MARA (MARA) Financials

$16.44 +1.71 (+11.61%)

Closing price 05/27/2025 04:00 PM Eastern

Extended Trading

$16.25 -0.19 (-1.16%)

As of 05:55 AM Eastern

Annual Income Statements for MARA

This table shows MARA's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	541	259	-694	-30	-10	-3.52	-13	-50	-29	-17
Consolidated Net Income / (Loss)	541	261	-694	-30	-10	-3.52	-13	-50	-29	-17
Net Income / (Loss) Continuing Operations	541	261	-694	-30	-10	-3.52	-13	-50	-29	-17
Total Pre-Tax Income	617	278	-718	-4.85	-10	-3.52	-13	-31	-17	-25
Total Operating Income	306	221	-674	-2.99	-9.82	-4.24	-12	-14	-16	-26
Total Gross Profit	-159	-15	-34	117	-2.56	-0.29	-3.77	-7.83	4.63	-3.05
Total Revenue	656	388	118	159	4.36	1.19	1.56	0.00	37	19
Operating Revenue	656	388	118	159	4.36	1.19	1.56	-	37	19
Total Cost of Revenue	816	403	151	42	6.92	1.48	5.34	7.83	32	22
Operating Cost of Revenue	816	403	151	42	6.92	1.48	5.34	7.83	32	22
Total Operating Expenses	-465	-236	640	120	7.26	3.95	8.30	6.33	20	23
Selling, General & Admin Expense	272	92	57	174	6.40	0.89	2.59	3.63	2.64	6.02
Research & Development Expense	13	2.81	0.10	-	-	-	-	-	-	-
Amortization Expense	23	0.00	0.00	-	-	-	-	-	-	11
Other Operating Expenses / (Income)	-812	-331	126	0.00	-0.02	2.61	3.49	-	1.28	-
Impairment Charge	0.00	0.00	541	22	0.87	0.45	2.22	2.70	16	5.79
Other Special Charges / (Income)	38	0.00	-84	-77	0.00	-	-	-	-	-
Total Other Income / (Expense), net	310	57	-45	-1.86	-0.63	0.72	-0.67	-35	-1.73	0.58
Interest Expense	-0.13	-72	15	1.57	0.02	-0.13	2.26	7.84	3.14	5.66
Interest & Investment Income	19	2.19	-30	0.00	0.00	0.03	0.01	0.00	0.00	0.00
Other Income / (Expense), net	291	-17	0.26	-0.29	-0.61	0.56	1.58	-28	1.41	6.25
Income Tax Expense	75	16	-24	25	0.00	0.00	0.07	-0.10	12	-8.16
Preferred Stock Dividends Declared	0.00	2.12	0.00	0.00	-	-	-	-	-	-
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.25	0.00	0.00	-	-	-	-	-	-0.16	0.00
Basic Earnings per Share	$1.87	$1.41	($6.12)	($0.30)	($0.13)	($0.53)	($2.41)	($4.80)	($7.55)	-
Weighted Average Basic Shares Outstanding	289.96M	183.86M	113.47M	99.34M	81.41M	6.66M	5.32M	6.52M	3.79M	14.21M
Diluted Earnings per Share	$1.72	$1.06	($6.12)	($0.30)	-	($0.53)	($2.41)	($4.80)	($7.55)	-
Weighted Average Diluted Shares Outstanding	311.84M	192.29M	113.47M	99.34M	81.41M	6.66M	5.32M	6.52M	3.79M	14.21M
Weighted Average Basic & Diluted Shares Outstanding	345.82M	267.64M	167.25M	99.34M	81.41M	6.66M	5.32M	6.52M	3.79M	14.21M

This table shows MARA's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-533	529	-125	-200	337	152	-0.39	-11	119	-409	-72
Consolidated Net Income / (Loss)	-533	528	-125	-200	337	152	-0.39	-8.96	119	-392	-72
Net Income / (Loss) Continuing Operations	-533	528	-125	-200	337	152	-0.39	-8.96	119	-392	-72
Total Pre-Tax Income	-653	647	-174	-231	375	168	-0.32	-8.76	119	-415	-79
Total Operating Income	-541	341	-172	-232	370	185	-80	-6.07	122	-411	-44
Total Gross Profit	-312	-53	-67	-37	-3.01	11	-15	-11	0.02	-15	-27
Total Revenue	214	214	132	145	165	157	98	82	51	28	13
Operating Revenue	214	214	132	145	165	157	98	82	51	28	13
Total Cost of Revenue	526	267	199	182	168	146	113	92	51	44	40
Operating Cost of Revenue	526	267	199	182	168	146	113	92	51	44	40
Total Operating Expenses	256	-394	105	196	-373	-174	65	-4.67	-122	396	17
Selling, General & Admin Expense	86	78	64	57	73	38	19	20	15	19	12
Research & Development Expense	9.30	4.11	2.81	3.85	2.47	1.24	0.71	0.65	0.21	-	-
Depreciation Expense	158	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses / (Income)	3.10	-965	28	110	15	-351	45	-25	0.00	16	25
Other Special Charges / (Income)	0.00	489	10	5.66	-467	137	0.00	0.00	-137	-14	-30
Total Other Income / (Expense), net	-85	304	-1.73	2.45	5.52	-17	80	-2.69	-3.30	-4.00	-35
Interest Expense	9.94	-3.72	2.34	0.00	1.26	1.21	-80	2.84	4.09	4.67	3.75
Interest & Investment Income	12	9.95	0.76	2.24	6.50	2.30	-0.22	0.12	0.00	-	-31
Other Income / (Expense), net	-87	290	-0.15	0.21	0.28	-18	0.00	0.03	0.79	-0.36	0.24
Income Tax Expense	-119	118	-49	-32	38	16	0.07	0.20	0.08	-23	-6.09
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.24	-	-	-	-	-	-	-	-	-	-
Basic Earnings per Share	($1.55)	$1.71	($0.42)	($0.72)	$1.30	$0.73	$0.00	($0.07)	$0.75	($3.39)	($0.62)
Weighted Average Basic Shares Outstanding	344.10M	289.96M	294.94M	278.67M	259.10M	183.86M	179.60M	168.47M	159.19M	113.47M	116.53M
Diluted Earnings per Share	($1.55)	$1.60	($0.42)	($0.72)	$1.26	$0.75	($0.34)	($0.07)	$0.72	($3.39)	($0.62)
Weighted Average Diluted Shares Outstanding	344.10M	311.84M	294.94M	278.67M	267.91M	192.29M	183.74M	168.47M	169.00M	113.47M	116.53M
Weighted Average Basic & Diluted Shares Outstanding	351.93M	345.82M	321.83M	294.47M	272.96M	267.64M	222.63M	174.27M	167.40M	167.25M	116.84M

This table details how cash moves in and out of MARA's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	46	245	-156	127	141	-1.86	-12	9.95	2.44	-2.53
Net Cash From Operating Activities	-677	-316	-176	-19	-7.77	-3.32	-8.24	-11	10	-2.96
Net Cash From Continuing Operating Activities	-677	-316	-176	-19	-7.77	-3.32	-8.24	1.47	10	-2.96
Net Income / (Loss) Continuing Operations	541	261	-694	-30	-10	-3.52	-13	-31	-29	-17
Consolidated Net Income / (Loss)	541	261	-694	-30	-10	-3.52	-13	-31	-29	-17
Depreciation Expense	404	180	79	15	3.06	0.92	2.00	0.03	0.00	0.01
Amortization Expense	26	3.17	27	0.00	0.00	0.15	2.36	5.39	7.45	11
Non-Cash Adjustments To Reconcile Net Income	-924	-749	615	107	-1.01	-0.37	3.46	30	21	14
Changes in Operating Assets and Liabilities, net	-723	-11	-203	-111	0.62	-0.50	-3.25	-2.11	10	-11
Net Cash From Investing Activities	-3,229	4.60	-390	-891	-81	1.21	-4.16	-0.01	-3.69	-0.06
Net Cash From Continuing Investing Activities	-3,229	4.60	-390	-891	-81	1.21	-4.16	-0.01	-3.69	-0.06
Purchase of Property, Plant & Equipment	-251	-28	-41	-274	-18	-0.01	-5.25	-0.01	-0.01	-0.06
Acquisitions	-360	-72	-0.50	0.00	0.00	-	-0.25	0.00	-3.68	0.00
Purchase of Investments	-9.96	0.00	-44	-153	0.00	0.00	-	-	-	-
Sale of Property, Plant & Equipment	3.51	0.00	178	0.00	0.00	-	-	-	-	-
Other Investing Activities, net	-2,612	104	-483	-464	-64	1.22	1.34	-	0.00	-
Net Cash From Financing Activities	3,953	556	411	1,037	230	0.25	0.00	20	-4.01	0.51
Net Cash From Continuing Financing Activities	3,953	556	411	1,037	230	0.25	0.00	20	-4.01	0.51
Repayment of Debt	-48	-50	-120	-78	0.00	0.00	-	-1.27	-8.71	-16
Repurchase of Preferred Equity	0.00	-16	0.00	0.00	-	-	-	-	-	-
Repurchase of Common Equity	-35	0.00	0.00	-	-	-0.01	0.00	-	-	-
Issuance of Debt	2,179	0.00	169	806	0.06	0.00	-	5.49	0.00	20
Issuance of Preferred Equity	0.00	14	0.00	0.00	-	-	-	-	-	-
Issuance of Common Equity	1,859	608	361	312	223	0.26	0.00	16	4.65	0.00
Other Financing Activities, net	-2.55	-0.38	-0.08	-3.27	6.74	0.00	-	0.14	0.05	-2.84

This table details how cash moves in and out of MARA's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-196	228	-92	-56	-33	256	-27	3.08	12	48	-25
Net Cash From Operating Activities	-215	-313	-160	-115	-88	-91	-82	-51	-91	-93	-43
Net Cash From Continuing Operating Activities	-215	-313	-160	-115	-88	-91	-82	-51	-91	-93	-43
Net Income / (Loss) Continuing Operations	-533	528	-125	-200	337	152	-0.39	-8.96	119	-392	-73
Consolidated Net Income / (Loss)	-533	528	-125	-200	337	152	-0.39	-8.96	119	-392	-73
Depreciation Expense	158	137	101	88	78	71	54	37	18	14	26
Non-Cash Adjustments To Reconcile Net Income	549	-691	5.74	176	-415	-564	-32	-21	-132	451	23
Changes in Operating Assets and Liabilities, net	-389	-289	-143	-199	-92	249	-103	-60	-97	-167	-28
Net Cash From Investing Activities	-210	-1,997	-538	-278	-417	4.97	34	-25	-9.38	-22	-34
Net Cash From Continuing Investing Activities	-210	-1,997	-538	-278	-417	4.97	34	-25	-9.38	-22	-34
Purchase of Property, Plant & Equipment	-39	-187	-38	-17	-9.09	-1.80	-2.50	-6.05	-17	-21	-6.08
Acquisitions	-39	-62	-8.31	-103	-187	-5.04	-4.03	-20	-43	-	-
Purchase of Investments	-19	0.00	-1.96	-0.01	-8.00	-	-	-	0.00	-	-30
Sale of Property, Plant & Equipment	3.47	1.31	-	-	-	-	-	-	-	1.00	90
Other Investing Activities, net	-116	-1,750	-492	-158	-213	12	40	1.01	51	-1.38	-88
Net Cash From Financing Activities	230	2,538	606	337	472	342	21	79	113	163	52
Net Cash From Continuing Financing Activities	230	2,538	606	337	472	342	21	79	113	163	52
Repurchase of Common Equity	-20	-5.89	-5.85	-6.58	-17	-	-	-	0.00	-	-
Issuance of Debt	150	1,887	-	-	-	-	-	-	-	120	-
Issuance of Common Equity	100	704	321	345	489	343	37	66	163	163	38
Other Financing Activities, net	0.00	0.13	-0.52	-1.28	-0.87	-0.28	0.09	-0.11	-0.08	-0.03	-0.01

This table presents MARA's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	6,801	1,991	1,195	1,444	313	6.62	5.19	15	18	47
Total Current Assets	470	1,030	278	684	286	1.49	3.02	15	5.52	4.78
Cash & Equivalents	392	357	104	269	141	0.69	2.55	15	5.00	2.56
Restricted Cash	12	0.00	8.80	0.00	0.00	-	-	-	-	-
Accounts Receivable	6.35	0.00	0.02	27	75	0.00	-	0.01	0.10	0.14
Prepaid Expenses	36	26	41	35	2.40	0.80	0.46	0.09	0.43	0.34
Other Current Assets	25	647	165	354	68	0.00	0.00	-	-	1.75
Plant, Property, & Equipment, net	1,549	672	273	276	17	3.75	1.03	0.01	0.03	0.06
Total Noncurrent Assets	4,781	289	604	484	9.62	1.37	1.14	0.00	13	42
Goodwill	83	0.00	-	-	-	-	-	-	0.22	4.48
Intangible Assets	2.71	0.00	-	0.93	1.00	1.07	1.14	0.00	12	25
Other Noncurrent Operating Assets	4,696	289	604	483	8.62	0.30	0.00	-	0.20	0.01
Total Liabilities & Shareholders' Equity	6,801	1,991	1,195	1,444	313	6.62	5.19	15	18	47
Total Liabilities	2,665	375	809	762	1.51	2.97	2.27	7.67	28	35
Total Current Liabilities	95	34	26	11	1.44	1.85	2.27	7.67	20	17
Accounts Payable	13	11	1.31	7.77	1.00	1.24	1.24	1.96	7.22	6.53
Accrued Expenses	77	22	22	2.61	-	-	-	-	-	-
Other Current Liabilities	5.75	0.12	1.50	0.00	0.44	0.61	0.04	3.94	0.00	-
Total Noncurrent Liabilities	2,570	341	783	751	0.06	1.12	0.00	0.00	7.11	18
Long-Term Debt	2,447	326	782	728	0.06	1.00	0.00	-	4.67	12
Capital Lease Obligations	23	0.00	-	-	-	-	-	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	89	15	0.00	23	0.00	-	-	-	-	1.04
Other Noncurrent Operating Liabilities	12	0.35	1.02	0.00	-	0.12	0.00	-	1.44	3.33
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-
Total Equity & Noncontrolling Interests	4,136	1,616	386	682	312	3.65	2.92	7.39	-9.29	13
Total Preferred & Common Equity	4,129	1,616	386	682	312	3.65	2.92	7.39	-9.12	13
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,129	1,616	386	682	312	3.65	2.92	7.39	-9.12	13
Common Stock	4,155	2,184	1,226	836	428	110	105	97	50	43
Retained Earnings	-26	-568	-840	-154	-116	-106	-102	-89	-58	-29
Noncontrolling Interest	6.91	0.00	-	-	-	-	-	-	-0.16	0.00

This table presents MARA's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	6,444	3,580	3,117	2,957	1,384	1,373	1,304	1,476
Total Current Assets	292	239	372	1,641	433	422	386	240
Cash & Equivalents	196	164	256	324	101	114	125	55
Restricted Cash	12	12	12	-	0.00	14	0.00	80
Accounts Receivable	8.63	2.79	19	8.37	1.19	0.76	0.17	-
Prepaid Expenses	28	17	28	33	36	52	60	26
Other Current Assets	47	44	57	1,276	294	242	201	176
Plant, Property, & Equipment, net	1,566	1,092	930	802	742	784	715	404
Total Noncurrent Assets	4,587	2,249	1,816	506	209	167	203	735
Goodwill	83	45	45	31	-	-	-	-
Intangible Assets	2.43	1.98	2.19	22	-	-	-	0.00
Noncurrent Deferred & Refundable Income Taxes	24	29	-	-	-	-	-	-
Other Noncurrent Operating Assets	4,478	2,173	1,768	454	209	167	203	735
Total Liabilities & Shareholders' Equity	6,444	3,580	3,117	2,957	1,384	1,373	1,304	1,476
Total Liabilities	2,716	725	475	480	364	763	758	851
Total Current Liabilities	368	60	99	71	38	28	24	46
Short-Term Debt	300	-	-	-	-	-	-	-
Accounts Payable	6.49	13	29	33	15	7.15	3.24	19
Accrued Expenses	46	37	67	32	22	20	18	2.14
Other Current Liabilities	16	10	3.19	5.62	0.15	0.17	0.34	22
Total Noncurrent Liabilities	2,347	665	375	409	326	735	734	805
Long-Term Debt	2,299	619	327	326	325	734	733	781
Capital Lease Obligations	3.71	4.83	4.83	-	-	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	0.00	21	53	-	-	0.08	23
Other Noncurrent Operating Liabilities	45	41	23	30	0.39	0.42	0.91	1.13
Commitments & Contingencies	0.00	0.00	0.00	-	-	-	-	0.00
Total Equity & Noncontrolling Interests	3,729	2,856	2,643	2,477	1,020	594	546	625
Total Preferred & Common Equity	3,725	2,856	2,643	2,477	1,020	594	546	625
Preferred Stock	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Total Common Equity	3,725	2,856	2,643	2,477	1,020	594	546	625
Common Stock	4,284	3,411	3,073	2,707	1,823	1,461	1,393	1,058
Retained Earnings	-560	-555	-430	-230	-803	-867	-848	-432
Noncontrolling Interest	3.95	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from MARA's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	69.38%	229.09%	-26.02%	3,553.04%	267.61%	-24.14%	0.00%	-100.00%	93.01%	-11.34%
EBITDA Growth	165.76%	168.01%	-4,983.44%	257.97%	-182.74%	57.60%	83.14%	-441.94%	21.89%	-1,077.23%
EBIT Growth	193.35%	130.22%	-20,451.92%	68.58%	-183.23%	64.95%	74.89%	-195.03%	27.06%	-210.51%
NOPAT Growth	29.25%	144.08%	-22,441.60%	69.57%	-131.61%	64.90%	14.86%	8.98%	39.32%	-313.75%
Net Income Growth	107.15%	137.63%	-2,227.92%	-185.35%	-197.07%	72.55%	74.14%	-71.90%	-70.18%	-800.04%
EPS Growth	62.26%	117.32%	-1,940.00%	0.00%	0.00%	78.01%	74.14%	36.42%	0.00%	0.00%
Operating Cash Flow Growth	-114.48%	-78.86%	-830.59%	-143.97%	-134.22%	59.72%	23.78%	-206.25%	443.53%	-166.47%
Free Cash Flow Firm Growth	-1,259.84%	16.99%	60.46%	-461.94%	-3,023.05%	64.45%	-3,005.29%	-102.76%	342.58%	80.75%
Invested Capital Growth	291.46%	49.94%	-7.54%	570.33%	4,211.90%	188.85%	123.61%	-259.73%	-88.92%	-24.21%
Revenue Q/Q Growth	9.62%	49.53%	-25.62%	71.47%	118.85%	-1.51%	137.63%	-100.00%	-15.91%	43.60%
EBITDA Q/Q Growth	106.31%	255.92%	-11,372.33%	107.33%	-81.68%	54.30%	80.15%	-76.20%	-260.82%	26.00%
EBIT Q/Q Growth	341.98%	154.44%	-557.14%	98.05%	-59.90%	46.23%	72.58%	-74.96%	-240.80%	14.74%
NOPAT Q/Q Growth	49.89%	179.11%	-686.83%	98.38%	-49.14%	38.99%	0.93%	39.88%	-66.23%	-0.23%
Net Income Q/Q Growth	228.78%	192.46%	-144.11%	43.68%	-64.14%	47.97%	71.91%	-27.40%	-365.39%	5.04%
EPS Q/Q Growth	97.70%	134.42%	0.00%	43.40%	0.00%	50.47%	71.91%	22.58%	-365.39%	0.00%
Operating Cash Flow Q/Q Growth	-48.87%	0.50%	-202.45%	61.05%	-70.25%	-5.11%	-150.72%	31.79%	-8.97%	-74.25%
Free Cash Flow Firm Q/Q Growth	-131.50%	-36.33%	58.30%	-87.60%	-743.41%	-45.61%	-50.34%	-105.04%	296.86%	51.18%
Invested Capital Q/Q Growth	87.77%	27.24%	-17.01%	179.26%	792.72%	25.70%	-67.38%	-347.74%	-87.41%	25.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	-24.28%	-3.96%	-28.59%	73.36%	-58.71%	-24.49%	-241.54%	0.00%	12.64%	-16.05%
EBITDA Margin	156.35%	99.66%	-482.23%	7.31%	-168.95%	-219.66%	-393.03%	0.00%	-18.34%	-45.33%
Operating Margin	46.64%	57.01%	-572.00%	-1.88%	-225.34%	-357.66%	-772.95%	0.00%	-42.54%	-135.32%
EBIT Margin	90.94%	52.51%	-571.77%	-2.06%	-239.27%	-310.56%	-672.08%	0.00%	-38.70%	-102.41%
Profit (Net Income) Margin	82.42%	67.40%	-589.39%	-18.73%	-239.80%	-296.74%	-820.18%	0.00%	-78.70%	-89.26%
Tax Burden Percent	87.75%	94.08%	96.63%	615.34%	100.02%	100.00%	100.54%	157.64%	166.52%	67.50%
Interest Burden Percent	103.28%	136.42%	106.68%	147.89%	100.20%	95.55%	121.38%	75.17%	122.12%	129.13%
Effective Tax Rate	12.25%	5.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.90%	15.74%	-42.87%	-0.32%	-7.88%	-111.50%	0.00%	0.00%	-59.95%	-47.31%
ROIC Less NNEP Spread (ROIC-NNEP)	33.68%	32.43%	-82.21%	-17.67%	-2.81%	-23.26%	0.00%	0.00%	-168.56%	-42.01%
Return on Net Nonoperating Assets (RNNOA)	11.91%	10.35%	-87.09%	-5.68%	1.25%	4.41%	0.00%	0.00%	-1,641.57%	-44.43%
Return on Equity (ROE)	18.81%	26.09%	-129.96%	-6.00%	-6.63%	-107.09%	-248.60%	5,219.30%	-1,701.52%	-91.74%
Cash Return on Invested Capital (CROIC)	-111.71%	-24.22%	-35.03%	-148.39%	-198.81%	-208.63%	-1,141.05%	0.00%	100.16%	-19.77%
Operating Return on Assets (OROA)	13.58%	12.77%	-51.01%	-0.37%	-6.52%	-62.31%	-103.69%	0.00%	-43.28%	-35.99%
Return on Assets (ROA)	12.31%	16.39%	-52.59%	-3.39%	-6.53%	-59.54%	-126.54%	0.00%	-88.01%	-31.37%
Return on Common Equity (ROCE)	18.79%	26.09%	-129.96%	-6.00%	-6.63%	-107.09%	-248.60%	4,769.04%	-1,783.75%	-91.74%
Return on Equity Simple (ROE_SIMPLE)	13.10%	16.16%	-179.83%	-4.37%	-3.35%	-96.42%	-438.72%	-670.78%	315.99%	-133.64%
Net Operating Profit after Tax (NOPAT)	269	208	-471	-2.09	-6.87	-2.97	-8.45	-9.93	-11	-18
NOPAT Margin	40.93%	53.63%	-400.40%	-1.31%	-157.74%	-250.36%	-541.06%	0.00%	-29.78%	-94.72%
Net Nonoperating Expense Percent (NNEP)	-26.78%	-16.69%	39.34%	17.36%	-5.07%	-88.24%	-59.18%	-29,520.86%	108.60%	-5.31%
Return On Investment Capital (ROIC_SIMPLE)	4.07%	10.70%	-40.36%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	124.28%	103.96%	128.59%	26.64%	158.71%	124.49%	341.54%	0.00%	87.36%	116.05%
SG&A Expenses to Revenue	41.45%	23.85%	48.10%	109.55%	146.98%	74.93%	165.83%	0.00%	7.20%	31.70%
R&D to Revenue	2.02%	0.73%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	-70.92%	-60.97%	543.40%	75.24%	166.63%	333.18%	531.41%	0.00%	55.18%	119.27%
Earnings before Interest and Taxes (EBIT)	597	203	-673	-3.28	-10	-3.68	-11	-42	-14	-19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,026	386	-568	12	-7.36	-2.60	-6.14	-36	-6.72	-8.60
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.31	3.24	1.04	4.94	1.76	1.90	3.16	4.85	0.00	1.88
Price to Tangible Book Value (P/TBV)	1.33	3.24	1.04	4.95	1.77	2.69	5.20	4.85	0.00	0.00
Price to Revenue (P/Rev)	8.22	13.50	3.39	21.19	126.14	5.84	5.92	0.00	0.71	1.25
Price to Earnings (P/E)	9.97	20.19	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	10.03%	4.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.20	3.28	1.01	3.35	2.40	1.83	5.62	0.00	10.66	1.34
Enterprise Value to Revenue (EV/Rev)	11.38	13.41	9.08	24.08	93.72	6.10	4.92	0.00	1.06	2.31
Enterprise Value to EBITDA (EV/EBITDA)	7.28	13.46	0.00	329.57	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	12.51	25.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	27.81	25.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.80	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.12	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.60	0.20	2.03	1.07	0.00	0.27	0.34	0.24	-1.93	1.79
Long-Term Debt to Equity	0.60	0.20	2.03	1.07	0.00	0.27	0.00	0.00	-0.50	0.96
Financial Leverage	0.35	0.32	1.06	0.32	-0.45	-0.19	-1.43	0.14	9.74	1.06
Leverage Ratio	1.53	1.59	2.47	1.77	1.01	1.80	1.96	-17.56	19.33	2.92
Compound Leverage Factor	1.58	2.17	2.64	2.62	1.02	1.72	2.38	-13.20	23.61	3.78
Debt to Total Capital	37.39%	16.77%	66.96%	51.64%	0.02%	21.50%	25.49%	19.27%	207.65%	64.11%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	25.49%	19.27%	153.51%	29.50%
Long-Term Debt to Total Capital	37.39%	16.77%	66.96%	51.64%	0.02%	21.50%	0.00%	0.00%	54.14%	34.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.90%	0.00%
Common Equity to Total Capital	62.51%	83.23%	33.04%	48.36%	99.98%	78.50%	74.51%	80.73%	-105.75%	35.89%
Debt to EBITDA	2.41	0.84	-1.38	62.64	-0.01	-0.38	-0.16	-0.05	-2.67	-2.63
Net Debt to EBITDA	2.01	-0.08	-1.18	39.55	19.19	-0.12	0.25	0.36	-1.92	-2.34
Long-Term Debt to EBITDA	2.41	0.84	-1.38	62.64	-0.01	-0.38	0.00	0.00	-0.70	-1.42
Debt to NOPAT	9.19	1.57	-1.66	-348.25	-0.01	-0.34	-0.12	-0.18	-1.64	-1.26
Net Debt to NOPAT	7.69	-0.15	-1.42	-219.86	20.55	-0.10	0.18	1.33	-1.18	-1.12
Long-Term Debt to NOPAT	9.19	1.57	-1.66	-348.25	-0.01	-0.34	0.00	0.00	-0.43	-0.68
Altman Z-Score	1.66	9.10	-2.20	3.17	219.40	-22.66	-31.27	-14.07	-5.41	-1.72
Noncontrolling Interest Sharing Ratio	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.63%	-4.83%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.94	30.51	10.63	60.82	198.38	0.81	1.33	1.96	0.27	0.28
Quick Ratio	4.18	10.58	3.97	26.27	149.67	0.37	1.12	1.95	0.25	0.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,349	-320	-385	-974	-173	-5.55	-16	-0.50	18	-7.51
Operating Cash Flow to CapEx	-273.74%	-1,143.21%	0.00%	-6.92%	-43.81%	-63,514.93%	-156.87%	-138,783.81%	121,275.72%	-5,071.83%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-25.72	-621.05	-8,257.31	0.00	-6.91	-0.06	5.80	-1.33
Operating Cash Flow to Interest Expense	0.00	0.00	-11.78	-12.09	-370.14	0.00	-3.65	-1.38	3.24	-0.52
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-2.62	-186.63	-1,215.00	0.00	-5.97	-1.38	3.24	-0.53
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.24	0.09	0.18	0.03	0.20	0.15	0.00	1.12	0.35
Accounts Receivable Turnover	0.00	0.00	8.74	3.13	0.00	0.00	0.00	0.00	315.89	107.27
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.59	0.82	0.43	1.08	0.42	0.49	2.99	0.00	817.38	329.69
Accounts Payable Turnover	68.27	63.67	33.33	9.67	6.18	1.19	3.34	1.71	4.65	4.48
Days Sales Outstanding (DSO)	0.00	0.00	41.77	116.61	0.00	0.00	0.00	0.00	1.16	3.40
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	5.35	5.73	10.95	37.76	59.06	305.97	109.35	213.85	78.43	81.45
Cash Conversion Cycle (CCC)	-5.35	-5.73	30.82	78.85	-59.06	-305.97	-109.35	0.00	-77.27	-78.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,202	1,584	1,057	1,143	170	3.95	1.37	-5.80	3.63	33
Invested Capital Turnover	0.17	0.29	0.11	0.24	0.05	0.45	-0.71	0.00	2.01	0.50
Increase / (Decrease) in Invested Capital	4,617	528	-86	972	167	2.59	7.17	-9.43	-29	-10
Enterprise Value (EV)	7,470	5,198	1,069	3,832	408	7.23	7.69	23	39	44
Market Capitalization	5,397	5,229	400	3,372	550	6.92	9.24	36	26	24
Book Value per Share	$12.83	$7.26	$3.30	$6.65	$5.92	$0.46	$0.11	$0.84	($0.61)	$0.85
Tangible Book Value per Share	$12.56	$7.26	$3.30	$6.64	$5.90	$0.33	$0.07	$0.84	($1.44)	($1.16)
Total Capital	6,605	1,942	1,168	1,411	312	4.65	3.92	9.15	8.63	35
Total Debt	2,470	326	782	728	0.06	1.00	1.00	1.76	18	23
Total Long-Term Debt	2,470	326	782	728	0.06	1.00	0.00	0.00	4.67	12
Net Debt	2,066	-32	670	460	-141	0.31	-1.55	-13	13	20
Capital Expenditures (CapEx)	247	28	-137	274	18	0.01	5.25	0.01	0.01	0.06
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-29	639	139	404	144	-1.05	-0.81	-5.81	-6.69	-4.31
Debt-free Net Working Capital (DFNWC)	375	996	251	673	285	-0.36	1.74	9.14	-1.70	-1.76
Net Working Capital (NWC)	375	996	251	673	285	-0.36	0.74	7.38	-15	-12
Net Nonoperating Expense (NNE)	-272	-53	223	28	3.58	0.55	4.36	40	18	-1.04
Net Nonoperating Obligations (NNO)	2,066	-32	671	461	-141	0.31	-1.55	-13	13	20
Total Depreciation and Amortization (D&A)	429	183	105	15	3.06	1.08	4.36	5.41	7.46	11
Debt-free, Cash-free Net Working Capital to Revenue	-4.36%	164.83%	117.98%	254.10%	3,296.83%	-88.72%	-51.88%	0.00%	-18.27%	-22.72%
Debt-free Net Working Capital to Revenue	57.16%	257.04%	213.53%	422.83%	6,540.40%	-30.25%	111.41%	0.00%	-4.63%	-9.25%
Net Working Capital to Revenue	57.16%	257.04%	213.53%	422.83%	6,540.40%	-30.25%	47.46%	0.00%	-40.79%	-64.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.87	$0.00	($6.05)	($0.36)	($0.13)	($0.53)	($2.40)	($19.20)	$0.00	($19.04)
Adjusted Weighted Average Basic Shares Outstanding	289.96M	0.00	113.47M	103.05M	98.80M	8.46M	6.38M	1.63M	1.21M	935.45K
Adjusted Diluted Earnings per Share	$1.72	$0.00	$0.00	($0.36)	($0.13)	($0.53)	($2.40)	($19.20)	$0.00	($19.04)
Adjusted Weighted Average Diluted Shares Outstanding	311.84M	0.00	167.25M	103.05M	98.80M	8.46M	6.38M	1.63M	1.21M	935.45K
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.36)	($0.13)	($0.53)	($2.40)	($19.20)	$0.00	($19.04)
Adjusted Weighted Average Basic & Diluted Shares Outstanding	345.82M	0.00	167.25M	99.34M	81.41M	6.66M	5.32M	1.63M	948.63K	888.05K
Normalized Net Operating Profit after Tax (NOPAT)	302	208	-151	-40	-6.26	-2.65	-6.90	-8.04	0.50	-14
Normalized NOPAT Margin	46.01%	53.63%	-128.42%	-25.33%	-143.74%	-223.92%	-441.48%	0.00%	1.36%	-73.35%
Pre Tax Income Margin	93.93%	71.64%	-609.97%	-3.04%	-239.75%	-296.74%	-815.76%	0.00%	-47.26%	-132.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-44.94	-2.09	-496.43	0.00	-4.65	-5.33	-4.51	-3.43
NOPAT to Interest Expense	0.00	0.00	-31.47	-1.33	-327.27	0.00	-3.74	-1.27	-3.47	-3.17
EBIT Less CapEx to Interest Expense	0.00	0.00	-35.78	-176.63	-1,341.29	0.00	-6.97	-5.33	-4.52	-3.44
NOPAT Less CapEx to Interest Expense	0.00	0.00	-22.31	-175.87	-1,172.12	0.00	-6.07	-1.27	-3.48	-3.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	6.44%	0.00%	0.00%	0.00%	0.00%	-0.30%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from MARA's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	29.47%	36.76%	34.54%	77.52%	223.08%	451.67%	671.07%	228.05%	-1.14%	-58.80%	-75.46%
EBITDA Growth	-207.05%	223.23%	-173.29%	-486.46%	218.84%	160.04%	-179.24%	119.95%	30,943.36%	-338.68%	51.31%
EBIT Growth	-275.67%	278.55%	-115.03%	-3,746.02%	201.13%	140.54%	-83.07%	96.95%	715.29%	-358.30%	-97.46%
NOPAT Growth	-214.01%	66.51%	-114.85%	-3,730.51%	172.31%	158.14%	-82.08%	96.94%	962.11%	-490.08%	-96.22%
Net Income Growth	-258.21%	247.95%	-31,897.18%	-2,127.84%	184.06%	138.75%	99.46%	95.79%	793.78%	-2,290.50%	-226.81%
EPS Growth	-223.02%	113.33%	-23.53%	-928.57%	75.00%	122.12%	45.16%	96.39%	523.53%	0.00%	0.00%
Operating Cash Flow Growth	-143.93%	-243.80%	-96.14%	-124.02%	3.41%	1.69%	-90.39%	-247.11%	-250.92%	-465.20%	-14.00%
Free Cash Flow Firm Growth	-310.47%	-1,104.22%	-7,685.59%	-2,815.76%	-729.23%	-78.71%	96.87%	105.16%	115.38%	77.56%	-120.50%
Invested Capital Growth	147.79%	291.46%	165.27%	122.32%	113.61%	49.94%	-2.21%	-5.07%	-2.86%	-7.54%	211.14%
Revenue Q/Q Growth	-0.24%	62.86%	-9.30%	-12.14%	5.38%	60.21%	19.68%	59.90%	79.93%	123.93%	-49.08%
EBITDA Q/Q Growth	-161.04%	1,192.88%	43.41%	-127.58%	156.43%	1,024.05%	-180.02%	-77.25%	135.78%	-4,197.87%	94.28%
EBIT Q/Q Growth	-199.42%	466.37%	25.76%	-162.76%	253.46%	308.11%	-1,227.81%	-104.91%	129.93%	-839.80%	77.89%
NOPAT Q/Q Growth	-235.92%	331.14%	25.89%	-148.97%	226.37%	398.23%	-1,221.25%	-103.48%	142.39%	-833.90%	77.78%
Net Income Q/Q Growth	-200.98%	523.34%	37.50%	-159.22%	286.23%	39,029.74%	95.65%	-107.55%	130.29%	-440.73%	65.92%
EPS Q/Q Growth	-196.88%	480.95%	41.67%	-157.14%	2,000.00%	320.59%	-385.71%	-109.72%	121.24%	-446.77%	68.04%
Operating Cash Flow Q/Q Growth	31.25%	-95.79%	-39.00%	-30.37%	3.10%	-11.69%	-58.76%	43.79%	1.38%	-116.32%	-189.45%
Free Cash Flow Firm Q/Q Growth	7.10%	-99.18%	-31.90%	-68.19%	-130.58%	-1,187.77%	-146.01%	-61.03%	177.40%	77.47%	24.03%
Invested Capital Q/Q Growth	-1.27%	87.77%	22.06%	9.51%	55.96%	27.24%	2.30%	5.22%	9.48%	-17.01%	-0.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-145.75%	-24.62%	-50.91%	-25.19%	-1.82%	6.83%	-15.66%	-13.13%	0.04%	-53.29%	-215.74%
EBITDA Margin	-219.71%	359.06%	-53.51%	-85.76%	273.23%	151.92%	-26.34%	39.40%	276.87%	-1,395.97%	-72.73%
Operating Margin	-252.97%	159.07%	-130.82%	-160.12%	223.79%	118.05%	-81.92%	-7.42%	238.75%	-1,446.85%	-346.93%
EBIT Margin	-293.54%	294.55%	-130.93%	-159.97%	223.96%	106.41%	-81.92%	-7.38%	240.29%	-1,448.11%	-345.05%
Profit (Net Income) Margin	-249.41%	246.41%	-94.79%	-137.56%	204.10%	96.85%	-0.40%	-10.96%	232.14%	-1,378.84%	-571.02%
Tax Burden Percent	81.74%	81.71%	71.74%	86.31%	89.86%	90.43%	123.03%	102.32%	99.94%	94.38%	92.25%
Interest Burden Percent	103.95%	102.38%	100.92%	99.63%	101.42%	100.65%	0.40%	145.09%	96.67%	100.89%	179.40%
Effective Tax Rate	0.00%	18.29%	0.00%	0.00%	10.14%	9.57%	0.00%	0.00%	0.06%	0.00%	0.00%
Return on Invested Capital (ROIC)	-29.06%	21.91%	-24.11%	-32.28%	55.61%	31.33%	-11.80%	-0.72%	23.82%	-108.45%	-45.70%
ROIC Less NNEP Spread (ROIC-NNEP)	-42.01%	46.46%	-25.37%	-43.32%	57.25%	26.47%	0.96%	-1.49%	23.17%	-126.83%	-66.69%
Return on Net Nonoperating Assets (RNNOA)	-16.17%	16.43%	-4.40%	-8.92%	11.46%	8.45%	0.51%	-1.44%	17.97%	-134.36%	-20.59%
Return on Equity (ROE)	-45.22%	38.34%	-28.51%	-41.21%	67.07%	39.78%	-11.29%	-2.17%	41.78%	-242.80%	-66.29%
Cash Return on Invested Capital (CROIC)	-94.84%	-111.71%	-82.61%	-64.45%	-49.25%	-24.22%	-18.63%	-13.79%	-28.78%	-35.03%	-109.83%
Operating Return on Assets (OROA)	-44.03%	43.98%	-31.59%	-40.25%	52.73%	25.88%	-14.85%	-0.89%	19.79%	-129.20%	-51.05%
Return on Assets (ROA)	-37.41%	36.79%	-22.87%	-34.61%	48.05%	23.56%	-0.07%	-1.32%	19.12%	-123.02%	-84.48%
Return on Common Equity (ROCE)	-45.20%	38.30%	-28.51%	-41.01%	67.07%	39.78%	-11.29%	-2.14%	41.78%	-242.80%	-66.29%
Return on Equity Simple (ROE_SIMPLE)	-8.85%	0.00%	5.76%	10.93%	19.36%	0.00%	-27.70%	-59.64%	-102.26%	0.00%	-45.48%
Net Operating Profit after Tax (NOPAT)	-379	279	-121	-163	332	167	-56	-4.25	122	-288	-31
NOPAT Margin	-177.08%	129.97%	-91.58%	-112.08%	201.10%	106.75%	-57.35%	-5.19%	238.60%	-1,012.79%	-242.85%
Net Nonoperating Expense Percent (NNEP)	12.96%	-24.54%	1.26%	11.04%	-1.64%	4.86%	-12.76%	0.77%	0.64%	18.39%	20.98%
Return On Investment Capital (ROIC_SIMPLE)	-5.98%	4.22%	-	-	-	8.62%	-	-	-	-24.64%	-
Cost of Revenue to Revenue	245.75%	124.62%	150.91%	125.19%	101.82%	93.17%	115.66%	113.13%	99.96%	153.29%	315.74%
SG&A Expenses to Revenue	40.15%	36.35%	48.41%	39.35%	44.38%	24.25%	19.86%	24.27%	29.60%	65.15%	95.70%
R&D to Revenue	4.35%	1.91%	2.14%	2.65%	1.49%	0.79%	0.73%	0.80%	0.41%	0.00%	0.00%
Operating Expenses to Revenue	119.76%	-183.69%	79.92%	134.93%	-225.62%	-111.22%	66.26%	-5.71%	-238.70%	1,395.18%	131.18%
Earnings before Interest and Taxes (EBIT)	-628	632	-172	-232	370	167	-80	-6.04	123	-412	-44
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-470	770	-70	-124	451	238	-26	32	142	-397	-9.23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.07	1.31	1.67	2.12	2.44	3.24	1.45	3.90	2.67	1.04	2.00
Price to Tangible Book Value (P/TBV)	1.09	1.33	1.70	2.16	2.49	3.24	1.45	3.90	2.67	1.04	2.00
Price to Revenue (P/Rev)	5.64	8.22	7.98	9.94	12.05	13.50	5.72	13.33	12.45	3.39	7.90
Price to Earnings (P/E)	0.00	9.97	29.03	19.43	12.66	20.19	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	10.03%	3.45%	5.15%	7.90%	4.95%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.04	1.20	1.58	2.10	2.45	3.28	1.37	2.42	1.79	1.01	1.49
Enterprise Value to Revenue (EV/Rev)	9.04	11.38	8.72	10.05	12.05	13.41	6.58	16.91	17.64	9.08	11.98
Enterprise Value to EBITDA (EV/EBITDA)	69.51	7.28	10.50	10.47	8.65	13.46	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	12.51	38.68	24.98	13.33	25.54	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	27.81	29.15	25.27	14.37	25.01	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.70	0.60	0.22	0.13	0.13	0.20	0.32	1.20	1.34	2.03	1.25
Long-Term Debt to Equity	0.62	0.60	0.22	0.13	0.13	0.20	0.32	1.20	1.34	2.03	1.25
Financial Leverage	0.38	0.35	0.17	0.21	0.20	0.32	0.53	0.97	0.78	1.06	0.31
Leverage Ratio	1.52	1.53	1.28	1.38	1.41	1.59	1.74	2.27	2.15	2.47	1.66
Compound Leverage Factor	1.57	1.57	1.29	1.38	1.43	1.60	0.01	3.29	2.08	2.49	2.99
Debt to Total Capital	41.10%	37.39%	17.92%	11.14%	11.63%	16.77%	24.18%	54.61%	57.32%	66.96%	55.55%
Short-Term Debt to Total Capital	4.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	36.37%	37.39%	17.92%	11.14%	11.63%	16.77%	24.18%	54.61%	57.32%	66.96%	55.55%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.06%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	1.17%	0.00%	0.00%	0.00%
Common Equity to Total Capital	58.83%	62.51%	82.08%	88.86%	88.37%	83.23%	75.82%	44.22%	42.68%	33.04%	44.45%
Debt to EBITDA	28.37	2.41	1.25	0.61	0.47	0.84	-1.31	-3.18	-1.73	-1.38	-157.82
Net Debt to EBITDA	26.10	2.01	0.90	0.12	0.00	-0.08	-0.90	-2.62	-1.43	-1.18	-130.57
Long-Term Debt to EBITDA	25.10	2.41	1.25	0.61	0.47	0.84	-1.31	-3.18	-1.73	-1.38	-157.82
Debt to NOPAT	-6.15	9.19	3.48	1.47	0.77	1.57	-1.24	-3.09	-1.97	-1.66	-13.04
Net Debt to NOPAT	-5.66	7.69	2.50	0.28	0.00	-0.15	-0.85	-2.55	-1.64	-1.42	-10.79
Long-Term Debt to NOPAT	-5.44	9.19	3.48	1.47	0.77	1.57	-1.24	-3.09	-1.97	-1.66	-13.04
Altman Z-Score	0.53	1.68	3.81	6.95	8.66	9.04	1.97	1.40	0.98	-1.47	0.64
Noncontrolling Interest Sharing Ratio	0.06%	0.12%	0.00%	0.48%	0.00%	0.00%	0.00%	1.24%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.79	4.94	4.00	3.75	23.07	30.51	11.33	14.91	16.22	10.63	5.27
Quick Ratio	0.56	4.18	2.79	2.77	4.68	10.58	2.68	4.04	5.25	3.97	1.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,031	-4,339	-2,178	-1,652	-982	-360	-28	61	156	-202	-895
Operating Cash Flow to CapEx	-609.00%	-169.22%	-421.34%	-668.78%	-972.05%	-5,070.30%	-3,268.68%	-850.31%	-529.58%	-457.30%	0.00%
Free Cash Flow to Firm to Interest Expense	-405.45	0.00	-930.10	0.00	-781.80	-296.79	0.00	21.41	38.13	-43.20	-238.50
Operating Cash Flow to Interest Expense	-21.68	0.00	-68.35	0.00	-70.33	-75.09	0.00	-18.10	-22.35	-19.87	-11.43
Operating Cash Flow Less CapEx to Interest Expense	-25.24	0.00	-84.58	0.00	-77.57	-76.58	0.00	-20.23	-26.56	-24.22	10.98
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.15	0.24	0.25	0.24	0.24	0.18	0.12	0.08	0.09	0.15
Accounts Receivable Turnover	82.97	0.00	300.50	57.94	117.46	0.00	0.00	0.00	7.80	8.74	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.60	0.59	0.65	0.66	0.66	0.82	0.45	0.32	0.22	0.43	0.64
Accounts Payable Turnover	87.45	68.27	50.01	33.85	28.48	63.67	17.53	7.78	32.17	33.33	6.97
Days Sales Outstanding (DSO)	4.40	0.00	1.21	6.30	3.11	0.00	0.00	0.00	46.80	41.77	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	4.17	5.35	7.30	10.78	12.81	5.73	20.82	46.95	11.35	10.95	52.34
Cash Conversion Cycle (CCC)	0.23	-5.35	-6.08	-4.48	-9.71	-5.73	-20.82	-46.95	35.45	30.82	-52.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,123	6,202	3,303	2,706	2,471	1,584	1,245	1,217	1,157	1,057	1,273
Invested Capital Turnover	0.16	0.17	0.26	0.29	0.28	0.29	0.21	0.14	0.10	0.11	0.19
Increase / (Decrease) in Invested Capital	3,652	4,617	2,058	1,489	1,314	528	-28	-65	-34	-86	864
Enterprise Value (EV)	6,375	7,470	5,224	5,677	6,045	5,198	1,705	2,942	2,067	1,069	1,897
Market Capitalization	3,977	5,397	4,776	5,613	6,043	5,229	1,481	2,320	1,458	400	1,251
Book Value per Share	$10.77	$12.83	$9.70	$9.35	$9.25	$7.26	$5.85	$3.55	$3.26	$3.30	$5.35
Tangible Book Value per Share	$10.52	$12.56	$9.54	$9.18	$9.06	$7.26	$5.85	$3.55	$3.26	$3.30	$5.35
Total Capital	6,331	6,605	3,479	2,974	2,803	1,942	1,345	1,344	1,279	1,168	1,406
Total Debt	2,602	2,470	624	331	326	326	325	734	733	782	781
Total Long-Term Debt	2,302	2,470	624	331	326	326	325	734	733	782	781
Net Debt	2,394	2,066	447	63	1.82	-32	224	606	608	670	646
Capital Expenditures (CapEx)	35	185	38	17	9.09	1.80	2.50	6.05	17	20	-84
Debt-free, Cash-free Net Working Capital (DFCFNWC)	15	-29	3.33	4.71	1,245	639	293	266	238	139	60
Debt-free Net Working Capital (DFNWC)	223	375	180	273	1,570	996	394	394	362	251	195
Net Working Capital (NWC)	-77	375	180	273	1,570	996	394	394	362	251	195
Net Nonoperating Expense (NNE)	155	-250	4.23	37	-4.96	16	-56	4.72	3.30	104	42
Net Nonoperating Obligations (NNO)	2,394	2,066	447	63	-6.00	-32	225	607	611	671	648
Total Depreciation and Amortization (D&A)	158	138	102	108	81	71	54	38	19	15	35
Debt-free, Cash-free Net Working Capital to Revenue	2.16%	-4.36%	0.56%	0.83%	248.29%	164.83%	113.16%	152.96%	202.80%	117.98%	37.70%
Debt-free Net Working Capital to Revenue	31.69%	57.16%	29.99%	48.28%	312.94%	257.04%	152.21%	226.50%	309.39%	213.53%	122.90%
Net Working Capital to Revenue	-10.86%	57.16%	29.99%	48.28%	312.94%	257.04%	152.21%	226.50%	309.39%	213.53%	122.90%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.55)	$1.71	($0.42)	($0.72)	$1.30	$0.73	$0.36	($0.13)	($0.05)	($3.39)	($0.65)
Adjusted Weighted Average Basic Shares Outstanding	344.10M	289.96M	294.94M	278.67M	259.10M	183.86M	179.60M	168.47M	159.19M	113.47M	116.53M
Adjusted Diluted Earnings per Share	($1.55)	$1.60	($0.42)	($0.72)	$1.26	$0.75	$0.35	($0.13)	$0.00	($3.39)	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	344.10M	311.84M	294.94M	278.67M	267.91M	192.29M	189.51M	168.47M	167.40M	113.47M	116.84M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	351.93M	345.82M	321.83M	294.47M	272.96M	267.64M	222.63M	174.27M	167.40M	167.25M	116.84M
Normalized Net Operating Profit after Tax (NOPAT)	-379	678	-113	-159	-87	292	-56	-4.25	-15	-34	-45
Normalized NOPAT Margin	-177.08%	316.26%	-86.10%	-109.35%	-52.77%	186.00%	-57.35%	-5.19%	-29.95%	-120.52%	-355.69%
Pre Tax Income Margin	-305.13%	301.57%	-132.13%	-159.38%	227.14%	107.10%	-0.32%	-10.71%	232.29%	-1,460.94%	-619.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-63.16	0.00	-73.60	0.00	294.57	137.41	0.00	-2.13	30.02	-88.17	-11.67
NOPAT to Interest Expense	-38.10	0.00	-51.48	0.00	264.50	137.85	0.00	-1.50	29.81	-61.67	-8.21
EBIT Less CapEx to Interest Expense	-66.71	0.00	-89.82	0.00	287.34	135.93	0.00	-4.25	25.80	-92.52	10.73
NOPAT Less CapEx to Interest Expense	-41.66	0.00	-67.70	0.00	257.26	136.36	0.00	-3.62	25.59	-66.01	14.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-11.74%	6.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About MARA's Financials

When does MARA's fiscal year end?

According to the most recent income statement we have on file, MARA's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has MARA's net income changed over the last 9 years?

MARA's net income appears to be on a downward trend, with a most recent value of $541.01 million in 2024, falling from -$16.94 million in 2015. The previous period was $261.17 million in 2023. View MARA's forecast to see where analysts expect MARA to go next.

What is MARA's operating income?

MARA's total operating income in 2024 was $306.11 million, based on the following breakdown:

Total Gross Profit: -$159.37 million
Total Operating Expenses: -$465.48 million

How has MARA revenue changed over the last 9 years?

Over the last 9 years, MARA's total revenue changed from $18.98 million in 2015 to $656.38 million in 2024, a change of 3,358.7%.

How much debt does MARA have?

MARA's total liabilities were at $2.67 billion at the end of 2024, a 610.7% increase from 2023, and a 7,614.1% increase since 2015.

How much cash does MARA have?

In the past 9 years, MARA's cash and equivalents has ranged from $692.96 thousand in 2019 to $391.77 million in 2024, and is currently $391.77 million as of their latest financial filing in 2024.

How has MARA's book value per share changed over the last 9 years?

Over the last 9 years, MARA's book value per share changed from 0.85 in 2015 to 12.83 in 2024, a change of 1,404.8%.

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This page (NASDAQ:MARA) was last updated on 5/28/2025 by MarketBeat.com Staff

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MARA (MARA) Financials

Frequently Asked Questions About MARA's Financials

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MARA (MARA) Financials

Annual Income Statements for MARA

Quarterly Income Statements for MARA

Annual Cash Flow Statements for MARA

Quarterly Cash Flow Statements for MARA

Annual Balance Sheets for MARA

Quarterly Balance Sheets for MARA

Annual Metrics And Ratios for MARA

Quarterly Metrics And Ratios for MARA

Frequently Asked Questions About MARA's Financials

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