MARA Nasdaq Finance Services Financials FY2016βFY2025
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.
Last close Β· Oct 23, 2026
$7.02
3.2%Hi! I read MARA Holdings, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+38.2%
Yes. Sales grew 38.2% last year.
Does it make a profit?
β144.6%
No. It lost money last year.
Does profit turn into cash?
β133.4%
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?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· 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 β135.0%, down 181.6Β pts: of every 100 in sales, about β135 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· MARA Holdings, Inc. lost $1.3B in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$1.2B in fiscal 2025, β133.4% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· MARA Holdings, Inc. returned $46.9M to shareholders in fiscal 2025. The diluted share count rose 13.9%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $7.5M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$7.5M
4 insiders
Of sales under plans
94%
$7.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 19, 2026 | Salman Hassan KhanChief Financial Officer | Sold plan | 16,000 | $7.88 | $0.1M | Form 4 |
| Oct 1, 2026 | Frederick G ThielChief Executive Officer, Director | Sold plan | 27,505 | $11.22 | $0.3M | Form 4 |
| Sep 18, 2026 | Zabi NowaidGeneral Counsel | Sold plan | 8,376 | $12.10 | $0.1M | Form 4 |
| Sep 17, 2026 | Salman Hassan KhanChief Financial Officer | Sold plan | 16,000 | $11.45 | $0.2M | Form 4 |
| Sep 17, 2026 | Frederick G ThielChief Executive Officer, Director | Sold plan | 27,505 | $11.45 | $0.3M | Form 4 |
| Aug 21, 2026 | Zabi NowaidGeneral Counsel | Sold plan | 8,376 | $12.00 | $0.1M | Form 4 |
| Aug 17, 2026 | Salman Hassan KhanChief Financial Officer | Sold plan | 16,000 | $9.21 | $0.1M | Form 4 |
| Aug 17, 2026 | Frederick G ThielChief Executive Officer, Director | Sold plan | 27,505 | $9.21 | $0.3M | Form 4 |
| Jul 20, 2026 | Zabi NowaidGeneral Counsel | Sold plan | 8,376 | $12.00 | $0.1M | Form 4 |
| Jul 17, 2026 | Salman Hassan KhanChief Financial Officer | Sold plan | 16,000 | $10.90 | $0.2M | Form 4 |
| Jul 17, 2026 | Frederick G ThielChief Executive Officer, Director | Sold plan | 27,505 | $10.90 | $0.3M | Form 4 |
| Jun 22, 2026 | Douglas K MellingerDirector | Sold plan | 7,000 | $16.00 | $0.1M | Form 4 |
| Jun 17, 2026 | Frederick G ThielChief Executive Officer, Director | Sold plan | 27,505 | $14.25 | $0.4M | Form 4 |
| Jun 17, 2026 | Zabi NowaidGeneral Counsel | Sold plan | 7,000 | $14.25 | $0.1M | Form 4 |
| Jun 17, 2026 | Salman Hassan KhanChief Financial Officer | Sold plan | 16,000 | $14.25 | $0.2M | Form 4 |
| May 18, 2026 | Frederick G ThielChief Executive Officer, Director | Sold plan | 27,505 | $12.00 | $0.3M | Form 4 |
| May 18, 2026 | Zabi NowaidGeneral Counsel | Sold plan | 8,250 | $12.00 | $0.1M | Form 4 |
| May 18, 2026 | Salman Hassan KhanChief Financial Officer | Sold plan | 16,000 | $12.00 | $0.2M | Form 4 |
| Apr 17, 2026 | Frederick G ThielChief Executive Officer, Director | Sold plan | 27,505 | $11.68 | $0.3M | Form 4 |
| Apr 17, 2026 | Zabi NowaidGeneral Counsel | Sold plan | 42,090 | $12.00 | $0.5M | Form 4 |
| Apr 17, 2026 | Salman Hassan KhanChief Financial Officer | Sold plan | 16,000 | $11.68 | $0.2M | Form 4 |
| Mar 17, 2026 | Frederick G ThielChief Executive Officer, Director | Sold plan | 27,505 | $9.18 | $0.3M | Form 4 |
| Mar 17, 2026 | Salman Hassan KhanChief Financial Officer | Sold plan | 16,000 | $9.18 | $0.1M | Form 4 |
| Feb 17, 2026 | Salman Hassan KhanChief Financial Officer | Sold plan | 16,000 | $7.66 | $0.1M | Form 4 |
| Feb 17, 2026 | Frederick G ThielChief Executive Officer, Director | Sold plan | 27,505 | $7.66 | $0.2M | Form 4 |
| Jan 20, 2026 | Frederick G ThielChief Executive Officer, Director | Sold plan | 27,505 | $10.80 | $0.3M | Form 4 |
| Dec 17, 2025 | Frederick G ThielChief Executive Officer, Director | Sold plan | 27,505 | $10.77 | $0.3M | Form 4 |
| Dec 15, 2025 | Salman Hassan KhanChief Financial Officer | Sold plan | 34,732 | $11.48 | $0.4M | Form 4 |
| Nov 17, 2025 | Salman Hassan KhanChief Financial Officer | Sold plan | 34,732 | $11.99 | $0.4M | Form 4 |
| Nov 17, 2025 | Frederick G ThielChief Executive Officer, Director | Sold plan | 27,505 | $11.99 | $0.3M | Form 4 |
| Nov 10, 2025 | Zabi NowaidGeneral Counsel | Sold | 25,113 | $15.87 | $0.4M | Form 4 |
| Nov 10, 2025 | Douglas K MellingerDirector | Sold plan | 1,000 | $16.55 | $0.0M | Form 4 |
| Nov 6, 2025 | Zabi NowaidGeneral Counsel | Sold | 4,887 | $16.70 | $0.1M | Form 4 |
| Oct 17, 2025 | Frederick G ThielChief Executive Officer, Director | Sold plan | 27,505 | $19.57 | $0.5M | Form 4 |
| Oct 15, 2025 | Salman Hassan KhanChief Financial Officer | Sold plan | 34,732 | $22.74 | $0.8M | Form 4 |
| Oct 7, 2025 | Douglas K MellingerDirector | Sold plan | 1,000 | $20.71 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· MARA Holdings, Inc. owes $3.1B more than it holds in cash.
Cash, debt and the ratios that show how comfortably MARA Holdings, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $492M | $104M | $357M | $392M | $547M |
| Debt incl. finance leases | $728M | $782M | $326M | $2.5B | $3.6B |
| Net debt / EBITDA | 19.8x | β | β0.1x | 2.8x | β |
| Debt / equity | 1.1x | 2.0x | 0.2x | 0.6x | 1.0x |
| Interest coverage | β1.9x | β45.0x | 21.3x | 23.6x | β25.3x |
| Current ratio | 60.8x | 10.6x | 30.5x | 4.9x | 1.3x |
| Quick ratio | 60.8x | 10.6x | 30.5x | 4.9x | 1.3x |
| Total assets | $1.4B | $1.2B | $2.0B | $6.8B | $7.3B |
| Total liabilities | $765M | $809M | $375M | $2.7B | $3.8B |
| Shareholders' equity | $682M | $386M | $1.6B | $4.1B | $3.5B |
| Net debt (β = net cash) | $236M | $678M | β$31.7M | $2.1B | $3.1B |
KIRA Β· Its return on capital was β14.8%: every 100 invested in the business earned about β15 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· MARA Holdings, Inc. passes 2 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 9 | 4 / 9 | 4 / 9 | 4 / 8 | 4 / 8 | 1 / 9 | 6 / 9 | 1 / 9 | 2 / 8 |
| Accruals ratio | β212.4% | β123.1% | β45.2% | β3.4% | β1.7% | β1.2% | β39.2% | 36.2% | 27.7% | β7.2% |
| Altman Z'' | β21.77 | β21.43 | β77.41 | β55.38 | 221.86 | 3.65 | β4.20 | 7.62 | 2.27 | β0.64 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $36.6M | $0.5M | $1.6M | $1.2M | $4.4M | $159M | $118M | $388M | $656M | $907M |
| Provision for credit losses | β | β | β | β | β | β | $0.0M | $0.0M | $8.4M | β |
| Gross profit | $10.1M | β$3.0M | β$1.8M | β$1.3M | β$2.6M | $117M | β$33.7M | β$15.3M | β$159M | β |
| Research and development | β | β | β | β | β | β | $0.1M | $2.8M | $13.2M | $30.1M |
| Operating income | β$15.6M | β$14.2M | β$12.1M | β$4.2M | β$9.8M | β$3.0M | β$674M | $221M | $306M | β$1.2B |
| Interest expense | $3.1M | $1.3M | $0.1M | $0.1M | $0.0M | $1.6M | $15.0M | $10.4M | $13.0M | $48.4M |
| Pretax income | β$17.3M | β$31.4M | β$12.7M | β$3.5M | β$10.4M | β$4.8M | β$718M | $278M | $617M | β$1.4B |
| Income tax | $11.5M | β$0.1M | $0.1M | β | $0.0M | $25.0M | β$24.2M | $16.4M | $75.5M | β$56.4M |
| Net income | β$28.7M | β$31.3M | β$12.8M | β$3.5M | β$10.4M | β$29.8M | β$694M | $261M | $541M | β$1.3B |
| Net income to common | β | β | β | β | β$10.4M | β$29.8M | β$694M | $259M | $541M | β$1.3B |
| Diluted EPS | β$1.89 | β$4.80 | β$2.41 | β$0.53 | β$0.13 | β$0.30 | β$6.12 | $1.06 | $1.72 | β$3.69 |
| Diluted shares | 0.02B | 0.01B | 0.01B | 0.01B | 0.08B | 0.10B | 0.11B | 0.19B | 0.31B | 0.36B |
| Cash flow | ||||||||||
| Cash from operations | $10.2M | β$10.8M | β$8.2M | β$3.3M | β$7.8M | β$19.0M | β$176M | β$316M | β$677M | β$803M |
| Capital expenditure | $0.0M | $0.0M | $5.3M | $0.0M | $17.7M | $274M | $41.1M | $27.6M | $251M | $407M |
| Free cash flow | $10.2M | β$10.8M | β$13.5M | β$3.3M | β$25.5M | β$293M | β$218M | β$343M | β$928M | β$1.2B |
| Depreciation and amortization | $0.0M | $0.0M | $2.0M | $0.9M | $3.1M | $14.9M | $78.7M | $186M | $429M | $773M |
| Stock-based compensation | $2.0M | $2.0M | $1.4M | $0.9M | $1.2M | $161M | $24.6M | $32.6M | $158M | $172M |
| Acquisitions | β | β | β | β | β | β | $0.0M | $0.0M | $336M | $36.4M |
| Share buybacks | β | β | β | β | β | β | $0.0M | $0.4M | $37.4M | $46.9M |
| Dividends and buybacks | β | β | β | β | β | β | $0.0M | $0.4M | $37.4M | $46.9M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $5.0M | $14.9M | $2.6M | $0.7M | $141M | $492M | $104M | $357M | $392M | $547M |
| Total debt | $17.8M | $1.8M | $1.0M | $1.0M | β | $728M | $782M | $326M | $2.4B | $3.6B |
| Finance lease liabilities | β | β | β | β | β | β | β | β | $3.9M | $4.0M |
| Deposits | β | β | β | β | β | $34.5M | $43.3M | $67.0M | β | β |
| Current assets | $5.5M | $15.0M | $3.0M | $1.5M | $286M | $684M | $278M | $1.0B | $470M | $664M |
| Current liabilities | $20.5M | $7.7M | $2.3M | $1.9M | $1.4M | $11.3M | $26.1M | $33.8M | $95.2M | $522M |
| Property and equipment, net | $0.0M | $0.0M | $1.0M | $3.8M | $17.2M | $276M | $273M | $672M | $1.5B | $1.5B |
| Goodwill | $0.2M | β | β | β | β | β | β | $0.0M | $82.8M | $0.0M |
| Intangible assets | $12.3M | β | $1.1M | $1.1M | $1.0M | $0.9M | β | $0.0M | $2.7M | $1.0M |
| Total assets | $18.3M | $15.1M | $5.2M | $6.6M | $313M | $1.4B | $1.2B | $2.0B | $6.8B | $7.3B |
| Total liabilities | $27.6M | $7.7M | $2.3M | $3.0M | $1.5M | $765M | $809M | $375M | $2.7B | $3.8B |
| Preferred stock | $0.0M | $0.0M | β | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$9.3M | $7.4M | $2.9M | $3.6M | $312M | $682M | $386M | $1.6B | $4.1B | $3.5B |
| Margins | ||||||||||
| Gross margin | 27.6% | β568.0% | β114.5% | β109.4% | β60.7% | 73.4% | β28.6% | β4.0% | β24.3% | β |
| Operating margin | β42.5% | β2,729.7% | β772.9% | β357.7% | β225.3% | β1.9% | β572.0% | 57.0% | 46.6% | β135.0% |
| EBITDA margin | β42.5% | β2,724.7% | β644.7% | β279.8% | β155.0% | 7.5% | β505.2% | 104.9% | 112.0% | β49.8% |
| Net margin | β78.3% | β6,030.3% | β820.2% | β296.8% | β239.8% | β18.7% | β589.4% | 67.4% | 82.5% | β144.6% |
| FCF margin | 27.7% | β2,081.7% | β863.4% | β280.5% | β585.6% | β184.0% | β184.8% | β88.6% | β141.4% | β133.4% |
| Returns | ||||||||||
| Return on capital | β347.1% | β | β697.0% | β84.7% | β | β0.3% | β50.0% | 13.1% | 4.3% | β14.8% |
| Return on capital employed | 717.3% | β192.0% | β413.4% | β88.9% | β3.1% | β0.2% | β57.6% | 11.3% | 4.6% | β18.1% |
| Return on equity | β | β | β248.6% | β107.1% | β6.6% | β6.0% | β130.0% | 26.1% | 18.8% | β34.5% |
| Return on assets | β156.7% | β187.9% | β126.5% | β59.5% | β6.5% | β3.4% | β52.6% | 16.4% | 12.3% | β18.6% |
| Return on tangible equity | β | β424.1% | β721.5% | β136.6% | β3.4% | β4.4% | β179.8% | 16.0% | 13.4% | β37.8% |
| Growth | ||||||||||
| Revenue growth | β | β98.6% | 200.7% | β24.1% | 267.6% | 3,553.0% | β26.0% | 229.1% | 69.4% | 38.2% |
| Net income growth | β | β | β | β | β | β | β | β | 107.2% | β342.3% |
| EPS growth | β | β | β | β | β | β | β | β | 62.3% | β314.5% |
| FCF growth | β | β206.4% | β | β | β | β | β | β | β | β |
| Share count change | β | β57.0% | β18.5% | 25.4% | 1,121.6% | 22.0% | 14.2% | 69.5% | 62.2% | 13.9% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | 19.8x | β | β0.1x | 2.8x | β |
| Debt / equity | β | 0.2x | 0.3x | 0.3x | β | 1.1x | 2.0x | 0.2x | 0.6x | 1.0x |
| Interest coverage | β5.0x | β10.8x | β148.2x | β81.7x | β467.5x | β1.9x | β45.0x | 21.3x | 23.6x | β25.3x |
| Current ratio | 0.3x | 2.0x | 1.3x | 0.8x | 198.4x | 60.8x | 10.6x | 30.5x | 4.9x | 1.3x |
| Quick ratio | 0.3x | 2.0x | 1.3x | 0.8x | 198.4x | 60.8x | 10.6x | 30.5x | 4.9x | 1.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.0% | 1.5% | 336.1% | 0.4% | 407.2% | 172.1% | 34.9% | 7.1% | 38.2% | 44.9% |
| Stock comp / revenue | 5.3% | 380.4% | 91.3% | 78.8% | 27.0% | 101.0% | 20.9% | 8.4% | 24.0% | 19.0% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 | 1.0 | 6.0 | 1.0 | 2.0 |
| Altman Z'' | β21.8 | β21.4 | β77.4 | β55.4 | 221.9 | 3.6 | β4.2 | 7.6 | 2.3 | β0.6 |
| Accruals ratio | β212.4% | β123.1% | β45.2% | β3.4% | β1.7% | β1.2% | β39.2% | 36.2% | 27.7% | β7.2% |
Source: SEC EDGAR XBRL filings (CIK 0001507605). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
