MARA Holdings Inc. Common Stock (MARA)

FairStock Score: 33/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach MARA as a financial-sector company, though its operations are really bitcoin mining and AI compute, not banking. Graham would ask for durable earning power and a margin of safety. What I see is closer to the opposite. In fiscal Q2 2026, the quarter ended 2026-06-30, MARA filed revenue of $13.8M, a net loss of $611.3M, and diluted EPS of -$1.60. In fiscal Q1 2026, the quarter ended 2026-03-31, revenue was $17.4M and the net loss was $1.3B. In FY2025, the year ended 2025-12-31, revenue was $58.7M with a $1.3B net loss and EPS of -$3.69, reversing profits in FY2024 and FY2023. The FairStock calculations show a negative P/E of -0.97, price-to-book of 2.09, ROE of -105.57%, ROCE of -26.30%, debt-to-equity of 1.40, and a Piotroski F-Score of 3/9. Revenue growth is -5.63% and profit growth is -423.42%, with a beta of 5.34. Bank-specific measures such as CET1, NIM, and combined ratio are not in the data, but leverage and loss volatility are plainly high. The company may have optionality in excess energy and AI inference, yet commodity price exposure and capital intensity make a durable moat hard to see. At $9.11 on 2026-10-13, the market cap is $3.5B, or 2.09 times book, while returns are deeply negative. The FairStock Score of 33/100 and Lynch TURNAROUND label fit: this is a loss-making turnaround with high uncertainty, not a bargain with a margin of safety.

In plain English: MARA Holdings runs bitcoin mining and artificial intelligence computing using power assets. The business has lost large amounts of money recently and sales have fallen, so it looks weak and unstable. At $9.11 a share, the price does not look clearly cheap against those losses; it looks more speculative than bargain-like.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer