MARA - Marathon Digital Holdings, Inc.
Price:
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--
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$15.75
DETAILS
HIGH:
$30.00
LOW:
$7.00
MEDIAN:
$13.00
CONSENSUS:
$15.75
UPSIDE:
14.05%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||
| Revenue | 907.1 | 656.4 | 387.5 | 117.8 | 159.2 | 4.4 | 1.2 | 1.6 | 0.5 | 36.6 | 19.0 | 21.4 | 3.4 | 0 | 0 |
| Cost of Revenue | 1,340.0 | 815.8 | 402.9 | 151.4 | 42.4 | 6.9 | 4.0 | 5.3 | 7.8 | 32.0 | 22.0 | 15.7 | 1.0 | 2.7 | 0 |
| Gross Profit | (432.9) | (159.4) | (15.3) | (33.7) | 116.8 | (2.6) | (2.8) | (3.8) | (7.3) | 4.6 | (3.0) | 5.7 | 2.5 | (2.7) | 0 |
| Operating Expenses | |||||||||||||||
| R&D Expenses | 30.1 | 13.2 | 2.8 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 349.9 | 272.1 | 95.2 | 82.8 | 174.4 | 6.4 | 1.0 | 3.2 | 4.2 | 3.9 | 6.0 | 4.2 | 5.1 | 2.9 | 0.0 |
| Other Expenses | 9.2 | (750.8) | (334.3) | 557.0 | 0 | 0.9 | 0.4 | 5.1 | 2.7 | 16.3 | 16.6 | 7.7 | 1.0 | 0.0 | 0 |
| Operating Expenses | 389.2 | (465.5) | (236.3) | 639.9 | 174.4 | 7.3 | 1.5 | 8.3 | 6.9 | 20.2 | 22.6 | 11.9 | 6.1 | 2.9 | 0.0 |
| Operating Income | |||||||||||||||
| Operating Income | (822.2) | 306.1 | 220.9 | (673.5) | (57.6) | (9.8) | (4.2) | (12.1) | (14.2) | (15.6) | (25.7) | (6.2) | (3.7) | (5.5) | (0.0) |
| Interest Expense | 48.4 | 13.0 | 10.3 | 15.0 | 1.6 | 0.0 | 0.1 | 2.4 | 4.9 | 3.1 | 4.2 | 0.5 | 0.0 | 0.0 | 0 |
| Interest Income | 55.9 | 16.7 | 2.8 | 1.0 | 0.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0 |
| Profitability | |||||||||||||||
| EBITDA | (49.4) | 1,056.1 | 467.5 | (624.6) | 2.0 | (7.4) | (2.4) | (8.3) | (24.7) | (6.7) | (10.0) | (0.7) | (2.7) | (5.5) | (0.0) |
| EBIT | (822.2) | 629.5 | 287.9 | (703.3) | (12.9) | (10.4) | (3.5) | (10.4) | (26.6) | (14.2) | (20.9) | (6.3) | (3.7) | (5.5) | (0.0) |
| Income Before Tax | (1,368.3) | 616.5 | 277.6 | (718.3) | (14.5) | (10.4) | (3.5) | (12.7) | (31.4) | (17.3) | (25.1) | (6.8) | (3.7) | (5.5) | (0.0) |
| Income Tax Expense | (56.4) | 75.5 | 16.4 | (24.2) | 22.6 | 0.0 | 0 | 0.1 | (0.1) | 11.5 | (8.2) | (4.9) | 0 | 0 | 0 |
| Net Income | (1,311.5) | 541.3 | 261.2 | (694.0) | (37.1) | (10.4) | (3.5) | (12.8) | (31.3) | (28.7) | (16.9) | (1.9) | (3.5) | (6.9) | (0.0) |
| Per Share Data | |||||||||||||||
| EPS (Basic) | -3.69 | 1.87 | 1.41 | -6.12 | -0.37 | -0.13 | -0.61 | -2.41 | -19.22 | -30.22 | -19.08 | -2.58 | -6.00 | -19.88 | -0.26 |
| EPS (Diluted) | -3.69 | 1.72 | 1.06 | -6.12 | -0.37 | -0.13 | -0.61 | -2.41 | -19.22 | -30.22 | -19.08 | -2.58 | -6.00 | -19.88 | -0.26 |
| Shares Outstanding | 355.2 | 290.0 | 183.9 | 113.5 | 99.3 | 81.4 | 6.7 | 5.3 | 1.6 | 0.9 | 0.9 | 0.7 | 0.6 | 0.3 | 0.1 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||
| Cash & Cash Equivalents | 547.1 | 391.8 | 357.3 | 103.7 | 268.6 | 141.3 | 0.7 | 2.6 | 14.9 | 5.0 |
| Short-Term Investments | 2.4 | 0 | 0 | 0 | 319.1 | 0 | 0.0 | 0 | 0 | 0 |
| Net Receivables | 18.5 | 6.3 | 2.1 | 0.0 | 26.9 | 74.8 | 0 | 0 | 0.0 | 0.1 |
| Inventory | 0 | 0 | 14.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 98.6 | 53.5 | 649.0 | 171.5 | 69.6 | 4.7 | 0.8 | 0.5 | 0 | 0.4 |
| Total Current Assets | 664.3 | 470.4 | 1,029.8 | 277.5 | 684.2 | 286.4 | 1.5 | 3.0 | 15.0 | 5.5 |
| Non-Current Assets | ||||||||||
| Property, Plant & Equipment | 0 | 1,566.4 | 672.2 | 274.3 | 276.2 | 17.4 | 4.1 | 1.0 | 0.0 | 0.0 |
| Goodwill | 0 | 82.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.2 |
| Intangible Assets | 1.0 | 2.7 | 0.2 | 0.2 | 0.9 | 1.0 | 1.1 | 1.1 | 0.0 | 12.3 |
| Long-Term Investments | 1,499.7 | 3,335.5 | 106.3 | 37 | 3 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 5,259.9 | 1,343.6 | 182.7 | 606.2 | 479.9 | 8.4 | 0 | 0 | (0.0) | 0.2 |
| Total Non-Current Assets | 6,760.6 | 6,330.9 | 961.2 | 917.7 | 760.1 | 26.8 | 5.1 | 2.2 | 0.0 | 12.8 |
| Total Assets | 7,424.8 | 6,801.3 | 1,991.0 | 1,195.2 | 1,444.3 | 313.3 | 6.6 | 5.2 | 15.1 | 18.3 |
| Current Liabilities | ||||||||||
| Account Payables | 12.5 | 12.6 | 11.3 | 1.3 | 7.8 | 1.0 | 1.2 | 1.2 | 2.0 | 7.2 |
| Short-Term Debt | 399.7 | 0 | 0.1 | 0 | 0 | 0 | 0 | 1.0 | 1.8 | 13.2 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1.2) | 0 | (7.2) |
| Other Current Liabilities | 109.6 | 18.9 | (0.1) | 0 | 3.5 | 0.3 | 0.0 | 0.0 | 3.9 | 0.1 |
| Total Current Liabilities | 521.9 | 95.2 | 33.8 | 26.1 | 11.2 | 1.4 | 1.9 | 2.3 | 7.7 | 20.5 |
| Non-Current Liabilities | ||||||||||
| Long-Term Debt | 3,202.1 | 2,446.6 | 325.7 | 782.2 | 728.4 | 0.1 | 1.0 | 0 | 0 | 4.7 |
| Deferred Tax Liabilities | 167.8 | 88.5 | 15.3 | 0 | 22.6 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 12.5 | 8.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.4 |
| Total Non-Current Liabilities | 3,425.9 | 2,570.2 | 341.3 | 783.2 | 751.0 | 0.1 | 1.1 | 1.0 | 3.7 | 7.1 |
| Total Liabilities | 3,947.7 | 2,665.4 | 375.1 | 809.3 | 762.2 | 1.5 | 3.0 | 2.3 | 7.7 | 27.6 |
| Stockholders' Equity | ||||||||||
| Common Stock | (1,311.5) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | (1,337.9) | (26.4) | (567.6) | (840.3) | (153.6) | (116.1) | (105.6) | (102.1) | (89.3) | (57.9) |
| Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 | 0 | (0.5) | (0.5) | (0.5) | (0.5) | (1.1) |
| Total Stockholders' Equity | 3,471.7 | 4,129.0 | 1,615.9 | 385.9 | 682.1 | 311.7 | 3.6 | 2.9 | 7.4 | (9.1) |
| Total Liabilities & Equity | 7,424.8 | 6,801.3 | 1,991.0 | 1,195.2 | 1,444.3 | 313.3 | 6.6 | 5.2 | 15.1 | 18.3 |
| Debt Metrics | ||||||||||
| Total Debt | 3,645.4 | 2,473.7 | 326.1 | 783.5 | 728.4 | 0.2 | 1.2 | 1.0 | 1.8 | 17.8 |
| Net Debt | 3,098.2 | 2,081.9 | (31.2) | 679.8 | 459.9 | (141.1) | 0.5 | (1.6) | (13.2) | 12.8 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | (4.7) | 541.0 | 261.2 | (686.7) | (36.2) | (10.4) | (3.5) | (12.8) | (31.3) | (28.8) |
| Depreciation & Amortization | 772.8 | 426.6 | 179.5 | 78.7 | 15.1 | 3.2 | 1.1 | 2.1 | 1.9 | 7.5 |
| Stock-Based Compensation | 0 | 157.6 | 32.6 | 24.6 | 160.8 | 1.2 | 0.9 | 1.4 | 2.0 | 2.0 |
| Change in Working Capital | 18.9 | (173.9) | (412.4) | (176.6) | (137.7) | (3.8) | (1.7) | (4.7) | (0.6) | 2.4 |
| Other Non-Cash Items | (748.6) | (1,701.6) | (391.9) | 606.1 | (43.2) | 1.0 | (0.5) | 5.8 | 17.3 | 15.8 |
| Operating Cash Flow | 94.7 | (677.0) | (315.7) | (176.5) | (18.2) | (7.8) | (3.3) | (8.2) | (10.8) | 10.2 |
| Investing Activities | ||||||||||
| Capital Expenditure | (407.1) | (253.5) | (27.6) | (41.1) | (708.9) | (83.4) | (0.0) | (5.5) | (0.0) | (3.7) |
| Acquisitions | 22.2 | (335.6) | (71.8) | (44) | (3) | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | 7.7 | (1,978.5) | (71.8) | (0.5) | (153) | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | (8.7) | 152.3 | 264.9 | 849.8 | 3 | 2.1 | 1.2 | 1.3 | 0 | 0 |
| Other Investing Activities | (284.1) | 0.9 | (89.1) | (1,154.4) | (30) | 0 | 0 | (0.2) | 0 | (3.7) |
| Investing Cash Flow | (669.9) | (3,229.1) | 4.6 | (390.2) | (891.9) | (81.3) | 1.2 | (4.2) | (0.0) | (3.7) |
| Financing Activities | ||||||||||
| Net Debt Issuance | 1,145.6 | 2,131.2 | (50) | 49.2 | 728.4 | 0.1 | 0 | 0 | 4.2 | (8.7) |
| Stock Repurchased | (46.9) | (34.9) | (15.8) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (39.8) | 4.6 | (0.4) | (0.1) | 313.6 | (0.0) | (0.0) | 0 | 0.2 | 0.0 |
| Financing Cash Flow | 1,627.4 | 3,952.5 | 555.9 | 410.7 | 1,037.3 | 229.7 | 0.2 | 0 | 20.4 | (4.0) |
| Cash Position | ||||||||||
| Net Change in Cash | 155.4 | 46.5 | 244.8 | (156.1) | 127.2 | 140.6 | (1.9) | (12.4) | 10.0 | 2.4 |
| Cash at Beginning | 403.8 | 357.3 | 112.5 | 268.6 | 141.3 | 0.7 | 2.6 | 14.9 | 5.0 | 2.6 |
| Cash at End | 559.1 | 403.8 | 357.3 | 112.5 | 268.5 | 141.3 | 0.7 | 2.6 | 14.9 | 5.0 |
| Free Cash Flow | (312.3) | (930.5) | (343.3) | (217.6) | (727.1) | (91.2) | (3.3) | (13.7) | (10.8) | 6.5 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||||
| Revenue | 907.1 | 656.4 | 387.5 | 117.8 | 159.2 | 4.4 | 1.2 | 1.6 | 0.5 | 36.6 | 19.0 | 21.4 | 3.4 | 0 | 0 |
| Gross Profit | (432.9) | (159.4) | (15.3) | (33.7) | 116.8 | (2.6) | (2.8) | (3.8) | (7.3) | 4.6 | (3.0) | 5.7 | 2.5 | (2.7) | 0 |
| Operating Income | (822.2) | 306.1 | 220.9 | (673.5) | (57.6) | (9.8) | (4.2) | (12.1) | (14.2) | (15.6) | (25.7) | (6.2) | (3.7) | (5.5) | (0.0) |
| Net Income | (1,311.5) | 541.3 | 261.2 | (694.0) | (37.1) | (10.4) | (3.5) | (12.8) | (31.3) | (28.7) | (16.9) | (1.9) | (3.5) | (6.9) | (0.0) |
| EPS (Diluted) | -3.69 | 1.72 | 1.06 | -6.12 | -0.37 | -0.13 | -0.61 | -2.41 | -19.22 | -30.22 | -19.08 | -2.58 | -6.00 | -19.88 | -0.26 |
| Balance Sheet | |||||||||||||||
| Cash & Equivalents | 547.1 | 391.8 | 357.3 | 103.7 | 268.6 | 141.3 | 0.7 | 2.6 | 14.9 | 5.0 | |||||
| Total Assets | 7,424.8 | 6,801.3 | 1,991.0 | 1,195.2 | 1,444.3 | 313.3 | 6.6 | 5.2 | 15.1 | 18.3 | |||||
| Total Debt | 3,645.4 | 2,473.7 | 326.1 | 783.5 | 728.4 | 0.2 | 1.2 | 1.0 | 1.8 | 17.8 | |||||
| Stockholders' Equity | 3,471.7 | 4,129.0 | 1,615.9 | 385.9 | 682.1 | 311.7 | 3.6 | 2.9 | 7.4 | (9.1) | |||||
| Cash Flow | |||||||||||||||
| Operating Cash Flow | 94.7 | (677.0) | (315.7) | (176.5) | (18.2) | (7.8) | (3.3) | (8.2) | (10.8) | 10.2 | |||||
| Capital Expenditure | (407.1) | (253.5) | (27.6) | (41.1) | (708.9) | (83.4) | (0.0) | (5.5) | (0.0) | (3.7) | |||||
| Free Cash Flow | (312.3) | (930.5) | (343.3) | (217.6) | (727.1) | (91.2) | (3.3) | (13.7) | (10.8) | 6.5 | |||||