15 years of historical data (2011–2025) · Financial Services · Financial - Capital Markets
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Marathon Digital Holdings, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $3.2B | $5.2B | $4.5B | $388M | $3.3B | $850M | $6M | $8M | $27M | $26M |
| Enterprise Value | $3.4B | $3.2B | $7.3B | $4.5B | $1.1B | $3.7B | $709M | $6M | $6M | $14M | $39M |
| P/E Ratio → | -2.42 | — | 9.75 | 22.16 | — | — | — | — | — | — | — |
| P/S Ratio | 3.73 | 3.52 | 7.97 | 11.66 | 3.30 | 20.51 | 195.07 | 4.95 | 4.90 | 51.47 | 0.71 |
| P/B Ratio | — | — | 1.26 | 2.80 | 1.01 | 4.79 | 2.73 | 1.61 | 2.62 | 3.62 | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 4.03 |
| P/OCF | — | — | — | — | — | — | — | — | — | — | 2.57 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.52 | 11.14 | 11.58 | 9.07 | 23.40 | 162.67 | 5.38 | 3.91 | 26.09 | 1.06 |
| EV / EBITDA | — | — | 9.98 | 11.20 | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 11.61 | 15.58 | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 6.01 |
Margins and return-on-capital ratios measuring operating efficiency
Marathon Digital Holdings, Inc. earns an operating margin of -135.0%, below the Financial Services sector average of 21.9%. Operating margins have compressed from 57.0% to -135.0% over the past 3 years, signaling potential cost pressures or competitive headwinds.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | -24.3% | -4.0% | -28.6% | 73.4% | -58.7% | -233.9% | -241.5% | -1407.5% | 12.6% |
| Operating Margin | -135.0% | -135.0% | 46.6% | 57.0% | -572.0% | -36.2% | -225.3% | -357.7% | -772.9% | -2729.6% | -42.5% |
| Net Profit Margin | -144.6% | -144.6% | 82.5% | 67.4% | -589.4% | -23.3% | -239.8% | -296.7% | -820.2% | -6030.1% | -78.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | 18.8% | 26.1% | -130.0% | -7.5% | -6.6% | -107.1% | -248.6% | -424.1% | -1691.9% |
| ROA | -18.1% | -18.1% | 12.3% | 16.4% | -52.6% | -4.2% | -6.5% | -59.5% | -126.5% | -187.9% | -87.5% |
| ROIC | -74.2% | -74.2% | 5.4% | 10.6% | -39.2% | -5.0% | -4.6% | -72.5% | -138.6% | -120.2% | -53.3% |
| ROCE | -17.6% | -17.6% | 7.1% | 14.1% | -51.8% | -6.6% | -6.2% | -110.3% | -234.3% | -543.9% | -110.9% |
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $0 ($0 total debt minus $0 cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.60 | 0.20 | 2.03 | 1.07 | 0.00 | 0.33 | 0.34 | 0.24 | — |
| Debt / EBITDA | — | — | 3.38 | 0.81 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | 0.50 | -0.02 | 1.76 | 0.67 | -0.45 | 0.14 | -0.53 | -1.78 | — |
| Net Debt / EBITDA | — | — | 2.84 | -0.08 | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | 1.98 |
| Interest Coverage | — | — | 23.55 | 21.34 | -44.96 | -36.70 | -467.88 | -81.65 | -5.09 | -2.91 | -4.96 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio has declined from 30.51x to 4.94x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 4.94 | 30.51 | 10.63 | 60.82 | 198.38 | 0.81 | 1.33 | 1.96 | 0.27 |
| Quick Ratio | — | — | 4.94 | 30.51 | 10.63 | 60.82 | 198.38 | 0.81 | 1.33 | 1.96 | 0.27 |
| Cash Ratio | — | — | 4.12 | 10.58 | 3.97 | 23.87 | 97.88 | 0.37 | 1.12 | 1.95 | 0.24 |
| Asset Turnover | — | 0.12 | 0.10 | 0.19 | 0.10 | 0.11 | 0.01 | 0.18 | 0.30 | 0.03 | 2.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Marathon Digital Holdings, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 10.3% | 4.5% | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 24.8% |
| Buyback Yield | 0.0% | 0.0% | 0.7% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.7% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $355M | $312M | $192M | $113M | $99M | $81M | $7M | $5M | $2M | $948628 |
Compare MARA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| MARAYou | $3B | -2.4 | — | — | — | -135.0% | — | -74.2% | — |
| IREN | $14B | 105.0 | 70.6 | — | 68.3% | 3.5% | 6.0% | 0.7% | 4.9 |
| BMNR | $8B | 1.4 | 16.3 | — | 5.1% | 7288.1% | 8.0% | 7.7% | — |
| WULF | $7B | -77.2 | — | — | 55.3% | -54.4% | -31.0% | -10.6% | — |
| CIFR | $6B | -7.3 | 199.0 | — | -60.5% | -76.7% | -108.3% | -15.8% | 1.9 |
| RIOT | $6B | 47.9 | 17.5 | — | 30.2% | 40.8% | 4.3% | 4.1% | 1.7 |
| HUT | $6B | -24.9 | — | — | 91.3% | -136.9% | -16.9% | -14.0% | — |
| BITF | $1B | -16.9 | 38.3 | — | -16.8% | -55.8% | -12.0% | -17.1% | 0.7 |
| BTBT | $538M | 8.3 | 7.6 | — | 61.9% | 16.8% | 9.2% | 6.5% | 0.2 |
| FUFU | $387M | 7.2 | 4.2 | — | 6.4% | 14.3% | 60.0% | 46.2% | 0.4 |
| ABTC | $199M | 2.2 | 0.4 | — | 44.8% | 676.7% | 57.6% | 47.2% | 0.0 |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 15 years · Updated daily
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View ValuationSee how MARA stacks up against sector leader IREN Limited.
Start ComparisonMarathon Digital Holdings, Inc.'s current P/E ratio is -2.4x. The historical average is 16.0x.
Based on historical data, Marathon Digital Holdings, Inc. is trading at a P/E of -2.4x. Compare with industry peers and growth rates for a complete picture.
Marathon Digital Holdings, Inc. has -135.0% operating margin.