peak | +38.1% | +87.6% |
| RSI (14)Momentum oscillator 0–100 | 47.9 | 64.4 |
| Avg Volume (50D)Average daily shares traded | 36.2M | 24.9M |
Analyst Outlook
Wall Street rates MARA as "Buy" and WULF as "Buy". Consensus price targets imply 101.3% upside for MARA (target: $18) vs 38.7% for WULF (target: $23).
| Metric | MARAMarathon Digital … | WULFTeraWulf Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $18.00 | $22.50 |
| # AnalystsCovering analysts | 18 | 11 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | 1 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +1.7% |
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 | 1,036.36 | +936.4% |
| TeraWulf Inc. (WULF) | 100 | 259.96 | +160.0% |
TeraWulf Inc. (WULF) returned +114% over 5 years vs Marathon Digital Ho… (MARA)'s -77%. A $10,000 investment in WULF 5 years ago would be worth $21,413 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Marathon Digital Ho… (MARA) | $37M | $907M | +2376.4% |
| TeraWulf Inc. (WULF) | $18M | $140M | +697.1% |
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% |
| TeraWulf Inc. (WULF) | -0.4% | -51.7% | -13863.9% |
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% |
| TeraWulf Inc. (WULF) | -0.03 | -0.21 | -552.2% |
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). TeraWulf Inc. generated $-292M FCF in 2024 (-120% vs 2021).
MARA vs WULF: Frequently Asked Questions
7 questions · data-driven answers · updated daily
01Is MARA or WULF a better buy right now?
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 WULF?
Over the past 5 years, TeraWulf Inc. (WULF) delivered a total return of +114.1%, compared to -76.8% for Marathon Digital Holdings, Inc. (MARA). A $10,000 investment in WULF five years ago would be worth approximately $21K today (assuming dividends reinvested). Over 10 years, the gap is even starker: WULF returned +77.6% 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 WULF?
By beta (market sensitivity over 5 years), Marathon Digital Holdings, Inc. (MARA) is the lower-risk stock at 2.26β versus TeraWulf Inc.'s 2.58β — meaning WULF is approximately 14% more volatile than MARA relative to the S&P 500.
04Which has better profit margins — MARA or WULF?
TeraWulf Inc. (WULF) is the more profitable company, earning -51.7% net margin versus -144.6% for Marathon Digital Holdings, Inc. — meaning it keeps -51.7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: WULF leads at -54.4% versus -135.0% for MARA. At the gross margin level — before operating expenses — WULF leads at 55.3%, 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.
05Which pays a better dividend — MARA or WULF?
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 WULF better for a retirement portfolio?
For long-horizon retirement investors, TeraWulf Inc. (WULF) 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 (WULF: +77.6%, 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 WULF?
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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