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Mara Holdings, Inc. key statistics and ratios

In fiscal 2025, Mara Holdings, Inc. had return on equity of -34.5%, an operating margin of -135.0%, debt equal to 105.1% of equity and a current ratio of 1.27. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin72.0%44.9%12.5%27.6%———−60.7%73.4%−28.6%−4.0%−24.3%——
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%
Return on equity−28.3%−17.3%−91.7%———−107.1%−6.6%−6.0%−130.0%26.1%18.8%−34.5%−134.7%
Return on assets−26.6%−8.6%−31.4%−87.5%−187.9%−126.5%−59.5%−6.5%−3.4%−52.6%16.4%12.3%−18.6%−59.4%
Asset turnover0.260.580.351.120.030.150.200.030.180.090.240.150.130.14
Current ratio6.150.350.280.271.961.330.81198.3860.8210.6330.514.941.270.89
Debt to equity0.0%93.6%178.3%—54.9%68.4%27.4%0.0%109.6%202.7%20.5%60.4%105.1%147.4%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/mn/mn/mn/mn/m21.3x23.6xn/mn/m
Effective tax rate——————————5.9%12.2%——
R&D as % of revenue—————————0.1%0.7%2.0%3.3%3.4%
Capital spending as % of revenue−0.5%0.2%0.3%0.0%1.5%336.1%0.4%407.2%172.1%34.9%7.1%38.2%44.9%42.7%
Free cash flow ÷ net income——————————−131.4%−171.4%——

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

Compare with peers

Head to head: LZ vs MARAFSLY vs MARAMARA vs RIOTGLBE vs MARA

More: Internet Services & Infrastructure stocks compared, Technology sector, rankings of US companies

Figures from Mara Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Mara Holdings, Inc.