Mara Holdings, Inc. (MARA) intrinsic value & 10-year financials
Mara Holdings, Inc. (MARA) has a Graham intrinsic value of $28.58 per share. At $7.53 on Oct 17, 2026, the stock trades 74% below that value. Over the last 10 fiscal years revenue grew 5.4% a year to $58.7M, with an average return on invested capital of 52.8%.
- Graham intrinsic value
- $28.58
- Share price (Oct 17, 2026)
- $7.53
- Price vs Graham value
- 74% below
- Market cap
- $2.7B
- Revenue (FY2025)
- $58.7M
- Revenue growth (10-yr CAGR)
- 5.4%
- ROIC (10-yr avg)
- 52.8%
- Free cash flow (FY2025)
- -$1.2B
MARA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $58.7M | -$1.3B | -$3.69 | -$1.2B | -2085.5% | -18.4% |
| FY2024 | $96.5M | $541.3M | $1.72 | -$927.8M | 317.1% | 6.9% |
| FY2023 | $57.7M | $261.2M | $1.06 | -$343.3M | 382.9% | 15.7% |
| FY2022 | $117.8M | -$686.7M | -$6.12 | -$217.6M | -563.8% | -58.3% |
| FY2021 | $150.5M | -$36.2M | -$0.36 | -$292.1M | -56.6% | -7.4% |
| FY2020 | $4.4M | -$10.4M | -$0.13 | -$25.5M | -225.7% | -241.3% |
| FY2019 | $1.2M | -$3.5M | -$0.04 | -$3.3M | -357.7% | -129.2% |
| FY2018 | $1.6M | -$12.8M | — | -$13.5M | -772.9% | 545.5% |
| FY2017 | $519.6K | -$31.3M | — | -$1.1M | -2729.6% | 243.9% |
| FY2016 | $36.6M | -$28.7M | -$0.16 | $10.2M | -42.5% | 170.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MARA Holdings, Inc. has demonstrated mature, steady growth, with revenue compounding at 5.4% annually over the past decade.
MARA Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just -18.4% ROIC.
MARA Holdings, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MARA Holdings, Inc. is modeled at 5.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $28.58 per share.