NASDAQ : MARA
MARA Holdings, Inc. — Financial statements
Financials · Capital Markets · United States
Last price 7.165 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.77B
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Financial statements
MARA Holdings, Inc. (MARA) reported revenue of 804.22M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 804.22M | 907.09M | 656.38M | 387.51M | 117.75M | 159.16M |
| Revenue | 804.22M | 907.09M | 656.38M | 387.51M | 117.75M | 159.16M |
| Cost of Revenue | 481.55M | 471.28M | 355.44M | 212.32M | 72.72M | 27.49M |
| Gross Profit | 322.67M | 435.81M | 300.94M | 175.19M | 45.04M | 131.67M |
| Selling, General & Admin | 445.38M | 443.92M | 317.79M | 97.93M | 56.64M | 174.36M |
| Research & Development | 27.69M | 30.12M | 13.23M | 2.81M | 98.00K | |
| Other Operating Expenses | 1.73B | 313.80M | -805.48M | -326.04M | 282.37M | -54.60M |
| Operating Expenses | 2.86B | 1.45B | -45.27M | -45.73M | 417.82M | 134.66M |
| Operating Income | -2.54B | -1.01B | 346.21M | 220.91M | -372.78M | -2.99M |
| Interest Expense | -42.59M | -48.38M | -13.00M | -10.35M | -14.98M | -1.57M |
| Interest & Investment Income | 55.02M | 55.85M | 16.71M | 2.81M | 1.02M | |
| Earnings From Equity Investments | -8.81M | -4.70M | -1.50M | -617.00K | ||
| Other Non Operating Income (Expenses) | -800.78M | -104.97M | 288.78M | -17.42M | 262.00K | -288.00K |
| EBT Excluding Unusual Items | -3.34B | -1.12B | 637.21M | 195.33M | -386.48M | -4.84M |
| Merger & Restructuring Charges | -99.90M | -25.80M | ||||
| Impairment of Goodwill | -82.80M | -82.80M | ||||
| Gain (Loss) on Sale of Investments | 187.00K | 12.62M | 4.24M | |||
| Gain (Loss) on Sale of Assets | 83.88M | |||||
| Asset Writedown | -158.68M | -136.73M | -333.85M | |||
| Legal Settlements | -10.20M | -26.13M | ||||
| Other Unusual Items | 51.49M | -19.07M | -24.94M | 82.27M | -55.67M | |
| Pretax Income | -3.64B | -1.37B | 616.50M | 277.60M | -718.25M | -4.84M |
| Income Tax Expense | -176.06M | -56.38M | 75.50M | 16.43M | -24.23M | 24.97M |
| Earnings From Continuing Operations | -3.46B | -1.31B | 541.01M | 261.17M | -694.02M | -29.81M |
| Minority Interest in Earnings | 4.55M | 412.00K | 245.00K | |||
| Net Income | -3.46B | -1.31B | 541.25M | 261.17M | -694.02M | -29.81M |
| Preferred Dividends & Other Adjustments | 2.12M | |||||
| Net Income to Common | -3.46B | -1.31B | 541.25M | 259.05M | -694.02M | -29.81M |
| Shares Outstanding (Basic) | 371.34M | 355.17M | 289.96M | 183.86M | 113.47M | 99.34M |
| Shares Outstanding (Diluted) | 371.34M | 355.17M | 311.84M | 192.29M | 113.47M | 99.34M |
| EPS (Basic) | -9.31 | -3.69 | 1.87 | 1.41 | -6.12 | -0.30 |
| EPS (Diluted) | -9.32 | -3.69 | 1.72 | 1.06 | -6.12 | -0.30 |
| Free Cash Flow | -1.29B | -1.36B | -1.75B | -502.20M | -701.43M | -727.88M |
| Free Cash Flow Per Share | -3.48 | -3.84 | -5.60 | -2.61 | -6.18 | -7.33 |
| Gross Margin | 40.12% | 48.05% | 45.85% | 45.21% | 38.25% | 82.73% |
| Operating Margin | -315.76% | -111.82% | 52.75% | 57.01% | -316.58% | -1.88% |
| Profit Margin | -429.71% | -144.58% | 82.46% | 66.85% | -589.39% | -18.73% |
| Free Cash Flow Margin | -160.53% | -150.26% | -265.88% | -129.60% | -595.68% | -457.32% |
| EBITDA | -1.88B | -352.03M | 775.40M | 406.45M | -294.07M | 11.92M |
| EBITDA Margin | -233.61% | -38.81% | 118.13% | 104.89% | -249.73% | 7.49% |
| D&A For EBITDA | 660.64M | 662.26M | 429.19M | 185.54M | 78.71M | 14.90M |
| EBIT | -2.54B | -1.01B | 346.21M | 220.91M | -372.78M | -2.99M |
| EBIT Margin | -111.82% | 52.75% | 57.01% | -1.88% | ||
| Effective Tax Rate | 12.25% | 5.92% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 421.27M | 547.13M | 391.77M | 357.31M | 103.70M | 268.56M |
| Cash & Short-Term Investments | 421.27M | 547.13M | 391.77M | 357.31M | 103.70M | 268.56M |
| Other Receivables | 27.49M | 18.54M | 6.34M | 18.00K | 26.93M | |
| Receivables | 27.49M | 18.54M | 6.34M | 18.00K | 26.93M | |
| Prepaid Expenses | 47.09M | 44.33M | 35.61M | 25.59M | 40.83M | 35.15M |
| Restricted Cash | 12.00M | 12.00M | 12.00M | 8.80M | ||
| Other Current Assets | 19.34M | 42.27M | 24.65M | 646.90M | 124.19M | 353.60M |
| Total Current Assets | 527.19M | 664.27M | 470.37M | 1.03B | 277.55M | 684.24M |
| Property, Plant & Equipment | 1.25B | 1.51B | 1.56B | 672.22M | 274.30M | 276.24M |
| Long-Term Investments | 128.44M | 133.81M | 111.49M | 106.29M | 37.00M | 3.00M |
| Goodwill | 89.72M | 82.75M | ||||
| Other Intangible Assets | 40.51M | 988.00K | 2.71M | 931.00K | ||
| Other Long-Term Assets | 2.31B | 4.98B | 4.58B | 182.66M | 606.39M | 479.92M |
| Total Assets | 4.35B | 7.29B | 6.80B | 1.99B | 1.20B | 1.44B |
| Accounts Payable | 10.49M | 12.55M | 12.56M | 11.34M | 1.31M | 7.77M |
| Accrued Expenses | 74.17M | 86.98M | 76.89M | 22.29M | 23.31M | 3.48M |
| Current Portion of Long-Term Debt | 485.40M | 397.85M | ||||
| Current Portion of Leases | 3.52M | 1.90M | 407.00K | 124.00K | 326.00K | |
| Other Current Liabilities | 18.26M | 22.60M | 5.35M | 1.17M | ||
| Total Current Liabilities | 591.83M | 521.88M | 95.20M | 33.76M | 26.11M | 11.25M |
| Long-Term Debt | 1.93B | 3.20B | 2.45B | 325.65M | 782.17M | 728.41M |
| Long-Term Leases | 44.69M | 43.53M | 26.69M | 354.00K | 1.02M | |
| Long-Term Deferred Tax Liabilities | 7.72M | 29.86M | 88.50M | 15.29M | 22.57M | |
| Other Long-Term Liabilities | 12.89M | 12.46M | 8.41M | |||
| Total Liabilities | 2.59B | 3.81B | 2.67B | 375.05M | 809.30M | 762.23M |
| Common Stock | 38.00K | 37.00K | 34.00K | 24.00K | 15.00K | 10.00K |
| Additional Paid-In Capital | 4.87B | 4.81B | 4.16B | 2.18B | 1.23B | 835.69M |
| Retained Earnings | -3.21B | -1.34B | -26.39M | -567.64M | -840.34M | -153.60M |
| Comprehensive Income & Other | -5.49M | |||||
| Total Common Equity | 1.66B | 3.47B | 4.13B | 1.62B | 385.94M | 682.10M |
| Minority Interest | 98.85M | 5.37M | 6.91M | |||
| Shareholders' Equity | 1.76B | 3.48B | 4.14B | 1.62B | 385.94M | 682.10M |
| Total Liabilities & Equity | 4.35B | 7.29B | 6.80B | 1.99B | 1.20B | 1.44B |
| Total Debt | 2.47B | 3.65B | 2.47B | 326.13M | 783.51M | 728.41M |
| Net Cash (Debt) | -2.04B | -3.10B | -2.08B | 31.18M | -679.81M | -459.85M |
| Net Cash Per Share | -5.51 | -8.72 | -6.68 | 0.16 | -5.99 | -4.63 |
| Filing Date Shares Outstanding | 386.30M | 380.23M | 345.82M | 267.64M | 167.25M | 103.05M |
| Total Common Shares Outstanding | 381.89M | 379.46M | 340.26M | 242.83M | 145.57M | 102.73M |
| Working Capital | -64.63M | 142.39M | 375.18M | 996.04M | 251.43M | 672.99M |
| Book Value Per Share | 4.35 | 9.15 | 12.13 | 6.65 | 2.65 | 6.64 |
| Tangible Book Value | 1.53B | 3.47B | 4.04B | 1.62B | 385.94M | 681.17M |
| Tangible Book Value Per Share | 4.01 | 9.15 | 11.88 | 6.65 | 2.65 | 6.63 |
| Land | 853.00K | 663.00K | 633.00K | |||
| Buildings | 91.83M | 91.49M | 86.88M | |||
| Machinery | 2.31B | 2.35B | 1.83B | 862.05M | 116.63M | 163.87M |
| Construction In Progress | 16.28M | 75.65M | 71.40M | 171.19M | 133.57M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -3.46B | -1.31B | 541.25M | 261.17M | -694.02M | -29.81M |
| Depreciation & Amortization | 660.64M | 662.26M | 429.19M | 185.54M | 78.71M | 14.90M |
| Other Amortization | 8.00K | 8.00K | 26.73M | |||
| Loss (Gain) From Sale of Assets | -83.88M | |||||
| Asset Writedown & Restructuring Costs | 289.12M | 219.53M | 389.53M | |||
| Loss (Gain) From Sale of Investments | -187.00K | -12.62M | -4.24M | |||
| Loss (Gain) on Equity Investments | 8.81M | 4.70M | 1.50M | 617.00K | ||
| Stock-Based Compensation | 145.71M | 172.29M | 157.64M | 32.64M | 24.59M | 160.79M |
| Other Operating Activities | 2.25B | 341.13M | -1.00B | -383.42M | 258.43M | -28.56M |
| Change in Accounts Receivable | 1.81M | 1.81M | -9.32M | |||
| Change in Accounts Payable | -2.85M | -2.85M | 13.20M | -589.00K | 13.37M | 12.38M |
| Change in Other Net Operating Assets | -797.07M | -877.51M | -802.51M | -411.62M | -189.93M | -148.66M |
| Operating Cash Flow | -895.05M | -802.73M | -677.02M | -315.65M | -176.48M | -18.96M |
| Capital Expenditures | -395.96M | -560.31M | -1.07B | -186.55M | -524.95M | -708.92M |
| Sale of Property, Plant & Equipment | 1.73M | 3.65M | 3.51M | 178.37M | ||
| Cash Acquisitions | -61.11M | -36.37M | -335.63M | |||
| Sale (Purchase) of Intangibles | -524.00K | -2.63M | ||||
| Investment in Securities | -11.65M | -37.01M | -31.61M | -71.80M | -44.50M | -3.00M |
| Other Investing Activities | 1.60B | -39.89M | -1.79B | 262.94M | 849.00K | -149.22M |
| Investing Cash Flow | 1.13B | -669.92M | -3.23B | 4.59M | -390.23M | -891.14M |
| Short-Term Debt Issued | 120.00M | |||||
| Long-Term Debt Issued | 1.16B | 2.38B | 49.25M | 805.91M | ||
| Total Debt Issued | 1.16B | 1.16B | 2.38B | 169.25M | 805.91M | |
| Long-Term Debt Repaid | -18.45M | -247.51M | -50.00M | -120.00M | -77.50M | |
| Total Debt Repaid | -1.28B | -18.45M | -247.51M | -50.00M | -120.00M | -77.50M |
| Net Debt Issued (Repaid) | -117.20M | 1.15B | 2.13B | -50.00M | 49.25M | 728.41M |
| Issuance of Common Stock | 249.22M | 568.56M | 1.85B | 608.37M | 361.49M | 313.64M |
| Repurchase of Common Stock | -26.52M | -46.92M | -37.40M | -380.00K | -81.00K | -4.71M |
| Other Financing Activities | -27.14M | -39.21M | 7.15M | |||
| Financing Cash Flow | 78.36M | 1.63B | 3.95B | 555.86M | 410.65M | 1.04B |
| Foreign Exchange Rate Adjustments | -4.14M | |||||
| Net Cash Flow | 311.80M | 155.36M | 46.46M | 244.81M | -156.05M | 127.23M |
| Free Cash Flow | -1.29B | -1.36B | -1.75B | -502.20M | -701.43M | -727.88M |
| Free Cash Flow Margin | -160.53% | -150.26% | -265.88% | -129.60% | -595.68% | -457.32% |
| Free Cash Flow Per Share | -3.48 | -3.84 | -5.60 | -2.61 | -6.18 | -7.33 |
| Levered Free Cash Flow | -1.17B | -401.11M | 379.38M | -327.57M | -380.89M | -796.74M |
| Unlevered Free Cash Flow | -1.14B | -370.87M | 387.50M | -321.10M | -375.47M | -795.76M |
| Cash Interest Paid | 41.96M | 32.31M | 678.00K | 7.39M | 11.43M | |
| Cash Income Tax Paid | 2.31M | 2.02M | 1.15M | 723.00K | 7.00K | |
| Change in Working Capital | -798.11M | -878.55M | -798.63M | -412.21M | -176.56M | -136.28M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.62B | 3.40B | 5.40B | 5.23B | 399.60M | 3.37B |
| Enterprise Value | 4.66B | 6.23B | 5.87B | 5.45B | 1.13B | 3.13B |
| Last Close Price | 6.77 | 8.98 | 16.77 | 23.49 | 3.42 | 32.86 |
| PE Ratio | 9.97 | 20.19 | ||||
| Forward PE | 29.61 | 54.97 | 32.10 | 165.23 | 10.95 | |
| PS Ratio | 3.25 | 3.74 | 8.22 | 13.49 | 3.39 | 21.19 |
| PB Ratio | 1.56 | 0.98 | 1.30 | 3.24 | 1.03 | 4.94 |
| P/TBV Ratio | 1.71 | 0.98 | 1.33 | 3.24 | 1.03 | 4.95 |
| PEG Ratio | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | |
| EV/Sales Ratio | 5.79 | 6.87 | 8.95 | 14.07 | 9.57 | 19.67 |
| EV/EBITDA Ratio | 7.57 | 13.42 | 262.74 | |||
| EV/EBIT Ratio | 16.96 | 24.69 | ||||
| Debt / Equity Ratio | 1.40 | 1.05 | 0.60 | 0.20 | 2.03 | 1.07 |
| Debt / EBITDA Ratio | 2.80 | 0.67 | 61.13 | |||
| Net Debt / Equity Ratio | 1.16 | 0.89 | 0.50 | -0.02 | 1.76 | 0.67 |
| Net Debt / EBITDA Ratio | -1.09 | -8.80 | 2.69 | -0.08 | -2.31 | 38.59 |
| Net Debt / FCF Ratio | -1.58 | -2.27 | -1.19 | 0.06 | -0.97 | -0.63 |
| Asset Turnover | 0.13 | 0.13 | 0.15 | 0.24 | 0.09 | 0.18 |
| Quick Ratio | 0.76 | 1.08 | 4.18 | 10.59 | 3.97 | 26.27 |
| Current Ratio | 0.89 | 1.27 | 4.94 | 30.50 | 10.63 | 60.82 |
| Return on Equity (ROE) | -105.57% | -34.46% | 18.81% | 26.09% | -129.96% | -6.00% |
| Return on Assets (ROA) | -26.30% | -9.00% | 4.92% | 8.67% | -17.65% | -0.21% |
| Return on Invested Capital (ROIC) | -62.80% | -15.86% | 7.79% | 15.68% | -33.77% | -0.46% |
| Return on Capital Employed (ROCE) | -67.60% | -15.00% | 5.20% | 11.30% | -31.90% | -0.20% |
| Earnings Yield | -137.68% | -38.62% | 10.03% | 4.99% | -173.68% | -0.88% |
| FCF Yield | -49.36% | -40.13% | -32.34% | -9.60% | -175.53% | -21.58% |
| Buyback Yield / Dilution | 5.03% | -13.89% | -62.17% | -69.47% | -14.22% | -22.02% |