MARA

Updated: Mar 12, 2026 11:30 AM

Marathon Digital Holdings Inc

Market Cap: $4.47B P/S: 18x Ownership — Insider: 0.6% | Institutional: 77.4% | Retail: 22.1% FINANCIAL SERVICES CAPITAL MARKETS

Marathon Digital Holdings, Inc. is a leading cryptocurrency mining company headquartered in Las Vegas, Nevada, that plays a critical role in the blockchain ecosystem. Leveraging cutting-edge technology and operational efficiency, Marathon seeks to maximize its mining output while effectively managing costs in the volatile cryptocurrency market. The company's focus on strategic partnerships and sustainable practices positions it well to capitalize on the burgeoning demand for digital assets and decentralized finance solutions, solidifying its status as a pivotal player in the industry.

Revenue

Revenue, Profit & Income — explained by Jerry the Goat Farmer
Total RevenueEvery single dollar that wanders onto Jerry's farm. Cheese sales, milk money, goat yoga memberships, and that one weird guy who pays $50 to just watch the goats. Jerry doesn't ask questions.
Gross ProfitThe money left after feeding the goats but before reality sets in. Jerry feels rich for exactly 11 minutes.
Net IncomeWhat Jerry actually gets to keep after the Jerrynment, cousin Larry, the feed store, and his ex-wife's lawyer all take their cut. This number is often... humbling.
Using alias: revenuea -> totalRevenue [annual] [income]
Using alias: profita -> grossProfit [annual] [income]
Using alias: incomea -> netIncome [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        14/14 dates (100%)
  ✅ grossProfit                         14/14 dates (100%)
  ✅ netIncome                           14/14 dates (100%)

Plot for MARA (in M)
  reports: annualReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -694.02M                  -347.01M                    0.00M                    347.01M                   694.02M
               |                         |                         |                         |                         |

  2011-12-31 |                                                    | -0.03M
  2012-12-31 |                                                    |  -6.93M
  2013-12-31 |                                                    |  -3.45M
  2014-12-31 |                                                    |  21.40M
  2015-12-31 |                                                    |  18.98M
  2016-12-31 |                                                   |  36.63M
  2017-12-31 |                                                   |  -31.33M
  2018-12-31 |                                                    |  -12.81M
  2019-12-31 |                                                    |  -3.52M
  2020-12-31 |                                                    |  -10.45M
  2021-12-31 |                                                  |  159.16M
  2022-12-31 | |  -694.02M
  2023-12-31 |                                                    |  387.51M
  2024-12-31 |                                         |  656.38M

               |                         |                         |                         |                         |
               -694.02M                  -347.01M                    0.00M                    347.01M                   694.02M

Costs

Operating Costs — explained by Jerry the Goat Farmer
Cost of Goods & Services SoldThe unglamorous stuff: hay, feed, vet bills for when Sergio the goat eats another iPhone. These goats don't feed themselves, and they definitely don't apologize.
Selling, General & AdministrativeThe "CHEESE HAPPENS" billboard on the highway, the accountant (cousin Larry, who definitely cheated in Monopoly as a kid), office supplies, and the therapy Jerry needs after dealing with cousin Larry.
Research & DevelopmentJerry's experimental ghost pepper goat cheese that made three customers cry. Also the goat treadmill. The goats refuse to use the goat treadmill.
Using alias: rnda -> researchAndDevelopment [annual] [income]
Using alias: sgaa -> sellingGeneralAndAdministrative [annual] [income]
Using alias: cogsa -> costofGoodsAndServicesSold [annual] [income]


Data Completeness:
------------------------------------------------------------
  ⚠️  researchAndDevelopment              11/14 dates (79%)
  ✅ sellingGeneralAndAdministrative     14/14 dates (100%)
  ✅ costofGoodsAndServicesSold          14/14 dates (100%)

Plot for MARA (in M)
  reports: annualReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00M                    203.94M                   407.88M                   611.81M                   815.75M
               |                         |                         |                         |                         |

  2011-12-31 |  30.93M
  2012-12-31 |  2.86M
  2013-12-31 |  5.10M
  2014-12-31 |  15.69M
  2015-12-31 |  22.02M
  2016-12-31 |  32.00M
  2017-12-31 |  7.83M
  2018-12-31 |  5.34M
  2019-12-31 |  3.96M ⊗
  2020-12-31 |  6.92M ⊗
  2021-12-31 |  174.32M ⊗
  2022-12-31 |  151.42M
  2023-12-31 |  402.85M
  2024-12-31 |  815.75M

               |                         |                         |                         |                         |
               0.00M                    203.94M                   407.88M                   611.81M                   815.75M

Cash

Cash, Debt & Cash Flow — explained by Jerry the Goat Farmer
Cash & Short-Term InvestmentsThe coffee can buried behind the barn, $47 in a savings account, and some cryptocurrency Jerry bought drunk in 2021. He's afraid to check on it.
Short/Long-Term DebtThe barn loan that'll follow Jerry to the grave (long-term) and the $200 he owes the feed store guy who's starting to give him looks (short-term).
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Using alias: casha -> cashAndShortTermInvestments [annual] [balance]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: paychecka -> operatingCashflow [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         14/14 dates (100%)
  ⚠️  shortLongTermDebtTotal              12/14 dates (86%)
  ✅ operatingCashflow                   14/14 dates (100%)

Plot for MARA (in B)
  reports: annualReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               -2.47B                    -1.24B                     0.00B                     1.24B                     2.47B
               |                         |                         |                         |                         |

  2011-12-31 |                                                    |  0.00B
  2012-12-31 |                                                    |  0.00B ⊗
  2013-12-31 |                                                    |  0.00B ⊗
  2014-12-31 |                                                     |  0.02B
  2015-12-31 |                                                    |  0.02B
  2016-12-31 |                                                     |  0.02B
  2017-12-31 |                                                    |  0.01B
  2018-12-31 |                                                    |  -0.01B
  2019-12-31 |                                                    |  -0.00B
  2020-12-31 |                                                    |  0.14B
  2021-12-31 |                                                    |  0.73B
  2022-12-31 |                                                 |  0.78B
  2023-12-31 |                                              |  0.36B
  2024-12-31 |                                       | 2.47B

               |                         |                         |                         |                         |
               -2.47B                    -1.24B                     0.00B                     1.24B                     2.47B

FCF

Free Cash Flow — explained by Jerry the Goat Farmer
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Capital ExpendituresBig, expensive purchases Jerry justifies at 2am: the industrial milking machine, new fencing, and a hot tub "for the goats" that somehow only Jerry uses.
Using alias: paychecka -> operatingCashflow [annual] [cashflow]
Using alias: capexa -> capitalExpenditures [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   14/14 dates (100%)
  ✅ capitalExpenditures                 14/14 dates (100%)

Plot for MARA (in M)
  reports: annualReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               -708.92M                  -354.46M                    0.00M                    354.46M                   708.92M
               |                         |                         |                         |                         |

  2011-12-31 |                                                    | -0.03M
  2012-12-31 |                                                    |  -1.26M
  2013-12-31 |                                                    |  3.18M
  2014-12-31 |                                                     |  7.87M
  2015-12-31 |                                                    |  -2.96M
  2016-12-31 |                                                     |  10.17M
  2017-12-31 |                                                    |  -10.81M
  2018-12-31 |                                                    |  -8.24M
  2019-12-31 |                                                    |  -3.32M
  2020-12-31 |                                                    |  83.39M
  2021-12-31 |                                                    | 708.92M
  2022-12-31 |                                        |  -176.48M
  2023-12-31 |                              |  -315.65M
  2024-12-31 |   |  -677.02M

               |                         |                         |                         |                         |
               -708.92M                  -354.46M                    0.00M                    354.46M                   708.92M

Assets

Assets, Liabilities & Equity — explained by Jerry the Goat Farmer
🐐 Assets = Liabilities + Equity

Translation: What Jerry owns = What Jerry owes + What's actually Jerry's

Or as Jerry mutters every April during tax season:
"Everything I have equals everything I owe plus whatever scraps are left for me, a humble goat man just trying to make cheese in this cruel world."
Total AssetsEverything Jerry owns: 12 acres of land, a barn that's "rustic" (rotting), 47 goats, Sergio (appraised at $800, priceless to Jerry), the cheese cave, and a 2004 Ford F-150 held together by duct tape and prayer.
Total LiabilitiesEverything Jerry owes: bank loans, the feed store tab, back taxes, and a moral debt to his neighbor for "borrowing" that tractor in 2019. They both know he's not returning it.
Total Shareholder EquityIf Jerry sold absolutely everything, paid off every debt, and finally returned that tractor... this is what he'd have left. His actual net worth. Some days it's a retirement fund. Other days it's "enough for a bus ticket and a fresh start."
Using alias: assetsa -> totalAssets [annual] [balance]
Using alias: liabila -> totalLiabilities [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         14/14 dates (100%)
  ✅ totalLiabilities                    14/14 dates (100%)
  ✅ totalShareholderEquity              14/14 dates (100%)

Plot for MARA (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               -6.80B                    -3.40B                     0.00B                     3.40B                     6.80B
               |                         |                         |                         |                         |

  2011-12-31 |                                                    |  0.00B
  2012-12-31 |                                                     |  0.00B
  2013-12-31 |                                                     |  0.01B
  2014-12-31 |                                                     |  0.06B
  2015-12-31 |                                                     |  0.05B
  2016-12-31 |                                                    |  0.03B
  2017-12-31 |                                                     |  0.02B
  2018-12-31 |                                                     |  0.01B
  2019-12-31 |                                                     |  0.01B
  2020-12-31 |                                                     |  0.31B
  2021-12-31 |                                                     |  1.45B
  2022-12-31 |                                                     |  1.20B
  2023-12-31 |                                                     |  1.99B
  2024-12-31 |                                                     | 6.80B

               |                         |                         |                         |                         |
               -6.80B                    -3.40B                     0.00B                     3.40B                     6.80B

Buffet

Using alias: incomea -> netIncome [annual] [income]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           14/14 dates (100%)
  ⚠️  shortLongTermDebtTotal              12/14 dates (86%)
  ✅ totalShareholderEquity              14/14 dates (100%)

Plot for MARA (in B)
  reports: annualReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -4.13B                    -2.06B                     0.00B                     2.06B                     4.13B
               |                         |                         |                         |                         |

  2011-12-31 |                                                    |  -0.00B
  2012-12-31 |                                                    |  -0.01B ⊗
  2013-12-31 |                                                    |  0.01B ⊗
  2014-12-31 |                                                    |  0.02B
  2015-12-31 |                                                    |  0.02B
  2016-12-31 |                                                    |  -0.03B
  2017-12-31 |                                                    |  -0.03B
  2018-12-31 |                                                    |  -0.01B
  2019-12-31 |                                                    |  0.00B
  2020-12-31 |                                                    |  0.31B
  2021-12-31 |                                                    |  0.73B
  2022-12-31 |                                            |  0.78B
  2023-12-31 |                                                     |  1.62B
  2024-12-31 |                                                     | 4.13B

               |                         |                         |                         |                         |
               -4.13B                    -2.06B                     0.00B                     2.06B                     4.13B

Revenue-q

Using alias: revenue -> totalRevenue [quarterly] [income]
Using alias: profit -> grossProfit [quarterly] [income]
Using alias: income -> netIncome [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        25/25 dates (100%)
  ✅ grossProfit                         25/25 dates (100%)
  ✅ netIncome                           25/25 dates (100%)

Plot for MARA (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -808.24M                  -404.12M                    0.00M                    404.12M                   808.24M
               |                         |                         |                         |                         |

  2019-09-30 |                                                    |  -0.75M
  2019-12-31 |                                                    |  -1.15M
  2020-03-31 |                                                    |  -1.06M
  2020-06-30 |                                                    |  -2.16M
  2020-09-30 |                                                    |  -1.99M
  2020-12-31 |                                                    |  -5.23M
  2021-03-31 |                                                  |  83.36M
  2021-06-30 |                                              |  -108.88M
  2021-09-30 |                                                    |  51.71M
  2021-12-31 |                                                     |  60.28M
  2022-03-31 |                                                    |  51.72M
  2022-06-30 |                                       |  -212.63M
  2022-09-30 |                                                |  -72.46M
  2022-12-31 |                           |  -406.71M
  2023-03-31 |                                                     |  118.70M
  2023-06-30 |                                                    |  81.76M
  2023-09-30 |                                                    |  97.85M
  2023-12-31 |                                                     |  223.40M
  2024-03-31 |                                                     |  337.17M
  2024-06-30 |                                        |  -199.66M
  2024-09-30 |                                             |  131.65M
  2024-12-31 |                                                  |  528.53M
  2025-03-31 |                   |  -533.20M
  2025-06-30 |                                                     | 808.24M
  2025-09-30 |                                                     |  252.41M

               |                         |                         |                         |                         |
               -808.24M                  -404.12M                    0.00M                    404.12M                   808.24M

Costs-q

Using alias: rnd -> researchAndDevelopment [quarterly] [income]
Using alias: sga -> sellingGeneralAndAdministrative [quarterly] [income]
Using alias: cogs -> costofGoodsAndServicesSold [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ⚠️  SPARSE researchAndDevelopment              11/25 dates (44%)
  ✅ sellingGeneralAndAdministrative     25/25 dates (100%)
  ✅ costofGoodsAndServicesSold          25/25 dates (100%)

Plot for MARA (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00M                    66.80M                    133.59M                   200.39M                   267.19M
               |                         |                         |                         |                         |

  2019-09-30 |  0.89M ⊗
  2019-12-31 |  1.25M ⊗
  2020-03-31 |  1.39M ⊗
  2020-06-30 |  1.80M ⊗
  2020-09-30 |  2.25M ⊗
  2020-12-31 |  6.29M ⊗
  2021-03-31 |  54.81M ⊗
  2021-06-30 |  6.99M ⊗
  2021-09-30 |  99.24M ⊗
  2021-12-31 |  24.65M ⊗
  2022-03-31 |  26.40M ⊗
  2022-06-30 |  41.40M ⊗
  2022-09-30 |  40.07M ⊗
  2022-12-31 |  43.57M ⊗
  2023-03-31 |  51.11M
  2023-06-30 |  92.50M
  2023-09-30 |  113.18M
  2023-12-31 |  146.07M
  2024-03-31 |  68.91M
  2024-06-30 |  93.89M
  2024-09-30 |  198.66M
  2024-12-31 |  267.19M
  2025-03-31 |  85.86M
  2025-06-30 |  92.95M
  2025-09-30 |  85.30M

               |                         |                         |                         |                         |
               0.00M                    66.80M                    133.59M                   200.39M                   267.19M

Cash-q

Using alias: cash -> cashAndShortTermInvestments [quarterly] [balance]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         25/25 dates (100%)
  ⚠️  shortLongTermDebtTotal              23/25 dates (92%)
  ✅ operatingCashflow                   25/25 dates (100%)

Plot for MARA (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               -3.64B                    -1.82B                     0.00B                     1.82B                     3.64B
               |                         |                         |                         |                         |

  2019-09-30 |                                                    |  0.00B
  2019-12-31 |                                                    |  0.00B
  2020-03-31 |                                                    |  0.00B
  2020-06-30 |                                                    |  0.00B
  2020-09-30 |                                                    |  0.02B
  2020-12-31 |                                                    |  0.14B
  2021-03-31 |                                                    |  0.21B
  2021-06-30 |                                                    |  0.17B ⊗
  2021-09-30 |                                                     |  0.03B ⊗
  2021-12-31 |                                                     |  0.73B
  2022-03-31 |                                                    |  0.73B
  2022-06-30 |                                                    |  0.77B
  2022-09-30 |                                                    |  0.78B
  2022-12-31 |                                                    |  0.78B
  2023-03-31 |                                                    |  0.73B
  2023-06-30 |                                                    |  0.73B
  2023-09-30 |                                                    |  0.33B
  2023-12-31 |                                                     |  0.36B
  2024-03-31 |                                                     |  0.34B
  2024-06-30 |                                                     |  0.35B
  2024-09-30 |                                               |  0.64B
  2024-12-31 |                                                 |  2.47B
  2025-03-31 |                                                  |  2.64B
  2025-06-30 |                                                   |  2.65B
  2025-09-30 |                                                  | 3.64B

               |                         |                         |                         |                         |
               -3.64B                    -1.82B                     0.00B                     1.82B                     3.64B

FCF-q

Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]
Using alias: capex -> capitalExpenditures [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   25/25 dates (100%)
  ✅ capitalExpenditures                 25/25 dates (100%)

Plot for MARA (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               -486.64M                  -243.32M                    0.00M                    243.32M                   486.64M
               |                         |                         |                         |                         |

  2019-09-30 |                                                    |  -0.73M
  2019-12-31 |                                                    |  -1.12M
  2020-03-31 |                                                    |  -0.60M
  2020-06-30 |                                                    |  1.28M
  2020-09-30 |                                                    |  12.21M
  2020-12-31 |                                                    |  14.61M
  2021-03-31 |                                                    |  88.68M
  2021-06-30 |                                                    |  41.11M
  2021-09-30 |                                                     |  35.83M
  2021-12-31 |                                                     | 486.64M
  2022-03-31 |                                                  |  -26.06M
  2022-06-30 |                                                   |  -14.81M
  2022-09-30 |                                                |  -43.40M
  2022-12-31 |                                           |  -92.24M
  2023-03-31 |                                                  |  -28.81M
  2023-06-30 |                                                |  -51.41M
  2023-09-30 |                                            |  -81.62M
  2023-12-31 |                                                     |  64.06M
  2024-03-31 |                                                     |  56.08M
  2024-06-30 |                                                     |  21.14M
  2024-09-30 |      |  -440.82M
  2024-12-31 |                    |  -313.43M
  2025-03-31 |                              |  -215.49M
  2025-06-30 |                                    |  -163.44M
  2025-09-30 |                                |  -199.05M

               |                         |                         |                         |                         |
               -486.64M                  -243.32M                    0.00M                    243.32M                   486.64M

Assets-q

Using alias: assets -> totalAssets [quarterly] [balance]
Using alias: liabil -> totalLiabilities [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         25/25 dates (100%)
  ✅ totalLiabilities                    25/25 dates (100%)
  ✅ totalShareholderEquity              25/25 dates (100%)

Plot for MARA (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               0.00B                     2.29B                     4.58B                     6.87B                     9.15B
               |                         |                         |                         |                         |

  2019-09-30 |  0.01B
  2019-12-31 |  0.01B
  2020-03-31 |  0.01B
  2020-06-30 |  0.01B
  2020-09-30 |  0.04B
  2020-12-31 |  0.31B
  2021-03-31 |  0.69B
  2021-06-30 |  0.58B
  2021-09-30 |  0.66B
  2021-12-31 |  1.45B
  2022-03-31 |  1.54B
  2022-06-30 |  1.51B
  2022-09-30 |  1.48B
  2022-12-31 |  1.20B
  2023-03-31 |  1.30B
  2023-06-30 |  1.37B
  2023-09-30 |  1.38B
  2023-12-31 |  1.99B
  2024-03-31 |  2.96B
  2024-06-30 |  3.12B
  2024-09-30 |  3.58B
  2024-12-31 |  6.80B
  2025-03-31 |  6.44B
  2025-06-30 |  7.72B
  2025-09-30 |  9.15B

               |                         |                         |                         |                         |
               0.00B                     2.29B                     4.58B                     6.87B                     9.15B

Buffet-q

Using alias: income -> netIncome [quarterly] [income]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           25/25 dates (100%)
  ⚠️  shortLongTermDebtTotal              23/25 dates (92%)
  ✅ totalShareholderEquity              25/25 dates (100%)

Plot for MARA (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -5.16B                    -2.58B                     0.00B                     2.58B                     5.16B
               |                         |                         |                         |                         |

  2019-09-30 |                                                    |  0.00B
  2019-12-31 |                                                    |  0.00B
  2020-03-31 |                                                    |  0.00B
  2020-06-30 |                                                    |  0.01B
  2020-09-30 |                                                    |  0.04B
  2020-12-31 |                                                    |  0.31B
  2021-03-31 |                                                     |  0.68B
  2021-06-30 |                                                    |  0.58B ⊗
  2021-09-30 |                                                    |  0.66B ⊗
  2021-12-31 |                                                     |  0.73B
  2022-03-31 |                                                    |  0.77B
  2022-06-30 |                                                   |  0.77B
  2022-09-30 |                                                    |  0.78B
  2022-12-31 |                                                 |  0.78B
  2023-03-31 |                                                     |  0.73B
  2023-06-30 |                                                    |  0.73B
  2023-09-30 |                                                    |  1.02B
  2023-12-31 |                                                     |  1.62B
  2024-03-31 |                                                     |  2.48B
  2024-06-30 |                                                   |  2.64B
  2024-09-30 |                                                    |  2.86B
  2024-12-31 |                                                     |  4.13B
  2025-03-31 |                                                |  3.72B
  2025-06-30 |                                                     |  4.79B
  2025-09-30 |                                                     | 5.16B

               |                         |                         |                         |                         |
               -5.16B                    -2.58B                     0.00B                     2.58B                     5.16B

Price History

Volume

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