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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.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 5 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 | 2025 |
|---|---|
| Total Revenue | 907.09 |
| Operating Revenue | 907.09 |
| Cost Of Revenue | 179.04 |
| Gross Profit | 728.05 |
| Operating Expense | 1,550.22 |
| Research And Development | 30.12 |
| Selling General And Administration | 349.94 |
| Total Expenses | 1,729.26 |
| Operating Income | -822.17 |
| Total Operating Income As Reported | -1,224.25 |
| EBITDA | -547.12 |
| Normalized EBITDA | -25.02 |
| EBIT | -1,319.89 |
| Interest Income | 55.86 |
| Interest Expense | 48.38 |
| Net Interest Income | 7.47 |
| Other Non Operating Income Expenses | -26.78 |
| Other Income Expense | -553.57 |
| Interest Income Non Operating | 55.86 |
| Interest Expense Non Operating | 48.38 |
| Net Non Operating Interest Income Expense | 7.47 |
| Pretax Income | -1,368.27 |
| Tax Provision | -56.38 |
| Tax Rate For Calcs | 0 |
| Tax Effect Of Unusual Items | -21.41 |
| Net Income Continuous Operations | -1,311.89 |
| Net Income From Continuing And Discontinued Operation | -1,311.48 |
| Net Income From Continuing Operation Net Minority Interest | -1,311.48 |
| Net Income | -1,311.48 |
| Net Income Common Stockholders | -1,311.48 |
| Net Income Including Noncontrolling Interests | -1,311.89 |
| Normalized Income | -810.79 |
| Diluted NI Availto Com Stockholders | -1,311.48 |
| Basic Average Shares | 355.17 |
| Diluted Average Shares | 355.17 |
| Reconciled Depreciation | 772.77 |
| Reconciled Cost Of Revenue | 179.04 |
| Total Unusual Items | -522.09 |
| Total Unusual Items Excluding Goodwill | -522.09 |
| Minority Interests | 0.41 |
| Special Income Charges | -136.80 |
| Other Special Charges | 3.97 |
| Write Off | - |
| Impairment Of Capital Assets | 109.03 |
| Restructuring And Mergern Acquisition | 23.80 |
| Gain On Sale Of Security | -385.30 |
| Depreciation Amortization Depletion Income Statement | 772.77 |
| Depreciation And Amortization In Income Statement | 772.77 |
| General And Administrative Expense | 349.94 |
| Other Gand A | 349.94 |
| Gain On Sale Of Ppe | - |
| Other Operating Expenses | 388.23 |
| Otherunder Preferred Stock Dividend | 0 |
| Earnings From Equity Interest | -4.70 |
| Amortization | - |
| Amortization Of Intangibles Income Statement | - |
| Other Taxes | 9.17 |
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 | $5.3B | -4.04 | 1.52 | -37.8% | -15.34 |
| Victory Capital Holdings, Inc. | VCTR | $5.6B | 16.82 | 2.29 | 13.6% | 11.02 |
| Atlantic Union Bankshares Corporation | AUB | $5.4B | 19.74 | 1.08 | 5.5% | - |
| Mercury General Corporation | MCY | $5.4B | 9.99 | 2.24 | 22.4% | - |
| Piper Sandler Companies | PIPR |
| - |
| - |
| - |
| - |
| - |
| - |
| $5.2B |
| 18.51 |
| 3.80 |
| 20.5% |
| - |
| Moelis & Company | MC | $5.1B | 22.10 | 9.06 | 41.0% | 17.18 |
| HA Sustainable Infrastructure Capital, Inc. | HASI | $5.1B | 27.87 | 2.00 | 7.2% | - |
| BGC Group, Inc. | BGC | $5.1B | 32.65 | 5.20 | 15.9% | 14.02 |
| Axos Financial, Inc. | AX | $5.0B | 11.52 | 1.86 | 16.1% | - |
| Peer Median | - | 19.13 | 2.26 | 16.0% | 14.02 | |