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MARA Holdings, Inc.(MARA)

F

Financial data as of Dec 31, 2025Improving · Crypto Related

FCF Margin-133.4%Free Cash Flow / Revenue
Cash Conversion61.2%Operating CF / Net Income
Free Cash Flow-$1.2B
Revenue$907.1M
Net Cash-$3.1BNet debt position
Debt / FCFN/AElevated debt burden
Current Ratio1.27Adequate short-term liquidity
YoY FCF Growth+22.6%0 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseF
→
-1Negative FCF in 4 of last 4 quarters
→
+1Strong YoY FCF growth (22.6% YoY)
→
-1Only 0 positive quarters recently
→
+0.5Highly consistent quarterly FCF
→
FinalF

Analysis Summary

Strengths

  • Strong YoY FCF growth (+22.6%)
  • Highly consistent quarterly FCF

Concerns

  • Negative FCF margin (-133.4%)
  • Net debt position ($3.1B)
  • Only 0 positive FCF quarters recently

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin-133.4%
Net Margin-144.6%
Operating CF Margin-88.5%
CapEx Ratio44.9%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$3.1BNet debt position
Debt / FCFN/AElevated debt burden
Current Ratio1.27Adequate liquidity
Debt / Equity1.05Moderate leverage

Quarterly FCF Trend

+22.6% YoYImproving (+22.6%)

Free cash flow per quarter

Sector Comparison — Crypto Related

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameMARA Holdings, Inc.
SectorCrypto Related
Free Cash Flow-$1.2B
Revenue$907.1M
Net Income-$1.3B
Operating Cash Flow-$802.7M
Capital Expenditure$407.1M
FCF Margin-133.4%
Cash Conversion Rate61.2%
Net Margin-144.6%
Total Debt$3.6B
Total Cash$547.1M
Net Cash-$3.1B
Current Ratio1.27
Debt / Equity1.05
Debt / FCFN/A
YoY FCF Growth+22.6%
Positive Quarters0 of 5
Trend DirectionImproving
Report DateDec 31, 2025
GradeF
Data SourceYahoo Finance

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