A company still losing money with shrinking sales, with elevated risk. Institutions are adding.
Going well
Sales up 38% last year
Watch out for
Sales down 27% in the latest quarter vs a year ago
About 6 months of cash left at its current burn
Losing money, losses are large next to sales
Money moves
Insiders sold $435K in the last 30 days, all through pre-planned sales
Institutions added 13% to their holdings in the quarter ending June 2026 (234 bought, 170 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$6.84-2.4% that day
Company value
$2.6B
Share price times all shares
Price vs sales
3.3x
No profit over the last year, so this compares value with sales instead
Cash vs value
16%
Cash as a share of company value
Debt vs value
136%
Owes more than the whole company is worth
From MARA's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Jun '26
$174.9M-27% vs a year earlier
Sep '23Tap a barJun '26
Last 12 months: $804.2M, up 0.7% from the 12 months before.
What the price assumes
Your guesses, our math
Move the sliders to your own view of MARA. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$845M
Profit in 5 years$85M
Price these guesses point to$2.70-61% vs $6.84 todayAbout -17% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 22% a year for 5 years just to match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
0/6Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.-34.5%
MissDebt under half of equityNot relying on borrowed money.1.04x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-144.6%
MissProfitable every yearSteady profits, not one good year.2 of 10 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$1.2B
MissShare count not growingNot diluting owners. Falling means buybacks.+10.9% in 3 years
Revenue
$907.1M
+38.2% vs prior year
5-year growth
+190.9%/yr
revenue, per year
Total debt
$3.6B
1.04x equity
Free cash flow
-$1.2B
-133.4% of revenue
From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 6
Revenue
$174.9M
-26.7% YoY
EPS
-$1.60
vs $1.84
Op. margin
-298.0%
-583.0 pts
Free cash flow
-$238.5M
Share count
-13.5%
vs a year ago
Insider rating
Last 90 days
46Mixed
Pre-planned sales of $435K (weaker signal)
50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.
Weekly insider trend
13 weeks agoBoughtSoldThis week
Filing buzz
Last 7 days vs normal
30/ 100
This week
1
Normal week
2.3
vs normal
0.4x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+13.1%
Institutions added 13.1% to their holdings. 234 bought, 170 sold.
Shares held by institutions280.2M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+3.5%
Cash runwayAt last year's cash burn
6 months
Debt to equityLatest balance sheet: debt compared with what owners have
1.5x · $2.4B debt
Shares outstandingLatest reported
386M
Why elevated risk
Losing money, losses are large next to sales
About 6 months of cash left at its current burn
Debt above equity: 1.46x
Bills due within a year exceed short-term assets
Earnings reports
Last 12
Next reportIn 7 days (est.)Estimated from the same quarter last year
Results filedAug 6
Results filedMay 11
Results filedFeb 26
Results filedNov 4, 2025
Results filedJul 29, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days
No offerings, red flags or new big holders. Clean record.