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One of the largest US bitcoin miners, operating large-scale mining facilities and holding bitcoin on its balance sheet.
One of the largest US bitcoin miners, operating large-scale mining facilities and holding bitcoin on its balance sheet.
Earns bitcoin as the reward for validating transactions, and keeps most of what it mines on its balance sheet instead of selling, so reported profit moves with the bitcoin price as much as with mining output. Many machines have sat in other companies' sites under hosting deals, though it has been buying sites and power to run its own.
Moat: none (scale). Among the largest miners by hash rate, but bitcoin mining economics are set by network difficulty and BTC price, not company-specific advantage.
Headquarters: Fort Lauderdale, Florida, US · Founded: 2010 · Employees: 266
Size MARA (MARA) is a United States Financials company (Data Processing Services) with a market value of $2.45B, the 1664th largest of 3,117 United States companies the cockpit tracks. Shares closed at $6.35 on 6 Nov 2026.
Performance Over six months the shares fell 50.9%, against +10.1% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 0.7% over the last twelve months (peer median +8.0%); the operating margin is -122.8% (peer median 27.6%).
Valuation It trades at 1.46× book value against a peer median of 1.69× (11th cheapest of 21).
Price implies The share price implies a return on equity of about 27.6%; MARA delivers -107.1%, so the price asks more than the business earns today.
Credit MARA has 4 bonds outstanding ($2.25B).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $804M | $907M | $656M | $388M | $118M |
| Revenue growth | — | +38% | +69% | +229% | — |
| Gross profit | -$608M | -$433M | -$182M | -$15.3M | -$33.7M |
| EBITDA | -$168M | -$47.4M | -$41.0M | $68.9M | $11.1M |
| Net income | -$3.46B | -$1.31B | $541M | $261M | -$694M |
| Free cash flow | -$341M | -$312M | -$303M | $42.7M | -$101M |
| Capital expenditure | $344M | $407M | $253M | $27.6M | $41.1M |
| Total debt | $2.47B | $3.65B | $2.47B | $326M | $784M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| MARA MARA | $2.45B | -51% | +1% | -107% | 1.46× | 27.6% |
| CleanSpark CLSK | $1.58B | -57% | +7% | -69% | 2.08× | 38.0% |
| RIOT RIOT | $6.27B | -31% | +6% | -51% | 2.94× | 52.5% |
| Iren IREN | $8.76B | -65% | +42% | -23% | 1.97× | 36.1% |
| Core Scientific CORZ | $3.78B | -49% | +26% | n/a | n/a | n/a |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MARA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -35.9% | +4.6% | lowest of 21 |
| 6-month return | -50.9% | +10.1% | 2nd lowest of 20 |
| Return on equity | -107.1% | 12.4% | lowest of 21 |
| Price / book | 1.46× | 1.69× | 11th cheapest of 21 |
| ROE the price implies | 27.6% | 16.8% | 7th most demanding of 20 |
| ROE delivered | -107.1% | 11.2% | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| MARA MARA | United States | $2.45B | -51% | +1% | -107% | 1.46× | 27.6% | -107.1% |
| Hyperliquid Strategies PURR | United States | $2.45B | +104% | n/a | 34% | 0.94× | 18.9% | 33.9% |
| Banco BBVA Argentina SA Sponsored ADR BBAR | United States | $2.45B | -29% | +6% | 8% | 0.77× | 8.1% | 8.0% |
| Brighthouse Financial BHF | United States | $2.45B | -31% | +3% | 14% | 0.37× | 5.2% | 13.6% |
| Stock Yards Bancorp SYBT | United States | $2.46B | +10% | +10% | 32% | 2.17× | n/a | 32.4% |
| UWM UWMC | United States | $2.44B | -56% | +16% | 2% | 2.67× | 32.8% | 2.1% |
| Payoneer Global PAYO | United States | $2.42B | +39% | +6% | 7% | 3.71× | 27.9% | 7.1% |
| Encore Capital ECPG | United States | $2.42B | +36% | +29% | 31% | 2.24× | 21.7% | 30.5% |
| Merchants Bancorp MBIN | United States | $2.38B | +12% | 0% | 14% | 1.23× | 12.6% | 13.6% |
| Banner BANR | United States | $2.55B | +7% | +2% | 10% | 1.20× | 10.1% | 10.0% |
| First Merchants FRME | United States | $2.56B | +1% | +8% | 8% | 0.97× | 9.2% | 7.8% |
| Clover Health Investments CLOV | United States | $2.56B | +54% | +54% | -5% | 6.32× | 94.7% | -5.1% |
| Beacon Financial BBT | United States | $2.57B | +6% | +74% | 9% | 1.02× | 7.9% | 9.1% |
| GCM Grosvenor GCMG | United States | $2.57B | +11% | +8% | 682% | 30.54× | 200.5% | 682.1% |
| Trustmark TRMK | United States | $2.58B | 0% | -4% | 11% | 1.25× | 9.6% | 11.2% |
| First Busey BUSE | United States | $2.33B | +8% | +17% | 10% | 1.03× | 8.8% | 9.8% |
| HCI HCI | United States | $2.31B | +22% | +23% | 34% | 2.15× | 17.3% | 33.8% |
| Pelagos Insurance Capital PLGO | United States | $2.29B | +33% | -4% | 18% | 1.03× | 6.5% | 17.6% |
| Flywire FLYW | United States | $2.62B | +25% | +31% | 9% | 2.91× | 27.6% | 9.1% |
| Euronet Worldwide EEFT | United States | $2.65B | +3% | +5% | 22% | 2.13× | 16.8% | 22.0% |
| Lincoln International LCLN | United States | $2.65B | n/a | +35% | 55% | 19.72× | 335.4% | n/a |
MARA has 4 bonds outstanding with $2.25B face value.