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MARA

Marathon Digital Holdings, Inc.
$9.94SellTarget $0.81Report: Jan 08, 2026Financial Services • Financial - Capital Markets • Cyclical Operator

Price History

Pelican View
Current$9.94-91.8%
Rec: SellConviction: Low
Entry Target
N/A
N/A
Fair Value
$0.81
(92% below current)
Stop Loss
N/A
N/A
Position Size
None
Time Horizon
N/A

Key Metrics

Market Data
52 Week High$23.45
52 Week Low$6.66
Avg. 3 Month Volume43.99M
Efficiency
LTM Gross Margin26.4%
LTM EBITDA Margin200.1%
LTM EBIT Margin132.2%
LTM Operating Margin49.1%
LTM ROA12.3%
LTM ROE20.8%
LTM ROIC12.7%
LTM ROCE18.8%
Capital Structure
Market Cap (MM)$3.0B
Enterprise Value (MM)$5.8B
Shares Outstanding372.07M
Total Debt (MM)$3.64B
Cash & Equivalents (MM)$862.77M
LTM Net Debt (MM)$2.78B
LTM Net Debt/EBITDA1.5x
Growth
TTM Rev. Growth53.5%
Last 3-Yr Rev. CAGR83.2%
Last 3-Yr EBITDA CAGRN/A
Last 3-Yr EPS CAGRN/A
Valuation
Street Target Price$18.00
LTM EV/Revenue6.3x
LTM EV/Gross Profit23.8x
LTM EV/EBIT4.8x
LTM EV/EBITDA3.1x
LTM P/E3.2x
LTM EV/FCF-4.4x
LTM P/FCF-2.3x
LTM P/TB0.3x
LTM P/B0.6x
Dividend YieldN/A
Payout Ratio0.0%
About the Company

MARA Holdings, Inc. is a global leader in leveraging digital asset compute to support the energy transformation. The company secures the Bitcoin blockchain ledger and converts clean, stranded, or otherwise underutilized energy into economic value. Historically focused on being the largest and most efficient Bitcoin miner, the company is undergoing a strategic transformation into a vertically integrated energy and digital infrastructure company. As of December 31, 2024, the company operated approximately 400,000 Bitcoin mining ASICs, with a deployed capacity of 53.2 EH/s and an efficiency of 19.2 joules per terahash. The company also offers advanced technology solutions to optimize data center operations, including next-generation liquid immersion cooling and firmware for Bitcoin miners.

Revenue Generation

The Company generates revenue primarily from mining Bitcoin, which is recognized at the fair value of the Bitcoin on the date of receipt. This revenue is derived from block rewards and transaction fees earned for securing the Bitcoin network. The Company also generates revenue from hosting services, although it made a strategic decision to exit hosting services upon the acquisition of the GC Data Center in 2024. The Company’s revenue is primarily generated in the United States, where the majority of its production occurs. The Company also engages in the sale of digital assets from time to time, although its current strategy is to hold mined Bitcoin.

Investment Thesis
Executive SummaryMarathon Digital is a Peak Earnings Trap where record GAAP net income masks a business burning nearly $900 million in annual operating cash. While the market treats the equity as a leveraged Bitcoin proxy, our analysis suggests the aggressive 37.7% annual share count growth and a capital-intensive pivot into unproven AI infrastructure will lead to a permanent impairment of per-share value as the current capital cycle turns.

Recent Activity

2025-11-13-11.31%
Amendment to Schedule 13G/A reporting ownership changes as of September 30, 2025.
2025-11-04-6.68%
MARA reported record Q3 2025 financial results with significant revenue growth and announced strategic expansion into AI and energy infrastructure.
2025-07-23-11.62%
MARA Holdings announced $850 million private offering of zero-coupon convertible notes.

Valuation Table

MethodImplied ValueWeightWeighted Value
DCF$0.0547%$0.02
Comps$0.6532%$0.21
NLV$2.7121%$0.57
Total Weighted$0.80