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MARA Holdings, Inc.

MARA Clue Score45
United States Fiscal year ends December CIK 0001507605
$9.65 -2.62% Close, 9 Oct 2026
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Price $9.65 −77.54% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue36.6Operating income−15.6Net income−28.7EPS, diluted−1.89Fiscal year 2017Revenue0.5 −98.6%Operating income−14.2Net income−31.3Fiscal year 2018Revenue1.6 +200.7%Operating income−12.1Net income−12.8Fiscal year 2019Revenue1.2 −24.1%Operating income−4.2Net income−3.5EPS, diluted−0.53Fiscal year 2020Revenue4.4 +267.6%Operating income−9.8Net income−10.4EPS, diluted−0.13Fiscal year 2021Revenue24.2 +455.9%Operating income−3.0Net income−29.8EPS, diluted−0.30Fiscal year 2022Revenue9.9 −59.2%Operating income−673.5Net income−694.0EPS, diluted−6.12Fiscal year 2023Revenue57.7 +483.8%Operating income220.9Net income261.2EPS, diluted1.06Fiscal year 2024Revenue96.5 +67.3%Operating income306.1Net income541.3 +107.2%EPS, diluted1.72Fiscal year 2025Revenue58.7 −39.2%Operating income−1,224.3Net income−1,311.5 −342.3%EPS, diluted−3.69
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 36.6 0.5 1.6 1.2 4.4 24.2 9.9 57.7 96.5 58.7
Growth −98.6% +200.7% −24.1% +267.6% +455.9% −59.2% +483.8% +67.3% −39.2%
Operating income −15.6 −14.2 −12.1 −4.2 −9.8 −3.0 −673.5 220.9 306.1 −1,224.3
Net income −28.7 −31.3 −12.8 −3.5 −10.4 −29.8 −694.0 261.2 541.3 −1,311.5
Growth +107.2% −342.3%
EPS, diluted −1.89 n/a n/a −0.53 −0.13 −0.30 −6.12 1.06 1.72 −3.69

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Operating margin−42.5%Net margin−78.3%Free cash flow margin27.7%Fiscal year 2017Operating margin−2,729.6%Net margin−6,030.1%Free cash flow margin−2,081.6%Fiscal year 2018Operating margin−772.9%Net margin−820.2%Free cash flow margin−863.4%Fiscal year 2019Operating margin−357.7%Net margin−296.7%Free cash flow margin−280.4%Fiscal year 2020Operating margin−225.3%Net margin−239.8%Free cash flow margin−585.6%Fiscal year 2021Gross margin482.1%Operating margin−12.3%Net margin−123.1%Free cash flow margin−1,209.0%Fiscal year 2022Gross margin−340.7%Operating margin−6,815.2%Net margin−7,022.4%Free cash flow margin−2,201.6%Fiscal year 2023Operating margin382.9%Net margin452.6%Free cash flow margin−594.9%Fiscal year 2024Operating margin317.1%Net margin560.7%Free cash flow margin−961.3%Fiscal year 2025Operating margin−2,085.5%Net margin−2,234.1%Free cash flow margin−2,060.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a n/a n/a n/a 482.1% −340.7% n/a n/a n/a
Operating margin −42.5% −2,729.6% −772.9% −357.7% −225.3% −12.3% −6,815.2% 382.9% 317.1% −2,085.5%
Net margin −78.3% −6,030.1% −820.2% −296.7% −239.8% −123.1% −7,022.4% 452.6% 560.7% −2,234.1%
Free cash flow margin 27.7% −2,081.6% −863.4% −280.4% −585.6% −1,209.0% −2,201.6% −594.9% −961.3% −2,060.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow10.2Capital expenditure−0.0Free cash flow10.2Fiscal year 2017Operating cash flow−10.8Capital expenditure−0.0Free cash flow−10.8 −206.4%Fiscal year 2018Operating cash flow−8.2Capital expenditure−5.3Free cash flow−13.5Fiscal year 2019Operating cash flow−3.3Capital expenditure−0.0Free cash flow−3.3Fiscal year 2020Operating cash flow−7.8Capital expenditure−17.7Free cash flow−25.5Fiscal year 2021Operating cash flow−19.0Capital expenditure−273.9Free cash flow−292.8Fiscal year 2022Operating cash flow−176.5Capital expenditure−41.1Free cash flow−217.6Buybacks0.0Fiscal year 2023Operating cash flow−315.7Capital expenditure−27.6Free cash flow−343.3Buybacks−0.4Fiscal year 2024Operating cash flow−677.0Capital expenditure−250.8Free cash flow−927.8Buybacks−37.4Fiscal year 2025Operating cash flow−802.7Capital expenditure−407.1Free cash flow−1,209.8Buybacks−46.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 10.2 −10.8 −8.2 −3.3 −7.8 −19.0 −176.5 −315.7 −677.0 −802.7
Capital expenditure −0.0 −0.0 −5.3 −0.0 −17.7 −273.9 −41.1 −27.6 −250.8 −407.1
Free cash flow 10.2 −10.8 −13.5 −3.3 −25.5 −292.8 −217.6 −343.3 −927.8 −1,209.8
Growth −206.4%
Buybacks n/a n/a n/a n/a n/a n/a 0.0 −0.4 −37.4 −46.9

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash5.0Total debt17.8Net cash (debt)−12.8Shareholders’ equity−9.3Fiscal year 2017Cash14.9Total debt1.8Net cash (debt)13.2Shareholders’ equity7.4Debt to equity0.24Fiscal year 2018Cash2.6Total debt1.0Net cash (debt)1.6Shareholders’ equity2.9Debt to equity0.34Fiscal year 2019Cash0.7Total debt1.0Net cash (debt)−0.3Shareholders’ equity3.6Debt to equity0.27Fiscal year 2020Cash141.3Shareholders’ equity311.7Fiscal year 2021Cash268.6Total debt728.4Net cash (debt)−459.9Shareholders’ equity682.1Debt to equity1.07Fiscal year 2022Cash103.7Total debt782.2Net cash (debt)−678.5Shareholders’ equity385.9Debt to equity2.03Fiscal year 2023Cash357.3Total debt325.7Net cash (debt)31.7Shareholders’ equity1,615.9Debt to equity0.20Fiscal year 2024Cash391.8Total debt2,446.6Net cash (debt)−2,054.8Shareholders’ equity4,129.0Debt to equity0.59Fiscal year 2025Cash547.1Total debt3,599.9Net cash (debt)−3,052.8Shareholders’ equity3,471.7Debt to equity1.04
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 5.0 14.9 2.6 0.7 141.3 268.6 103.7 357.3 391.8 547.1
Total debt 17.8 1.8 1.0 1.0 n/a 728.4 782.2 325.7 2,446.6 3,599.9
Net cash (debt) −12.8 13.2 1.6 −0.3 n/a −459.9 −678.5 31.7 −2,054.8 −3,052.8
Shareholders’ equity −9.3 7.4 2.9 3.6 311.7 682.1 385.9 1,615.9 4,129.0 3,471.7
Debt to equity n/a 0.24 0.34 0.27 n/a 1.07 2.03 0.20 0.59 1.04

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019† 31 Dec 2019 FY2020† 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023† 31 Dec 2023 FY2024† 31 Dec 2024 FY2025 31 Dec 2025
Assets
5.0 14.9 2.6 0.7 141.3 268.6 103.7 357.3 391.8 547.1
0.1 0.0 n/a n/a n/a n/a n/a n/a n/a n/a
0.0 0.0 1.0 3.8 17.2 276.2 273.0 671.8 1,549.5 1,490.6
0.2 n/a n/a n/a n/a n/a n/a 0.0 82.8 0.0
18.3 15.1 5.2 6.6 313.3 1,444.3 1,195.2 1,991.0 6,801.3 7,286.9
Growth −17.7% −65.5% +27.4% +4,631.9% +361.1% −17.2% +66.6% +241.6% +7.1%
Liabilities
13.2 n/a n/a n/a n/a n/a 0.0 0.0 0.0 397.8
4.7 1.8 1.0 1.0 n/a 728.4 782.2 325.7 2,446.6 3,202.1
calc 17.8 1.8 1.0 1.0 n/a 728.4 782.2 325.7 2,446.6 3,599.9
27.6 7.7 2.3 3.0 1.5 765.2 n/a n/a n/a n/a
Equity
−57.9 −89.3 −102.1 −105.6 −116.1 −146.3 −840.3 −567.6 −26.4 −1,337.9
−9.3 7.4 2.9 3.6 311.7 682.1 385.9 1,615.9 4,129.0 3,471.7
Growth −60.5% +24.9% +8,446.4% +118.8% −43.4% +318.7% +155.5% −15.9%
Per share and net cash
calc −12.8 13.2 1.6 −0.3 n/a −459.9 −678.5 31.7 −2,054.8 −3,052.8
4.6 12.5 6.4 8.5 82.0 102.7 145.6 242.8 340.3 379.5
calc −2.00 0.59 0.46 0.43 3.80 6.64 2.65 6.65 12.13 9.15

† The diluted share count jumps at 2019 and 2020 and 2023 and 2024, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how.