Latest Ratios: P/E Ratio -3.3x · EV/EBITDA N/A · ROE -34.5%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.6B | $3.2B | $5.2B | $4.5B | $388M | $3.3B | $850M | $6M | $8M | $27M | $26M |
| Enterprise Value | $7.7B | $6.3B | $7.3B | $4.5B | $1.1B | $3.7B | $709M | $6M | $6M | $14M | $39M |
| P/E Ratio → | -3.27 | — | 9.75 | 22.16 | — | — | — | — | — | — | — |
| P/S Ratio | 5.06 | 3.52 | 7.97 | 11.66 | 3.30 | 20.51 | 195.07 | 4.95 | 4.90 | 51.47 | 0.71 |
| P/B Ratio | 1.23 | 0.92 | 1.26 | 2.80 | 1.01 | 4.79 | 2.73 | 1.61 | 2.62 | 3.62 | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 4.03 |
| P/OCF | 48.50 | 33.67 | — | — | — | — | — | — | — | — | 2.57 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.93 | 11.14 | 11.58 | 9.07 | 23.40 | 162.67 | 5.38 | 3.91 | 26.09 | 1.06 |
| EV / EBITDA | — | — | 9.98 | 11.20 | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 11.61 | 15.58 | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 6.01 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -47.7% | -47.7% | -24.3% | -4.0% | -28.6% | 73.4% | -58.7% | -233.9% | -241.5% | -1407.5% | 12.6% |
| Operating Margin | -90.6% | -90.6% | 46.6% | 57.0% | -572.0% | -36.2% | -225.3% | -357.7% | -772.9% | -2729.6% | -42.5% |
| Net Profit Margin | -144.6% | -144.6% | 82.5% | 67.4% | -589.4% | -23.3% | -239.8% | -296.7% | -820.2% | -6030.1% | -78.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -34.5% | -34.5% | 18.8% | 26.1% | -130.0% | -7.5% | -6.6% | -107.1% | -248.6% | -424.1% | -1691.9% |
| ROA | -18.4% | -18.4% | 12.3% | 16.4% | -52.6% | -4.2% | -6.5% | -59.5% | -126.5% | -187.9% | -87.5% |
| ROIC | -9.0% | -9.0% | 5.4% | 10.6% | -39.2% | -5.0% | -4.6% | -72.5% | -138.6% | -120.2% | -53.3% |
| ROCE | -12.1% | -12.1% | 7.1% | 14.1% | -51.8% | -6.6% | -6.2% | -110.3% | -234.3% | -543.9% | -110.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.05 | 1.05 | 0.60 | 0.20 | 2.03 | 1.07 | 0.00 | 0.33 | 0.34 | 0.24 | — |
| Debt / EBITDA | — | — | 3.38 | 0.81 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.89 | 0.50 | -0.02 | 1.76 | 0.67 | -0.45 | 0.14 | -0.53 | -1.78 | — |
| Net Debt / EBITDA | — | — | 2.84 | -0.08 | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | 1.98 |
| Interest Coverage | -16.99 | -16.99 | 48.44 | 27.82 | -46.94 | -8.25 | -496.81 | -66.75 | -4.37 | -5.45 | -4.51 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.27 | 1.27 | 4.94 | 30.51 | 10.63 | 60.82 | 198.38 | 0.81 | 1.33 | 1.96 | 0.27 |
| Quick Ratio | 1.27 | 1.27 | 4.94 | 30.51 | 10.63 | 60.82 | 198.38 | 0.81 | 1.33 | 1.96 | 0.27 |
| Cash Ratio | 1.05 | 1.05 | 4.12 | 10.58 | 3.97 | 23.87 | 97.88 | 0.37 | 1.12 | 1.95 | 0.24 |
| Asset Turnover | — | 0.12 | 0.10 | 0.19 | 0.10 | 0.11 | 0.01 | 0.18 | 0.30 | 0.03 | 2.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 10.3% | 4.5% | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 24.8% |
| Buyback Yield | 1.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 1.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $355M | $312M | $192M | $113M | $99M | $81M | $7M | $5M | $2M | $948628 |
Extreme Bitcoin Price Sensitivity
According to current market data, MARA trades at a price-to-sales ratio of 6.11, which appears disconnected from its negative operating margins and suggests investors are pricing the firm as a high-beta Bitcoin proxy rather than a sustainable industrial producer with predictable long-term cash flow generation.
The lack of a meaningful forward P/E ratio highlights the difficulty in valuing a company whose earnings are dictated by volatile block rewards and aggressive hardware depreciation. Investors should monitor whether this valuation premium can be sustained if the company fails to demonstrate a clear path to positive unit-level profitability.
Based on reported figures, MARA's ROIC has experienced significant volatility, swinging from a peak of 11.7% in 2024Q1 to a negative 3.1% in 2026Q1, indicating that the company is currently struggling to generate returns on its massive capital investments that exceed its cost of capital.
The decay in ROIC suggests that the aggressive expansion of the mining fleet has not yet translated into efficient value creation. This trend warrants further investigation into whether the company's shift toward infrastructure ownership will eventually stabilize returns or merely increase the burden of fixed asset maintenance.
As reported in financial statements, MARA's asset turnover ratio has remained consistently low, hovering near 0.03 to 0.04 in recent quarters, which highlights the extreme capital intensity required to maintain a competitive hash rate in an increasingly difficult global Bitcoin mining network environment.
This low turnover ratio implies that each dollar of assets generates minimal revenue, placing immense pressure on the company to optimize its operational costs. The lack of improvement in this metric suggests that the company's scale is not yet yielding the expected operational efficiencies relative to its asset base.
According to recent SEC filings, MARA's debt-to-equity ratio has climbed to 1.06 as of 2026Q1, a significant increase from 0.14 in 2024Q1, signaling that the company is increasingly relying on external financing to fund its operations and hardware procurement in a high-difficulty mining environment.
The negative interest coverage ratio of -23.22 suggests that the company's current operating income is insufficient to cover its interest obligations, raising concerns about its long-term solvency. Investors should monitor the company's ability to refinance these obligations without further dilutive equity issuance.
The price-to-sales ratio is frequently misapplied to MARA, as it obscures the company's inability to convert revenue into sustainable cash flow, failing to account for the massive, non-discretionary capital expenditures required to replace rapidly depreciating ASIC hardware in a competitive, halving-impacted mining landscape.
Analysts should instead focus on metrics like EV/Hash Rate or unit-level production costs, which better reflect the company's operational efficiency and competitive standing. Relying on P/S ignores the reality that revenue growth in this sector often comes at the expense of long-term shareholder dilution and margin compression.
Includes 30+ ratios · 15 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MARA stock.
Marathon Digital Holdings, Inc.'s current P/E ratio is -3.3x. The historical average is 16.0x.
Marathon Digital Holdings, Inc.'s return on equity (ROE) is -34.5%. The historical average is -109.3%.
Based on historical data, Marathon Digital Holdings, Inc. is trading at a P/E of -3.3x. Compare with industry peers and growth rates for a complete picture.
Marathon Digital Holdings, Inc. has -47.7% gross margin and -90.6% operating margin.