Marathon Digital Holdings

MARA

Financial - Capital Markets · Financial Services

Price

$11.26

+0.11 (+0.99%)

Market Cap

$4.29B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+257.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 99.3M (2021) → 355.2M (2025)

Winston Score History

The full picture

Marathon Digital Holdings is one of the largest Bitcoin mining companies in the United States. It uses large warehouses full of specialized computers to solve complex math problems, which earns the company newly created Bitcoin as a reward. Its main "product" is Bitcoin itself, and it operates in the cryptocurrency industry.

Marathon makes money by mining Bitcoin and then selling it, or holding it on its balance sheet as an asset. The company operates mining facilities across the US and in some international locations, and its scale gives it a cost advantage over smaller miners. However, its financial results are heavily tied to the price of Bitcoin and the "mining difficulty" — a measure of how hard it is to earn new coins — which means revenue can swing dramatically from one quarter to the next. The biggest risk the company faces is a prolonged drop in Bitcoin's price, which could make mining unprofitable.

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1 trades / 12mo

0 Congressional buys and 1 sell on MARA in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-26.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-169.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$30M/ year

↑ Rising (+128% vs prior year)

3.3% of revenue

Below sector average (7%)

R&D investment increasing — building for the future

Insider Activity

2.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

$421M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Marathon Digital Holdings has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

0.0%

Thin — 0.0% gross margin

Profit after running costs

Operating Margin

-298.0%

Losing money on operations — -298.0%

Return on the money invested

ROCE

-153.7%

Weak — -153.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+0.7%

Nearly flat sales (+0.7% YoY)

Profit growth

EPS YoY

-658.9%

Earnings shrinking (-658.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-194.7%

Burning cash (-194.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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