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MARA Holdings, Inc.

MARA Holdings, Inc.

NASDAQ•MARA
CEO: Mr. Frederick G. Thiel
Sector: Financial Services
Industry: Financial - Capital Markets
Listing Date: 2012-05-04
MARA Holdings, Inc. operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. 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 headquartered in Fort Lauderdale, Florida.
Contact Information
101 NE Third Avenue, Suite 1200, Fort Lauderdale, FL, 33301, United States
800-804-1690
www.mara.com
Market Cap
$3.63B
P/E (TTM)
3.9
52.2
Dividend Yield
--
52W High
$23.45
52W Low
$9.44
52W Range
1%
Rank67Top 91.5%
1.8
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 1.8 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$252.41M+91.73%
4-Quarter Trend

EPS

$0.33-178.57%
4-Quarter Trend

FCF

-$283.88M-40.71%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Revenue Jumps 59% YTD Nine months revenue reached $704.8M, a $262.8M increase, driven by Bitcoin mining revenue growth.
Strong Net Income Turnaround Net income attributable to common stockholders was $398.2M for nine months, significantly up from $12.7M last year.
Hashrate and Bitcoin Value Surge Energized hashrate hit 60.4 EH/s; Bitcoin price averaged $114,068 for the quarter, up significantly.
Ending Cash Position Strong Cash, cash equivalents, and restricted cash totaled $838.4M as of September 30, 2025, increasing $434.6M since year-end.

Risk Factors

Energy Costs Rising Sharply Purchased energy costs for nine months increased 117% to $128.3M, driven by expansion and higher network difficulty.
Bitcoin Lending Default Exposure Approximately 10,377 bitcoin loaned to third parties expose holdings to borrower default risk and operational failures.
Regulatory/Tax Uncertainty Risks Government regulations targeting energy usage or carbon emissions could materially increase operating costs and reduce profitability.
SMA Investment Control Loss Separately managed account exposes investment to manager trading errors, leverage, and potential loss of all invested bitcoin.

Outlook

Strategic AI Infrastructure Expansion Signed agreement to acquire 64% of Exaion SAS for ~$168.0M to expand into secure cloud and AI/HPC infrastructure.
Technology Restructuring Complete Initiated Q3 restructuring, exiting two-phase immersion cooling product line, incurring $20.9M in associated restructuring costs.
Revised Bitcoin Monetization Plan May sell portions of mined bitcoin to fund ongoing operating expenses while retaining majority for long-term investment.
Power Capacity Expansion Intent Letter of intent signed with MPLX LP to expand access to lower-cost natural gas and scalable power capacity.

Peer Comparison

Revenue (TTM)

Zions Bancorporation, National AssociationZION
$4.95B
+0.6%
Popular, Inc.BPOP
$4.35B
+4.9%
Wintrust Financial CorporationWTFC
$4.17B
+8.8%

Gross Margin (Latest Quarter)

Cipher Mining Inc.CIFR
96.5%
+120.2pp
Old National BancorpONB
66.4%
+7.4pp
Popular, Inc.BPOP
65.9%
+6.8pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
WTFC$9.59B12.211.6%6.2%
ONB$8.98B13.58.3%9.5%
ZION$8.79B10.313.2%5.9%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
5.6%
Steady Growth
4Q Net Income CAGR
-38.5%
Declining Profitability
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Next earnings:Feb 25, 2026
|
EPS:-$0.23
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 4, 2025|
    Revenue: $252.41M+91.7%
    |
    EPS: $0.33-178.6%
    Beat

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 29, 2025|
    Revenue: $238.49M+64.3%
    |
    EPS: $2.29-418.1%
    Beat

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 8, 2025|
    Revenue: $213.88M+29.5%
    |
    EPS: $-1.55-219.2%
    Miss

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 3, 2025|
    Revenue: $656.38M+69.4%
    |
    EPS: $1.87+32.6%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 12, 2024|
    Revenue: $131.65M+34.5%
    |
    EPS: $-0.42-216.7%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 1, 2024|
    Revenue: $145.14M+77.5%
    |
    EPS: $-0.72+994.2%
    Miss

  • Form 10-K/A - FY 2023

    Period End: Dec 31, 2023|Filed: May 24, 2024|
    Revenue: $387.51M+229.1%
    |
    EPS: $1.41+123.0%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 9, 2024|
    Revenue: $165.20M+223.1%
    |
    EPS: $1.30+73.3%
    Meet