Marathon Digital Holdings, Inc. (MARA) Key Metrics
MARA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.91B
- Enterprise value
- $7.20B
- P/E (TTM)
- —
- Forward P/E
- 39.5
- PEG ratio
- 0.10
- Price / sales
- 3.6 10-yr median 9.8
- Price / book
- 3.1 10-yr median 2.0
- EV / EBITDA
- 6.7
- Dividend yield
- —
- Beta
- 5.35
MARA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMARA valuation Price multiples at each fiscal year-end price.
Price / sales−55.9%
3.5
2025 · hover or tap a bar for each year
20162025
Price / book−27.5%
0.9
2025 · hover or tap a bar for each year
20162025
Free cash flow yield+8.0 pts
−9.8%
2025 · hover or tap a bar for each year
20162025
MARA returns How much profit the business earns on the capital it uses.
Return on equity−53.4 pts
−34.5%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−17.1 pts
−10.2%
2025 · hover or tap a bar for each year
20162025
Return on assets−30.9 pts
−18.6%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+107.3 pts
−34.4%
2025 · hover or tap a bar for each year
20162025
Asset turnover−13.8%
0.13
2025 · hover or tap a bar for each year
20162025
MARA per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+21.3%
$2.55
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$3.69
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$0.88
2025 · hover or tap a bar for each year
20162025
Book value per share−26.2%
$9.77
2025 · hover or tap a bar for each year
20162025
Shares outstanding+13.9%
355.2M
2025 · hover or tap a bar for each year
20162025
MARA financial health Debt, liquidity and how easily interest is covered.
Debt / equity+75.3%
1.05
2025 · hover or tap a bar for each year
20162025
Net debt+$1.0B
$3.10B
2025 · hover or tap a bar for each year
20162025
Current ratio−74.2%
1.27
2025 · hover or tap a bar for each year
20162025
Interest coverage
-17.0
2025 · hover or tap a bar for each year
20162025
Debt / assets+37.5%
0.50
2025 · hover or tap a bar for each year
20162025
MARA efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+3 days
5 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−2 days
3 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle+2 days
2 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+6.3 pts
44.9%
2025 · hover or tap a bar for each year
20162025
MARA valuation history
Fiscal year-endToday10-year median
MARA returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MARA debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MARA cash returned to shareholders
DividendsBuybacksFree cash flow
MARA price vs earnings per share
Share price at year-endEPS (right axis)
MARA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.19B | $5.23B | $4.52B | $388.1M | $3.26B | $849.9M | — | — | — | — |
| Enterprise value | $6.29B | $7.31B | $4.49B | $1.07B | $3.50B | $708.8M | — | — | — | — |
| P/E ratio | — | 9.7 | 17.3 | — | — | — | — | — | — | — |
| Price / sales | 3.5 | 8.0 | 11.7 | 3.3 | 20.5 | 195.1 | — | — | — | — |
| Price / book | 0.9 | 1.3 | 2.8 | 1.0 | 4.8 | 2.7 | — | — | — | — |
| Price / operating cash flow | 33.7 | — | — | — | — | — | — | — | — | — |
| EV / sales | 6.9 | 11.1 | 11.6 | 9.1 | 22.0 | 162.7 | — | — | — | — |
| EV / EBITDA | — | 6.9 | 9.6 | — | — | — | — | — | — | — |
| Earnings yield | −41.1% | 10.3% | 5.8% | −178.8% | −1.1% | −1.2% | — | — | — | — |
| Free cash flow yield | −9.8% | −17.8% | −7.6% | −56.1% | −22.3% | −10.7% | — | — | — | — |
| Dividend yield | — | — | — | 0.0% | 0.1% | 0.0% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 1.5% | 0.7% | 0.3% | 0.0% | 0.3% | 0.0% | — | — | — | — |
| Share price at fiscal year-end | $8.98 | $16.77 | $23.49 | $3.42 | $32.86 | $10.44 | $0.88 | $1.44 | $16.40 | $27.52 |
| Per share | ||||||||||
| Revenue per share | $2.55 | $2.10 | $2.02 | $1.04 | $1.60 | $0.05 | — | — | — | — |
| Earnings per share | −$3.69 | $1.74 | $1.36 | −$6.12 | −$0.37 | −$0.13 | — | — | — | — |
| Operating cash flow per share | $0.27 | −$2.17 | −$1.64 | −$1.56 | −$0.18 | −$0.10 | — | — | — | — |
| Free cash flow per share | −$0.88 | −$2.98 | −$1.79 | −$1.92 | −$7.32 | −$1.12 | — | — | — | — |
| Cash per share | $1.54 | $1.26 | $1.86 | $0.91 | $4.96 | $1.74 | — | — | — | — |
| Book value per share | $9.77 | $13.24 | $8.40 | $3.40 | $6.88 | $3.83 | — | — | — | — |
| Tangible book value per share | $9.47 | $12.97 | $8.40 | $3.40 | $6.87 | $3.82 | — | — | — | — |
| Dividends per share | — | — | — | $0.00 | $0.05 | $0.00 | — | — | — | — |
| Capex per share | $1.15 | $0.81 | $0.14 | $0.36 | $7.14 | $1.02 | — | — | — | — |
| Debt per share | $10.26 | $7.93 | $1.70 | $6.91 | $7.33 | $0.00 | — | — | — | — |
| Shares outstanding | 355.2M | 311.8M | 192.3M | 113.5M | 99.3M | 81.4M | — | — | — | — |
| Change in shares outstanding | +13.9% | +62.2% | +69.5% | +14.2% | +22.0% | — | — | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −34.5% | 18.8% | 26.1% | −129.8% | −7.5% | −6.6% | −107.1% | −248.6% | — | — |
| Return on invested capital (ROIC) | −10.2% | 6.9% | 15.7% | −53.6% | −8.3% | −8.9% | −121.1% | — | — | −67.5% |
| Return on assets (ROA) | −18.6% | 12.3% | 16.4% | −52.5% | −4.2% | −6.5% | −59.5% | −126.5% | −187.9% | −87.5% |
| Return on tangible assets | −18.3% | 8.1% | 13.1% | −58.1% | −2.6% | −3.3% | −63.4% | −316.4% | −208.2% | −498.4% |
| Free cash flow margin | −34.4% | −141.8% | −88.6% | −184.8% | −456.8% | — | −280.4% | −879.5% | — | 17.7% |
| Income quality (OCF / net income) | — | −1.25 | −1.21 | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $3.65B | $2.47B | $326.1M | $783.5M | $728.4M | $184,096 | $1.2M | $999,106 | $1.8M | $17.8M |
| Cash & short-term investments | $547.1M | $391.8M | $357.3M | $103.7M | $492.3M | $141.3M | $692,963 | $2.6M | $14.9M | $5.0M |
| Net debt | $3.10B | $2.08B | −$31.2M | $679.8M | $236.1M | −$141.1M | $514,581 | −$1.6M | −$13.2M | $12.8M |
| Debt / equity | 1.05 | 0.60 | 0.20 | 2.03 | 1.07 | 0.00 | 0.33 | 0.34 | 0.24 | — |
| Debt / assets | 0.50 | 0.36 | 0.16 | 0.66 | 0.50 | 0.00 | 0.18 | 0.19 | 0.12 | 0.98 |
| Net debt / EBITDA | — | 1.97 | −0.07 | — | 120.83 | — | — | — | — | — |
| Current ratio | 1.27 | 4.94 | 30.51 | 10.63 | 49.89 | 198.38 | 0.81 | 1.33 | 1.96 | 0.27 |
| Quick ratio | 1.27 | 4.97 | 30.09 | 10.20 | 47.39 | 152.91 | 0.81 | 1.33 | 1.96 | 0.27 |
| Interest coverage | -17.0 | 23.6 | 21.3 | -45.0 | -36.7 | -467.9 | -81.7 | -5.1 | -2.9 | -5.0 |
| Working capital | $142.4M | $375.2M | $996.0M | $251.4M | $674.4M | $285.0M | −$358,577 | $741,544 | $7.4M | −$14.9M |
| Invested capital | $6.57B | $6.21B | $1.58B | $1.07B | $919.1M | $170.6M | $4.2M | $1.4M | −$5.8M | $3.7M |
| Tangible asset value | $3.37B | $4.05B | $1.62B | $385.7M | $682.1M | $310.7M | $2.6M | $1.8M | $7.4M | −$21.8M |
| Net current asset value | −$3.15B | −$2.20B | $654.8M | −$531.8M | −$77.1M | $284.9M | −$1.5M | $741,544 | $7.4M | −$22.1M |
| Graham number | — | $22.74 | $16.03 | — | — | — | — | — | — | — |
| Graham net-net per share | −$9.15 | −$7.28 | −$0.05 | −$6.17 | −$2.35 | $2.81 | — | — | — | — |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $81,000 | $4.7M | $62,500 | — | — | $0 | $0 |
| Share buybacks (net) | $46.9M | $34.9M | $15.8M | $81,000 | $4.7M | $0 | $0 | — | $0 | $0 |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | — | — | — | 0.0% |
| Capex / revenue | 44.9% | 38.6% | 7.1% | 34.9% | 445.4% | 1,913.9% | 0.4% | 352.1% | 1.5% | 10.1% |
| Capex / operating cash flow | 429.7% | — | — | — | — | — | — | — | — | 36.3% |
| Capex / depreciation | 0.53 | 0.59 | 0.15 | 0.52 | 47.57 | 27.22 | 0.00 | 2.66 | 0.00 | 0.49 |
| Stock-based compensation / revenue | 19.0% | 24.0% | 8.4% | 20.9% | 101.0% | 27.0% | 78.8% | 91.3% | 380.4% | 5.3% |
| R&D / revenue | 3.3% | 2.0% | 0.7% | 0.1% | — | — | — | — | — | — |
| SG&A / revenue | 38.6% | 41.5% | 24.6% | 70.3% | 109.5% | 147.0% | 86.0% | 206.7% | 801.8% | 10.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 5.0 | 2.3 | 1.0 | 46.5 | 120.1 | 6,263.5 | — | 0.8 | 35.8 | 1.2 |
| Days of inventory on hand | — | 2.6 | 11.5 | 55.0 | 430.9 | 3,465.1 | — | — | — | — |
| Days payables outstanding | 3.4 | 5.3 | 5.7 | 17.2 | 60.0 | 59.1 | 114.1 | 109.3 | 213.9 | 78.4 |
| Cash conversion cycle (days) | 1.6 | -0.4 | 6.7 | 84.3 | 491.1 | 9,669.6 | — | -108.6 | -178.1 | -77.3 |
| Receivables turnover | 72.90 | 155.61 | 367.48 | 7.85 | 3.04 | 0.06 | — | 457.77 | 10.20 | 315.89 |
| Payables turnover | 106.77 | 68.27 | 63.67 | 21.27 | 6.09 | 6.18 | 3.20 | 3.34 | 1.71 | 4.65 |
| Inventory turnover | — | — | 31.82 | 6.64 | 0.85 | 0.11 | — | — | — | — |
| Asset turnover | 0.13 | 0.15 | 0.24 | 0.09 | 0.18 | 0.03 | 0.20 | 0.15 | 0.03 | 1.12 |
| Average receivables | $12.4M | $4.2M | $1.1M | $15.0M | $52.4M | $74.8M | — | $3,413 | $50,948 | $115,956 |
| Average payables | $12.6M | $11.9M | $6.3M | $7.1M | $7.0M | $1.1M | $1.2M | $1.6M | $4.6M | $6.9M |
| Average inventory | — | $5.9M | $12.7M | $22.8M | $50.1M | $65.6M | — | — | $0 | $0 |
| Intangibles / total assets | 1.5% | 1.3% | 0.0% | 0.0% | 0.1% | 0.3% | 16.2% | 22.0% | 0.1% | 68.6% |
Computed from MARA's annual financial statements (latest annual report filed March 2, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MARA valuation and financial ratios
Marathon Digital earned a return on equity of −34.5% and a return on invested capital of −10.2% in fiscal 2025. It ended the year with $3.6 billion of debt and $547.1 million in cash and short-term investments, net debt of $3.1 billion. It returned $46.9 million to shareholders: $0 in dividends and $46.9 million in share buybacks.
See the MARA income statement, the MARA chart for price history, or the MARA stock overview for the latest quote and news.
MARA key metrics FAQ
What is Marathon Digital's return on equity?
Marathon Digital's return on equity (ROE) was −34.5% in fiscal 2025: net income of -$1.3 billion on average shareholders' equity of $3.8 billion.
What is Marathon Digital's ROIC?
Marathon Digital's return on invested capital was −10.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Marathon Digital have?
Marathon Digital had total debt of $3.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.05.
Does Marathon Digital buy back its shares?
Yes. Marathon Digital spent $46.9 million on net share repurchases in fiscal 2025 Shares outstanding changed +13.9% over the year, to 355.2M..
What is Marathon Digital's free cash flow yield?
Marathon Digital generated -$312.3 million of free cash flow in fiscal 2025, a free cash flow yield of −9.8% on its market value at year-end ($3.2 billion).
What is Marathon Digital's current ratio?
Marathon Digital's current ratio was 1.27 at the end of fiscal 2025: current assets were 1.27 times current liabilities.