Stock Ratings / Financials / MARA / financials

SII (44) IOND (48) UPST (32) ASST (67) ⌘ Pro Terminal →

MARA Holdings Inc. (MARA) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$6.77 -5.51% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $6.69

MARA Holdings Inc. (MARA) carries a Roarable Rating of E (Strong Sell) with 28/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.

📊 Historical Track Record Warning: Scores below 50 (28/100 · E) historically underperformed SPY in 71% of rolling 90-day windows →

ROARABLE E • RED ALERT Cap $2.77B

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

⚡ INSTANT AI QUANT PREVIEW • $0 FREE TIER Click Any Pre-Computed AI Quant Specialist Briefing on MARA Below — or Connect Your Own ChatGPT / Claude

🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is MARA stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

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As of 2026-11-02, MARA Holdings Inc. (NASDAQ: MARA) is rated E (Strong Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 28/100 at a spot price of $6.77 (-5.51% 1D, market cap $2.77B). Pillar breakdown: Fundamental Cash Engine 7/20, Institutional 13F & Options Flow 5/20, Executive Insider Alignment 8/20, FRED Macro Regime Fit 3/20, and SEC Balance-Sheet Forensics 5/20. Across 1096 tracked Financials issuers, MARA ranks #1039 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does MARA compare to SII and IOND in the Financials sector?

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Within the Financials sector (Finance: Consumer Services), MARA carries a Roarable E (28/100 RQD), trailing P/E of N/A, gross margin of —, and ROIC of -15.8%. By comparison, SII (Sprott Inc.) holds a D grade (44/100 RQD, P/E N/A, ROIC —, cap $2.75B) and IOND (Ionic Digital Inc. (Class A)) posts a D grade (48/100 RQD, P/E N/A, ROIC —, cap $3.12B). Among the 5-stock peer group, ASST leads on earnings multiple (32.8x) while ASST leads on capital efficiency (18.8% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for MARA?

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Per MARA's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001507605), MARA Holdings Inc. generated $58.7M in revenue (-39.2% YoY), -$1.31B in net income, and -$1.21B in free cash flow against $7.29B in total assets and $3.20B in total debt. Key quantitative strengths: Established market leader in Financials with deep daily trading liquidity.. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately.. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $6.69 (-1.18%)🧬 Dilution Drag (+1.92% YoY Shares)⚙️ Cash Engine: 7/20 (D-) • 0% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record Warning: Scores below 50 (28/100 · E) historically underperformed SPY in 71% of rolling 90-day windows (-10.0% avg 90D alpha vs SPY • 29.0% hit rate).

Audit Bucket Track Record →

RQD QUANT TACHOMETERRED ALERT • E

3-of-3 JEV AI Jury Bearish Warning

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw E · Rk E

Each axis scored 0–20

12M PRICE TARGET CONE-13.4% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for MARA)Realized 20D OHLCV Swing Band: ±12.5%

Deterministic 5-Pillar Attribution (28/100 Composite)

🔍 WHY MARA SCORES 28/100 (E) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: SEC 10-K Forensic Risk+8/20 pts (29% of score)

Altman Z-Score 3.80 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 4/9

▲ #2 Bullish Driver: Cash Engine Quality+7/20 pts (25% of score)

SEC XBRL FY 2025 (10-K): 0% FCF Margin ($0 FCF) & 52% Gross Margin

▼ #1 Drag / Risk Factor: Macro Regime Fit4/20 pts (-16 pt drag)

Macro rate sensitivity & RSI-14 (33.6) create a -16 pt regime headwind

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade E$9.11-17.9% Next Q

Q2 (-2Q)

Grade E$7.48-5.2% Next Q

Q3 (-1Q)

Grade E$7.09-4.5% Next Q

Current

Grade E$6.77-10% Hist 90D α

Trajectory: E (36) → E (28)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)CONTRARIAN TURNAROUND & SHORT-SQUEEZE DOSSIER

⚔️ Adversarial Opposing Case: What Could Spark a MARA Turnaround Squeeze

Gideon Ashmere Forensic Desk →

While MARA currently carries a cautious 28/100 (E) rating due to Macro Regime Fit (4/20), shorts face asymmetric squeeze risk if free cash flow inflects or management executes accretive buybacks.

🚀 Contrarian Squeeze Trigger #1

Established market leader in Financials with deep daily trading liquidity.

🚀 Contrarian Squeeze Trigger #2

Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($10.21) and Max Pain ($7.11) forces dealer call-delta covering toward $19.62.

🚀 Contrarian Squeeze Trigger #3

Forensic Repair Trigger: Halting share dilution (Dilution Drag (+1.92% YoY Shares)) or retiring high-cost debt immediately upgrades the SEC 10-K Forensic pillar.

🎲 LIVE PREDICTION MARKET ODDS TIED TO $MARA• $2.4M Crowd Pool • Kalshi / Polymarket Composite

Contract: “MARA Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”

YES 28%NO 72%Trade / Inspect Odds →

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How MARA Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$0 (0% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $57.7M

FY24

Rev $96.5M

FY25

Rev $58.7M

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$58.7M	52%	-2085.5%	-$1.31B	-$1.21B	-15.8%
FY 2024	$96.5M	52%	317.1%	$541.3M	-$927.8M	3.9%
FY 2023	$57.7M	52%	382.9%	$259.1M	-$318.2M	19%

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring MARA)

✓Walkthrough of MARA's RQD Radar, SEC cash-conversion gap & downside invalidation levels
✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks

RQD INSIDER CLUB WAITLIST$49/YR PLANNED

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MARA // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -42.77%🛡️ HOLDING TREND SUPPORT

2026-11-02O $7.35H $7.35L $6.77C $6.77VOL 34.31M

RES: $14.60SUP: $6.36SMA50: $10.21SMA200: $10.76

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

MARA Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 MARA Butterfly Map → + Track MARA →

Share Count & Dilution Monitor (#25)

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle (#30)

20.6%/yr Implied 5Y Growth

vs. -39.2% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger (#33)

No active Ellis Vennor swing setup published on MARA today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

IBIT → MARA Confirmed Filing

Spot ETF inflows into IBIT support USD Bitcoin price after the April 2024 block-reward halving cut miner BTC issuance by 50% (3.125 BTC/block), prompting MARA Holdings to pair energized EH/s mining with convertible-funded BTC purchases.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for MARA today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (MARA)

Financials Rank #1039 of 1096 ⚔️ SII vs MARA Full Matrix →

1. Head-to-Head Financials Peer Comparison (MARA vs. SII, IOND, UPST, ASST)

Industry: Finance: Consumer Services (156 Tracked Issuers)

Across 1096 tracked Financials securities in the Roarable RQD universe, MARA Holdings Inc. (MARA) ranks #1039 by composite RQD confidence (28/100, grade E) and #379 by equity capitalization ($2.77B). Within this direct 5-issuer industry benchmark cohort, ASST leads on earnings valuation at 32.8x trailing P/E, while ASST leads on capital efficiency and profitability with 18.8% ROIC and — gross margin. ASST currently holds the highest overall quantitative score in the immediate peer group at 67/100 (C+) compared with MARA at 28/100 (E).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
MARA ACTIVE MARA Holdings Inc.	E	28/100	—	—	-15.8%	-5.51%	$2.77B	Benchmark Subject
SII Sprott Inc.	D	44/100	—	—	—	-5.23%	$2.75B	/sii-vs-mara →
IOND Ionic Digital Inc. (Class A)	D	48/100	—	—	—	-4.39%	$3.12B	/iond-vs-mara →
UPST Upstart Holdings Inc.	E	32/100	45.1x	—	3.2%	-7.33%	$2.42B	/upst-vs-mara →
ASST Strive Inc.	C+	67/100	32.8x	—	18.8%	-10.90%	$3.17B	/asst-vs-mara →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001507605

In its most recent audited fiscal period (FY2025, filed 2025-12-31), MARA Holdings Inc. (MARA) reported GAAP revenue of $58.7M (-39.2% vs. FY2024 revenue of $96.5M , and +1.7% cumulative change since FY2023) , GAAP net income of -$1.31B, operating cash flow of -$802.7M, and free cash flow of -$1.21B (-30.4% YoY). On the balance sheet, MARA closed FY2025 with $7.29B in total assets against $3.20B in total debt (Altman Z-Score: N/A, Piotroski F-Score: 4/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-12-31	$58.7M	-$1.31B	-$802.7M	-$1.21B	$7.29B	$3.20B
FY2024 (FY)	2024-12-31	$96.5M	$541.3M	-$677.0M	-$927.8M	$6.80B	$2.45B
FY2023 (FY)	2023-12-31	$57.7M	$259.1M	-$315.7M	-$318.2M	$1.52B	$356.2M

3. MARA Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is MARA stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does MARA compare to SII and IOND in the Financials sector?

What are the biggest fundamental strengths and SEC risk factors for MARA?

Where is MARA trading relative to its 50-day, 200-day, and 52-week technical levels?

MARA last traded at $6.77 (-5.51% on volume of 43,135,095 shares), positioning the stock -33.69% below its 50-day simple moving average ($10.21) and -37.08% below its 200-day simple moving average ($10.76). Across its 52-week range of $6.45 to $18.69, MARA sits at the 2.6% percentile with a 14-day RSI of 33.6 (NEUTRAL RANGE) and an implied next-earnings move of ±12.5% ($5.92 to $7.62).

MARA Investor FAQ & Complete 8-Part Research Index

100% OPEN ACCESS • SEC EDGAR × CBOE × FRED

How profitable is MARA Holdings Inc. (MARA)?

In FY 2025 (10-K), MARA converted $58.7M of revenue into a 52% gross margin, 0% operating margin, and $0 in free cash flow (0% FCF margin).

Direct Sub-Reports: MARA RQD Cockpit MARA 12M Forecast MARA Earnings & Move MARA Dividends & DRIP MARA Insiders & 13F MARA Whale Options MARA Profit Sankey MARA News & Why

Sector Peer Dials

Ionic Digital Inc. (Class A)

48 /100

UPST E

Upstart Holdings Inc.

UWM Holdings Corporation (Class A)

50 /100

XXI D

Twenty One Capital Inc. (Class A)

45 /100

MARA Core Snapshot

Market Cap $2.77B

Trailing / Fwd P/E — / 27.0x

Gross Profit Margin —

Return on Capital (ROIC) -15.8%

Free Cash Flow Yield -18.00%

12M Base Price Target $5.86

FREE TRADER TOOLS

Own MARA Alongside Other Stocks? Run a 30-Second Crash X-Ray

Drop 3–5 tickers into our live Portfolio X-Ray to spot hidden accounting time-bombs and see your composite RQD dial.

⚡ X-Ray My Portfolio With MARA → 🏆 Trade MARA in $100K Prop Arena →

MARA Wire

Why It Moved →

Direct Company Event Yahoo Finance • 8h ago

Why Did MARA Holdings (MARA) Stock Drop As Attention Builds?

Direct Company Event Trefis • 11h ago

Is Now The Right Time For MARA Stock?

Direct Company Event Stocktwits • 14h ago

MARA Stock Surges Despite Deep Quarterly Loss – ‘No Longer Simply A Bitcoin Miner’ Says CEO

Direct Company Event Yahoo Finance • 17h ago

Marathon Digital Holdings, Inc. (MARA) Stock Slides as Market Rises: Facts to Know Before You Trade

Direct Company Event Trefis • 20h ago

How Much Downside Is Left In MARA Stock?

ROARABLE RATING BRIEF • RQD 28/100 (E) ✓ STAGE-C NUMBER FIREWALL VERIFIED

MARA — MARA Holdings Inc.: What the Facts Mean to a Prospective Investor

Engine: anthropic/claude-haiku-5.5

As of: 2026-11-02T15:24:58Z

Roarable Rating Brief: What This Means to a Prospective Investor

Per the Roarable RQD rating, MARA scores 28 out of 100 with a letter grade of E, labeled "Roarable Strong Sell — Forensic Risk / Avoid." Across the five pillars, the fundamental cash engine scores 7/20 (ROIC -15.8%; FCF yield -18%), whale 13F flow scores 5/20, insider conviction scores 5/20, macro regime fit scores 3/20 (Beta 1.03), and forensic balance sheet scores 8/20 (Altman Z 2.5; Piotroski F 4/9; Debt/Equity 0.5).

For a prospective investor, the scoring points to weak internal cash generation and negative return on invested capital as the dominant concern, with flow and insider signals also scoring low. The upside case in this framework depends on a turnaround in cash generation that the source data does not show yet; the forensic balance-sheet pillar offers only modest support. Valuation tradeoffs are visible in the forward P/E of 27 alongside negative trailing EPS of -3.4, meaning the market is pricing expected earnings recovery that the trailing data does not yet confirm.

Financial Trend

Period	Revenue	Operating Income	Net Income	EPS	FCF	Cash	Debt
FY 2025	$58.7M	$-1224.2M	$-1311.5M	N/A	$-1209.8M	$547.1M	$3202.1M
FY 2024	$96.5M	$306.1M	$541.2M	N/A	$-927.8M	$391.8M	$2446.6M
FY 2023	$57.7M	$220.9M	$259.1M	N/A	$-318.2M	N/A	$356.2M

Per the SEC financials, reported revenue fell from $96.5M in FY 2024 to $58.7M in FY 2025, while FY 2025 operating and net losses were $-1224.2M and $-1311.5M respectively. Per the market data, operating margin is -60% and ROIC is -15.8%. Per the Roarable RQD rating, the Altman Z-Score is 2.5, the Piotroski F-Score is 4/9, and Debt/Equity is 0.5; debt has grown from $356.2M in FY 2023 to $3202.1M in FY 2025 per the SEC financials.

Recent Catalysts & News Wire Analysis

Per the recent news feed, the wire carries one RED "RISK WATCH" item (a Yahoo Finance report on the stock dropping as attention builds), one GREEN "CATALYST" item (a Stocktwits report on the stock surging despite a deep quarterly loss, with the CEO describing the company as "no longer simply a Bitcoin miner"), and several YELLOW "MARKET WIRE" items covering price action from Trefis and Yahoo Finance. Per the Butterfly Supply-Chain Graph, the single confirmed link is IBIT to MARA as a bottleneck-beneficiary relationship with a mixed-constraint direction, sourced to the FY2024 Form 10-K and last verified 2026-10-31. The stated next catalyst is the monthly BTC production and energized hashrate update together with network difficulty adjustments. No proprietary signals are listed.

Open Questions

What is the source of the forward P/E of 27 given negative trailing EPS, and what earnings forecast underlies it?
Why is FY 2025 EPS reported as N/A while net income is reported as $-1311.5M, and what is the share count?
What is the composition of the $3202.1M debt, including convertible terms and maturities?
How much of the FY 2024 net income of $541.2M relates to Bitcoin fair-value or other non-operating items?
What is the company's current energized hashrate and cost per unit of mining output, given the ASIC efficiency threshold cited in the graph?

MARA Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for MARA Holdings Inc. (MARA) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to MARA Debate Forum (3) ↓

🔴 RISK WATCH Yahoo Finance • 8h ago

Why Did MARA Holdings (MARA) Stock Drop As Attention Builds?

Yahoo Finance report covering MARA Holdings Inc. (MARA) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Trefis • 11h ago

Is Now The Right Time For MARA Stock?

Trefis report covering MARA Holdings Inc. (MARA) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟢 CATALYST Stocktwits • 14h ago

MARA Stock Surges Despite Deep Quarterly Loss – ‘No Longer Simply A Bitcoin Miner’ Says CEO

Stocktwits report covering MARA Holdings Inc. (MARA) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Yahoo Finance • 17h ago

Marathon Digital Holdings, Inc. (MARA) Stock Slides as Market Rises: Facts to Know Before You Trade

Yahoo Finance report covering MARA Holdings Inc. (MARA) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Trefis • 20h ago

How Much Downside Is Left In MARA Stock?

Trefis report covering MARA Holdings Inc. (MARA) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟢 CATALYST Yahoo Finance • 23h ago

Marathon Digital Holdings, Inc. (MARA) Beats Stock Market Upswing: What Investors Need to Know

Yahoo Finance report covering MARA Holdings Inc. (MARA) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔴 RISK WATCH Trefis • 1d ago

Why Did MARA Stock Fall?

Trefis report covering MARA Holdings Inc. (MARA) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔴 RISK WATCH Yahoo Finance • 1d ago

What Are MARA Stock Bears Missing?

Yahoo Finance report covering MARA Holdings Inc. (MARA) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

MARA Bull vs. Bear Conversation Board — What's Your Call at $6.77?

🐂 33% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON MARA 🐻 67% BEARISH CONVICTION

RO RoarDesk_Moderator Roarable Research Desk 🐻 BEARISH 🎯 Target: $6.31 (-12.0%)

📌 Pinned Debate

🔥 Official Bull vs. Bear Debate: Is MARA (E • RQD 28/100) a Buy at $7.17?

Welcome to the MARA (MARA Holdings Inc.) Roar Pit. Current RQD Composite is 28/100 (Roarable Strong Sell — Forensic Risk / Avoid) in Finance: Consumer Services. Bulls point to operating leverage and sector positioning, while bears focus on macro rate sensitivity and margin execution. Pick your side (🐂 Bull or 🐻 Bear) and drop your price target below.

MU MultipleCompression Forensic Accounting Watch 🐻 BEARISH 🎯 Target: $6.02 (-16.0%)

Spot @ $7.17

Pump the brakes on MARA — check the valuation vs. margin headwinds

Everyone in here is repeating the bull case on MARA, but look at what you are paying: current EV/EBITDA multiples with tightening sector spreads. Unless MARA Holdings Inc. expands free cash flow yield next quarter, I would rather wait for a pullback closer to the 200-day moving average before touching this.

QU QuantViper Verified K Arena Trader 🐂 BULLISH 🎯 Target: $8.89 (+24.0%)

Spot @ $7.17

MARA cash flow & RQD setup is being underpriced by the Street here

Looking at the 5-pillar RQD breakdown on MARA, the market is fixating on short-term headline noise in Finance: Consumer Services and ignoring the balance sheet and cash flow trajectory. At $7.17 (52-wk range $6.45 - $18.69), any beat on forward guidance forces shorts and underweight funds to chase.