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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $907M | $-547M | $-1.3B | $-1.2B | -37.8% | 38.2% | -342.3% |
| 2024 | $656M | $1.1B | $541M | $-930M | 13.1% | 69.4% | 107.2% |
| 2023 | $388M | $473M | $261M | $-343M | 16.2% | 229.1% | -137.6% |
| 2022 | $118M | $-625M | $-694M | $-218M | -179.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 117.75 | 387.51 | 656.38 | 907.09 |
| Cost Of Revenue | - | 151.42 | 0 | 98.16 | 179.04 |
| Gross Profit | - | -33.67 | 387.51 | 558.22 | 728.05 |
| Operating Expense | - | 82.87 | 498.08 | 1,025.82 | 1,550.22 |
| Operating Income | - | -116.54 | -110.57 | -467.60 | -822.17 |
| EBITDA | - | -624.56 | 473.49 | 1,058.68 | -547.12 |
| EBIT | - | -703.27 | 287.95 | 629.50 | -1,319.89 |
| Pretax Income | - | -718.25 | 277.60 | 616.50 | -1,368.27 |
| Tax Provision | - | -24.23 | 16.43 | 75.50 | -56.38 |
| Net Income | - | -694.02 | 261.17 | 541.25 | -1,311.48 |
| Net Income Common Stockholders | - | -694.02 | 259.05 | 541.25 | -1,311.48 |
| Total Expenses | - | 234.29 | 498.08 | 1,123.98 | 1,729.26 |
| Interest Expense | - | 14.98 | 10.35 | 13 | 48.38 |
| Interest Income | - | 1.02 | 2.81 | 16.71 | 55.86 |
| Research And Development | - | 0.10 | 2.81 | 13.23 | 30.12 |
| Selling General And Administration | - | 82.77 | 83.61 | 253.96 | 349.94 |
| Normalized EBITDA | - | -36.55 | 59.74 | -27.94 | -25.02 |
| Normalized Income | - | -126 | -128.17 | -411.72 | -810.79 |
| Market Cap | 4,425.93 | 4,425.93 | 4,425.93 | 4,425.93 | 4,425.93 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| MARA Holdings, Inc.this co. | MARA | - | -3.37 | 1.27 | -37.8% | -13.75 |
| Seacoast Banking Corporation of Florida | SBCF | $2.8B | 21.13 | 1.13 | 5.3% | - |
| Merchants Bancorp | MBIN | $2.8B | 10.29 | 1.30 | 12.6% | - |
| Artisan Partners Asset Management Inc. | APAM | $2.7B | 9.24 | 6.11 | 66.2% | 5.40 |
| The Bancorp, Inc. | TBBK | $2.6B |
| - |
| - |
| - |
| - |
| - |
| 10.71 |
| 3.54 |
| 33.1% |
| - |
| Acadian Asset Management Inc. | AAMI | $2.5B | 30.27 | 39.96 | 132.0% | 14.22 |
| WisdomTree, Inc. | WT | $2.3B | 21.24 | 5.60 | 26.4% | 16.65 |
| Hilltop Holdings Inc. | HTH | $2.3B | 12.95 | 0.99 | 7.6% | - |
| Stewart Information Services Corporation | STC | $2.0B | 18.87 | 1.33 | 7.0% | - |
| Peer Median | - | 15.91 | 2.44 | 19.5% | 14.22 | |