Mara Holdings vs Riot Platforms
Mara Holdings is the larger business, with $907m of revenue in fiscal 2025 against $647m for Riot Platforms (1.4 times as much). Riot Platforms grew faster (71.9% against 38.2%). Riot Platforms kept more of each dollar of sales as profit: a net margin of -102.4% against -144.6%.
| Latest fiscal year | Mara HoldingsMARA, 2025 | Riot PlatformsRIOT, 2025 |
|---|---|---|
| Revenue | $907m | $647m |
| Revenue growth | 38.2% | 71.9% |
| Net income | −$1.31bn | −$663m |
| Operating margin | -135.0% | — |
| Net margin | -144.6% | -102.4% |
| Return on equity | -34.5% | -22.1% |
| Free cash flow | −$1.21bn | −$774m |
| Cash | $547m | $234m |
| Total debt | $3.65bn | $854m |
| Debt to equity | 105.1% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $46.9m | $4.3m |
| Employees | 266 | 816 |
| Market value | $2.72bn | $5.18bn |
| Price vs our value range | — | — |
| Moat score | 6 (Weak) | 8 (Weak) |
| Insider trades, 12 months | 0 buys, 34 sales | 0 buys, 9 sales |