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Mara Holdings, Inc. (MARA) stock

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NASDAQ: MARA Nasdaq Internet Services & Infrastructure Next results ~November 4, 2026

E Fundamentals grade

Mara Holdings, Inc. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 34 sales by directors and officers, last 12 monthsInsider trades
  • Funds229 adding, 169 cuttingOf 43 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Mara Holdings files

Where Mara stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $804m, up 0.7% on a year earlier, slower than the 23.1% growth a quarter earlier. That puts it 14 of 16 for growth among the internet services & infrastructure companies we cover. The diluted share count is up 52.5% on a year earlier, which dilutes existing holders.

Our models give no value for Mara Holdings at present, so past values are not shown.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Mara Holdings, Inc.'s trailing-twelve-month revenue grew 0.7% year on year, with a free-cash-flow margin of -154.0%. Where it lags: operating margin of -366.3% ranks 32 of 33 internet services & infrastructure companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 0.7% (-22.4pp vs the prior quarter), the 3rd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Mara Holdings, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Growth slowing. The growth rate is 22.4 points lower than a quarter earlier.
  • Loss-making. Operating margin is -366.3%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 404.8 points on a year ago.
  • Burning cash. Free cash flow was -154.0% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 18.1% of revenue, against a median of 12.4% for internet services & infrastructure companies we cover: a real cost that cash-flow figures leave out.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
-$0.62 against an average estimate of -$0.48: missed by 30.6%
Revenue
$175m, down 26.7% on a year earlier
Share reaction
-10.2% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 4, 2026; average EPS estimate -$0.10

Mara Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+10.9%
  • 1 week+0.6%
  • 1 month-36.5%
  • This year-28.4%
  • 1 year-60.0%
  • 5 years-88.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$804M
Operating margin
-366.3%
Net margin
-429.7%
EPS (TTM, diluted)
$-8.32

Growth

Revenue growth
+0.7%
Change in growth rate
−22.4 pts
Share count change
+52.5%

Earnings

Last results
August 6, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Results
  3. Leadership
  4. Deal

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Mara Holdings, Inc. valuation models and calculator

Reported holdings, with the date attached

Crypto treasury position

Balance date: 2026-06-30

Net treasury deficit / share-$0.10
Reported crypto fair value
$2,085,174,000.00
Cash, debt and other claims, net
-$2,124,773,000.00
Listed shares used
381,888,004

This measures the reported treasury after the equity-bridge claims. It excludes the operating business, mining equipment and other assets, and is not updated for crypto price moves or purchases since the filing. A treasury deficit does not mean the whole company has negative equity value.

Debt and other claims exceed the crypto holdings and cash.

Source filing ↗

No model value for Mara Holdings, Inc. at the moment. Current status: reported crypto treasury NAV excludes the operating business. Available reported financials are shown below.

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: reported crypto treasury NAV excludes the operating business.

Valuation models

We value Mara Holdings, Inc. as a crypto treasury or miner, with every model that fits that kind of business. Cost of equity 14%: the 10-year Treasury yield (4.9%) plus a beta of 2.12 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Reported crypto treasury NAV Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share. Dated to the filing; excludes the operating business and future token purchases. Not a live crypto NAV. — Does not apply: Debt and other claims exceed the crypto holdings and cash.
Combined value Reported crypto treasury NAV only, not a valuation of the operating business. No growth, price premium or future crypto purchases are assumed. — No model applies: the filings don’t yet support a value.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Mara Holdings, Inc. with crypto treasuries and miners in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

6 /100

Weak moat

How hard Mara Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -31.7% of total assets over 10 years.

  • Pricing power 0 / 20

    Gross margin has been a median -26.4%, moving by 171.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -365.8%; its worst year was -4563.4%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 9 years, at a median -154.0% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 6431.8% over five years; stock-based pay has been a median 66.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (11 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $176m and EPS of −$0.10 (range −$0.10 to −$0.10) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$3.54 −92% $707m −22%
Next −$0.34 +90% $805m +14%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −5.5% on 90 days ago. In the last 30 days, 0 analysts raised Mara Holdings, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Mara Holdings, Inc., last 90 days
−$6.00 −$4.00 −$2.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$3.75 Current fiscal year, 60 days ago: −$3.68 Current fiscal year, 30 days ago: −$4.26 Current fiscal year, 7 days ago: −$4.26 Current fiscal year, Now: −$3.54 −$3.54 Next fiscal year, 90 days ago: −$1.27 Next fiscal year, 60 days ago: −$1.08 Next fiscal year, 30 days ago: −$0.92 Next fiscal year, 7 days ago: −$0.92 Next fiscal year, Now: −$0.34 −$0.34

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$3.75−$1.27
60 days ago −$3.68−$1.08
30 days ago −$4.26−$0.92
7 days ago −$4.26−$0.92
Now −$3.54−$0.34

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.48 −$0.62 −30.6%
Mar 2026 −$0.85 −$0.63 +26.1%
Dec 2025 −$0.03 −$0.77 −2986.4%
Sept 2025 $0.35 $0.37 +6.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026

No numeric guidance in Mara Holdings, Inc.'s latest earnings release (filed August 6, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

15 analysts, Oct 2026
Buy960%
Hold427%
Sell213%

Monthly trend

  1. Oct 202627415
  2. Sep 202627415
  3. Aug 2026354113
  4. Jul 2026354113

Counts of recommendations published by analysts covering Mara Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
33.2%
of tradable shares
Days to cover
2.72
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
76%
of shares
Held by insiders
0.8%
of shares
Employees
266
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −64.8%

$18.27 on October 31, 2025 to $6.43

ThenNowEffect
Revenue (last 12 months) $798m $804m +0.7%
P/S multiple 8.5x 3.3x −60.7%
Share count 371m 418m −11.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MARA+215%−90%+587%−29%−47%−28%
Industry peers (median)+12%−80%+44%−15%−10%−30%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MARA50%33%67%42%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MARA−65%−91%−62%−57%−61%−57%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 99% from July 15, 2016 to March 18, 2020. Getting back needed a 12300% gain, reached on April 5, 2021, 383 days after the low.

Price behaviour

52-week range
$6.43 – $17.81
From 52-week high
−63.9%
vs 50-day average
−37.4%
vs 200-day average
−40.3%
Volatility (1 year)
85%
Beta vs S&P 500
3.37

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±9.0%
After a week
4 up, 8 down
typical move ±13.5%
After a month
4 up, 8 down
typical move ±16.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −10.2% +0.5% −18.1% +0.6%
May 11, 2026 −1.7% +0.1% −5.9% −2.5%
February 26, 2026 +4.3% −1.0% +2.3% −6.4%
November 4, 2025 −3.8% −0.8% −17.9% −30.2%
July 29, 2025 −3.6% −0.4% −9.0% −7.6%
May 9, 2025 +11.6% +3.2% +13.4% +15.4%
February 26, 2025 +5.7% −1.5% +21.7% +9.8%
November 12, 2024 −13.2% −0.3% −20.6% −9.7%
August 1, 2024 −12.6% −3.3% −11.6% −15.1%
May 9, 2024 −14.6% +0.7% −2.2% −3.1%
February 28, 2024 −14.5% +0.2% −25.4% −25.5%
November 9, 2023 +12.4% +0.8% +14.2% +71.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Mara Holdings, Inc. in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Mara Holdings, Inc.
$0 $500M $1B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $259.2M Revenue (TTM), FY23 Q4: $387.5M Revenue (TTM), FY24 Q1: $501.6M Revenue (TTM), FY24 Q2: $565M Revenue (TTM), FY24 Q3: $598.8M Revenue (TTM), FY24 Q4: $656.4M Revenue (TTM), FY25 Q1: $705.1M Revenue (TTM), FY25 Q2: $798.4M Revenue (TTM), FY25 Q3: $919.2M Revenue (TTM), FY25 Q4: $907.1M Revenue (TTM), FY26 Q1: $867.8M Revenue (TTM), FY26 Q2: $804.2M $804.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $259.2M
FY23 Q4 $387.5M
FY24 Q1 $501.6M
FY24 Q2 $565M
FY24 Q3 $598.8M
FY24 Q4 $656.4M
FY25 Q1 $705.1M
FY25 Q2 $798.4M
FY25 Q3 $919.2M
FY25 Q4 $907.1M
FY26 Q1 $867.8M
FY26 Q2 $804.2M
Revenue growth, TTM YoY Mara Holdings, Inc.
0% 100% 200% 300% 400% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 63.7% Revenue growth, TTM YoY, FY23 Q4: 229.1% Revenue growth, TTM YoY, FY24 Q1: 328.1% Revenue growth, TTM YoY, FY24 Q2: 224.7% Revenue growth, TTM YoY, FY24 Q3: 131.0% Revenue growth, TTM YoY, FY24 Q4: 69.4% Revenue growth, TTM YoY, FY25 Q1: 40.6% Revenue growth, TTM YoY, FY25 Q2: 41.3% Revenue growth, TTM YoY, FY25 Q3: 53.5% Revenue growth, TTM YoY, FY25 Q4: 38.2% Revenue growth, TTM YoY, FY26 Q1: 23.1% Revenue growth, TTM YoY, FY26 Q2: 0.7% 0.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 63.7%
FY23 Q4 229.1%
FY24 Q1 328.1%
FY24 Q2 224.7%
FY24 Q3 131.0%
FY24 Q4 69.4%
FY25 Q1 40.6%
FY25 Q2 41.3%
FY25 Q3 53.5%
FY25 Q4 38.2%
FY26 Q1 23.1%
FY26 Q2 0.7%
Operating margin (TTM) Mara Holdings, Inc.
-400% -200% 0% 200% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 13.7% Operating margin (TTM), FY23 Q4: 57.0% Operating margin (TTM), FY24 Q1: 93.4% Operating margin (TTM), FY24 Q2: 42.9% Operating margin (TTM), FY24 Q3: 25.1% Operating margin (TTM), FY24 Q4: 46.6% Operating margin (TTM), FY25 Q1: -85.8% Operating margin (TTM), FY25 Q2: 38.5% Operating margin (TTM), FY25 Q3: 57.4% Operating margin (TTM), FY25 Q4: -135.0% Operating margin (TTM), FY26 Q1: -201.0% Operating margin (TTM), FY26 Q2: -366.3% -366.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 13.7%
FY23 Q4 57.0%
FY24 Q1 93.4%
FY24 Q2 42.9%
FY24 Q3 25.1%
FY24 Q4 46.6%
FY25 Q1 -85.8%
FY25 Q2 38.5%
FY25 Q3 57.4%
FY25 Q4 -135.0%
FY26 Q1 -201.0%
FY26 Q2 -366.3%
FCF margin (TTM) Mara Holdings, Inc.
-200% -150% -100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -140.6% FCF margin (TTM), FY23 Q4: -88.6% FCF margin (TTM), FY24 Q1: -66.2% FCF margin (TTM), FY24 Q2: -72.0% FCF margin (TTM), FY24 Q3: -87.0% FCF margin (TTM), FY24 Q4: -141.4% FCF margin (TTM), FY25 Q1: -153.9% FCF margin (TTM), FY25 Q2: -154.6% FCF margin (TTM), FY25 Q3: -143.7% FCF margin (TTM), FY25 Q4: -133.4% FCF margin (TTM), FY26 Q1: -147.8% FCF margin (TTM), FY26 Q2: -154.0% -154.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -140.6%
FY23 Q4 -88.6%
FY24 Q1 -66.2%
FY24 Q2 -72.0%
FY24 Q3 -87.0%
FY24 Q4 -141.4%
FY25 Q1 -153.9%
FY25 Q2 -154.6%
FY25 Q3 -143.7%
FY25 Q4 -133.4%
FY26 Q1 -147.8%
FY26 Q2 -154.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 3 21 19 37 1 2 1 4 159 118 388 656 907 804
Gross profit 2 10 2 10 −3 −2 −1 −3 117 −34 −15 −159 — —
EBITDA −3 −1 −15 −16 −14 −10 −3 −7 12 −595 406 735 −451 −2,136
Operating income −4 −6 −26 −16 −14 −12 −4 −10 −3 −674 221 306 −1,224 −2,946
Net income −3 −3 −17 −29 −31 −13 −4 −10 −30 −694 261 541 −1,311 −3,456
Diluted EPS — −$1.08 −$4.76 −$7.56 −$4.80 −$2.41 −$0.53 −$0.13 −$0.30 −$6.12 $1.06 $1.72 −$3.69 —
Growth (year on year)
Revenue — +526.2% −11.3% +93.0% −98.6% +200.7% −24.1% +267.6% +>999% −26.0% +229.1% +69.4% +38.2% +0.7%
EBITDA — — — — — — — — — <−999% — +80.9% −161.4% −346.9%
Operating income — — — — — — — — — — — +38.6% −499.9% <−999%
Net income — — — — — — — — — — — +107.2% −342.3% −609.1%
Diluted EPS — — — — — — — — — — — +62.3% −314.5% —
Margins
Gross margin 72.0% 44.9% 12.5% 27.6% −568.0% −114.5% −109.4% −60.7% 73.4% −28.6% −4.0% −24.3% — —
EBITDA margin −77.1% −3.2% −78.3% −42.5% <−999% −644.7% −279.8% −155.0% 7.5% −505.2% 104.9% 112.0% −49.8% −265.5%
Operating margin −107.5% −29.0% −135.3% −42.5% <−999% −772.9% −357.7% −225.3% −1.9% −572.0% 57.0% 46.6% −135.0% −366.3%
Net margin −100.9% −14.7% −89.3% −78.3% <−999% −820.2% −296.7% −239.8% −18.7% −589.4% 67.4% 82.5% −144.6% −429.7%
Free-cash-flow margin −44.0% 20.6% −15.9% 27.7% <−999% −863.4% −280.4% −585.6% −184.0% −184.8% −88.6% −141.4% −133.4% −154.0%
Cash flow
Cash from operations −2 4 −3 10 −11 −8 −3 −8 −19 −176 −316 −677 −803 −895
Capital spending −0 0 0 0 0 5 0 18 274 41 28 251 407 344
Free cash flow −2 4 −3 10 −11 −13 −3 −26 −293 −218 −343 −928 −1,210 −1,239
Stock-based pay 2 2 2 2 2 1 1 1 161 25 33 158 172 146
Free cash flow after stock pay −4 3 −6 8 −13 −15 −4 −27 −454 −242 −376 −1,085 −1,382 −1,385
Balance sheet
Cash 4 — 3 5 15 3 1 141 269 104 357 392 547 421
Total debt 0 23 23 — 4 2 1 0 748 782 331 2,492 3,648 2,447
Net debt (negative = net cash) −4 — 20 −5 −11 −1 0 −141 479 678 −27 2,101 3,101 2,026
Diluted shares 2m 3m 4m 4m 7m 5m 7m 81m 99m 113m 192m 312m 355m —
Returned to shareholders
Buybacks — — — — — — — — — 0 0 37 47 27
Total returned — — — — — — — — — 0 0 37 47 27

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$26.5M
Returned to shareholders
-2%
of free cash flow
Buybacks, last 3 fiscal years
$84.7M
Diluted share count
+52.5%
year over year
Total shareholder yield
1.1%
dividends 0.0% + buybacks 1.1% of market value
R&D spending
3.4%
of revenue

Competitors: side by side with peers

Closest by revenue in internet services & infrastructure
Last 12 months unless stated MARA LZ FSLY RIOT GLBE DOCN Median
Revenue, last 12 months $804m $792m $687m $675m $962m $1.0bn $242m
Revenue growth, last 12 months 0.7% 12.3% 20.4% 24.5% 27.8% 21.4% 8.3%
Revenue growth, 3-year average 66.6% 7.6% 13.6% 38.0% — 15.9% 7.6%
Revenue growth, latest quarter −26.7% 6.6% 23.3% 13.9% — 28.6% 5.5%
Gross margin −24.3% 66.7% 61.5% 62.4% 45.3% 57.2% 49.5%
Operating margin −366.3% 4.1% −12.0% −199.2% 7.4% 14.8% −56.0%
Operating margin, 3-year average −95.0% 4.2% −24.9% −58.8% — 13.8% −25.3%
Net margin −429.7% 2.1% −11.8% −196.3% 7.1% 23.3% −55.8%
Cash from operations / revenue −111.3% 22.1% 17.4% −73.0% 29.5% 30.7% −10.4%
Free-cash-flow margin −154.0% 18.9% 7.4% −115.1% 29.2% 17.3% −25.9%
Free-cash-flow margin, 3-year average −126.9% 16.2% 3.4% −114.1% — 15.0% −17.4%
Stock pay / revenue 18.1% 12.4% 19.7% 20.9% 4.1% 9.4% 11.9%
Change in share count 52.5% 1.8% 7.1% 44.8% 5.2% 14.2% 5.2%

Median of all 34 companies we cover in internet services & infrastructure. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

34 internet services & infrastructure companies
Measure Company Peer median Rank
Revenue growth Growth 0.7% 10.1% 23 of 34
Change in growth rate Growth -22.4pp -0.6pp 27 of 34
Operating margin Profitability -366.3% -49.3% 32 of 33
Net margin Profitability -429.7% -47.1% 30 of 34
Stock pay as % of revenue Cash generation 18.1% 12.4% 22 of 32
Long-term debt as % of assets Balance sheet 44.4% 20.2% 20 of 25
Change in share count Balance sheet 52.5% 5.2% 21 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Participant $44.8M ▲ 40.1%
Operator Transaction Fees $9.2M ▼ 72.0%
Hosting Services $4.7M ▼ 85.2%

These categories overlap or exclude eliminations, so shares aren't shown.

From Mara Holdings, Inc.'s 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.9B
Institutions reporting
407
Shares held vs prior quarter
▲ 14.0%
Positions opened / closed
78 / 57

Top buyers and sellers, Q2 2026: 229 institutions bought and 169 sold ; the biggest buyer was D. E. Shaw & Co., Inc (+9.1M shares) and the biggest seller Capital Research Global Investors (−3.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $890M 64.1M 22.7% ▲ 7.2%
Vanguard Portfolio Management LLC $381M 27.4M 9.7% ▲ 3.6%
Vanguard Capital Management LLC $230M 16.5M 5.9% ▲ 1.2%
State Street Corp $221M 15.9M 5.6% ▲ 4.5%
Geode Capital Management, LLC $188M 10.9M 4.8% ▲ 5.4%
D. E. Shaw & Co., Inc. $144M 10.4M 3.7% ▲ 687.2%
Marex Group Ltd $110M 8.0M 2.8% ▼ 4.4%
Morgan Stanley $94M 6.8M 2.4% ▲ 29.6%
Bank Of America Corp $84.7M 6.1M 2.2% ▲ 19.9%
UBS Group AG $77.5M 5.6M 2.0% ▼ 26.8%
Goldman Sachs Group Inc $69.1M 5.0M 1.8% ▼ 17.5%
Charles Schwab Investment Management Inc $65.7M 4.7M 1.7% ▲ 15.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Mara Holdings, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $7.5M 34 trades by 4 insiders · 94% under pre-set plans
Net ▼ $7.5M net selling
Insider Date Trade Shares Price Value
Khan Salman Hassan Chief Financial Officer October 19, 2026 Sell pre-set plan 16,000 $7.88 $126,080
Thiel Frederick G Chief Executive Officer October 1, 2026 Sell pre-set plan 27,505 $11.22 $308,606
Nowaid Zabi General Counsel September 18, 2026 Sell pre-set plan 8,376 $12.10 $101,350
Khan Salman Hassan Chief Financial Officer September 17, 2026 Sell pre-set plan 16,000 $11.45 $183,200
Thiel Frederick G Chief Executive Officer September 17, 2026 Sell pre-set plan 27,505 $11.45 $314,932
Nowaid Zabi General Counsel August 21, 2026 Sell pre-set plan 8,376 $12.00 $100,512
Khan Salman Hassan Chief Financial Officer August 17, 2026 Sell pre-set plan 16,000 $9.21 $147,360
Thiel Frederick G Chief Executive Officer August 17, 2026 Sell pre-set plan 27,505 $9.21 $253,321
Nowaid Zabi General Counsel July 20, 2026 Sell pre-set plan 8,376 $12.00 $100,512
Khan Salman Hassan Chief Financial Officer July 17, 2026 Sell pre-set plan 16,000 $10.90 $174,400
Thiel Frederick G Chief Executive Officer July 17, 2026 Sell pre-set plan 27,505 $10.90 $299,804
Mellinger Douglas K Director June 22, 2026 Sell pre-set plan 7,000 $16.00 $112,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 11, 2026
  • February 26, 2026
  • November 4, 2025
  • July 29, 2025
  • May 9, 2025

Recent SEC filings

Data status

When each part of this page on Mara Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Mara Holdings, Inc. in brief

What does Mara Holdings, Inc. do?
Mara Holdings, Inc. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
What is Mara Holdings, Inc.'s stock ticker?
Mara Holdings, Inc. trades under the ticker MARA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Mara Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Mara Holdings, Inc. reported revenue of $804M, 0.7% higher than a year earlier, according to its SEC filings.
What is Mara Holdings, Inc.'s free cash flow?
Mara Holdings, Inc.'s free-cash-flow margin is -154.0% of revenue over the trailing twelve months.
Who are Mara Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Mara Holdings, Inc. buying back stock, and does it pay a dividend?
Mara Holdings, Inc. spent $26.5M on share repurchases over the trailing twelve months, and its diluted share count still rose 52.5% over the year.
What is Mara Holdings, Inc.'s market cap?
On December 31, 2025, Mara Holdings, Inc.'s market capitalisation was about $3.2B and net debt of $3.1B. Market figures come from third-party market data and may be delayed.
Who are Mara Holdings, Inc.'s competitors?
In our Internet Services & Infrastructure peer group, the companies closest to Mara Holdings, Inc. are Legalzoom.com, Inc., Fastly, Inc., Riot Platforms, Inc., Global-e Online Ltd. and Digitalocean Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Mara Holdings, Inc.'s.
Are insiders buying or selling Mara Holdings, Inc. stock?
Over the last 12 months, Mara Holdings, Inc.'s directors and officers reported 0 open-market purchases and 34 sales on Form 4. The insider trading page charts every trade.
When is Mara Holdings, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Mara Holdings, Inc. announces its own schedule.