MARANasdaqFinance ServicesFiscal year ends December 31
MARA Holdings, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$7.38−0.16 (-2.06%)
Close on Oct 19, 2026
- Market cap
- $2.81B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2010 to 2025
Gross margin
–
Operating margin
-135.0%+90.4 pts over 5 years
Net margin
-144.6%+95.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +38.2% | +97.5% | +190.9% | +47.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -1691.9% | -6.6% | -34.5% | |
| Return on assets | -87.5% | -6.5% | -18.6% | |
| Current ratio | 0.27 | 198.38 | 1.27 | |
| Debt to equity | -1.92 | – | 1.04 | |
| Net debt to EBITDA | – | – | -6.76× | |
| Interest coverage | -5.0× | -467.5× | -25.3× | |
| Capex to revenue | 0.0% | 407.2% | 44.9% | |
| Diluted shares | 1M | 81M | 355M |
Where the cash went
Fiscal 2021 to 2025, five years combined
MARA generated $1.99B from operations and spent $1.09B on capital expenditure, dividends and share buybacks. 92% of that went back into the business.
Generated
$1.99B
Used
$1.09B
Capital expenditure$1.00B92%Dividends$00%Share buybacks$84.71M8%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-144.6%
×Asset turnover0.13×
×Equity multiplier1.85×
=Return on equity, FY2025-34.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -144.6% | 0.13× | 1.85× | -34.5% |
| FY2024 | 82.5% | 0.15× | 1.53× | 18.8% |
| FY2023 | 67.4% | 0.24× | 1.59× | 26.1% |
| FY2022 | -589.4% | 0.09× | 2.47× | -130.0% |
| FY2021 | -18.7% | 0.18× | 1.77× | -6.0% |
| FY2020 | -239.8% | 0.03× | 1.01× | -6.6% |
| FY2019 | -296.7% | 0.20× | 1.80× | -107.1% |
| FY2018 | -820.2% | 0.15× | 1.96× | -248.6% |
| FY2017 | -6030.1% | 0.03× | -17.56× | 3300.0% |
| FY2016 | -78.3% | 1.12× | 19.33× | -1691.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$1.31B
- Cash generatingOperating cash flow above zero-$802.73M
- Return on assets improvedROA up on the prior year27.2% → -19.3%
- Earnings backed by cashOperating cash flow above net income-$802.73M vs -$1.31B
- Less leverageLong-term debt to assets fell36.0% → 43.9%
- Better liquidityCurrent ratio rose4.94 → 1.27
- No dilutionShare count did not rise312M → 355M
- Gross margin improvedGross margin up on the prior year-24.28% → –
- More efficientAsset turnover rose0.33 → 0.13