MARA Holdings, Inc. (MARA)
Fair ValueFundamental
28
Price
$11.33
Market Cap
$4.38B
Part 1 · What the company is worth
Overview
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.
No editorial profile for this company yet
Direct competitors
Who this company fights with for the same customers
Generated on September 19, 2026 with claude-haiku-4-5 — shared with all users
Riot is the other large US-listed self-miner competing for the same bitcoin block rewards, the same low-cost power contracts in Texas and the same data-center sites now being converted to AI hosting.
CleanSpark runs a comparable fleet of US mining sites and competes directly for network hashrate share, for cheap grid power and for the same machine supply from ASIC manufacturers.
Bitdeer is the largest listed miner by operating hashrate and mines the same bitcoin block rewards from sites in Norway, Bhutan and the United States, while also selling the mining rigs MARA buys.
IREN competes on both of MARA's fronts: bitcoin self-mining at scale and the conversion of owned, power-rich data centers into AI and high-performance computing capacity sold to cloud customers.
Cipher builds and operates US mining data centers chasing the same block rewards, and bids for the same grid interconnection capacity and AI hosting contracts that MARA is pursuing.
Balance Sheet & Liquidity
Revenue
$60M
Trailing 12 months (through 6/30/2026)
Net Income
$-3.46B
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$-1.21B
Total Equity
$3.47B
Total Liabilities
$3.81B
Current Ratio
0.89
Interest Coverage
69.16
Debt/EBITDA
-
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$10.48
Current Price
$11.33
Margin of Safety
-8.1%
Fair Value Range
$6.81 - $14.15
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
-37.8%
P/B Ratio
2.64
P/FCF
-
Gross Margin
-
ROIC
-61.9%
Profitability Radar
Value Creation (Economic Moat)
ROIC
-61.9%
WACC
11.9%
ROIC − WACC
-73.8 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (7)
- P/B Ratio 2.64
- Debt/Equity ratio
- Current Ratio
- Interest Coverage
- Low reliance on intangibles
- Revenue Growth 5Y 190.3%
- Analyst Consensus 64% Buy
Failed (12)
- EPS shows upward trend
- Price CAGR -6.98%
- ROIC -61.9%
- Operating Margin -4911.3%
- Positive Free Cash Flow
- Return on Tangible Assets
- DCF valuation (Overvalued)
- ROE -110.4%
- Earnings Surprise avg -1106.0%
- Share Dilution 12.9%
- Net Margin Trend -5769.0% vs 1162.5%
- Piotroski F-Score 1/9
Unavailable (8)
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Debt/EBITDA
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Issuing new shares, diluting ownership
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Frederick G. Thiel | CEO & Executive Chairman | 64 |
| Mr. Salman H. Khan | Chief Financial Officer | 46 |
| Mr. Zabi Nowaid | General Counsel & Company Secretary | 43 |
| Mr. James G. Crawford | Chief Operating Officer | 50 |
| Mr. John B. Ellis | Chief Accounting Officer | 57 |
| Mr. Robert Samuels | Vice President of Investor Relations | - |
| Ms. Summer Anderson | Chief People Officer | - |
| Mr. Nir Rikovitch | Chief Product Officer | - |
| Mr. Daren D. Mancini | Chief Commercial Officer | - |
| Mr. Duncan Dickerson | Chief Growth & Strategy Officer | - |
Audit Risk
8
Board Risk
7
Compensation Risk
10
Shareholder Rights Risk
4
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-03-02
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-08-06
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-09-25
via SEC EDGAR
Income History
via SEC EDGAR
Latest News
Recent headlines for MARA, sourced from Markets Gazette.
- 28d agoPOSITIVEMarathon Mines 670 Bitcoin In August As Treasury Reaches 25,000 BTC
Marathon Digital Holdings mined 670 Bitcoin in August, bringing its total treasury to 25,000 BTC. This production rate represents a significant increase from previous months and demonstrates the company's operational efficiency in a challenging mining environment. The growing Bitcoin holdings provide a strong balance sheet and potential upside as the cryptocurrency's value appreciates. Investors will be watching Marathon's ability to maintain this production level and manage its operational costs effectively, as it positions itself as a leading player in the digital asset mining space.
- 8/7/2026NEGATIVEMARA swings to Q2 loss as Bitcoin’s slump masks higher output
Marathon Digital Holdings (MARA) reported a Q2 loss, a stark contrast to the previous year's profit. This downturn was primarily driven by a significant 28% decrease in the average selling price of Bitcoin, despite the company achieving its highest quarterly Bitcoin production in over a year. The increased production volume, while a positive operational metric, was insufficient to offset the sharp decline in Bitcoin's market value. Investors are likely to view this performance negatively, as it highlights the company's sensitivity to cryptocurrency price volatility.
- 7/28/2026POSITIVEGalaxy, MARA Holdings deepen Texas expansion with land acquisitions
Marathon Digital Holdings Inc. (MARA) and Galaxy Digital have announced separate land acquisitions in Texas, signaling a strategic expansion driven by escalating demand for power-intensive digital infrastructure, including AI. This move by MARA, a prominent Bitcoin miner, suggests a proactive approach to securing resources for future growth and operational scaling. The expansion aligns with the broader trend of increasing investment in data centers and energy-intensive computing, potentially positioning MARA favorably to capitalize on the evolving digital economy. Investors may view this expansion as a positive indicator of the company's long-term strategy and growth potential.
- 7/9/2026POSITIVEMARA shares surge after 2 GW Texas infrastructure deal expands AI ambitions
Marathon Digital Holdings Inc. (MARA) shares surged approximately 15% following the announcement of a strategic acquisition of a Texas site with up to 2 GW of power capacity. This move is designed to significantly expand the company's infrastructure for both Bitcoin mining and artificial intelligence (AI) operations. The substantial power capacity is a key enabler for energy-intensive digital asset activities. Investors are likely reacting positively to the company's ambitious expansion plans and diversification into AI, signaling potential for future growth and increased operational scale.
- 7/6/2026POSITIVEMarathon Hash Rate Climbs To 31.5 EH/s As Miner Competition Tightens
Marathon Digital Holdings Inc. has reported a significant increase in its self-mining hash rate, reaching 31.5 EH/s. This surge highlights the company's aggressive operational strategy and competitive positioning within the cryptocurrency mining sector, particularly in the post-halving environment. The rising hash rate indicates enhanced network participation and potentially greater Bitcoin production capacity. For investors, this development suggests Marathon's resilience and commitment to scaling operations, which could translate into improved future earnings and a stronger market presence.
- 5/22/2026NEUTRALBitcoin miner MARA spent $4.3M on CEO security in 2025 as crypto attacks rise
Marathon Digital Holdings Inc. (MARA) incurred $4.3 million in security expenses for CEO Fred Thiel during 2025. This expenditure comes amidst a global rise in cryptocurrency-related attacks, including 'wrench attacks'. While the spending highlights security concerns within the digital asset sector, it does not directly impact MARA's operational performance or future revenue potential. Investors should monitor the company's overall security posture and its effectiveness in mitigating risks in the volatile crypto landscape.
- 5/14/2026NEGATIVEBitcoin Miner MARA Stock Under Pressure Following $1.5 Billion Bitcoin Sell-Off
MARA Holdings' stock experienced a significant downturn, dropping 5% during Tuesday's trading session and an additional 1.85% in after-hours trading. This decline followed the release of its first-quarter 2026 earnings, which revealed a net loss of $1.26 billion, more than double the previous year's loss. Revenue fell 18% to $175 million, impacted by lower Bitcoin prices. The company sold 20,880 BTC for nearly $1.5 billion, primarily to reduce convertible debt by $1 billion. MARA is also shifting away from aggressive Bitcoin mining, cutting 15% of its workforce and acquiring Long Ridge Energy for approximately $1.5 billion, a move that signals a strategic pivot towards AI and IT infrastructure.
- 5/12/2026NEGATIVEMARA shares sink on first-quarter revenue miss, $1.3B loss
Marathon Digital Holdings Inc. (MARA) experienced a significant share price decline following its first-quarter earnings report, which revealed a substantial $1.3 billion loss. While the company reiterated its commitment to Bitcoin mining as its core business, it also announced plans to diversify into the artificial intelligence (AI) sector. This dual strategy, coupled with the significant financial loss, has raised investor concerns about profitability and execution risk. The market's reaction suggests a lack of confidence in the company's immediate financial health and its ability to successfully pivot into new, capital-intensive ventures.
- 4/30/2026POSITIVEMARA accelerates mining-to-AI pivot with $1.5B Ohio power plant deal
Marathon Digital Holdings Inc. (MARA) has announced a significant strategic move, acquiring a 505-megawatt power plant and data center site in Ohio for an undisclosed sum, aiming to accelerate its pivot from Bitcoin mining to AI infrastructure. This expansion into AI computing power is expected to diversify revenue streams and leverage its existing energy infrastructure. The deal signals a proactive approach by MARA to capitalize on the burgeoning AI market, potentially unlocking new growth avenues beyond its core cryptocurrency operations. Investors are likely to view this as a positive development, reflecting adaptability and a forward-looking strategy.
- 3/27/2026NEGATIVEMARA Sells $1B In Bitcoin At A Loss To Pay Down Debt As Hedge Fund CIO Warns: 'Just The Beginning'
Marathon Digital Holdings Inc. (NASDAQ:MARA) has sold 15,133 Bitcoin, realizing a significant loss to service its debt obligations. This move comes amid warnings from a hedge fund CIO that such actions are 'just the beginning' for the crypto mining sector. The sale, executed at a loss, indicates potential financial distress or a strategic pivot to deleverage, which could negatively impact investor sentiment and the company's future growth prospects. The broader implications for the cryptocurrency market and other miners remain a key concern.
via Markets Gazette