MARA Holdings, Inc. (MARA)

From the record

MARA Holdings, Inc.'s filings since 2017 show 31 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 17 times, the latest 2021-01-07); a warning not to rely on past financial statements (8-K item 4.02, 2 times, the latest 2023-08-08); an auditor change (8-K item 4.01, 5 times, the latest 2025-03-10); a late-report notice (Form NT 10-K or NT 10-Q, 7 times, the latest 2023-02-28) (its current reports).

From the record

MARA Holdings, Inc.'s 10 filed years say what it did: revenue went from $3 million in fiscal 2013 to $907 million in fiscal 2025, up 59.2% a year; it rose in 6 of 9 years; the deepest fall was 99% from fiscal 2016 to fiscal 2017; net income was positive in 2 of 10 of those years (its annual reports).

From the record

Return on equity: in the fiscal year ended 2025-12-31, MARA Holdings, Inc. lost about 38 cents for every dollar of shareholders' money. Leverage: it owed about 52 cents per dollar of assets, and net share issuance: its share count grew 13.9% over the year (the filed statements).

From the record

MARA Holdings, Inc.'s standing among 114 graded names in its industry family: revenue of $907 million in fiscal 2025 ranks in the top 15% by size; a net margin of -144.6% ranks in the bottom 37%; revenue growth of 97.5% a year over the last 3 filed years ranks in the top 13% (its annual reports).

From the record

MARA Holdings, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Thiel, Frederick G (Chief Executive Officer, as filed), filing under that title since 2021-08-25, 5.2 years (top 23% of its family); the 11 officers and directors filing in the last fifteen months have been on the record a median of 2.5 years (bottom 37%); 10 officer or director changes were reported on Form 8-K since 2023-11-13, against the 11 people in charge now (bottom 27%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

From the record

MARA Holdings, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $547 million against debt of $3.6 billion leaves -41.9% of its assets as net cash, bottom 3% of its family; cash from operations less capital spending is -133.4% of revenue (bottom 29%); research spending of 3.3% of revenue (bottom 22%) (its annual report).

From the record

MARA Holdings, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 97.5% a year over the last three filed years against 59.2% over all 10, speeding up (top 9% of its family); the newest year grew 38.2% (top 31%); research spending grew 574.5% a year (top 6%); capital spending grew 114.7% a year (top 20%) (its annual reports). MARA Holdings, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

From the record

MARA Holdings, Inc.'s newest year against its own record: revenue of $907 million in fiscal 2025 came in 41.4% below the $1.5 billion its prior three years' pace pointed to (bottom 19% of its family); net income of $1.3 billion against a prior three-year average of $36 million (bottom 12%); a net margin of a loss larger than its revenue against losses larger than its revenue before (top 43%) (its annual reports).