MARA Holdings, Inc.
MARANasdaqFinancials · Finance Services · NV · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $58.7M | $96.5M | $57.7M | $9.9M | $24.2M | $4.4M |
| Operating income | −$1.22B | $306.1M | $220.9M | −$673.5M | −$3.0M | −$9.8M |
| Net income | −$1.31B | $541.3M | $261.2M | −$694.0M | −$29.8M | −$10.4M |
| Total assets | $7.29B | $6.80B | $1.99B | $1.20B | $1.44B | $313.3M |
| Total liabilities | — | — | — | — | $765.2M | $1.5M |
| Equity | $3.47B | $4.13B | $1.62B | $385.9M | $682.1M | $311.7M |
| EPS (diluted) | $-3.69 | $1.72 | $1.06 | $-6.12 | $-0.30 | $-0.13 |
| Shares out. | 345.8M | 267.6M | 167.2M | 103.1M | 98.8M | 8.5M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −2085.5%
- Net margin
- −2234.1%
- Return on equity
- −37.8%
- Return on assets
- −18.0%
- Return on capital (ROCE)
- −18.1%
- Liabilities / assets
- —
- Debt / equity
- —
- Book value / share
- $10.04
- Revenue growth (YoY)
- −39.2%
- Net income growth (YoY)
- −342.3%
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Accruals / assets
- −7.0%clean
- Piotroski F-Score
- 1/8weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 1 severe● 4 warning● 1 good- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Revenue declined year-over-year
- Negative operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Kmissed a reporting deadline ↗Feb 28, 2023
- NT 10-Qmissed a reporting deadline ↗Nov 9, 2022
- NT 10-Kmissed a reporting deadline ↗Mar 1, 2022
- NT 10-Qmissed a reporting deadline ↗May 16, 2018
- NT 10-Kmissed a reporting deadline ↗Apr 2, 2018
- NT 10-Qmissed a reporting deadline ↗Nov 14, 2017
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Vanguard Capital Management LlcPassive (13G)Apr 30, 2026
- Vanguard Portfolio Management LlcPassive (13G)Apr 29, 2026
- Vanguard Group IncPassive (13G)Mar 27, 2026
- Susquehanna Securities, LlcPassive (13G)Nov 13, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Khan Salman HassanOfficer — Chief Financial Officer | Apr 30, 2026 | Tax withholding | 65,456 | $11.99 |
| Thiel Frederick GOfficer — Chief Executive Officer | Apr 30, 2026 | Tax withholding | 80,884 | $11.99 |
| Nowaid ZabiOfficer — General Counsel | Apr 30, 2026 | Tax withholding | 23,781 | $11.99 |
| Thiel Frederick GOfficer — Chief Executive Officer | Apr 17, 2026 | Sell | 27,505 | $11.68 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 99.3M | 2.2 | -0.8% |
| Apr 30, 2026 | 100.1M | 2.2 | -4.3% |
| Apr 15, 2026 | 104.7M | 2.4 | -7.5% |
| Mar 31, 2026 | 113.2M | 2.4 | -1.0% |
| Mar 13, 2026 | 114.4M | 2.3 | +0.0% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Results of operationsMay 11, 2026
- Entered a material agreement · Regulation FD disclosureApr 30, 2026
- Other material eventMar 26, 2026
- Results of operationsFeb 26, 2026
- Entered a material agreement · Regulation FD disclosureFeb 26, 2026
- Director / officer changeFeb 25, 2026
- Results of operationsNov 4, 2025
- Entered a material agreement · Regulation FD disclosureAug 11, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗Event-driven situations (1)
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