# MARA HOLDINGS, INC. (MARA) · Edgar & Edgarette company card

> Mara Holdings (MARA) grew revenue 38.2% in FY2025 to $907 million, operating margin -135% against a -6.4% median for finance services, equity 47.6% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1507605 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/MARA) · [JSON](https://www.pops4.com/boards/company/MARA.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $907M |
| Revenue growth, 1 year | 38.2% |
| Revenue growth per year | 54.5% |
| Operating margin | -135.0% (prior year 46.6%) |
| Net margin | -144.6% |
| Operating cash flow | −$803M |
| Capital spending | $407M |
| Free cash flow | −$1.2B |
| Cash | $547M |
| Long-term debt | $3.6B |
| Total assets | $7.3B |
| Total equity | $3.5B |
| Equity ÷ assets | 47.6% |
| Return on equity | -37.8% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 2 of 9 (weak)
- Health Harbor boat: Old boat · three warning signs · operating cash flow was negative; operating loss: a margin of -135.0% in FY2025; revenue is hard to predict: its 80% range is ±62%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $907.1M (FY2025), total debt $3.6B. Experience: revenue up 38.2% on the year, up 54.5% a year over 4 years; operating margin -135.0%, down from 46.6%. Soundness: equity 47.6% of assets, return on equity -37.8%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $732.9M and $3.1B next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $508.6M to $4.5B. A statistical range, not company guidance. Against peers (36 filers, $50M+ revenue, finance services): operating margin -135.0% against a -6.4% median; growth 38.2% against 16.8%.

Range logged 2026-09-28, receipt 5051c47c480a5311, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 3, latest 2026-08-04 ([filing](https://www.sec.gov/Archives/edgar/data/1507605/000149315226035933/0001493152-26-035933-index.htm))

## Recent filings

- 10-Q · filed 2026-11-09 · [filing](https://www.sec.gov/Archives/edgar/data/1507605/000150760526000028/0001507605-26-000028-index.htm)
- 8-K · filed 2026-11-09 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1507605/000150760526000026/0001507605-26-000026-index.htm)
- 8-K · filed 2026-09-25 · 1.01 Entry into a Material Definitive Agreement · [filing](https://www.sec.gov/Archives/edgar/data/1507605/000095014226002607/0000950142-26-002607-index.htm)
- 10-Q · filed 2026-08-06 · [filing](https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/0001507605-26-000022-index.htm)
- 8-K · filed 2026-08-06 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1507605/000150760526000020/0001507605-26-000020-index.htm)
- 8-K · filed 2026-08-04 · 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1507605/000149315226035933/0001493152-26-035933-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001507605.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1507605

## Cite

POPS4, Edgar & Edgarette: MARA HOLDINGS, INC. (MARA) company card, from the company's own SEC filings, accessed 2026-11-12, https://www.pops4.com/boards/company/MARA. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.