MARA (MARA) Financials

$14.53 -0.79 (-5.14%)

As of 01:27 PM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-17	-29	-50	-13	-3.52	-10	-30	-694	259	541
Consolidated Net Income / (Loss)	-17	-29	-50	-13	-3.52	-10	-30	-694	261	541
Net Income / (Loss) Continuing Operations	-17	-29	-50	-13	-3.52	-10	-30	-694	261	541
Total Pre-Tax Income	-25	-17	-31	-13	-3.52	-10	-4.85	-718	278	617
Total Operating Income	-26	-16	-14	-12	-4.24	-9.82	-2.99	-674	221	306
Total Gross Profit	-3.05	4.63	-7.83	-3.77	-0.29	-2.56	117	-34	-15	-159
Total Revenue	19	37	0.00	1.56	1.19	4.36	159	118	388	656
Operating Revenue	19	37	-	1.56	1.19	4.36	159	118	388	656
Total Cost of Revenue	22	32	7.83	5.34	1.48	6.92	42	151	403	816
Operating Cost of Revenue	22	32	7.83	5.34	1.48	6.92	42	151	403	816
Total Operating Expenses	23	20	6.33	8.30	3.95	7.26	120	640	-236	-465
Selling, General & Admin Expense	6.02	2.64	3.63	2.59	0.89	6.40	174	57	92	272
Research & Development Expense	-	-	-	-	-	-	-	0.10	2.81	13
Amortization Expense	11	-	-	-	-	-	-	0.00	0.00	23
Other Operating Expenses / (Income)	-	1.28	-	3.49	2.61	-0.02	0.00	126	-331	-812
Impairment Charge	5.79	16	2.70	2.22	0.45	0.87	22	541	0.00	0.00
Other Special Charges / (Income)	-	-	-	-	-	0.00	-77	-84	0.00	38
Total Other Income / (Expense), net	0.58	-1.73	-35	-0.67	0.72	-0.63	-1.86	-45	57	310
Interest Expense	5.66	3.14	7.84	2.26	-0.13	0.02	1.57	15	-72	-0.13
Interest & Investment Income	0.00	0.00	0.00	0.01	0.03	0.00	0.00	-30	2.19	19
Other Income / (Expense), net	6.25	1.41	-28	1.58	0.56	-0.61	-0.29	0.26	-17	291
Income Tax Expense	-8.16	12	-0.10	0.07	0.00	0.00	25	-24	16	75
Preferred Stock Dividends Declared	-	-	-	-	-	-	0.00	0.00	2.12	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-0.16	-	-	-	-	-	0.00	0.00	-0.25
Basic Earnings per Share	-	($7.55)	($4.80)	($2.41)	($0.53)	($0.13)	($0.30)	($6.12)	$1.41	$1.87
Weighted Average Basic Shares Outstanding	14.21M	3.79M	6.52M	5.32M	6.66M	81.41M	99.34M	113.47M	183.86M	289.96M
Diluted Earnings per Share	-	($7.55)	($4.80)	($2.41)	($0.53)	-	($0.30)	($6.12)	$1.06	$1.72
Weighted Average Diluted Shares Outstanding	14.21M	3.79M	6.52M	5.32M	6.66M	81.41M	99.34M	113.47M	192.29M	311.84M
Weighted Average Basic & Diluted Shares Outstanding	14.21M	3.79M	6.52M	5.32M	6.66M	81.41M	99.34M	167.25M	267.64M	345.82M

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

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About MARA's Financials

When does MARA's financial year end?

According to the most recent income statement we have on file, MARA's fiscal year ends in December. Their fiscal 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. See where experts think MARA is headed by visiting MARA's forecast page.

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's 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 6/17/2025 by MarketBeat.com Staff

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MARA (MARA) 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

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Quarterly Metrics And Ratios for MARA

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