XVARY Composite Score
38
/ 100
Weak
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
MARA runs giant computer fleets to mine bitcoin and keeps part of the bitcoin it produces.
How it gets paid
Last year Mara made ~$907M in revenue.
What just happened
Quarterly revenue on the order of ~$230M with EPS $0.90 —verify non-operating items in the release.
At a Glance
B balance sheet — gets the job done, barely
10/100 earnings predictability — expect surprises
5.6x trailing p/e — the market's not buying it — or you found a deal
8.3% return on capital — nothing to write home about
$1.72 fy2024 eps est
XVARY composite: 38/100 — weak
What They Do
MARA runs giant computer fleets to mine bitcoin and keeps part of the bitcoin it produces.
MARA’s edge is brute scale. It ran about 400,000 mining rigs and 53.2 exahashes per second at the end of 2024. Hashrate (computing power used to mine bitcoin) → more chances to win blocks → if you want exposure, scale gives MARA more shots than a smaller miner.
How They Make Money
~$907M
trailing revenue (TTM) · vs. prior year %: confirm in filing
total revenue
~$907M
The Products That Matter
Bitcoin network compute
Bitcoin Mining
$907M trailing revenue
It generated $907M in trailing revenue, but the company still lost $1.31B. Scale is real. Profitability is the problem.
core
AI infrastructure stake
Exaion
64% ownership stake
MARA owns 64% of Exaion. That is the disclosed bridge to the AI story on this page — thesis before proof.
pivot bet
Key Numbers
$3.3B
long-term debt
That is 48% of capital, which means your upside rides on bitcoin while a huge debt stack sits there waiting.
5.6x
trailing p/e
P/E (price-to-earnings ratio) → what investors pay for profits → the stock looks cheap if those profits hold.
53.2 EH/s
energized hashrate
Hashrate (mining compute power) → block-winning capacity → scale is the closest thing this business has to an operating edge.
n/m
operating margin
Miner GAAP earnings swing with BTC marks, energy costs, and impairment—ignore vendor “margin %” artifacts; use cash generation and debt.
Financial Health
B
Strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $3.3B (48% of capital)
B — functional but not a standout on the balance sheet.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
profit rebound
Quarterly revenue on the order of ~$230M (vs ~$907M TTM ÷ 4) with EPS $0.90—verify non-operating items in the release.
Prior copy mixed $59M TTM with $907M elsewhere; that is impossible. This page now anchors to ~$907M TTM to match the mining card and risk math—still a business that swings hard with bitcoin economics.
~$230M
qtr revenue (approx.)
$0.90
eps (check basis)
~$907M
TTM revenue
the number that mattered
Coherence: ~$907M revenue vs $1.31B net loss (risk section) is the real tension—not fictitious $59M denominators.
source: EDGAR filing, latest reported quarter
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What Could Go Wrong
The #1 risk is bitcoin mining economics staying worse than the narrative.
Med
Losses are bigger than the business
MARA reported a $1.31B net loss on $907M of revenue. When losses exceed sales, you are not debating valuation first. You are debating business durability.
Impact: with ~ $1.31B net loss on ~ $907M revenue (filing roll-up), net income is deeply negative versus sales—treat giant “net margin %” as arithmetic on those dollars, not a second operating metric.
Med
Leverage meets volatility
Long-term debt stands at $3.3B, or 48% of capital, while price stability is just 5 / 100. That is a hard combination in any capital-intensive business.
Impact: debt does not care whether bitcoin prices cooperate. The balance sheet still has to carry the story.
Med
The AI pivot has more narrative than proof
The diversification story rests on a 64% stake in Exaion. This page shows ownership, but it does not yet show a disclosed AI revenue stream large enough to change the financial profile.
Impact: if the AI buildout stays conceptual, investors are left with the original mining economics and a premium story that may compress.
Med
Forecasts are fragile here
Earnings predictability is 10 / 100. The next quarter's EPS estimate is $0.0205 after -$1.55 in the same quarter last year. That is not stability. That is dispersion.
Impact: when forecast ranges are wide, cheap multiples can stay cheap because nobody trusts the denominator.
A business with $907M of trailing revenue, a $1.31B net loss, and $3.3B of long-term debt does not get much room for execution misses.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Earnings
Q1 2026 earnings
Estimated EPS is $0.0205 versus -$1.55 in the same quarter last year. Improvement is good. The question is whether it is durable.
Profitability
Whether losses stop outrunning sales
Losses versus ~ $907M TTM revenue are the number that matters. If net income does not improve vs that denominator, the rest of the story is decoration.
Pivot
Proof that Exaion is becoming a business
MARA owns 64% of Exaion. You want disclosed traction, not just strategic language around AI infrastructure.
Balance sheet
Debt load under volatile conditions
$3.3B of long-term debt and price stability of 5 / 100 means financing risk is part of the thesis whether you like it or not.
Analyst Rankings
earnings predictability
10 / 100
Earnings are hard to model here. In human-speak, analysts do not trust this business to produce smooth numbers.
risk rank
4
Safer than 20% of stocks means riskier than most of the market. You are being paid in volatility, not comfort.
price stability
5 / 100
This stock does not glide. It lurches. That matters if your thesis depends on patience and financing access.
Source: institutional data
Institutional Activity
institutional ownership data for MARA is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$10
Current price
Target midpoint · from current
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