| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 18 | — | 17.3x | Bottom tier | |
Growth | 42 | 0.7% | 7.1% | Around median | |
Quality | 4 | — | — | Bottom tier | |
Safety | 49 | — | — | Around median | |
Capital Return | 32 | 0.00% | 0.06% | Bottom tier | |
Momentum | 16 | -36.3% | -1.6% | Bottom tier | |
Sentiment | 36 | 6 | 3 | Bottom tier |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Marathon Digital Holdings, Inc., operating under the ticker MARA, functions as a digital infrastructure platform combining energy, land, and computing. The company generates its core revenue from Bitcoin mining and uses its power sites, data centers, and operational expertise to develop infrastructure for artificial intelligence and high-performance computing. On August 6, 2026, management said the platform spans 19 data centers across four continents and that it manages the allocation of every megawatt among mining, artificial intelligence infrastructure, and enterprise computing according to expected returns, customer demand, and execution risks.
In Q2 fiscal 2026, revenue was $174.9 million, compared with approximately $239 million in the corresponding period, and the company recorded a net loss of $609.7 million and negative earnings per share of $1.60. The loss equates to a calculated negative net margin of approximately 349%, with about $343 million of it resulting from unrealized losses on the revaluation of digital assets. Bitcoin production's contribution to revenue increased by $7.2 million year over year, but a 28% decline in the average Bitcoin price reduced revenue by $65.9 million, while other revenue also fell by approximately $4.9 million because of lower revenue from other digital assets and the termination of hosting services.
MARA produced approximately 2,420 Bitcoin in Q2 fiscal 2026, averaging 26.6 Bitcoin per day, won 700 blocks, and increased its share of available mining rewards to 5.9%. Active hash rate reached 70.3 exahashes per second, up 22% year over year, with a slight decline from 72.2 exahashes in Q1 fiscal 2026 due to the retirement of older machines. As of June 30, 2026, the company held approximately 35,600 Bitcoin worth about $2.1 billion based on the spot price used in the quarterly results, compared with 50,000 Bitcoin a year earlier.
The analysts' average price target is $12, within a wide range of $6 to $17, with the consensus rating classified as Buy. The average target is approximately 49% below the 52-week range high of $23.45, and even the highest target remains below that peak, reflecting expectations that are more conservative than the stock's annual high. No usable price-to-earnings ratio is available because of the losses, while the 52-week range extends from $6.66 to $23.45; therefore, the valuation is closely tied to the Bitcoin price, execution of Long Ridge and Matagorda, and the company's ability to convert its energy portfolio into cash-flow-generating artificial intelligence contracts.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
The company recorded a net loss of $609.7 million, or $1.60 per share, on revenue of $174.9 million. Management explained on August 6, 2026 that approximately $343 million of the loss resulted from an unrealized fair-value adjustment to digital assets after Bitcoin declined during the quarter. The average Bitcoin price also fell 28% year over year, reducing revenue by $65.9 million despite higher production.
MARA is working to convert its expertise in securing energy and operating computing infrastructure into sites for artificial intelligence and high-performance computing. After Q2 fiscal 2026, it obtained rights to the 1,200-acre Matagorda site, which could support approximately 2 gigawatts following the required approvals. It is also collaborating with Starwood on development and lease negotiations and is targeting the signing of at least two contracts before the end of 2026.
Automated analysis for informational purposes only — not investment advice.
The company held approximately 35,600 Bitcoin as of June 30, 2026, worth about $2.1 billion based on the spot price of $58,500 used in the results presentation. Approximately 9,270 Bitcoin, or 26% of the balance, was lent or pledged at the end of the quarter, including 4,740 Bitcoin that generated approximately $4.3 million in interest income. After entering into the post-quarter credit facilities, management said the proportion of holdings pledged against borrowings rose to 54%.
Active hash rate reached 70.3 exahashes per second in Q2 fiscal 2026, up 22% from 57.4 exahashes a year earlier. Daily cost per petahash declined 4% to $27.70, while electricity cost at owned sites was four cents per kilowatt-hour. However, the cost of purchased energy per Bitcoin increased to $38,700 from $33,700 because of higher global network difficulty.
The consensus rates the stock as Buy, with an average price target of $12. Targets range from a low of $6 to a high of $17, revealing substantial variation in estimates of the company's trajectory. The average and highest targets are below the 52-week range high of $23.45, while no price-to-earnings ratio is available because of the recorded net losses.