MARA Holdings (MARA) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

MARA Holdings

NasdaqCM•Financial Services•Capital Markets

$11.64+0.60(0.05%)Pre-market

Market Cap

$4.44B

P/S

5.5x

P/B

2.7x

MARA Holdings, Inc. operates as an energy and digital infrastructure company in North America, the Middle East, Europe, and Latin America. The company leverages Bitcoin Mining and Artificial Intelligence compute to monetize excess energy and underutilized power, optimize power management across operations and support AI inference applications. The company was formerly known as Marathon Digital Holdings, Inc. and changed its name to MARA Holdings, Inc. in August 2024. MARA Holdings, Inc. was incorporated in 2010 and is based in Hallandale Beach, Florida.

How this company scores

WeakMetricSide Score: 20/100

Grade capped at D — Interest coverage below 1× (-117.6x) — earnings cannot cover interest. Strongest: Growth (8/25); weakest: Cash & Earnings Quality (2/25).

Profitability5/25

Growth8/25

Balance Sheet & Red Flags5/25

Cash & Earnings Quality2/25

Strengths

Consistent growthImproving margins

Grade capped at D

Interest coverage below 1× (-117.6x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 7.5x5y range 7.5x – 20.3x

Currently near its 7-quarter median.

P/S · 5.5x5y range 3.2x – 36.5x

Currently below its 20-quarter median.

P/B · 2.7x5y range 0.9x – 5.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 2726.7% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $4.44B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $804.22M
Q. Revenue: $174.88M
TTM EBITDA: $-1.80B
TTM Op. Income: $-2.95B
Q. Op. Income: $-521.07M
TTM Net Income: $-3.46B
Q. Net Income: $-611.32M
EPS: $-1.6
Shares Out.: $381.57M

$804.22M in TTM revenue grew 0.7% YoY, reaching $174.88M last quarter. TTM EBITDA of $-1.80B and TTM operating income of $-2.95B show growth is flowing through to the bottom line. However, net income is negative at $3.46B — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 3 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -198.1%
Op. Margin: -298.0%
Net Margin: -349.6%

Op. margin of -298.0% is down 583.0% YoY — costs are rising relative to revenue. Net margin at -349.6% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 5.5x
P/B Ratio: 2.7x

P/S of 5.5x and P/B of 2.7x. Across the last 4 quarters, P/E has fallen for 3 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $4.35B
Cash: $421.27M
Long-Term Debt: $1.93B
Book Value: $1.66B
D/E Ratio: 1.2
Debt/EBITDA: N/A

With $4.35B in assets and $1.93B in long-term debt, D/E is 1.2and book value is $1.66B — moderate leverage. Across the last 8 quarters, debt/equity has risen for 4 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-223.77M
TTM Free Cash Flow: $-1.24B
FCF Margin: -154.0%
FCF / Net Income: 0.4

TTM FCF of $-1.24B on $-223.77M in operating cash flow. The FCF / Net Income ratio of 0.4x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 0% — an improving trend.