Reading the tape
NASDAQ: MARA
Marathon Digital Holdings, Inc.
Financial Services · Financial - Capital Markets
Market Cap
$3.63B
52w High
$23.45
52w Low
$6.66
P/E
-2.58
Volume
36.13M
Outstanding Shares
380.23M
Price vs Fundamentals
Why The Stock Is Moving
Likely multiple compressionModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: -18.74%Revenue (TTM): 38.2%FCF (TTM): 66.43%P/E: 0th pct
What changed
The stock fell 18.74% over the last year. Revenue grew 38.2% over the trailing twelve months. Operating margin moved from 46.64% to -16.04%. Free cash flow grew 66.43% over the trailing twelve months.
What the market seems to be pricing
Visible fundamentals weakened far less than the stock price, and the shares now sit around the 0th percentile of their historical P/E range. That looks more like a rerating of the multiple than a collapse in the business.
What would invalidate this read
This read changes if operating margin (currently -16.04%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.
Company profile
Marathon Digital Holdings, Inc. operates as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States.
CEOFrederick G. Thiel
SectorFinancial Services
IndustryFinancial - Capital Markets
Employees171
IPO dateMay 4, 2012
Valuation
Forward P/E—
EV/EBITDA-127.28
Enterprise value$6.29B
Price / Book1.04
Stock splits
Apr 8, 2019↓ Reverse
Every 4 shares became 1
Oct 30, 2017↓ Reverse
Every 4 shares became 1
Dec 23, 2014↑ Forward
Every 1 shares became 2
Jul 22, 2013↓ Reverse
Every 13 shares became 1
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth-5.63%
Gross margin36.97%▼96.57%vs FY2024
Operating margin-16.04%▼294.35%vs FY2024
ROE-37.78%▼388.18%vs FY2024
Analyst consensus
RatingBuy
Target price$16.00▲67.71%
10
Buy
9
Hold
0
Sell
⚠ Analyst ratings tend to be lagging indicators — upgrades often follow price gains rather than precede them. Use as one signal among many.
Earnings
Last 3 reported quarters plus the next estimate. Switch into compare mode to inspect one metric year-over-year.
Next report
May 14, 2026
View
EPS
Actual vs estimate by quarter
Q3FY25
ActualEst.
-$0.81
-$0.53
Q4FY25
ActualEst.
-$0.32
-$0.26
Q1FY26
ActualEst.
-$0.46
-$0.23
Q2FY26
Next Est.
—
Revenue
Actual vs estimate by quarter
Q3FY25
ActualEst.
$238.49M
$255.2M
Q4FY25
ActualEst.
$252.41M
$251.47M
Q1FY26
ActualEst.
$202.31M
$252.18M
Q2FY26
Next Est.
—