MARA HOLDINGS, INC. (MARA) — Fundamental Analysis

MARA Holdings is one of the largest publicly traded Bitcoin miners in the United States, and its financials tell a story that is deeply intertwined with the boom-and-bust cycles of cryptocurrency. The company has grown its revenue at a blistering pace over the past several years, but profitability swings wildly with Bitcoin prices — delivering spectacular gains in 2023 and 2024, then sliding back into significant losses in 2025 and into 2026. The most recent quarter (ending June 2026) shows a current ratio that has dropped below 1.0, meaning short-term liabilities now exceed short-term assets, and debt levels relative to equity have risen sharply. Capital spending has also surged dramatically as MARA races to expand its mining capacity. In plain terms: MARA is a high-growth, high-risk operation whose fortunes move almost entirely with Bitcoin — investors need to be comfortable with that volatility before looking at anything else on the income statement.

Snapshot & Big Picture

MARA began this decade as a tiny company — revenue was just $519,622 in fiscal year 2017 — and has since transformed into a large-scale Bitcoin mining enterprise, crossing $907 million in annual revenue for fiscal year 2025. That transformation was enabled by massive reinvestment into mining hardware and infrastructure, funded partly by debt and equity issuance. The business model is straightforward: mine Bitcoin, hold or sell it, and report the proceeds as revenue. The consequence of that model is that every line item on the income statement is highly sensitive to Bitcoin's price and the broader mining difficulty environment. When Bitcoin runs, MARA's numbers look outstanding. When it corrects, losses can be severe.

Latest Quarter Snapshot

The most recent data available — the quarter ending June 30, 2026, reported in the 10-Q filed August 6, 2026 — is more current than the annual figures and paints a cautious picture. Revenue for the quarter came in at $174.9 million, with a gross margin of just 4.5%, suggesting mining costs are consuming nearly all of the top line. The operating margin was deeply negative at -297.96%, and the net margin, while less severe at -71.36%, still represents a substantial loss. EBITDA for the quarter was -$329.5 million.

Critically, the current ratio fell to 0.89 — below 1.0 for the first time in the data presented here — indicating that MARA's current liabilities now exceed its current assets. The debt-to-equity ratio rose to 1.46, up from 1.04 at the 2025 fiscal year-end and 0.59 at the end of 2024. Capital expenditures for the quarter were $79.5 million, representing a capex-to-revenue ratio of approximately 45.5%, continuing the trend of heavy reinvestment. These figures suggest the company is in a capital-intensive expansion phase even as near-term profitability is under pressure.

Profitability

MARA's profitability history is one of sharp reversals. In 2022, when Bitcoin prices collapsed, the company posted an operating margin of -572% and a net margin of nearly -590% on $117.8 million in revenue — a staggering level of losses driven by impairments and operating costs that dwarfed income. The recovery in 2023 and 2024 was equally dramatic: Bitcoin's rebound pushed operating margins to 57% and 47% respectively, with net margins topping 67% and 82%. These are exceptional profitability numbers that reflect how large unrealized and realized Bitcoin gains can be relative to the cost base when prices are favorable.

Fiscal year 2025 reversed course again. Despite revenue growing to $907 million — the highest in the company's history — EBITDA turned deeply negative at -$451.5 million, and both operating and net margins were far into negative territory. The pattern is consistent across years: profitability at MARA is not a function of operational efficiency so much as it is a function of where Bitcoin trades. Gross margin data was not reported in the annual 10-K filings for any year, so a direct cost-of-revenue analysis across years is not available from these filings.

Financial Health

MARA's balance sheet has undergone significant changes over the review period. The current ratio, which stood at a remarkably high 60.8 in 2021 and 30.5 in 2023 (reflecting large liquid Bitcoin and cash holdings relative to minimal short-term debt), has compressed steadily: 10.6 in 2022, 4.9 in 2024, 1.27 in 2025, and now 0.89 as of June 2026. This declining liquidity trend is meaningful and warrants attention, as it indicates the company's near-term financial cushion has thinned considerably.

The debt-to-equity ratio was not available for 2021 and earlier years. It stood at 2.03 in 2022 (a distressed period), then improved sharply to 0.20 in 2023 and 0.59 in 2024 as equity values recovered. It rose again to 1.04 in 2025 and 1.46 as of June 2026, suggesting the company has been taking on more debt to fund expansion even as equity has not kept pace.

Capital Expenditures: CapEx is one of the most telling numbers in MARA's filings. In 2021, the company spent $273.9 million on capex — more than its total revenue that year — at a capex-to-revenue ratio of 172%, reflecting aggressive early-stage buildout. That moderated to $41.1 million (34.9% of revenue) in 2022 during the downturn. In 2023, capex fell sharply to $27.6 million (7.1% of revenue), a relatively capital-light year. Then in 2024 and 2025, spending surged: $250.8 million (38.2% of revenue) and $407.1 million (44.9% of revenue) respectively. The most recent quarter shows $79.5 million in capex against $174.9 million in revenue (45.5%), continuing that elevated intensity. The clear trend is that MARA is once again in a heavy reinvestment cycle, expanding its mining fleet ahead of — or in spite of — near-term profitability. This level of capital intensity means the business consistently consumes cash and depends on external financing or Bitcoin appreciation to sustain operations.

Capital expenditures for fiscal years 2013 and 2014 were not available in those filings.

Growth

Revenue growth at MARA has been extraordinary by almost any measure, though the starting bases matter enormously given how small the company was just a few years ago.

The 10-year CAGR is not available because MARA's SEC filing history in the data provided does not extend back a full ten years from the 2025 fiscal year-end with sufficient comparable data. The 3-year CAGR of 97.5% and the 5-year CAGR of 345.0% reflect genuine explosive growth, but investors should interpret these with care: much of this expansion was driven by Bitcoin price appreciation and a near-zero revenue base in 2017, rather than purely organic volume growth in a stable business. The more relevant question going forward is whether revenue can hold at or above current levels if Bitcoin prices remain volatile — the 2022 experience, when revenue fell from $159 million to $118 million despite substantial mining capacity, is a useful reminder of the downside.

Source Filings

• 10-Q filed August 6, 2026 — Period ending June 30, 2026
• 10-Q filed May 11, 2026 — Period ending March 31, 2026