MARA HOLDINGS, INC. financials
Source: EDGAR filings · Built 2026-06-02T03:30:26Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -1.21B | -928.01M | -343.26M | -217.59M | -292.81M | -25.52M |
| EBITDA | -451.48M | 735.30M | 406.45M | -594.83M | 11.92M | -6.75M |
| Working Capital | 142.39M | 375.18M | 996.04M | 251.43M | 672.99M | 284.97M |
| Net Debt | 3.15B | 2.08B | -31.16M | 679.77M | 1.19B | -140.20M |
| Gross Margin | — | -745.13% | -598.19% | -340.70% | 482.11% | -58.71% |
| Operating Margin | -2085.46% | 317.13% | 382.87% | -6815.17% | -12.34% | -225.34% |
| Net Margin | -2234.06% | 560.74% | 452.65% | -7022.38% | -123.09% | -239.80% |
| Return on Equity (ROE) | -37.78% | 13.11% | 16.16% | -179.83% | -4.37% | -3.35% |
| Return on Assets (ROA) | -18.00% | 7.96% | 13.12% | -58.07% | -2.06% | -3.34% |
| Current Ratio | 1.27× | 4.94× | 30.51× | 10.63× | 60.82× | 198.38× |
| Debt-to-Equity | 1.06× | 0.60× | 0.20× | 2.03× | 2.14× | 0.00× |
| Effective Tax Rate | 4.12% | 12.25% | 5.92% | 3.37% | -515.34% | -0.02% |
| Cash Conversion Ratio | 0.61× | -1.25× | -1.21× | 0.25× | 0.64× | 0.74× |
| Accruals Ratio | -0.07× | 0.18× | 0.29× | -0.43× | -0.01× | -0.01× |
| SBC % of Revenue | 293.50% | 163.32% | 56.58% | 248.86% | 663.86% | 27.04% |
| CapEx Coverage | -1.97× | -2.70× | -11.43× | -4.29× | -0.07× | -0.44× |
| Free Cash Flow Per Share | $-3.41 | $-2.98 | $-1.79 | $-1.92 | $-2.95 | $-0.31 |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | — | 9.75× | 22.16× | — | — | — |
| EV / EBITDA | — | 10.59× | 13.96× | — | 383.02× | — |
| P/S | 58.05× | 59.12× | 98.86× | 50.37× | 139.38× | 196.42× |
| P/B | 0.98× | 1.38× | 3.53× | 1.29× | 4.95× | 2.75× |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 58.70M | 96.52M | 57.70M | 9.88M | 24.22M | 4.36M |
| Revenues | 907.09M | 656.38M | 387.51M | 117.75M | 159.16M | — |
| Cost of Goods and Services Sold | — | 815.75M | 402.85M | 151.42M | 42.40M | 6.92M |
| Cost of Revenue | — | — | — | — | — | 7.00M |
| Gross Profit | — | — | — | -33.67M | 116.77M | — |
| Research and Development Expense | 30.12M | 13.23M | 2.81M | 98.00K | — | — |
| Operating Expenses | — | -465.48M | -236.25M | 639.87M | 119.75M | 7.26M |
| Operating Income (Loss) | -1.22B | 306.11M | 220.91M | -673.54M | -2.99M | -9.82M |
| Income Tax Expense (Benefit) | -56.38M | 75.50M | 16.43M | -24.23M | 24.97M | 2.00K |
| Net Income (Loss) Attributable to Parent | -1.31B | 541.25M | 261.17M | -694.02M | -29.81M | -10.45M |
| Earnings Per Share, Basic | $-3.69 | $1.87 | $1.41 | $-6.12 | $-0.30 | $-0.13 |
| Weighted Average Number of Shares Outstanding, Basic | 355.17M | 289.96M | 183.86M | 113.47M | 99.34M | 81.41M |
| Earnings Per Share, Diluted | $-3.69 | $1.72 | $1.06 | $-6.12 | $-0.30 | $-0.13 |
| Weighted Average Number of Shares Outstanding, Diluted | 355.17M | 311.84M | 192.29M | 113.47M | 99.34M | 81.41M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 547.13M | 391.77M | 357.31M | 103.70M | 268.56M | 141.32M |
| Assets, Current | 664.27M | 470.37M | 1.03B | 277.55M | 684.24M | 286.41M |
| Assets | 7.29B | 6.80B | 1.99B | 1.20B | 1.44B | 313.25M |
| Long-term Debt | 3.60B | 2.45B | 325.65M | 782.17M | 728.41M | — |
| Liabilities, Current | 521.88M | 95.20M | 33.76M | 26.11M | 11.25M | 1.44M |
| Long-term Debt, Excluding Current Maturities | 3.20B | 2.45B | 325.65M | 782.17M | — | — |
| Liabilities | — | — | — | — | 765.22M | 1.51M |
| Stockholders' Equity Attributable to Parent | 3.47B | 4.13B | 1.62B | 385.94M | 682.10M | 311.74M |
| Common Stock, Shares, Outstanding | 379.46M | 340.26M | 242.83M | 145.57M | 102.73M | 81.97M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -802.73M | -677.02M | -315.65M | -176.48M | -18.96M | -7.77M |
| Payments to Acquire Property, Plant, and Equipment | 407.07M | 250.82M | 27.61M | 41.11M | 273.85M | 17.74M |
| Net Cash Provided by (Used in) Investing Activities | -669.92M | -3.23B | 4.59M | -390.23M | -891.14M | -81.29M |
| Payments for Repurchase of Common Stock | 46.92M | 37.40M | 380.00K | 0 | — | — |
| Net Cash Provided by (Used in) Financing Activities | 1.63B | 3.95B | 555.86M | 410.65M | 1.04B | 229.69M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -327.01M | -389.22M | -820.75M | -536.87M | -254.34M | -499.95M |
| EBITDA | -869.94M | -1.12B | — | — | -383.17M | 480.62M |
| Working Capital | 279.64M | 142.39M | 502.55M | -204.56M | -76.54M | 375.18M |
| Net Debt | 2.00B | 3.15B | 2.47B | 2.19B | 2.14B | 2.08B |
| Gross Margin | — | — | — | — | — | -1992.30% |
| Operating Margin | -6096.00% | -11795.91% | 283.40% | 4462.82% | -3675.45% | 2670.53% |
| Net Margin | -7249.74% | -14298.28% | 733.25% | 5305.97% | -3623.69% | 4138.83% |
| Return on Equity (ROE) | -56.56% | -49.25% | 2.39% | 16.87% | -14.32% | 12.80% |
| Return on Assets (ROA) | -25.51% | -23.46% | 1.35% | 10.47% | -8.28% | 7.77% |
| Current Ratio | 1.84× | 1.27× | 2.09× | 0.54× | 0.79× | 4.94× |
| Debt-to-Equity | 1.13× | 1.06× | 0.64× | 0.48× | 0.63× | 0.60× |
| Effective Tax Rate | 2.39% | 9.69% | 23.43% | 20.51% | 18.26% | 18.29% |
| Cash Conversion Ratio | 0.20× | 0.13× | -4.69× | -0.47× | 0.40× | -0.59× |
| Accruals Ratio | -0.21× | -0.20× | 0.08× | 0.15× | -0.05× | 0.12× |
| SBC % of Revenue | 175.19% | 251.36% | 847.00% | 681.27% | 333.64% | 423.31% |
| CapEx Coverage | -3.11× | -1.37× | -2.38× | -2.40× | -5.55× | -1.68× |
| Free Cash Flow Per Share | $-0.86 | $-1.10 | $-1.75 | $-1.22 | $-0.74 | $-1.60 |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | — | — | 8.19× | 10.18× | — | 9.37× |
| P/S | 50.62× | 58.05× | 116.16× | 95.49× | 57.57× | 58.43× |
| P/B | 1.39× | 0.98× | 1.34× | 1.19× | 1.07× | 1.38× |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 17.41M | 11.96M | 16.79M | 15.23M | 14.72M | 12.77M |
| Revenues | 174.61M | 202.31M | 252.41M | 238.49M | 213.88M | 214.39M |
| Cost of Goods and Services Sold | — | — | — | — | — | 267.19M |
| Research and Development Expense | 8.25M | 3.56M | 8.72M | 8.55M | 9.30M | 4.11M |
| Operating Expenses | — | — | — | — | — | -393.82M |
| Operating Income (Loss) | -1.06B | -1.41B | 47.59M | 679.78M | -541.06M | 341.03M |
| Income Tax Expense (Benefit) | -30.93M | -183.39M | 37.68M | 208.50M | -119.17M | 118.26M |
| Net Income (Loss) Attributable to Parent | — | — | — | — | — | 528.53M |
| Earnings Per Share, Basic | $-3.31 | $-4.82 | $0.33 | $2.29 | $-1.55 | $1.82 |
| Weighted Average Number of Shares Outstanding, Basic | 380.16M | 355.17M | 372.07M | 352.90M | 344.10M | 289.96M |
| Earnings Per Share, Diluted | $-3.31 | $-4.59 | $0.27 | $1.84 | $-1.55 | $1.67 |
| Weighted Average Number of Shares Outstanding, Diluted | 380.16M | 355.17M | 470.13M | 440.91M | 344.10M | 311.84M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 513.65M | 547.13M | 826.39M | 109.47M | 196.22M | 391.77M |
| Assets, Current | 611.11M | 664.27M | 961.92M | 236.46M | 291.83M | 470.37M |
| Assets | 4.95B | 7.29B | 9.15B | 7.72B | 6.44B | 6.80B |
| Long-term Debt | 2.42B | 3.60B | 3.25B | 2.25B | 2.30B | 2.45B |
| Liabilities, Current | 331.47M | 521.88M | 459.37M | 441.02M | 368.37M | 95.20M |
| Long-term Debt, Excluding Current Maturities | 2.22B | 3.20B | — | — | — | 2.45B |
| Stockholders' Equity Attributable to Parent | 2.23B | 3.47B | 5.16B | 4.79B | 3.72B | 4.13B |
| Common Stock, Shares, Outstanding | 380.87M | 379.46M | 378.60M | 362.34M | 346.28M | 340.26M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -247.49M | -224.75M | -577.98M | -378.93M | -215.49M | -313.43M |
| Payments to Acquire Property, Plant, and Equipment | 79.52M | 164.47M | 242.60M | 157.77M | 38.86M | 186.52M |
| Net Cash Provided by (Used in) Investing Activities | 1.19B | -47.26M | -622.66M | -337.01M | -209.85M | -2.00B |
| Payments for Repurchase of Common Stock | 7.46M | 3.70M | 43.22M | 35.53M | 20.36M | 8.44M |
| Net Cash Provided by (Used in) Financing Activities | -1.11B | -7.26M | 1.64B | 433.64M | 229.78M | 2.54B |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (MARA CIK 0001507605),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.