MARA (MARA)
Market Price (3/18/2026): $8.97 | Market Cap: $3.3 BilSector: Information Technology | Industry: Internet Services & Infrastructure
MARA (MARA)
Market Price (3/18/2026): $8.97Market Cap: $3.3 BilSector: Information TechnologyIndustry: Internet Services & Infrastructure
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38% | Weak multi-year price returns2Y Excs Rtn is -84%, 3Y Excs Rtn is -0.6% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -822 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -91% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -50% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92% | |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. | Weak revenue growthRev Chg QQuarterly Revenue Change % is -5.6% | |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -88%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -133% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -43% | ||
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 31% | ||
| Key risksMARA key risks include [1] heightened market exposure and liquidity risk from its "HODL" strategy of retaining mined Bitcoin, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -50% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. |
| Weak multi-year price returns2Y Excs Rtn is -84%, 3Y Excs Rtn is -0.6% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -822 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -91% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -5.6% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -88%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -133% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -43% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 31% |
| Key risksMARA key risks include [1] heightened market exposure and liquidity risk from its "HODL" strategy of retaining mined Bitcoin, Show more. |
Qualitative Assessment
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1. Significant Financial Losses and Missed Expectations: Marathon Digital Holdings (MARA) reported a substantial net loss of $1.71 billion for the fourth quarter of 2025, a sharp reversal from a net income of $528.3 million in the same period a year prior. The company's Q4 2025 revenue of $202.3 million also fell short of the consensus analyst estimate of $262.0 million, and diluted earnings per share (EPS) of -$4.52 significantly missed the estimated -$0.13. For the full year 2025, MARA reported a net loss of $1.31 billion, compared with a net income of $541 million in 2024.
2. Negative Revaluation of Digital Assets Due to Bitcoin Price Decline: A primary contributor to MARA's considerable Q4 2025 net loss was a $1.5 billion negative fair-value adjustment of its digital assets. This revaluation was directly driven by a significant decline in Bitcoin's price. Bitcoin experienced a substantial correction, falling approximately 50% from its peak of $126,000 in October 2025 to stabilize near $65,000 by February 2026, which negatively impacted the value of MARA's Bitcoin holdings and its mining profitability.
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Stock Movement Drivers
Fundamental Drivers
The -21.8% change in MARA stock from 11/30/2025 to 3/17/2026 was primarily driven by a -22.5% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3172026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.81 | 9.24 | -21.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 919 | 907 | -1.3% |
| P/S Multiple | 4.8 | 3.7 | -22.5% |
| Shares Outstanding (Mil) | 372 | 364 | 2.3% |
| Cumulative Contribution | -21.8% |
Market Drivers
11/30/2025 to 3/17/2026| Return | Correlation | |
|---|---|---|
| MARA | -21.8% | |
| Market (SPY) | -1.8% | 50.5% |
| Sector (XLK) | -2.5% | 52.4% |
Fundamental Drivers
The -42.2% change in MARA stock from 8/31/2025 to 3/17/2026 was primarily driven by a -47.5% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 3172026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.98 | 9.24 | -42.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 798 | 907 | 13.6% |
| P/S Multiple | 7.1 | 3.7 | -47.5% |
| Shares Outstanding (Mil) | 353 | 364 | -3.0% |
| Cumulative Contribution | -42.2% |
Market Drivers
8/31/2025 to 3/17/2026| Return | Correlation | |
|---|---|---|
| MARA | -42.2% | |
| Market (SPY) | 4.3% | 50.2% |
| Sector (XLK) | 6.5% | 49.8% |
Fundamental Drivers
The -33.6% change in MARA stock from 2/28/2025 to 3/17/2026 was primarily driven by a -46.0% change in the company's P/S Multiple.| (LTM values as of) | 2282025 | 3172026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.92 | 9.24 | -33.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 599 | 907 | 51.5% |
| P/S Multiple | 6.9 | 3.7 | -46.0% |
| Shares Outstanding (Mil) | 295 | 364 | -18.9% |
| Cumulative Contribution | -33.6% |
Market Drivers
2/28/2025 to 3/17/2026| Return | Correlation | |
|---|---|---|
| MARA | -33.6% | |
| Market (SPY) | 13.9% | 51.7% |
| Sector (XLK) | 24.3% | 52.9% |
Fundamental Drivers
The 30.1% change in MARA stock from 2/28/2023 to 3/17/2026 was primarily driven by a 473.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3172026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.10 | 9.24 | 30.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 158 | 907 | 473.0% |
| P/S Multiple | 5.2 | 3.7 | -29.1% |
| Shares Outstanding (Mil) | 117 | 364 | -68.0% |
| Cumulative Contribution | 30.1% |
Market Drivers
2/28/2023 to 3/17/2026| Return | Correlation | |
|---|---|---|
| MARA | 30.1% | |
| Market (SPY) | 75.6% | 41.2% |
| Sector (XLK) | 108.6% | 37.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MARA Return | 215% | -90% | 587% | -29% | -46% | 3% | -12% |
| Peers Return | -30% | -84% | 365% | 65% | 76% | 9% | 67% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -2% | 78% |
Monthly Win Rates [3] | |||||||
| MARA Win Rate | 50% | 33% | 67% | 42% | 58% | 67% | |
| Peers Win Rate | 42% | 33% | 75% | 50% | 65% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| MARA Max Drawdown | 0% | -90% | -1% | -43% | -46% | -25% | |
| Peers Max Drawdown | -42% | -86% | -5% | -43% | -45% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -3% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RIOT, CLSK, HUT, CORZ, CIFR. See MARA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/17/2026 (YTD)
How Low Can It Go
| Event | MARA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -95.9% | -25.4% |
| % Gain to Breakeven | 2319.4% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -68.5% | -33.9% |
| % Gain to Breakeven | 217.9% | 51.3% |
| Time to Breakeven | 131 days | 148 days |
| 2018 Correction | ||
| % Loss | -97.4% | -19.8% |
| % Gain to Breakeven | 3766.6% | 24.7% |
| Time to Breakeven | 406 days | 120 days |
Compare to RIOT, CLSK, HUT, CORZ, CIFR
In The Past
MARA's stock fell -95.9% during the 2022 Inflation Shock from a high on 11/9/2021. A -95.9% loss requires a 2319.4% gain to breakeven.
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About MARA (MARA)
AI Analysis | Feedback
1. MARA is like a gold mining company, but instead of digging for physical gold, they "mine" for digital Bitcoin.
2. Think of MARA as a large-scale digital factory, continuously producing new Bitcoin as its primary output.
AI Analysis | Feedback
- Cryptocurrency Mining: Marathon Digital Holdings generates digital assets by mining cryptocurrencies with a focus on the blockchain ecosystem.
AI Analysis | Feedback
Marathon Digital Holdings, Inc. (MARA) operates as a digital asset technology company primarily focused on mining cryptocurrencies, specifically Bitcoin. In this business model, the company generates new digital assets (Bitcoin) through its mining operations and holds them as part of its balance sheet or liquidates them on open cryptocurrency exchanges.
Therefore, Marathon Digital Holdings, Inc. does not have traditional "major customers" in the sense of companies or individuals to whom it sells products or services directly. Its revenue and financial performance are tied to the value of the cryptocurrencies it mines and the efficiency of its mining operations, rather than sales to a specific customer base.
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Major Suppliers:
- Bitmain Technologies Ltd.
- Applied Digital Corporation (APLD)
- TeraWulf Inc. (WULF)
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```htmlFred Thiel, Chairman and Chief Executive Officer
Fred Thiel has over 35 years of experience in technology, finance, and operational leadership. He has a strong track record in guiding companies through growth, turnarounds, and strategic acquisitions. Prior to joining Marathon Digital Holdings, he served as CEO of Thiel Advisors Inc., providing strategic consulting to technology companies, and was Chairman of Sprott Inc., a global asset manager. Thiel also held CEO positions at companies such as Local Corporation and Lantronix. He is recognized for his ability to lead companies through rapid growth to IPOs, reposition businesses for high-value exits to strategic and financial acquirers, and execute M&A and roll-up strategies, as well as corporate turnarounds and wind-downs. He has also served as a managing partner at Triton Pacific Capital Partners and is an Industrial Advisor at EQT Partners/EQT AB and a Senior Advisor at Graham Partners, indicating a pattern of involvement with companies backed by private equity firms.
Salman Khan, Chief Financial Officer
Salman Khan brings 25 years of extensive finance and accounting experience to Marathon Digital Holdings. Prior to his role at Marathon, he served as Chief Financial Officer for Verb Technology Company Inc., a Nasdaq-listed provider of interactive video-based software and an e-commerce platform, where he played a pivotal role in the sale of the company's core business. Before Verb, Khan held various senior executive positions at Occidental Petroleum Corporation and its spinoff, California Resources Corporation, including director of renewable energy, director of corporate development, director of technical accounting and financial reporting, and business division controller and chief financial officer. His experience includes managing large-scale M&A transactions and leading the spin-off of California Resources Corporation. He also spent eight years at major accounting firms such as Arthur Andersen, PricewaterhouseCoopers, and Ernst & Young, serving clients in technology, media, telecommunications, entertainment, and biotechnology.
Ashu Swami, Chief Technology Officer
Ashu Swami is an experienced chip designer and an expert in crypto and DeFi. He joined Marathon Digital Holdings from Core Scientific, where he was the Chief Product Officer, leading the company's expansion into DeFi and overseeing mining hardware and software optimization. Previously, Swami was the CTO of Apifiny, a hybrid CEX and DEX crypto exchange. He also headed an SPV of Quadeye Securities, which pioneered and traded mining swaps and operated cloud mining data centers, while also serving as chief advisor to Fortune 50 companies, including Intel Corp, on blockchain initiatives. Swami founded LocalPad, a peer-to-peer marketplace, and was a portfolio manager leading the high-frequency market-making business at Morgan Stanley Program Trading. He also spent over four years at Intel's Enterprise Platforms Group as a senior component designer and tech lead.
```AI Analysis | Feedback
```htmlHere are the key risks to Marathon Digital Holdings, Inc. (MARA):
-
Bitcoin Price Volatility and Market Dependency: Marathon Digital Holdings' business model and profitability are highly dependent on the price of Bitcoin. The company's stock often exhibits significant sensitivity and correlation to Bitcoin's price movements. A lack of stability in the broader Bitcoin market or a decline in Bitcoin's value can directly and adversely impact MARA's revenue, financial performance, and stock price.
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High Operating Costs and Profitability Challenges: The company faces significant financial challenges, including poor financial strength indicators, high operating costs (particularly electricity), and a reliance on debt financing. Its mining operations have substantial fixed costs, which can intensify during Bitcoin bear markets. Additionally, the profitability of Bitcoin mining is directly affected by increasing network-wide mining difficulty and Bitcoin halving events, which reduce mining rewards. If Bitcoin prices do not increase sufficiently to offset reduced mining rewards, MARA's mining revenue may decline, potentially making continued operations financially unsustainable. This can lead to negative operating cash flow, as observed in recent periods.
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Regulatory Changes: The evolving and often uncertain regulatory landscape surrounding cryptocurrency and mining operations poses a significant risk to Marathon Digital Holdings. Governments globally are grappling with how to regulate the cryptocurrency sector, and sudden changes in laws, stricter regulations, or even outright bans on mining activities in certain jurisdictions could lead to increased operational costs, compliance burdens, or disruptions to MARA's business model.
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Intensifying global regulatory and environmental pressure on Proof-of-Work (PoW) cryptocurrency mining. This directly impacts MARA's primary business model by increasing operational costs, limiting access to energy resources, and potentially facing outright bans or severe restrictions in various jurisdictions due to concerns over energy consumption and carbon footprint. This pressure has already led to significant government actions, such as China's ban and New York's moratorium on certain PoW mining operations.
The ongoing industry shift of major cryptocurrencies towards more energy-efficient Proof-of-Stake (PoS) consensus mechanisms. While Marathon primarily mines Bitcoin (which remains PoW), the successful transition of other significant cryptocurrencies like Ethereum to PoS demonstrates a clear industry trend. This shift poses an emerging existential threat to the long-term viability and growth opportunities for companies exclusively reliant on the capital-intensive and energy-demanding PoW mining model, potentially diminishing the market for PoW-mined assets or increasing competitive pressure within the shrinking PoW segment.
AI Analysis | Feedback
Marathon Digital Holdings, Inc. (MARA) operates primarily in cryptocurrency mining, with a strong focus on Bitcoin, and is involved in the broader blockchain ecosystem and digital asset generation.
The addressable markets for Marathon Digital Holdings' main products and services are:
-
Cryptocurrency Mining Market (Global): The global cryptocurrency mining market size was valued at USD 2.77 billion in 2025 and is projected to increase to approximately USD 9.18 billion by 2035, exhibiting a Compound Annual Growth Rate (CAGR) of 12.73% from 2026 to 2035. Another estimate indicates the global cryptocurrency mining market is projected to grow from USD 4.66 billion in 2024 to USD 14.09 billion by 2035, representing a CAGR of 10.57% during that period.
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Blockchain Technology Market (Global): The global blockchain technology market size was estimated at USD 31.28 billion in 2024 and is projected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 90.1% from 2025 to 2030. North America held the largest share of this market, at 37.4%, in 2024. Other projections show the global blockchain technology market size at USD 41.14 billion in 2025, with an increase to approximately USD 2,379.53 billion by 2035, expanding at a CAGR of 50.04% from 2026 to 2035. Another report forecasts the global blockchain market size to grow from USD 32.99 billion in 2025 to USD 393.45 billion by 2030, at a CAGR of 64.2%.
-
Digital Asset Market (Global): The total global digital asset market capitalization was approximately $1.6 trillion as of mid-December 2023. The global market capitalization of digital assets briefly exceeded $4 trillion. Bitcoin's market capitalization alone was around $2.2 trillion as of August 31, 2025.
AI Analysis | Feedback
Marathon Digital Holdings, Inc. (MARA) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Expansion of Bitcoin Mining Operations: MARA plans to continue expanding its Bitcoin mining capacity by increasing its energized hash rate and improving operational efficiencies. The company's energized hash rate grew 25% between Q4 2024 and Q4 2025, from 53.2 exahash to 66.4 exahash. This expansion is coupled with a focus on vertical integration and securing advantageous power procurement to enhance profitability, especially in a dynamic mining environment. Efforts to reduce energy costs per petahash, which saw a 15% year-over-year reduction, are also expected to contribute positively to revenue.
- Diversification into AI and High-Performance Computing (HPC) Infrastructure: A significant strategic shift for MARA involves pivoting beyond pure Bitcoin mining into providing energy-dominant digital infrastructure for enterprise, hyperscale, and AI customers. This includes a strategic partnership with Starwood Digital Ventures to develop hyperscale, enterprise, and AI-capable digital infrastructure with a near-term IT capacity of 1 GW and a pathway to over 2.5 GW. Furthermore, MARA's acquisition of a 64% stake in Exaion expands its footprint into secure, enterprise-grade AI infrastructure across Europe, offering infrastructure-as-a-service and edge inference capabilities. The company is exploring AI inference computing through pilot programs to leverage its existing infrastructure and create new revenue streams.
- Strategic Asset Management and Monetization of Bitcoin Holdings: MARA is evolving its Bitcoin management strategy to allow for more flexible monetization of its digital assets. Starting in 2026, the company is authorized to sell Bitcoin held on its balance sheet, beyond just newly mined coins, to manage liquidity and capital allocation effectively. This strategy also includes deploying Bitcoin holdings through risk-optimized trading initiatives, lending arrangements, and collateralized borrowings. In 2025, these lending arrangements generated approximately $32 million in interest income.
- Leverage from Bitcoin Price Appreciation: While not a directly controllable operational driver, the price of Bitcoin remains a substantial factor influencing MARA's revenue. The company maintains a strategy of holding a significant portion of its mined Bitcoin to capitalize on potential future price appreciation. A change of $10,000 in the price of Bitcoin can impact the value of MARA's Bitcoin holdings by approximately $538 million.
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Share Issuance
- Marathon Digital Holdings launched a new at-the-market (ATM) offering program in February 2024, authorizing the sale of shares of common stock for up to $1.5 billion.
- The company sold approximately $750.0 million worth of common stock under a 2023 ATM program.
- MARA issued 0.00% convertible senior notes due 2032, with proceeds intended for purposes including the repurchase of existing 1.00% convertible senior notes due 2026, payment for capped call transactions, acquisition of additional bitcoin, and general corporate purposes.
Outbound Investments
- In December 2023, Marathon acquired two operational Bitcoin mining facilities from subsidiaries of Generate Capital for $178.6 million.
- Marathon launched a joint venture in Abu Dhabi, United Arab Emirates, in 2023, operating two sites with a total capacity of 250 megawatts, with Marathon owning 20%.
- The company completed the acquisition of a 64% stake in EDF subsidiary Exaion and formed a strategic partnership with NJJ Capital to expand its energy and data-center footprint.
Capital Expenditures
- Marathon Digital Holdings' capital expenditures for the past twelve months, as of February 25, 2026, totaled approximately -$429.12 million.
- The company's primary focus in 2024 was on expanding its core Bitcoin mining business, acquiring and operating Bitcoin mining sites, and deploying low-cost energy initiatives.
- MARA reported forecasted capital expenditures of $189.2 million for December 31, 2024, $38.9 million for March 31, 2025, $118.9 million for June 30, 2025, and $84.8 million for September 30, 2025.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.88 |
| Mkt Cap | 5.2 |
| Rev LTM | 483 |
| Op Inc LTM | -327 |
| FCF LTM | -916 |
| FCF 3Y Avg | -621 |
| CFO LTM | -355 |
| CFO 3Y Avg | -197 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 43.1% |
| Rev Chg 3Y Avg | 101.7% |
| Rev Chg Q | 0.8% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Mgn LTM | -80.5% |
| Op Mgn 3Y Avg | -70.4% |
| QoQ Delta Op Mgn LTM | -22.1% |
| CFO/Rev LTM | -88.5% |
| CFO/Rev 3Y Avg | -64.5% |
| FCF/Rev LTM | -160.3% |
| FCF/Rev 3Y Avg | -208.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.2 |
| P/S | 12.2 |
| P/EBIT | -9.7 |
| P/E | -9.3 |
| P/CFO | -7.3 |
| Total Yield | -11.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -20.1% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.7% |
| 3M Rtn | 4.8% |
| 6M Rtn | -4.1% |
| 12M Rtn | 88.3% |
| 3Y Rtn | 345.0% |
| 1M Excs Rtn | -1.9% |
| 3M Excs Rtn | -6.1% |
| 6M Excs Rtn | -2.1% |
| 12M Excs Rtn | 67.9% |
| 3Y Excs Rtn | 307.8% |
Price Behavior
| Market Price | $9.24 | |
| Market Cap ($ Bil) | 3.4 | |
| First Trading Date | 05/04/2012 | |
| Distance from 52W High | -59.5% | |
| 50 Days | 200 Days | |
| DMA Price | $9.15 | $14.03 |
| DMA Trend | down | down |
| Distance from DMA | 1.0% | -34.1% |
| 3M | 1YR | |
| Volatility | 95.6% | 83.6% |
| Downside Capture | 404.83 | 326.91 |
| Upside Capture | 353.01 | 234.22 |
| Correlation (SPY) | 52.8% | 49.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 6.36 | 4.92 | 4.40 | 3.80 | 2.28 | 2.71 |
| Up Beta | 12.07 | 7.64 | 6.86 | 4.10 | 2.11 | 2.71 |
| Down Beta | 5.37 | 5.69 | 5.15 | 4.89 | 1.80 | 2.06 |
| Up Capture | 487% | 409% | 272% | 255% | 546% | 11117% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 7 | 17 | 23 | 49 | 113 | 347 |
| Down Capture | 478% | 339% | 342% | 278% | 166% | 113% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 14 | 24 | 38 | 73 | 135 | 397 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MARA | |
|---|---|---|---|---|
| MARA | -25.6% | 83.4% | 0.00 | - |
| Sector ETF (XLK) | 31.2% | 26.6% | 0.99 | 51.0% |
| Equity (SPY) | 20.3% | 18.8% | 0.85 | 49.8% |
| Gold (GLD) | 68.2% | 26.2% | 1.97 | 12.9% |
| Commodities (DBC) | 19.1% | 17.3% | 0.89 | 28.7% |
| Real Estate (VNQ) | 7.6% | 16.1% | 0.27 | 32.3% |
| Bitcoin (BTCUSD) | -10.5% | 44.3% | -0.12 | 69.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MARA | |
|---|---|---|---|---|
| MARA | -23.8% | 108.1% | 0.25 | - |
| Sector ETF (XLK) | 17.5% | 24.6% | 0.64 | 45.9% |
| Equity (SPY) | 13.0% | 17.0% | 0.60 | 47.7% |
| Gold (GLD) | 23.4% | 17.2% | 1.11 | 9.5% |
| Commodities (DBC) | 11.0% | 19.0% | 0.47 | 12.9% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 32.6% |
| Bitcoin (BTCUSD) | 6.1% | 56.7% | 0.33 | 61.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MARA | |
|---|---|---|---|---|
| MARA | -11.1% | 143.9% | 0.52 | - |
| Sector ETF (XLK) | 22.2% | 24.2% | 0.84 | 29.2% |
| Equity (SPY) | 14.8% | 17.9% | 0.71 | 28.1% |
| Gold (GLD) | 14.4% | 15.6% | 0.76 | 7.4% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 13.8% |
| Real Estate (VNQ) | 5.8% | 20.7% | 0.24 | 18.0% |
| Bitcoin (BTCUSD) | 68.3% | 66.8% | 1.07 | 36.5% |
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Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/26/2026 | 5.8% | 3.8% | |
| 11/4/2025 | -6.7% | -12.5% | -30.2% |
| 7/29/2025 | -0.4% | -6.0% | -4.6% |
| 5/9/2025 | 10.3% | 9.7% | 13.9% |
| 2/26/2025 | 5.5% | 21.4% | 9.6% |
| 11/12/2024 | -14.0% | -21.3% | -10.5% |
| 8/1/2024 | -5.2% | -4.1% | -7.9% |
| 5/9/2024 | -12.7% | 0.0% | -1.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 5 | 3 |
| # Negative | 6 | 5 | 6 |
| Median Positive | 6.9% | 9.7% | 13.9% |
| Median Negative | -9.7% | -12.5% | -9.2% |
| Max Positive | 10.3% | 21.4% | 96.3% |
| Max Negative | -16.5% | -27.1% | -30.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Thiel, Frederick G | Chief Executive Officer | Direct | Sell | 12192025 | 10.77 | 27,505 | 296,229 | 38,292,617 | Form |
| 2 | Khan, Salman Hassan | Chief Financial Officer | S & N Khan Family Trust | Sell | 12172025 | 11.48 | 34,732 | 398,723 | 2,853,538 | Form |
| 3 | Khan, Salman Hassan | Chief Financial Officer | S & N Khan Family Trust | Sell | 11192025 | 11.99 | 34,732 | 416,437 | 3,396,743 | Form |
| 4 | Thiel, Frederick G | Chief Executive Officer | Direct | Sell | 11192025 | 11.99 | 27,505 | 329,785 | 42,960,098 | Form |
| 5 | Mellinger, Douglas K | Direct | Sell | 11122025 | 16.55 | 1,000 | 16,550 | 2,827,716 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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