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Screener / SEC EDGAR /CIK 0001507605 /10-K filed Mar 2, 2026, compared with Mar 3, 2025 /Numbers from the XBRL of the 10-Ks
Crypto peers:
CORZMSTRRIOTCLSKMARAHUT
Nasdaq Crypto · Financial Services

MARA Holdings MARA

MARA quote by TradingView

MARA is an energy and digital infrastructure company focused on acquiring, managing, and allocating energy to its highest-value uses. 10-K, Item 1

Headquarters
Hallandale Beach, FL
CEO
Frederick G. Thiel
Next results
around Feb 25, 2027
Compare with peers Embed

MARA among Crypto peers

Six ratios from the latest 10-K. Each corner is the share of 25 peers the company is above, not a score.

Compare
Revenue growth: 38.2%, above 52% of 25 peers (their median 26.3%) REVENUE GROWTH 38.2% · above 52% Operating margin: -393.4%, above 12% of 16 peers (their median -163.4%) OPERATING MARGIN -393.4% · above 12% Net margin: -411.2%, above 18% of 17 peers (their median -146.9%) NET MARGIN -411.2% · above 18% FCF margin: -170.1%, above 32% of 19 peers (their median -91.3%) FCF MARGIN -170.1% · above 32%
MARA Peer median Below the median

What changed

43 new risk paragraphs and 2 accounting facts worth reading about. 10-K filed Mar 2, 2026 against Mar 3, 2025.

Risk factors
43 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Auditor change
8-K item 4.01 (change in certifying accountant) filed Mar 10, 2025
10-K · XBRL
Critical audit matters changed
New this year: Bitcoin Mining Revenue (“As described in Note 4 to the consolidated financial statements, the Company recorded $907 million of revenues during the year ended December 31, 2025, of which $839.2 million related to the Company providing bitcoin transaction verification services to the transaction requester, in addition to the ”); Existence of and Rights to Bitcoin Digital Assets (“As described in Notes 2 and 5 to the consolidated financial statements, the Company has investments in bitcoin digital assets. As disclosed by management, digital assets are controllable only by the possessor of both the unique public key and private key relating to the local or online digital walle”). No longer listed: F-2; Table of Contents; Revenue Recognition from Mining Operations; Assets Acquired and Liabilities Assumed in Business Combinations; Table of Contents. Same as last year: F-3
10-K · XBRL
Accounting checks
6 other checks clear, 2 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
10 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

8 checks on the latest 10-K. Checks, not verdicts.

How it works

2facts worth reading about the other 6 checks found nothing to note

  • Auditor change
    8-K item 4.01 (change in certifying accountant) filed Mar 10, 2025
  • Critical audit matters changed
    New this year: Bitcoin Mining Revenue (“As described in Note 4 to the consolidated financial statements, the Company recorded $907 million of revenues during the year ended December 31, 2025, of which $839.2 million related to the Company providing bitcoin transaction verification services to the transaction requester, in addition to the ”); Existence of and Rights to Bitcoin Digital Assets (“As described in Notes 2 and 5 to the consolidated financial statements, the Company has investments in bitcoin digital assets. As disclosed by management, digital assets are controllable only by the possessor of both the unique public key and private key relating to the local or online digital walle”). No longer listed: F-2; Table of Contents; Revenue Recognition from Mining Operations; Assets Acquired and Liabilities Assumed in Business Combinations; Table of Contents. Same as last year: F-3
  • No statement of substantial doubt about going concern
5 more checks with nothing to note
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

43 paragraphs in Risk Factors that were not in the 10-K filed Mar 3, 2025. Quoted as filed.

All 43 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Mar 3, 2025 10-K, ITEM 1A
    Our bitcoin lending and other digital asset management activities expose us to credit, market, liquidity and operational risks, and a material portion of our bitcoin holdings is subject to these risks. We generate income through bitcoin lending arrangements. As of December 31, 2025, approximately 9,377 bitcoin were loaned to third…
  2. Item 1A · new paragraph · not in the 10-K filed Mar 3, 2025 10-K, ITEM 1A
    During periods of market stress and extreme volatility, we may be unable to timely liquidate or hedge our bitcoin or related positions, and exchange-driven liquidations or auto-deleveraging could materially and adversely affect our liquidity, results of operations and financial condition. Our business model depends, in part, on our…
  3. Item 1A · new paragraph · not in the 10-K filed Mar 3, 2025 10-K, ITEM 1A
    The markets in which we participate are highly competitive, and as we enter new markets, we are competing against companies with greater resources and capitalization. We compete in the highly competitive market for certain operational aspects of our Bitcoin mining business, including, but not limited to, the acquisition of new miners,…
  4. Item 1A · new paragraph · not in the 10-K filed Mar 3, 2025 10-K, ITEM 1A
    The legal landscape for digital assets remains uncertain, and third parties may assert intellectual property claims related to blockchain technology, digital asset transactions, mining processes or source code. For example, in May 2025, Malikie Innovations Ltd., a non-practicing entity, filed a lawsuit against us in the United States…

New risk paragraphs, against peers

Latest 10-K of each, Crypto companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$117.8M$387.5M$656.4M$907.1M
Net income−$694.0M$261.2M$541.3M−$1.3B
Operating cash flow−$176.5M−$315.7M−$677.0M−$802.7M
Free cash flow−$217.6M−$343.3M−$927.8M−$1.2B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$907.1M ▲ 38.2% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

10 filings in the last 30 days · SEC EDGAR

All filings
5 more

About the company

MARA Holdings, Hallandale Beach, FL · from the 10-K filed Mar 2, 2026

MARA is an energy and digital infrastructure company focused on acquiring, managing, and allocating energy to its highest-value uses. We use Bitcoin mining as a flexible, energy-responsive workload to monetize excess and underutilized power and to optimize power management across our portfolio. In parallel, we are in the process of developing artificial intelligence (“AI”) inference and high-performance computing (“HPC”) capabilities. We operate across four continents and 18 data centers in North America, the Middle East, Europe, and Latin America, with approximately 1.9 gigawatts (“GW”) of total capacity.

Headquarters
Hallandale Beach, FL
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Nov 9, 2026
Incorporated in
NV

Email alerts

Sources

The 10-K filed Mar 2, 2026 (open at SEC), compared with the 10-K filed Mar 3, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/MARA/export.csv") into a cell.