MARA Holdings, Inc.
MARA Nasdaq· Finance Services
Last close · Oct 23, 2026
$7.02
KIRA · Stoqly’s AI analyst, in plain words
- MARA Holdings, Inc. had $907M of revenue in fiscal 2025, up 38.2% on the year before. Over five years, revenue changed +190.9% a year on average.
- Its operating margin was −135.0%, down 181.6 pts: of every 100 in sales, about −135 is left after running the business.
- MARA Holdings, Inc. lost $1.3B in fiscal 2025.
- Free cash flow was −$1.2B in fiscal 2025, −133.4% of revenue.
- MARA Holdings, Inc. returned $46.9M to shareholders in fiscal 2025. The diluted share count rose 13.9%.
- MARA Holdings, Inc. owes $3.1B more than it holds in cash.
Market cap
$2.7B
P/E
—
Revenue
$907M
Net income
−$1.3B
Free cash flow
−$1.2B
Operating margin
−135.0%
MARA Holdings, Inc. in 30 seconds · fiscal 2025
Are sales growing?
+38.2%
Yes. Sales grew 38.2% last year.
Does it make a profit?
−144.6%
No. It lost money last year.
Does profit turn into cash?
−133.4%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
How is the share priced?
—
No P/E: it made no profit over the last four quarters.
What MARA Holdings, Inc. does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Legal name
- MARA Holdings, Inc.
- CIK
- 0001507605
MARA Holdings, Inc. · MARA
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $159M | $118M | $388M | $656M | $907M |
| Revenue growth | 3,553.0% | −26.0% | 229.1% | 69.4% | 38.2% |
| Gross margin | 73.4% | −28.6% | −4.0% | −24.3% | — |
| Operating margin | −1.9% | −572.0% | 57.0% | 46.6% | −135.0% |
| Net income | −$29.8M | −$694M | $261M | $541M | −$1.3B |
| Net margin | −18.7% | −589.4% | 67.4% | 82.5% | −144.6% |
| Diluted EPS | −$0.30 | −$6.12 | $1.06 | $1.72 | −$3.69 |
| Cash | |||||
| Cash from operations | −$19.0M | −$176M | −$316M | −$677M | −$803M |
| Capital expenditure | $274M | $41.1M | $27.6M | $251M | $407M |
| Free cash flow | −$293M | −$218M | −$343M | −$928M | −$1.2B |
| FCF margin | −184.0% | −184.8% | −88.6% | −141.4% | −133.4% |
| Share buybacks | — | $0.0M | $0.4M | $37.4M | $46.9M |
| Share count change | 22.0% | 14.2% | 69.5% | 62.2% | 13.9% |
| Debt and strength | |||||
| Cash and short-term investments | $492M | $104M | $357M | $392M | $547M |
| Debt incl. finance leases | $728M | $782M | $326M | $2.5B | $3.6B |
| Deposits | $34.5M | $43.3M | $67.0M | — | — |
| Shareholders' equity | $682M | $386M | $1.6B | $4.1B | $3.5B |
| Net debt / EBITDA | 19.8x | — | −0.1x | 2.8x | — |
| Current ratio | 60.8x | 10.6x | 30.5x | 4.9x | 1.3x |
| Interest coverage | −1.9x | −45.0x | 21.3x | 23.6x | −25.3x |
| Returns and quality | |||||
| Return on capital | −0.3% | −50.0% | 13.1% | 4.3% | −14.8% |
| Return on equity | −6.0% | −130.0% | 26.1% | 18.8% | −34.5% |
| Return on tangible equity | −4.4% | −179.8% | 16.0% | 13.4% | −37.8% |
| Piotroski F-score | 4 | 1 | 6 | 1 | 2 |
| Altman Z'' | 3.6 | −4.2 | 7.6 | 2.3 | −0.6 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$7.5M
4 insiders
Of sales under plans
94%
$7.1M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
MARA Holdings, Inc. · MARA
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $7.02 a share, the company is worth $2.7B.
Source: SEC EDGAR XBRL filings (CIK 0001507605). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.