Marathon Digital Holdings, Inc. (MARA) Financial Ratios
15 years of historical data (2011–2025) · Financial Services · Financial - Capital Markets
EV/EBITDA
↓
N/A
—
5yr avg: 10.59
30Y Low10.0·High11.2
P/FCF
N/A
—
5yr avg: N/A
30Y Low4.0·High4.0
P/B Ratio
↓
1.33
↓-38% vs avg
5yr avg: 2.15
30Y Low0.9·High9.2
ROE
↓
-34.5%
↑-36% vs avg
5yr avg: -25.4%
30Y Low-424%·High26%
Debt/EBITDA
↑
N/A
—
5yr avg: 2.10
30Y Low0.8·High3.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MARA Valuation Multiples
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 | $5.0B | $3.2B | $5.2B | $4.5B | $388M | $3.3B | $850M | $6M | $8M | $27M | $26M |
| Enterprise Value | $8.1B | $6.3B | $7.3B | $4.5B | $1.1B | $3.7B | $709M | $6M | $6M | $14M | $39M |
| P/E Ratio → | -3.53 | — | 9.75 | 22.16 | — | — | — | — | — | — | — |
| P/S Ratio | 5.46 | 3.52 | 7.97 | 11.66 | 3.30 | 20.51 | 195.07 | 4.95 | 4.90 | 51.47 | 0.71 |
| P/B Ratio | 1.33 | 0.92 | 1.26 | 2.80 | 1.01 | 4.79 | 2.73 | 1.61 | 2.62 | 3.62 | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 4.03 |
| P/OCF | 52.30 | 33.67 | — | — | — | — | — | — | — | — | 2.57 |
P/E links to full P/E history page with 30-year chart
MARA EV Ratios
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 | — | 6.93 | 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 |
MARA Profitability
Margins and return-on-capital ratios measuring operating efficiency
Marathon Digital Holdings, Inc. earns an operating margin of -90.6%, below the Financial Services sector average of 21.4%. Operating margins have compressed from 57.0% to -90.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -34.5% indicates the company is currently destroying shareholder equity.
Margins
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% |
Return on Capital
| 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 | -18.4% | -18.4% | 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 | -12.1% | -12.1% | 7.1% | 14.1% | -51.8% | -6.6% | -6.2% | -110.3% | -234.3% | -543.9% | -110.9% |
MARA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $3.1B ($3.6B total debt minus $547M 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 | 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 | -16.99 | -16.99 | 48.44 | 27.82 | -46.94 | -8.25 | -496.81 | -66.75 | -4.37 | -5.45 | -4.51 |
MARA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.27x means Marathon Digital Holdings, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 30.51x to 1.27x 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 | 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 | — | — | — | — | — | — | — | — | — | — | — |
MARA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Marathon Digital Holdings, Inc. returns 0.9% to shareholders annually primarily through share buybacks.
Dividends
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 | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| 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 |
Peer Comparison
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 | $5B | -3.5 | — | — | -47.7% | -90.6% | -34.5% | -9.0% | — |
 RIOT | $9B | -12.1 | — | — | -15.6% | -61.8% | -22.1% | -8.7% | — |
 CLSK | $4B | 12.9 | 6.7 | — | 41.6% | 41.6% | 18.5% | 10.3% | 1.2 |
 CIFR | $9B | -10.2 | 382.3 | — | -60.5% | -76.7% | -108.3% | -5.9% | 95.9 |
 IREN | $20B | 156.4 | 104.1 | — | 68.3% | 3.5% | 6.0% | 0.7% | 4.9 |
 HUT | $12B | -50.9 | — | — | 91.3% | -136.9% | -16.9% | -14.0% | — |
 BTDR | $3B | -10.6 | 13.4 | — | 9.8% | 25.8% | 11.5% | 12.6% | 3.9 |
 CORZ | $8B | -28.0 | — | — | 11.9% | -45.4% | — | — | — |
 BTBT | $622M | 9.7 | 9.0 | — | 61.9% | 16.8% | 9.2% | 6.5% | 0.2 |
 WULF | $11B | -122.6 | — | — | 55.3% | -54.4% | -31.0% | -10.6% | — |
 MIGI | $4M | -0.1 | — | 2.6 | 34.2% | -52.6% | -339.9% | -62.9% | — |
| Financial Services Median | — | 13.4 | 11.5 | 10.7 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
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Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying MARA stock.
What is Marathon Digital Holdings, Inc.'s P/E ratio?
Marathon Digital Holdings, Inc.'s current P/E ratio is -3.5x. The historical average is 16.0x.
What is Marathon Digital Holdings, Inc.'s ROE?
Marathon Digital Holdings, Inc.'s return on equity (ROE) is -34.5%. The historical average is -109.3%.
Is MARA stock overvalued?
Based on historical data, Marathon Digital Holdings, Inc. is trading at a P/E of -3.5x. Compare with industry peers and growth rates for a complete picture.
What are Marathon Digital Holdings, Inc.'s profit margins?
Marathon Digital Holdings, Inc. has -47.7% gross margin and -90.6% operating margin.