MARAMARARevenue: is the business selling more than it used to?
$59M−39% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $59M in 2025, compounding +81% a year since 2022 though the pace has cooled. The last twelve months (+3%) ran below that pace, so growth is slowing. The trailing twelve months are already running at $60M, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARANet income: how much of that revenue becomes profit?
$-1.3BFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→2025 closed with a loss of $1.3B after being profitable the year before. One bad year is not a pattern, but it is what the balance sheet has to absorb.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARAHow fast is it growing, year by year?
-39.2%revenue growth, FY 2025
Off the axis: 2025 earnings -342.3% - rebounds off a collapsed prior year.
→Revenue grew -39% in 2025 against a five-year average of +182%. 2025's swing into loss (-342%) sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARARevenue per share: is your slice growing as fast as the company?
$0.17revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $0.17 in 2025, compounding +24% a year against +81% for MARA as a whole. Dilution absorbed about 57.3 points of that growth. Free cash flow per share stands at $-3.41.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARAFree cash flow: what is left in real cash after everything?
$-1.2BFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→The business consumed $1.2B of cash in 2025 after investment. Growth is being funded from the balance sheet, not from operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARAHow much of every sales dollar ends up as free cash?
→Free cash flow is negative, so no share of revenue is currently converting to spare cash. Every sales dollar is being reinvested or consumed.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARAWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is capital spending, at 693% of revenue (stock compensation 293%, research and development 51%). That share has risen since 2022, so the cost of competing is climbing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARAMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin widened 4730 points to -2085% since 2022. The bottom line is still negative: costs below the operating line eat what is left.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARAWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of -208% and ROCE of -18% sit close together, so the returns come from the business itself rather than from borrowing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARAWhat has the market paid for MARA over time?
72.8xP/S today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 72.8x sales, the market is paying +86% more than MARA's own 9-year median of 39.3x. Expectations are elevated, so more has to go right to justify the price.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARAWhat cash return does the business throw off per dollar of market value?
-28.4%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys -28.4% of annual free cash flow, more than its 9-year median of -14.9% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARACould it handle its debt if things went wrong?
◌ 2026 = the latest balance sheet (2026-06-30), not a fiscal year-end
→Debt of $2.4B sits against $421M of cash, or 1.5x shareholders' equity. Earnings don't currently cover the interest bill at all.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARAIs the company's own capital growing?
→The company's own capital grew from $1.6B in 2023 to $1.7B (+3%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARAHow much goes back, and how much leaks out as stock comp?
→Shareholders received $47M in buybacks in 2025. Stock compensation issued $172M of new shares in the same year, offsetting 100% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARAHow fast is your ownership being diluted - or concentrated?
→The share count grew 13.9% in 2025, averaging 48.5% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARADoes MARA earn more on its capital than that capital costs?
→MARA's return on capital is negative at -18.1% in 2025. The capital in the business is not yet earning anything back.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARAMARA has issued or retired shares - did shareholders end up better off?
→MARA issued +2946% more shares from 2014 to 2025 and revenue per share still fell -91%. On this measure the new shares have not paid for themselves.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
MARAMARAAre the people running it buying or selling?
→Insiders sold $4M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 27 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30