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MARA(MARA)
MARA
Earnings in 4 days · May 7, 2026 · After close
Signal
Bearish Setup1!1↓
PRICE
Prev Close
11.99
Open
12.28
Day Range11.38 – 12.37
11.38
12.37
52W Range6.66 – 23.45
6.66
23.45
29% of range
VOLUME & SIZE
Avg Volume
48.9M
FUNDAMENTALS
P/E Ratio
-3.1x
Not profitable
EPS (TTM)
—
Div Yield
No dividend
Beta
3.33
High vol
Performance
1D
-4.42%5D
-0.78%1M↑
+31.57%3M
+25.66%6M↓
-37.27%YTD
+27.62%1Y
-20.86%Best: 1M (+31.57%)Worst: 6M (-37.27%)
Quick Read
Trend—Insufficient MA data
Momentum
BULLISH
revenue +38% YoYValuation
FAIR
P/E not availableHealth
WEAK
CR 1.3 · FCF negativeNeutral
Key MetricsTTM
Market Cap$4.36B
Revenue TTM$907.09M
Net Income TTM-$1.31B
Free Cash Flow-$312.35M
Gross Margin37.0%
Net Margin-144.6%
Operating Margin-16.0%
Return on Equity-30.6%
Return on Assets-17.7%
Debt / Equity1.05
Current Ratio1.27
EPS TTM$-3.69
Alpha SignalsFull Analysis →
What Moves This Stock
Bitcoin spot price movements (direct correlation to mining revenue and treasury asset value)
Bitcoin network difficulty adjustments (inverse correlation to mining profitability)
Hashrate deployment announcements and operational uptime metrics
Power cost negotiations and curtailment revenue from grid services
Macro Sensitivity
Economic Cycle
moderate - Bitcoin mining economics are primarily driven by cryptocurrency market cycles rather than traditional GDP growth. However, broader risk appetite during economic expansions tends to support Bitcoin prices and investor interest in mining equities. Industrial electricity demand affects power market pricing in key operating regions (ERCOT Texas). Economic downturns may reduce institutional capital flows into digital assets, indirectly pressuring Bitcoin prices and mining profitability.
Interest Rates
Rising interest rates negatively impact Marathon through multiple channels: (1) higher discount rates compress valuation multiples for unprofitable growth companies, (2) increased financing costs for equipment purchases and working capital, (3) reduced risk appetite for speculative assets like Bitcoin, and (4) stronger dollar typically correlates with Bitcoin weakness. The company's 0.71 debt/equity ratio creates moderate refinancing risk if rates remain elevated. Conversely, rate cuts could support Bitcoin prices and improve access to growth capital.
Key Risks
Bitcoin halving events (next in 2028) reduce block rewards by 50%, requiring proportional increases in Bitcoin price or efficiency gains to maintain profitability
Regulatory uncertainty around cryptocurrency mining, including potential energy consumption restrictions, taxation changes, or outright bans in key jurisdictions
Technological obsolescence as ASIC miners depreciate rapidly (18-24 month useful life) requiring continuous capex to maintain competitive hashrate
Investor Profile
momentum/speculative - Marathon attracts investors seeking leveraged exposure to Bitcoin price movements without directly holding cryptocurrency. The stock exhibits 2-3x beta to Bitcoin, appealing to traders during crypto bull markets. Recent 53% one-year decline reflects Bitcoin bear market and operational challenges. Not suitable for value or dividend investors given negative cash flows and speculative business model. Growth investors focus on hashrate expansion and potential for Bitcoin price recovery driving exponential earnings leverage.
Watch on Earnings
Bitcoin spot price (BTCUSD) - primary revenue driverBitcoin network hashrate and difficulty adjustments - determines mining competitivenessERCOT and SPP wholesale electricity prices - impacts Texas and Nebraska operating costsNatural gas prices (NGUSD) - proxy for power generation costs in key mining regions
Health Radar
2 watch4 concern
22/100Liquidity
1.27Watch
Leverage
1.05Watch
Coverage
-3.0xConcern
ROE
-30.6%Concern
ROIC
-1.9%Concern
Cash
$547MConcern
ANALYST COVERAGE18 analysts
BUY
▲ +13.4%upside to target
L $8.50
Med $13.00consensus
H $30.00Stock Health
Composite Score
2 of 5 signals bullish
7/10
Technicals
●
~RSI RangeRSI 71 — Overbought, caution
Volume
●
✓Volume FlowLean Accumulation
Fundamentals
●
✗Last EarningsMissed estimates
●
✓Analyst ConsensusBuy
●
~LiquidityCurrent Ratio 1.27
Upcoming Events
EEarnings ReportMay 4, 2026
Tomorrow
DEx-Dividend DateJul 31, 2026
In 89 days
PDividend PaymentOct 29, 2026
In 179 days
FinancialsFull statements →
Technicals
Technical SetupBEARISH
Technicals →Trend
▲ RallyDeath Cross · 50D trails 200D by 36.1%
+30.5% vs SMA 50 · -16.6% vs SMA 200
Momentum
RSI71.1Overbought — pullback risk
MACD-0.12Below zero — bearish pulse · compressing
Market Position
Price Levels
52W High
$23.45+104.6%
EMA 200
$12.63+10.2%
Current
$11.46
EMA 50
$9.08-20.7%
52W Low
$6.66-41.9%
52-Week RangeMid-range
$6.6629th %ile$23.45
Squeeze SetupVolume-based
Moderate Squeeze SetupAccumulation pattern present — more buying days than selling over the past 20 sessions. Volume conditions support gradual price improvement.
20-Day Money Flow
Acc days:4
Dist days:1
Edge:+3 acc
Volume Context
Avg Vol (50D)48.9M
Recent Vol (5D)
58.8M+20%
Based on volume distribution analysis. Direct short interest data (short float %, days to cover) is not available in current data sources.
Earnings & Analysts
ANALYST ESTIMATES
Consensus of 10 analysts
Analyst revisions:EPS↑ Revised UpRevenue↓ Revised Down
Analyst consensus estimates · Actuals replace estimates as reported
| Year | Revenue Est. | Rev Gth | EPS Est. | EPS Gth | Range | Analysts |
|---|---|---|---|---|---|---|
FY2024 | $638.0M $606.2M–$670.5M | — | $0.07 | — | ±50% | High8 |
FY2025 | $959.4M $915.2M–$984.7M | ▲ +50.4% | -$0.87 | — | ±24% | High10 |
FY2026(current) | $782.1M $752.5M–$813.4M | ▼ -18.5% | -$2.44 | — | ±50% | High10 |
Range confidence:Tight (high)ModerateWide (low)
Earnings HistoryMARA
Last 8Q
-25.8%avg beat
Beat 1 of 8 quartersMissed 7↓ Estimates falling-484%
Q2'24
-4%
Q3'24
-12%
Q4'24
+488%
Q1'25
-18%
Q2'25
-53%
Q3'25
-23%
Q4'25
-100%
Q1'26
Beat
Miss
Estimate
Deeper color = bigger beat/miss
* Negative EPS shown at reduced heightAnalyst Activity
All ratings →No recent activity
Compass PointSell → Buy
Nov 24
UPGRADE
Compass PointBuy → Sell
May 6
DOWNGRADE
BTIGNeutral → Buy
Jan 17
UPGRADE
BTIGBuy → Neutral
Sep 23
DOWNGRADE
Insider Activity
SEC Filings →0 Buys/6 SellsNet Selling
NET SELLERS$0 bought · $1.0M sold · 30d window
Thiel Frederick GCEO
$321K
Apr 17
SELL
Nowaid ZabiGeneral Counsel
$505K
Apr 17
SELL
Khan Salman HassanCFO
$187K
Apr 17
SELL
Thiel Frederick GCEO
$252K
Mar 17
SELL
Khan Salman HassanCFO
$147K
Mar 17
SELL
Khan Salman HassanCFO
$123K
Feb 17
SELL
Financials
INSTITUTIONAL OWNERSHIP
1
EXCHANGE TRADED CONCEPTS, LLC
2.0M▲2
Nuveen, LLC
955K▲3
HSBC HOLDINGS PLC
634K▲4
SG Americas Securities, LLC
614K▼5
NEW YORK STATE TEACHERS RETIREMENT SYSTEM
392K▼6
THRIVENT FINANCIAL FOR LUTHERANS
252K▼7
State of Alaska, Department of Revenue
187K▼8
Generali Investments CEE, investicni spolecnost, a.s.
177K—News & Activity
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About
Marathon Digital Holdings is focused on securing and supporting the development of the Bitcoin ecosystem by building one of the largest, most agile, and most sustainable bitcoin mining operations in the world. We’re here to help make Bitcoin more secure and more widely adopted by bringing a professional and innovative approach to securing the blockchain.
CEO
Merrick Okamoto
Website
Robert SamuelsVice President of Investor Relations
William BeamVice President of Finance & Operations Control
Peers— Technology(7 companies)
Screen sector →| Symbol | Price | Day % | Mkt Cap↓ | P/E | Rev Grw | Margin | ELO |
|---|---|---|---|---|---|---|---|
MARA◀ | $11.46 | -4.42% | $4.4B | — | +3819.7% | -14458.1% | 1500 |
| $198.45 | -0.56% | $4.8T | 40.2 | +6547.4% | 5560.3% | 1495 | |
| $280.14 | +3.24% | $4.1T | 33.6 | +642.6% | 2691.5% | 1494 | |
| $414.44 | +1.63% | $3.1T | 24.6 | +1493.2% | 3614.6% | 1477 | |
| $421.28 | +0.92% | $2.0T | 80.0 | +2387.4% | 3619.8% | 1504 | |
| $542.21 | +4.84% | $611.5B | 25.3 | +4885.1% | 2284.5% | 1534 | |
| $360.54 | +1.71% | $587.8B | 135.6 | +3433.8% | 1251.5% | 1517 | |
| Sector avg | — | +1.05% | — | 56.5 | +3315.6% | 652.0% | 1503 |