MARA Holdings
ConvictionWeak
Owns and operates energized data-center capacity to mine bitcoin (block subsidy + fees), holds a large BTC treasury marked at fair value, earns interest by lending/pledging BTC, and is building AI-ready data-center capacity (up to 2.5 GW JV) to lease compute/power to AI tenants. Capital-intensive; funded through equity issuance, convertible notes, and BTC monetization.
Revenue
$907.1M FY2025$174.6M Q1 2026Rev growth
+38% FY2025 YoY-18% Q1 2026 YoY (driven by lower avg BTC price + fewer BTC minedGross margin
~45.3% FY2025mining gross margin; highly sensitive to BTC price and energy costOp margin
Deeply negative on a GAAP basisin FY2025/Q1 2026 — driven by ~$1.5B non-cash BTC fair-value markdowns and $772.8M FY2025 D&A; not a clean operating figureCapex intensity
High — FY2025 capex $407.1M ~= 45% of revenueMarket cap
~$4.7-5.1BNasdaq: MARA, ~$12.40/sh, Jul 5 2026; ~$5.1B at Jul 2 close per MacrotrendsMembers only
Full financial intelligence for MARA Holdings
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence