Marathon Digital Holdings, Inc. (MARA) AI Stock Analysis

Marathon Digital Holdings, Inc. is a digital asset company that specializes in cryptocurrency mining and blockchain technology. Based in Las Vegas, Nevada, the company leverages the blockchain ecosystem to mine cryptocurrencies and produce digital assets. Founded in 2010 as Marathon Patent Group, Inc., the company shifted its strategic direction from patent monetization to cryptocurrency mining and rebranded in February 2021. By the end of 2021, the company held approximately 8,115 bitcoins, including holdings in its investment fund. The company focuses on expanding its mining footprint, advancing technological innovation, and improving operational efficiency across its infrastructure.

Revenue expanded from $159.2M in FY2021 to $907.1M in FY2025, reflecting a 5-year revenue CAGR of 190.9%. However, profitability has been volatile. Operating margin went from 46.6% in FY2024 to -90.6% in FY2025, and net income declined from $541.3M to -$1.31B. For the trailing twelve months, revenue was $804.2M, with an operating margin of -265.2% and EPS of -$9.40. In the latest quarter ended June 30, 2026, quarterly revenue fell 26.7% year-over-year, while quarterly earnings grew 86.7%. For the current fiscal year ending December 31, 2026, analysts estimate revenue of $707.1M and an EPS of -$3.54.

As of June 30, 2026, Marathon Digital held $421.3M in cash and short-term investments against $2.47B in total debt, resulting in net debt of $2.04B. Shareholders' equity was $1.66B, and total assets stood at $4.35B. The company reported a current ratio of 0.89 and a debt-to-equity ratio of 1.49. In FY2025, operating cash flow reached $94.7M, but free cash flow was -$312.3M after capital expenditures of $407.1M. Share buybacks totaled $46.9M in FY2025, while the share count expanded 271.7% over five years.

Marathon Digital trades at a forward P/E of 39.5x, well above the 10.8x median of its US-listed Financial Services peers. Its price-to-sales ratio is 3.6x compared to the peer median of 3.2x, while its EV-to-EBITDA multiple of 6.7x sits below the peer median of 11.7x. The company holds an enterprise value of $7.20B and a market cap of $2.91B. Over the past year, the stock fell 62.9%, compared to a 16.8% gain for the S&P 500 benchmark. Over five years, the stock dropped 84.6%, while the S&P 500 advanced 83.0%.

Wall Street coverage includes 7 Strong Buy, 2 Buy, 4 Hold, 1 Sell, and 1 Strong Sell ratings. The mean price target is $18.61, representing an upside of 147.1% over the last close of $7.53 on October 16, 2026. The company beat EPS estimates in 2 of the trailing 4 quarters. For the next fiscal year, two analysts project revenue of $805.3M and an EPS of -$0.34. The next earnings date is scheduled for November 3, 2026.

This page is an AI-written research summary of Marathon Digital Holdings, Inc. (MARA). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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