Marathon Digital Holdings

MARA

Financial - Capital Markets · Financial Services

Price

$10.69

-0.73 (-6.39%)

Market Cap

$4.08B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+257.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 99.3M (2021) → 355.2M (2025)

Marathon Digital Holdings, Inc. operates as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States. As of December 31, 2021, it had approximately 8,115 bitcoins, which included the 4,794 bitcoins held in the investment fund. The company was formerly known as Marathon Patent Group, Inc. and changed its name to Marathon Digital Holdings, Inc. in February 2021. Marathon Digital Holdings, Inc. was

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on MARA in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-5.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-453.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$30M/ year

↑ Rising (+128% vs prior year)

3.3% of revenue

Below sector average (7%)

R&D investment increasing — building for the future

Insider Activity

2.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$547M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Marathon Digital Holdings's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

-119.2%

Thin — -119.2% gross margin

Operating Margin

-164.0%

Losing money on operations — -164.0%

ROCE

-4.7%

Weak — -4.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+38.2%

Fast-growing sales (38.2% YoY)

EPS YoY

-346.1%

Earnings shrinking (-346.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-34.4%

Burning cash (-34.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.04

Elevated debt (1.04)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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