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MARA logoMarathon Digital Holdings, Inc.(MARA)Earnings, Financials & Key Ratios

MARA•NASDAQ•Banking & Credit
$13.03
$4.95B mkt cap·Price updated May 6, 2026
SectorFinancial ServicesIndustryCapital MarketsSub-IndustryBitcoin Mining and Data Centers
AboutMarathon Digital Holdings, Inc. operates as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States. As of December 31, 2021, it had approximately 8,115 bitcoins, which included the 4,794 bitcoins held in the investment fund. The company was formerly known as Marathon Patent Group, Inc. and changed its name to Marathon Digital Holdings, Inc. in February 2021. Marathon Digital Holdings, Inc. was incorporated in 2010 and is headquartered in Las Vegas, Nevada.Show more
  • Net Interest Income$7M+101.2%
  • Total Revenue$907M+38.2%
  • Net Income-$1.31B-342.3%
  • Return on Equity-34.45%-283.1%
  • Net Interest Margin0.1%+84.3%
  • Efficiency Ratio42.91%+160.5%
  • ROA-18.44%-249.8%
  • Equity / Assets46.83%-23.0%
  • Book Value per Share9.79-26.2%
  • Tangible BV/Share9.79-24.6%
  • Debt/Equity1.05+75.3%
Technical→

MARA Key Insights

Marathon Digital Holdings, Inc. (MARA) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Efficient operations: 42.9% efficiency ratio
  • ✓Well capitalized: 46.8% equity/assets
  • ✓Diversified revenue: 93.8% from non-interest income
  • ✓Trading at only 1.3x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 3.5%
  • ✗Profits declining 162.9% over 5 years
  • ✗Weak Piotroski F-Score: 3/9
  • ✗Weak NIM of 0.1%
  • ✗Shares diluted 13.9% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

MARA Price & Volume

Marathon Digital Holdings, Inc. (MARA) stock price & volume — 10-year historical chart

Loading chart...

MARA Growth Metrics

Marathon Digital Holdings, Inc. (MARA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years47.21%
5 Years190.87%
3 Years97.5%
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-342.3%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-410.22%

Return on Capital

10 Years-105.48%
5 Years-9.85%
3 Years3.04%
Last Year-12.08%

MARA Recent Earnings

Marathon Digital Holdings, Inc. (MARA) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 2/12 qtrs (17%)●Beat Revenue 5/12 qtrs (42%)
Q1 2026Latest
Feb 26, 2026
EPS
$0.46
Est $0.23
-100.0%
Revenue
$202M
Est $252M
-19.8%
Q4 2025
Nov 4, 2025
EPS
$0.32
Est $0.26
-23.1%
Revenue
$252M
Est $251M
+0.4%
Q3 2025
Jul 29, 2025
EPS
$0.81
Est $0.53
-52.8%
Revenue
$238M
Est $255M
-6.5%
Q2 2025
May 8, 2025
EPS
$0.40
Est $0.34
-17.6%
Revenue
$214M
Est $211M
+1.3%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 26, 2026
$0.46vs $0.23-100.0%
$202Mvs $252M-19.8%
Q4 2025Nov 4, 2025
$0.32vs $0.26-23.1%
$252Mvs $251M+0.4%
Q3 2025Jul 29, 2025
$0.81vs $0.53-52.8%
$238Mvs $255M-6.5%
Q2 2025May 8, 2025
$0.40vs $0.34-17.6%
$214Mvs $211M+1.3%
Based on last 12 quarters of dataView full earnings history →

MARA Peer Comparison

Marathon Digital Holdings, Inc. (MARA) competitors in Bitcoin Mining and Data Centers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
RIOT logoRIOTRiot Platforms, Inc.Direct Competitor8.98B23.68-12.1471.89%-28.78%0.10
CLSK logoCLSKCleanSpark, Inc.Direct Competitor3.71B14.5012.95102.21%-33.25%-13.75%0.38
CIFR logoCIFRCipher Mining Inc.Direct Competitor8.89B21.91-10.1948.04%-115.53%3.31
IREN logoIRENIREN LimitedDirect Competitor20.26B60.98156.36167.65%-0.64%0.53
HUT logoHUTHut 8 Corp.Direct Competitor12.08B108.94-50.91-90.71%-17.66%0.25
BTDR logoBTDRBitdeer Technologies GroupDirect Competitor2.84B15.10-10.5677.33%10.58%7.56%1.27
CORZ logoCORZCore Scientific, Inc.Product Competitor7.77B24.63-27.99-37.53%-342.93%
BTBT logoBTBTBit Digital, Inc.Product Competitor621.7M1.939.65264.59%21.41%0.03

Compare MARA vs Peers

Marathon Digital Holdings, Inc. (MARA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs RIOT

Most directly comparable listed peer for MARA.

Scale Benchmark

vs NVDA

Larger-name benchmark to compare MARA against a more recognizable public peer.

Peer Set

Compare Top 5

vs RIOT, CLSK, CIFR, IREN

MARA Income Statement

Marathon Digital Holdings, Inc. (MARA) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Net Interest Income-4.87M-2.36M-18.26K-2.64K-891.59K-13.96M-7.54M3.71M7.47M
NII Growth %-55.23%51.58%99.23%85.54%-33659.37%-1465.75%45.98%149.26%101.18%
Net Interest Margin %-32.33%-45.38%-0.28%-0%-0.06%-1.17%-0.38%0.05%0.1%
Interest Income2.79K14.23K33.65K18.34K677.41K1.02M2.81M16.71M55.85M
Interest Expense4.87M2.37M51.91K20.98K1.57M14.98M10.35M13M48.38M
Loan Loss Provision2.96M2.96M3.91M6.89M40.83M136.44M392.5M802.75M1.29B
Non-Interest Income516.83K1.55M1.15M4.34M158.49M116.73M384.7M639.67M851.24M
Non-Interest Income %99.46%99.09%97.16%99.58%99.57%99.13%99.28%97.45%93.84%
Total Revenue
519.62K▲ 0%
1.56M▲ 200.7%
1.19M▼ 24.1%
4.36M▲ 267.6%
159.16M▲ 3553.0%
117.75M▼ 26.0%
387.51M▲ 229.1%
656.38M▲ 69.4%
907.09M▲ 38.2%
Revenue Growth %-98.58%200.67%-24.14%267.61%3553.04%-26.02%229.09%69.38%38.2%
Non-Interest Expense6.87M8.3M1.47M7.26M174.35M639.87M-236.25M-465.48M389.23M
Efficiency Ratio1322.09%531.41%123.75%166.63%109.54%543.4%-60.97%-70.92%42.91%
Operating Income
-14.18M▲ 0%
-12.08M▲ 14.9%
-4.24M▲ 64.9%
-9.82M▼ 131.6%
-57.59M▼ 486.5%
-673.54M▼ 1069.6%
220.91M▲ 132.8%
306.11M▲ 38.6%
-822.17M▼ 368.6%
Operating Margin %-2729.58%-772.95%-357.66%-225.34%-36.18%-572%57.01%46.64%-90.64%
Operating Income Growth %8.98%14.86%64.9%-131.61%-486.55%-1069.61%132.8%38.57%-368.59%
Pretax Income
-31.44M▲ 0%
-12.75M▲ 59.5%
-3.52M▲ 72.4%
-10.45M▼ 197.0%
-14.52M▼ 39.0%
-718.25M▼ 4846.7%
277.6M▲ 138.6%
616.5M▲ 122.1%
-1.37B▼ 321.9%
Pretax Margin %-6050.08%-815.76%-296.74%-239.75%-9.12%-609.97%71.64%93.92%-150.84%
Income Tax-103.95K69.13K02K22.58M-24.23M16.43M75.5M-56.38M
Effective Tax Rate %0.33%-0.54%0%-0.02%-155.48%3.37%5.92%12.25%4.12%
Net Income
-31.33M▲ 0%
-12.81M▲ 59.1%
-3.52M▲ 72.6%
-10.45M▼ 197.1%
-37.1M▼ 255.1%
-694.02M▼ 1770.9%
261.17M▲ 137.6%
541.25M▲ 107.2%
-1.31B▼ 342.3%
Net Margin %-6030.07%-820.18%-296.74%-239.8%-23.31%-589.39%67.4%82.46%-144.58%
Net Income Growth %-9.31%59.1%72.55%-197.07%-255.05%-1770.88%137.63%107.24%-342.3%
Net Income (Continuing)-31.33M-12.81M-3.52M-10.45M-37.1M-694.02M261.17M541.01M-1.31B
EPS (Diluted)
-19.22▲ 0%
-2.41▲ 87.5%
-0.61▲ 74.7%
-0.13▲ 78.7%
-0.37▼ 184.6%
-6.12▼ 1554.1%
1.06▲ 117.3%
1.72▲ 62.3%
-3.69▼ 314.5%
EPS Growth %36.4%87.46%74.69%78.69%-184.62%-1554.05%117.32%62.26%-314.53%
EPS (Basic)-19.22-2.41-0.61-0.13-0.37-6.121.411.87-3.69
Diluted Shares Outstanding1.63M5.32M6.66M81.41M99.34M113.47M192.29M311.84M355.17M

MARA Balance Sheet

Marathon Digital Holdings, Inc. (MARA) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash & Short Term Investments14.95M2.55M692.96K141.32M587.7M103.7M357.31M391.77M547.13M
Cash & Due from Banks14.95M2.55M692.96K141.32M268.56M103.7M357.31M391.77M547.13M
Short Term Investments001.14K0319.14M0002.39M
Total Investments001.14K0322.14M37M106.29M3.34B1.5B
Investments Growth %----100%--88.51%187.28%3038.04%-54.97%
Long-Term Investments00003M37M106.29M3.34B1.5B
Accounts Receivables6.83K00000000
Goodwill & Intangibles10.01K1.14M1.07M1M931K206K242K85.47M988K
Goodwill000000082.75M0
Intangible Assets10.01K1.14M1.07M1M931K206K242K2.71M988K
PP&E (Net)10.01K1.03M4.05M17.42M276.24M274.3M672.22M1.57B0
Other Assets-10.01K008.41M479.92M606.19M182.66M1.34B5.26B
Total Current Assets15.05M3.02M1.49M286.41M684.24M277.55M1.03B470.37M664.27M
Total Non-Current Assets10.01K2.18M5.13M26.84M760.09M917.7M961.17M6.33B6.76B
Total Assets
15.06M▲ 0%
5.19M▼ 65.5%
6.62M▲ 27.4%
313.25M▲ 4631.9%
1.44B▲ 361.1%
1.2B▼ 17.2%
1.99B▲ 66.6%
6.8B▲ 241.6%
7.42B▲ 9.2%
Asset Growth %-17.66%-65.5%27.44%4631.92%361.08%-17.25%66.57%241.61%9.17%
Return on Assets (ROA)-187.93%-126.54%-59.54%-6.53%-4.22%-52.59%16.39%12.31%-18.44%
Accounts Payable1.96M1.24M1.24M999.74K7.77M1.31M11.34M12.56M12.55M
Total Debt1.76M999.11K1.21M184.1K728.41M783.51M326.13M2.47B3.65B
Net Debt-13.18M-1.55M514.58K-141.14M459.85M679.81M-31.18M2.08B3.1B
Long-Term Debt00999.11K62.5K728.41M782.17M325.65M2.45B3.2B
Short-Term Debt1.76M999.11K0000124K0399.74M
Other Liabilities00000008.41M12.46M
Total Current Liabilities7.67M2.27M1.85M1.44M11.25M26.11M33.76M95.2M521.88M
Total Non-Current Liabilities3.73M999.11K1.12M62.5K750.98M783.19M341.29M2.57B3.43B
Total Liabilities7.67M2.27M2.97M1.51M762.23M809.3M375.05M2.67B3.95B
Total Equity
7.39M▲ 0%
2.92M▼ 60.5%
3.65M▲ 24.9%
311.74M▲ 8446.4%
682.1M▲ 118.8%
385.94M▼ 43.4%
1.62B▲ 318.7%
4.14B▲ 155.9%
3.48B▼ 15.9%
Equity Growth %179.55%-60.47%24.88%8446.41%118.8%-43.42%318.7%155.95%-15.93%
Equity / Assets (Capital Ratio)49.06%56.23%55.1%99.52%47.23%32.29%81.16%60.81%46.83%
Return on Equity (ROE)-424.11%-248.6%-107.09%-6.63%-7.47%-129.96%26.09%18.82%-34.45%
Book Value per Share4.530.550.553.836.873.408.4013.269.79
Tangible BV per Share4.520.330.393.826.863.408.4012.999.79
Common Stock1.25K2.55K8468.2K10K15K24K34K-1.31B
Additional Paid-in Capital97.11M105.46M109.71M428.24M835.69M1.23B2.18B4.16B4.81B
Retained Earnings-89.28M-102.09M-105.61M-116.06M-153.6M-840.34M-567.64M-26.39M-1.34B
Accumulated OCI-450.73K-450.72K-450.72K-450.72K00000
Treasury Stock000000000
Preferred Stock000000000

MARA Cash Flow Statement

Marathon Digital Holdings, Inc. (MARA) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-10.81M-8.24M-3.32M-7.77M-18.22M-176.48M-315.65M-677.02M94.72M
Operating CF Growth %-206.25%23.78%59.72%-134.24%-134.36%-868.69%-78.86%-114.48%113.99%
Net Income-31.33M-12.81M-3.52M-10.45M-36.17M-686.74M261.17M541.01M-4.7M
Depreciation & Amortization1.85M2.07M1.08M3.16M15.1M78.71M179.51M426.63M772.77M
Deferred Taxes00385.45K1.17M23.02M-22.57M15.29M73.22M56.38M
Other Non-Cash Items17.33M5.82M-507.86K992.99K-43.25M606.1M-391.92M-1.7B-748.62M
Working Capital Changes-629.24K-4.74M-1.69M-3.82M-137.7M-176.57M-412.35M-173.89M18.9M
Cash from Investing-7.79K-4.16M1.21M-81.29M-891.92M-390.23M4.59M-3.23B-669.92M
Purchase of Investments0000-153M-500K-71.8M-1.98B7.69M
Sale/Maturity of Investments01.34M1.22M2.1M3M849.78M264.94M152.29M-8.68M
Net Investment Activity01.34M1.22M2.1M-150M849.28M193.15M-1.83B-988K
Acquisitions0000-3M-44M-71.8M-335.63M22.23M
Other Investing0-250K00-30M-1.15B-89.15M873K-284.09M
Cash from Financing20.45M0245.49K229.69M1.04B410.65M555.86M3.95B1.63B
Dividends Paid000000000
Share Repurchases000000-15.75M-34.86M-46.92M
Stock Issued16.07M0255.89K222.89M312.2M361.49M621.99M1.85B568.56M
Net Stock Activity16.07M0255.89K222.89M312.2M361.49M606.24M1.82B521.64M
Debt Issuance (Net)1000K0063K1000K1000K-1000K1000K1000K
Other Financing158.51K0-10.4K-500313.64M-81K-380K4.61M-39.77M
Net Change in Cash
9.95M▲ 0%
-12.4M▼ 224.6%
-1.86M▲ 85.0%
140.63M▲ 7668.0%
127.2M▼ 9.6%
-156.05M▼ 222.7%
244.81M▲ 256.9%
46.46M▼ 81.0%
155.36M▲ 234.4%
Exchange Rate Effect317.87K15000000-897.45M
Cash at Beginning5M14.95M2.55M692.96K141.32M268.56M112.5M357.31M403.77M
Cash at End14.95M2.55M692.96K141.32M268.52M112.5M357.31M403.77M559.13M
Interest Paid1.54M000011.43M7.39M678K2.02M
Income Taxes Paid5.46K00007K723K1.15M32.31M
Free Cash Flow
-10.82M▲ 0%
-13.74M▼ 27.0%
-3.32M▲ 75.8%
-91.16M▼ 2642.7%
-727.14M▼ 697.6%
-217.59M▲ 70.1%
-343.26M▼ 57.8%
-930.48M▼ 171.1%
-312.35M▲ 66.4%
FCF Growth %-266.84%-27.03%75.81%-2642.69%-697.62%70.08%-57.76%-171.07%66.43%

MARA Banking Ratios

Marathon Digital Holdings, Inc. (MARA) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-1691.85%-424.11%-248.6%-107.09%-6.63%-7.47%-129.96%26.09%18.82%-34.45%
Return on Assets (ROA)-87.51%-187.93%-126.54%-59.54%-6.53%-4.22%-52.59%16.39%12.31%-18.44%
Net Interest Margin-17.15%-32.33%-45.38%-0.28%-0%-0.06%-1.17%-0.38%0.05%0.1%
Efficiency Ratio55.18%1322.09%531.41%123.75%166.63%109.54%543.4%-60.97%-70.92%42.91%
Equity / Assets-50.78%49.06%56.23%55.1%99.52%47.23%32.29%81.16%60.81%46.83%
Book Value / Share-9.794.530.550.553.836.873.48.413.269.79
NII Growth26.12%-55.23%51.58%99.23%85.54%-33659.37%-1465.75%45.98%149.26%101.18%

MARA SEC Filings & Documents

Marathon Digital Holdings, Inc. (MARA) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 30, 2026·SEC

Material company update

Mar 26, 2026·SEC

Material company update

Feb 26, 2026·SEC

10-K Annual Reports

2
FY 2026

Mar 2, 2026·SEC

FY 2025

Mar 3, 2025·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 4, 2025·SEC

FY 2025

Jul 29, 2025·SEC

FY 2025

May 8, 2025·SEC

MARA Frequently Asked Questions

Marathon Digital Holdings, Inc. (MARA) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Marathon Digital Holdings, Inc. (MARA) grew revenue by 38.2% over the past year. This is strong growth.

Marathon Digital Holdings, Inc. (MARA) reported a net loss of $1.31B for fiscal year 2025.

Dividend & Returns

Marathon Digital Holdings, Inc. (MARA) has a return on equity (ROE) of -34.5%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Marathon Digital Holdings, Inc. (MARA) has a net interest margin (NIM) of 0.1%. NIM has been under pressure due to interest rate environment.

Marathon Digital Holdings, Inc. (MARA) has an efficiency ratio of 42.9%. This is excellent, indicating strong cost control.

Explore More MARA

Marathon Digital Holdings, Inc. (MARA) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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