Latest Ratios: P/E Ratio -3.6x · EV/EBITDA N/A · ROE -34.5%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.1B | $3.2B | $5.2B | $4.5B | $388M | $3.3B | $850M | $6M | $8M | $27M | $26M |
| Enterprise Value | $8.2B | $6.3B | $7.3B | $4.5B | $1.1B | $3.7B | $709M | $6M | $6M | $14M | $39M |
| P/E Ratio → | -3.62 | — | 9.75 | 22.16 | — | — | — | — | — | — | — |
| P/S Ratio | 5.93 | 3.71 | 8.13 | 11.98 | 3.78 | 20.71 | 196.01 | 5.17 | — | — | 0.78 |
| P/B Ratio | 1.36 | 0.92 | 1.26 | 2.80 | 1.01 | 4.79 | 2.73 | 1.61 | 2.62 | 3.62 | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 4.03 |
| P/OCF | 53.74 | 33.67 | — | — | — | — | — | — | — | — | 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 | — | 7.32 | 11.36 | 11.89 | 10.39 | 23.63 | 163.46 | 5.63 | — | — | 1.16 |
| 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
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 | -47.7% | -47.7% | -24.3% | -4.0% | -28.6% | 73.4% | -58.7% | -233.9% | -241.5% | -1407.5% | 12.6% |
| Operating Margin | -90.6% | -90.6% | 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 | -34.5% | -34.5% | 18.8% | 26.1% | -130.0% | -7.5% | -6.6% | -107.1% | -248.6% | -424.1% | -1691.9% |
| ROA | -18.6% | -18.6% | 12.3% | 16.4% | -52.6% | -4.2% | -6.5% | -59.5% | -126.5% | -187.9% | -87.5% |
| ROIC | -9.0% | -9.0% | 5.4% | 10.6% | -39.2% | -5.0% | -4.6% | -72.5% | -138.6% | -120.2% | -53.3% |
| ROCE | -12.2% | -12.2% | 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
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.05 | 1.05 | 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 | — | 0.89 | 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 | -27.28 | -27.28 | 48.44 | 27.82 | -46.94 | -8.25 | -496.81 | -66.75 | -4.37 | -5.45 | -4.51 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.27 | 1.27 | 4.94 | 30.51 | 10.63 | 60.82 | 198.38 | 0.81 | 1.33 | 1.96 | 0.27 |
| Quick Ratio | 1.27 | 1.27 | 4.94 | 30.51 | 10.63 | 60.82 | 198.38 | 0.81 | 1.33 | 1.96 | 0.27 |
| Cash Ratio | 1.05 | 1.05 | 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
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 | 0.9% | 1.5% | 0.7% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.9% | 1.5% | 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 |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying MARA stock.
Marathon Digital Holdings, Inc.'s current P/E ratio is -3.6x. The historical average is 16.0x.
Marathon Digital Holdings, Inc.'s return on equity (ROE) is -34.5%. The historical average is -109.3%.
Based on historical data, Marathon Digital Holdings, Inc. is trading at a P/E of -3.6x. Compare with industry peers and growth rates for a complete picture.
Marathon Digital Holdings, Inc. has -47.7% gross margin and -90.6% operating margin.
Key Metrics
Top Statement Risk
Bitcoin price volatility
Metrics are mathematically derived from official filings.
Premium to Book Collapses
MARA's price-to-book ratio has plummeted from 11.01 in 2025Q3 to 0.99 by 2026Q2, as per reported figures, signaling a dramatic loss of market confidence in its franchise value.
The market now prices MARA at roughly tangible book value, a stark contrast to the double-digit multiples seen in mid-2025. This implies investors are no longer assigning any premium for future growth or optionality, treating the balance sheet as a commodity. The collapse in P/B aligns with the erosion of equity to zero by 2026Q2, suggesting the market is pricing in further asset impairments or a structural decline in the business model.
ROE Swings on Digital Assets
Return on equity swung from 19.0% in 2025Q2 to -43.4% in 2026Q1, as disclosed in financial statements, reflecting extreme sensitivity to digital asset valuations rather than core operating performance.
The DuPont decomposition for MARA is dominated by non-interest income (over 90% of revenue) and negligible net interest margin, making ROE a function of digital asset price movements and impairment charges. The negative ROE in recent quarters is driven by massive provisions (e.g., $430.6 million in 2025Q4) that are likely impairments on Bitcoin holdings. This volatility renders ROE an unreliable indicator of underlying profitability, as it is heavily influenced by mark-to-market accounting rather than sustainable earnings.
Efficiency Ratio Uninformative
MARA's efficiency ratio is highly erratic, ranging from -183.7% in 2024Q4 to 195.4% in 2024Q2, as per quarterly filings, making it an unreliable measure of cost control.
The efficiency ratio's volatility stems from the dominance of non-interest income and the impact of digital asset gains/losses on revenue. In quarters with large gains, the ratio turns negative, while impairment-driven losses inflate it. This suggests that traditional cost management metrics are not applicable to MARA's business model, and investors should instead focus on cash operating expenses relative to mining revenue, which is not directly disclosed.
Equity Base Eroded to Zero
Equity/assets fell from 0.57 in 2025Q3 to zero by 2026Q2, as reported in balance sheet data, indicating a complete erosion of the capital base.
The collapse in equity is alarming, as it leaves the company with no buffer against further losses. While MARA is not a regulated bank, the zero equity position suggests that the company is technically insolvent on a book value basis, though tangible book value per share turned negative (-$0.34) in 2026Q2. This raises serious questions about its ability to continue as a going concern without additional capital raises or a significant recovery in Bitcoin prices.
Impairments Mask Credit Quality
Provision expenses have been volatile, reaching $430.6 million in 2025Q4, as per income statement data, likely reflecting digital asset impairments rather than loan losses.
MARA's asset quality is tied to the value of its digital asset holdings, which have been subject to significant write-downs. The absence of a traditional loan book means that credit quality metrics like NPL ratios are not applicable. The large provisions suggest that the company is recognizing losses on its Bitcoin holdings, and the adequacy of reserves is questionable given the continued volatility in cryptocurrency markets.
P/E Misleads on Earnings
The most misapplied ratio for MARA is the price-to-earnings ratio, which is negative and meaningless given the company's reliance on non-cash impairments, as per reported figures.
P/E is commonly used for banks, but for MARA, earnings are heavily distorted by non-cash charges related to digital asset impairments and gains. A more appropriate metric would be price-to-tangible book value or a multiple of cash operating earnings, which excludes these volatile items. Investors should also consider the company's ability to generate cash from mining operations, which is not captured in net income due to accounting rules for digital assets.