Applied Digital vs Mara Holdings
Mara Holdings is the larger business, with $907m of revenue in fiscal 2025 against $611m for Applied Digital (1.5 times as much). Applied Digital grew faster (167.5% against 38.2%). Applied Digital kept more of each dollar of sales as profit: a net margin of -40.9% against -144.6%. Mara Holdings carries less debt relative to equity (105.1% against 289.7%).
| Latest fiscal year | Applied DigitalAPLD, 2026 | Mara HoldingsMARA, 2025 |
|---|---|---|
| Revenue | $611m | $907m |
| Revenue growth | 167.5% | 38.2% |
| Net income | −$250m | −$1.31bn |
| Operating margin | -38.7% | -135.0% |
| Net margin | -40.9% | -144.6% |
| Return on equity | -22.6% | -34.5% |
| Free cash flow | −$2.78bn | −$1.21bn |
| Cash | $1.59bn | $547m |
| Total debt | $4.98bn | $3.65bn |
| Debt to equity | 289.7% | 105.1% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $0 | $46.9m |
| Employees | 256 | 266 |
| Market value | $5.30bn | $2.72bn |
| Price vs our value range | — | — |
| Moat score | 8 (Weak) | 6 (Weak) |
| Insider trades, 12 months | 2 buys, 12 sales | 0 buys, 34 sales |