MARAMARA Holdings
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
All key numbers (34) From EDGAR
| EPS (ttm) | -7.82 | Sales (ttm) | 716.0M | Net income (ttm) | -2.9B | Sales growth | +38.2% | EPS growth | -315% | Sales Q/Q | -34.9% |
| Free cash flow | -1.2B | Gross margin | - | Oper. margin | -393.4% | Net margin | -411.2% | FCF margin | -170.1% | ROE | -125.1% |
| ROA | -51.9% | R&D / sales | 3.3% | Dividend | - | Debt/Eq | 1.28 | Curr. ratio | 2.31 | Cash | 946.5M |
| Op. cash flow (ttm) | -867.5M | EBITDA | -451.5M | EBITDA margin | -49.8% | Net debt | 2.1B | Quick ratio | 2.31 | Interest cover | -25.30 |
| Stock pay / sales | 19.0% | Shares out. | 387.4M | Shares Y/Y | +13.9% | Book / share | 6.08 | Cash / share | 2.44 | Sales / share | 1.85 |
| Asset turnover | 0.13 | Days sales out. | 0 | Sales 3Y CAGR | +97.5% | Sales 5Y CAGR | +191% |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Debt rose 47%$2.4B → $3.6B · Short-term + long-term debt at year end
-
Revenue growth slowed to +38.2%+69.4% → +38.2% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
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Operating margin narrowed to -135.0%46.6% → -135.0% · Operating income / revenue · 10-K ↗
-
Net income turned to a loss$541.3M → −$1.3B · Net income attributable to the company · 10-K ↗
MARA against Crypto peers
Ten years, side by side → · All 32 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 32 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| MARA MARA Holdings | $716.0M | +38.2% | - | -411.2% | -125.1% | -170.1% | 1.28 |
| FIGR Figure Technology Solutions | $708.9M | +48.7% | - | 33.5% | 16.8% | - | 0.68 |
| CLSK CleanSpark | $679.2M | +102% | 55.2% | -146.9% | -131.1% | -91.3% | 2.34 |
| RIOT Riot Platforms | $675.7M | +71.9% | - | -210.8% | -66.7% | -133.3% | 0.31 |
| CORZ Core Scientific | $592.1M | -37.5% | 41.2% | -18.3% | - | -223.0% | - |
| MSTR Strategy | $495.1M | +3.0% | 67.8% | - | -24.6% | -2.2% | 0.12 |
Profitability
0 of 3- !Net margin below the peer median-411.2% vs -169.8%
- !Return on equity below 15%-125.1%
- !A profit in 2 of 10 years
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
What the debt is made of, and when it is due
balance sheet of Sep 30, 2026The debt note's own lines, 2025-12-31
| Line, as the company names it | Kind | Rate | Fixed or floating | Amount |
|---|---|---|---|---|
| August 2032 Notes (Convertible Debt) | Convertible | – | not stated | $1.0B |
| March 2030 Notes (Convertible Debt) | Convertible | – | not stated | $1.0B |
| June 2031 Notes (Convertible Debt) | Convertible | – | not stated | $925.0M |
| Line of credit | – | – | not stated | $350.0M |
| September 2031 Notes (Convertible Debt) | Convertible | – | not stated | $300.0M |
| December 2026 Notes (Convertible Debt) | Convertible | – | not stated | $48.1M |
From the debt note in the 10-K's XBRL (0001507605-26-000007), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.
Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →
Revenue and net income, FY2016 to FY2025
Revenue 907.1M Net income -1.3BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
MARA's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Mining participant | 44.8M | 4.9% | +40.1% |
| Mining operator - transaction fees | 9.2M | 1.0% | -72.0% |
| Hosting Services | 4.7M | 0.5% | -85.2% |
10-K 0001507605-26-000007, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 36.6M | 520K | 1.6M | 1.2M | 4.4M | 159.2M | 117.8M | 387.5M | 656.4M | 907.1M |
| Cost of revenue | 26.5M | 3.5M | 3.4M | 2.5M | 7.0M | 42.4M | 151.4M | 402.9M | 815.8M | - |
| Gross profit | - | - | - | - | - | 116.8M | -33.7M | - | - | - |
| R&D | - | - | - | - | - | - | 98K | 2.8M | 13.2M | 30.1M |
| SG&A | 840K | 831K | 1.4M | 466K | 6.4M | 174.4M | 56.6M | 83.6M | 254.0M | 349.9M |
| Operating income | -15.6M | -14.2M | -12.1M | -4.2M | -9.8M | -3.0M | -673.5M | 220.9M | 306.1M | -1.2B |
| Interest expense | 3.1M | 1.3M | 81K | 52K | 21K | 1.6M | 15.0M | 10.3M | 13.0M | 48.4M |
| Pretax income | -17.3M | -31.4M | -12.7M | -3.5M | -10.4M | -4.8M | -718.3M | 277.6M | 616.5M | -1.4B |
| Income tax | 11.5M | -104K | 69K | - | 2K | 25.0M | -24.2M | 16.4M | 75.5M | -56.4M |
| Net income | -28.7M | -31.3M | -12.8M | -3.5M | -10.4M | -29.8M | -694.0M | 261.2M | 541.3M | -1.3B |
| EPS (diluted) | -7.56 | -19.20 | -2.41 | -0.53 | -0.13 | -0.30 | -6.12 | 1.06 | 1.72 | -3.69 |
| Diluted shares | 3.8M | - | - | 6.7M | 81.4M | 99.3M | 113.5M | 192.3M | 311.8M | 355.2M |
| Depreciation & amortization | 4K | 26K | 2.0M | 923K | 3.1M | 14.9M | 78.7M | 185.5M | 429.2M | 772.8M |
| EBITDA | -15.6M | -14.2M | -10.1M | -3.3M | -6.8M | 11.9M | -594.8M | 406.4M | 735.3M | -451.5M |
| Gross margin | - | - | - | - | - | 73.4% | -28.6% | - | - | - |
| Operating margin | -42.5% | -2729.6% | -772.9% | -357.7% | -225.3% | -1.9% | -572.0% | 57.0% | 46.6% | -135.0% |
| Net margin | -78.3% | -6030.1% | -820.2% | -296.7% | -239.8% | -18.7% | -589.4% | 67.4% | 82.5% | -144.6% |
| Revenue growth | - | -98.6% | +201% | -24.1% | +268% | +3553% | -26.0% | +229% | +69.4% | +38.2% |
| EPS growth | - | - | - | - | - | - | - | - | +62.3% | -315% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 5.0M | 14.9M | 2.6M | 693K | 141.3M | 268.6M | 103.7M | 357.3M | 391.8M | 547.1M |
| Short-term investments | - | - | - | - | - | 223.9M | - | - | - | - |
| Receivables | 95K | 7K | - | - | - | - | - | 0 | - | - |
| Current assets | 5.5M | 15.0M | 3.0M | 1.5M | 286.4M | 684.2M | 277.5M | 1.0B | 470.4M | 664.3M |
| Property & equipment | 28K | 10K | 1.0M | 3.8M | 17.2M | 276.2M | 273.0M | 671.8M | 1.5B | 1.5B |
| Goodwill | 223K | - | - | - | - | - | - | 0 | 82.8M | 0 |
| Total assets | 18.3M | 15.1M | 5.2M | 6.6M | 313.3M | 1.4B | 1.2B | 2.0B | 6.8B | 7.3B |
| Accounts payable | - | - | - | - | - | 7.8M | 1.3M | 11.3M | 12.6M | 12.5M |
| Current liabilities | 20.5M | 7.7M | 2.3M | 1.9M | 1.4M | 11.2M | 26.1M | 33.8M | 95.2M | 521.9M |
| Total debt | 17.8M | 1.8M | 999K | 999K | - | 728.4M | 782.2M | 325.7M | 2.4B | 3.6B |
| Total liabilities | 27.6M | 7.7M | 2.3M | 3.0M | 1.5M | 765.2M | - | - | - | - |
| Shareholders' equity | -9.3M | 7.4M | 2.9M | 3.6M | 311.7M | 682.1M | 385.9M | 1.6B | 4.1B | 3.5B |
| Retained earnings | -57.9M | -89.3M | -102.1M | -105.6M | -116.1M | -146.3M | -840.3M | -567.6M | -26.4M | -1.3B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 10.2M | -10.8M | -8.2M | -3.3M | -7.8M | -19.0M | -176.5M | -315.7M | -677.0M | -802.7M |
| Capital spending | 8K | 8K | 5.3M | 5K | 17.7M | 273.9M | 41.1M | 27.6M | 250.8M | 407.1M |
| Free cash flow | 10.2M | -10.8M | -13.5M | -3.3M | -25.5M | -292.8M | -217.6M | -343.3M | -927.8M | -1.2B |
| Stock-based pay (added back) | 2.0M | 2.0M | 1.4M | 934K | 1.2M | 160.8M | 24.6M | 32.6M | 157.6M | 172.3M |
| Buybacks | - | - | - | - | - | - | 0 | 380K | 37.4M | 46.9M |
| Acquisitions | - | - | - | - | - | - | 0 | 0 | 335.6M | 36.4M |
| Debt raised | - | - | - | - | - | 77.5M | 120.0M | 0 | 0 | - |
| Debt repaid | - | - | - | - | - | 77.5M | 120.0M | 50.0M | 0 | 0 |
| Investing cash flow | -3.7M | -8K | -4.2M | 1.2M | -81.3M | -891.1M | -390.2M | 4.6M | -3.2B | -669.9M |
| Financing cash flow | -4.0M | 20.4M | - | 245K | 229.7M | 1.0B | 410.7M | 555.9M | 4.0B | 1.6B |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 2.0M | 2.0M | 1.4M | 934K | 1.2M | 160.8M | 24.6M | 32.6M | 157.6M | 172.3M |
| Stock-based pay / revenue | 5.3% | 380.4% | 91.3% | 78.8% | 27.0% | 101.0% | 20.9% | 8.4% | 24.0% | 19.0% |
| Operating lease cost | - | - | - | 107K | 107K | 0 | 327K | 315K | 838K | 5.3M |
| Operating lease cash paid | - | - | - | 97K | 97K | - | 67K | - | - | - |
| Finance lease principal paid | - | - | - | - | - | - | 0 | 0 | 163K | 168K |
| Right-of-use assets | - | - | 388K | 297K | 200K | - | 1.3M | 443K | 16.9M | 32.3M |
| Operating lease liabilities | - | - | - | 208K | - | - | 1.3M | 500K | 23.2M | 41.4M |
| Finance lease liabilities | - | - | - | - | - | - | - | - | 3.9M | 4.0M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
Work on MARA in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MARA/export.csv") into a cell.