MARA MARA Holdings, Inc. - Common Stock
NASDAQ · Technology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026
$11.23
· of 52w range
· above low
· to high
$6.6652w low
$23.4552w high
Market Cap (MRQ)
$4.29B
P/E (TTM)
-1.3
EPS (TTM)
$-8.89
Revenue (TTM)
$804M
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52W Range
$7–$23
Analyst Rating
BUY
Price Target
$19
P/E
-1.3
ROE
-107.2%
Net Profit Margin
-430.2%
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MARA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$11.23
Market Cap (MRQ)
$4.29B
P/E (TTM)
-1.3
EPS (TTM)
$-8.89
Revenue (TTM)
$804M
ROE (TTM)
-107.2%
Debt/Equity (MRQ)
1.7
52W Range
$7–$23
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| April 8, 2019 | 1-for-4 | Reverse |
| Oct. 30, 2017 | 1-for-4 | Reverse |
| Dec. 23, 2014 | 2-for-1 | Forward |
| July 22, 2013 | 1-for-13 | Reverse |
About MARA Holdings, Inc. - Common Stock Company overview from Wikipedia
MARA Holdings, Inc. (formerly Marathon Digital Holdings and Marathon Patent Group) is an American digital asset technology and cryptocurrency mining company headquartered in Hallandale Beach, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.
MARA is one of the world's largest publicly traded bitcoin miners, commanding approximately 8% of the Bitcoin network's hashrate as of March 2026. As of June 30, 2026, the company held approximately 35,577 bitcoin on its balance sheet.. The company operates large-scale mining facilities in the United States and abroad, known for its purchases of bitcoin and bitcoin mining equipment and a joint venture to use 37 MW from the Hardin Generating Station Montana coal plant to power an adjacently-constructed Marathon bitcoin data center.
History
Marathon Patent Group was incorporated on February 23, 2010, as a patent holding company headquartered in Fort Lauderdale, Florida. Through its subsidiary Uniloc, the company focused on acquiring patents and pursuing litigation against technology firms.
During the 2010s, Marathon acquired patents related to encryption technology. In the late 2010s, the company shifted their focus toward cryptocurrency and blockchain technologies. By 2021, it was known for large-scale purchases of bitcoin and mining equipment, and it entered into a joint venture to power a bitcoin data center using 37 megawatts from the Hardin Generating Station, a coal-fired plant in Montana.
On March 1, 2021, the company changed its name to Marathon Digital Holdings to reflect its new business focus.
In December 2023, Marathon acquired two operational bitcoin mining facilities from subsidiaries of Generate Capital for $178.6 million, expanding its mining capacity.
On August 29, 2024, the company rebranded again, adopting the name MARA Holdings, Inc.
Leadership
Its chief executive officer is Fred Thiel. Leena Jaitley, founder of MTN group is one of the largest shareholders.
Controversy
As Marathon Patent Group, the company gained a reputation as a "patent troll" due to its business model of acquiring patents with the sole purpose of suing other companies for infringement. Its subsidiary, Uniloc, was a prominent non-practicing entity that filed numerous lawsuits against well-known tech firms, leading to public criticism and a negative reputation.
In July 2024, a federal jury in California found Marathon liable for $138 million for breaching a non-circumvention agreement with investor Michael Ho. The jury concluded that Marathon used proprietary information and a bitcoin mining strategy Ho had provided in 2020, without compensating him as required under the agreement. Marathon stated that it respects the verdict but disputed the jury's findings and stated that the damages awarded have "no legal basis."
The Hardin, Montana joint venture drew regulatory and legal scrutiny after Marathon disclosed in November 2021 that it had received an SEC subpoena seeking documents related to the issuances of 6 million shares tied to the project. The company also faced multiple investor class-action lawsuits alleging misleading statements about the venture and its regulatory risks. While the lawsuits were voluntarily dismissed in October 2022, the event resulted in a significant drop in the company's stock price.
In May 2021, Marathon sparked widespread controversy within the cryptocurrency community by announcing that it would operate a "fully compliant" mining pool. The company stated that the pool would use software to filter out transactions from sanctioned entities on the U.S. Office of Foreign Assets Control (OFAC) list. This decision was met with immediate backlash from Bitcoin advocates and community members who criticized the move as a form of censorship that undermined the core, permissionless, and censorship-resistant principles of the Bitcoin network. Following the public outcry, Marathon reversed its decision in late May 2021, announcing it would no longer filter transactions.
In July 2024, Time magazine published an investigation into numerous noise and health complaints by residents of Granbury, Texas, many of whom attributed their ailments to a nearby Bitcoin mining facility owned and operated by Marathon Digital.
In November 2025, US district judge Reed O'Connor denied Marathon's request for a restraining order that sought to block Mitchell Bend, a rural area in Hood County, Texas, from voting on whether to incorporate as a city, which would allow the community to regulate a nearby Bitcoin mine owned by Marathon.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
sectorTechnology
industryTechnology
employees266
countryUS
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$907M2017-12-31 → 2025-12-31
EPS$-3.692019-12-31 → 2025-12-31
Free Cash Flow$-1.21B2017-12-31 → 2025-12-31
Net margin-430.2%2017-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | MARA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -1.35Y avg ≈7.2 | ≈7.2 | · | · | |
| P/S (TTM) | 5.35Y avg ≈9.1 | ≈9.1 | 3.5 | Overvalued | |
| P/B (MRQ) | 2.65Y avg ≈2.0 | ≈2.0 | 3.3 | Fair value | |
| EV / EBITDA | -6.0 | · | · | · | |
| Price / FCF (TTM) | -3.55Y avg ≈-8.5 | ≈-8.5 | · | · | |
| Price / Cash Flow (TTM) | -4.85Y avg ≈-10.2 | ≈-10.2 | · | · | |
| EV / Revenue | 8.1 | · | · | · | |
| EV / FCF | -6.1 | · | · | · | |
| Price / Tangible Book (MRQ) | 2.65Y avg ≈1.8 | ≈1.8 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | MARA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -366.3%5Y avg ≈-10.4% | ≈-10.4% | 10.2% | Weak | |
| EBITDA Margin | -135.0%5Y avg ≈-10.4% | ≈-10.4% | 10.2% | Weak | |
| Pretax Margin (TTM) | -452.2%5Y avg ≈4.9% | ≈4.9% | 9.0% | Weak | |
| Net Profit Margin (TTM) | -430.2%5Y avg ≈1.8% | ≈1.8% | 6.0% | Weak | |
| ROA (TTM) | -57.3%5Y avg ≈3.4% | ≈3.4% | 2.1% | Weak | |
| ROE (TTM) | -107.2%5Y avg ≈3.5% | ≈3.5% | -0.11% | Weak | |
| ROIC | -16.5%5Y avg ≈0.24% | ≈0.24% | 3.0% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | MARA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 1.7 | · | 0.5 | High debt | |
| Current Ratio (MRQ) | 0.95Y avg ≈12.2 | ≈12.2 | 1.5 | Low liquidity | |
| Quick Ratio | 1.05Y avg ≈5.2 | ≈5.2 | 0.9 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | 1.2 | · | 0.5 | High debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | MARA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 38.2%5Y avg ≈77.7% | ≈77.7% | · | · | |
| Revenue CAGR 3Y | 97.5%5Y avg ≈168.1% | ≈168.1% | · | · | |
| Revenue CAGR 5Y | 190.9% | · | · | · | |
| EPS YoY | 62.3% | · | · | · | |
| Net Income YoY | 107.2% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | MARA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.15Y avg ≈0.2 | ≈0.2 | 0.6 | Weak | |
| Revenue / Employee | ≈$3.4M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-1399.6%
Next Report
Nov 02, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 12, 2026 | $-1.57 | $0.19 | -916.0% |
| March 31, 2026 | May 7, 2026 | $-3.31 | $-2.20 | -50.7% |
| Dec. 31, 2025 | $-4.52 | $-0.13 | -3425.7% | |
| Sept. 30, 2025 | $0.31 | $0.45 | -31.5% | |
| June 30, 2025 | $1.89 | $0.63 | 200.3% | |
| March 31, 2025 | $-1.21 | $0.03 | -4174.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $907M | $656M | $388M | $118M | $159M | $4M | $1M | $2M | $519.6K | $37M | $19M | $21M | |
| Cost of Revenue | · | $816M | $403M | $151M | $42M | $7M | $2M | $3M | $3M | $27M | $17M | $12M | |
| Gross Profit | · | · | · | $-34M | $117M | · | · | · | · | · | · | · | |
| R&D Expense | $30M | $13M | $3M | $98.0K | · | · | · | · | · | · | · | · | |
| SG&A Expense | $350M | $254M | $84M | $57M | $174M | $6M | $465.8K | $1M | $831.0K | $840.2K | $1M | $545.5K | |
| Operating Expenses | · | $-465M | $-236M | $640M | $120M | $7M | $5M | $14M | $15M | $52M | $45M | $28M | |
| Operating Income | $-1.22B | $306M | $221M | $-674M | $-3M | $-10M | $-4M | $-12M | $-14M | $-16M | $-26M | $-6M | |
| Interest Expense | · | · | $10M | $15M | $2M | $21.0K | $51.9K | $81.5K | $1M | $3M | $4M | $543.3K | |
| Interest Income | $56M | $17M | $3M | $1M | $677.4K | $18.3K | $33.7K | $14.2K | $2.8K | $4.4K | $1.1K | $634 | |
| Other Non-op | $-27M | $-5M | $-17M | $262.0K | $-288.0K | $-607.0K | · | $-668.9K | $-3M | $-57.5K | $170.7K | $-52.2K | |
| Pretax Income | $-1.37B | $617M | $278M | $-718M | $-5M | $-10M | $-4M | $-13M | $-31M | $-17M | $-25M | $-7M | |
| Income Tax | $-56M | $75M | $16M | $-24M | $25M | $2.0K | · | $69.1K | $-104.0K | $12M | $-8M | $-5M | |
| Net Income | $-1.31B | $541M | $261M | $-694M | $-30M | $-10M | $-4M | $-13M | $-31M | $-29M | $-17M | $-3M | |
| EPS (Basic) | $-3.69 | $1.87 | $1.41 | $-6.12 | $-0.30 | $-0.13 | $-0.53 | · | · | $-1.89 | $-1.19 | $-0.27 | |
| EPS (Diluted) | $-3.69 | $1.72 | $1.06 | $-6.12 | $-0.30 | $-0.13 | $-0.53 | · | · | $-1.89 | $-1.19 | $-0.27 | |
| Shares (Basic) | 355,167,578 | 289,961,989 | 183,855,570 | 113,467,837 | 99,337,587 | 81,408,340 | 6,664,238 | · | · | 15,178,056 | 14,208,787 | 11,660,879 | |
| Shares (Diluted) | 355,167,578 | 311,841,347 | 192,293,277 | 113,467,837 | 99,337,587 | 81,408,340 | 6,664,238 | · | · | 15,178,056 | 14,208,787 | 11,660,879 | |
| EBITDA | $-1.22B | $306M | $221M | · | $-85M | $-10M | $-4M | $-12M | $-14M | $-16M | $-26M | $-6M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $547M | $392M | $357M | $104M | $269M | $141M | $693.0K | $3M | $15M | $5M | $3M | $5M | |
| Short-term Investments | · | · | · | · | $224M | · | · | · | · | · | · | · | |
| Receivables | · | · | $0 | · | · | · | · | · | $6.8K | $95.1K | $136.8K | $217.0K | |
| Prepaid Expense | $44M | $36M | $26M | $41M | $35M | $2M | $800.0K | $464.0K | $92.9K | $428.0K | $338.6K | $438.4K | |
| Current Assets | $664M | $470M | $1.03B | $278M | $684M | $286M | $1M | $3M | $15M | $6M | $5M | $8M | |
| PP&E (Net) | $1.49B | $1.55B | $672M | $273M | $276M | $17M | $4M | $1M | $10.0K | $28.3K | $61.3K | $53.8K | |
| PP&E (Gross) | $2.69B | $2.14B | $868M | $290M | $298M | · | · | · | · | · | · | · | |
| Accum. Depreciation | $1.20B | $594M | $196M | $17M | $21M | $6M | $3M | $4M | $134.5K | $108.4K | $67.1K | $16.1K | |
| Goodwill | $0 | $83M | $0 | · | · | · | · | · | · | $222.8K | $4M | $5M | |
| Intangibles | $988.0K | $3M | $0 | · | $931.0K | $1M | $1M | $1M | · | $12M | $25M | $43M | |
| Other Non-current Assets | · | · | · | · | · | · | · | · | · | $201.2K | $9.2K | · | |
| Total Assets | $7.29B | $6.80B | $1.99B | $1.20B | $1.44B | $313M | $7M | $5M | $15M | $18M | $47M | $61M | |
| Accounts Payable | $13M | $13M | $11M | $1M | $8M | $999.7K | $1M | $1M | $2M | $7M | $7M | $3M | |
| Accrued Liabilities | $87M | $77M | $22M | $22M | $3M | · | · | · | · | · | · | · | |
| Short-term Debt | $48M | $0 | · | · | · | · | · | $999.1K | $2M | $13M | $10M | $17M | |
| Current Liabilities | $522M | $95M | $34M | $26M | $11M | $1M | $2M | $2M | $8M | $20M | $17M | $22M | |
| Capital Leases | $40M | $23M | $354.0K | $1M | · | · | $120.5K | · | · | · | · | · | |
| Deferred Tax | $30M | $89M | $15M | $0 | $23M | · | · | · | · | · | $1M | $2M | |
| Other Non-current Liabilities | $12M | $8M | $0 | · | · | · | · | · | · | $44.0K | $50.1K | · | |
| Total Liabilities | · | · | · | · | $765M | $2M | $3M | $2M | $8M | $28M | $35M | $37M | |
| Long-term Debt | $3.60B | $2.45B | $326M | $782M | $728M | · | $999.1K | $999.1K | $2M | $18M | · | · | |
| Total Debt | $3.65B | · | $326M | · | · | · | · | $999.1K | $2M | $13M | $10M | · | |
| Common Stock | $37.0K | $34.0K | $24.0K | $15.0K | $10.0K | $8.2K | $846 | $638 | $1.2K | $463 | $1.5K | $1.4K | |
| Paid-in Capital | $4.81B | $4.16B | $2.18B | $1.23B | $836M | $428M | $110M | $105M | $97M | $50M | $43M | $37M | |
| Retained Earnings | $-1.34B | $-26M | $-568M | $-840M | $-146M | $-116M | $-106M | $-102M | $-89M | $-58M | $-29M | $-12M | |
| AOCI | $0 | · | · | · | · | $-450.7K | $-450.7K | $-450.7K | $-450.7K | $-1M | $-1M | $-388.4K | |
| Stockholders' Equity | $3.47B | $4.13B | $1.62B | $386M | $682M | $312M | $4M | $3M | $7M | $-9M | $13M | $24M | |
| Liabilities + Equity | $7.29B | $6.80B | $1.99B | $1.20B | $1.44B | $313M | $7M | $5M | $15M | $18M | $47M | $61M | |
| Shares Outstanding | 379,464,892 | 340,258,453 | 242,829,391 | 145,565,916 | 102,733,273 | 81,974,619 | 8,458,781 | 6,379,992 | 12,477,781 | 4,638,118 | 14,867,141 | 13,791,460 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $773M | $429M | $186M | $79M | $15M | $3M | · | · | · | · | $11M | $6M | |
| Stock-based Comp | $172M | $158M | $33M | $25M | $161M | $1M | $933.7K | $1M | $2M | $2M | $2M | $2M | |
| Deferred Tax | $-59M | $73M | $15M | $-25M | $25M | $9M | · | · | $-57.3K | $11M | $-8M | $-5M | |
| Amort. of Intangibles | $900.0K | $23M | $0 | $0 | $71.2K | $71.2K | $71.2K | $66.0K | $2M | $7M | $11M | $6M | |
| Operating Cash Flow | $-803M | $-677M | $-316M | $-176M | $-19M | $-8M | $-3M | $-8M | $-11M | $10M | $-3M | $4M | |
| CapEx | $407M | $251M | $28M | $41M | $274M | $18M | $5.2K | $5M | $7.8K | $8.4K | $58.4K | $53.0K | |
| Investing Cash Flow | $-670M | $-3.23B | $5M | $-390M | $-891M | $-81M | $1M | $-4M | $-7.8K | $-4M | · | · | |
| Stock Issued | $569M | $1.85B | $608M | $361M | $312M | $223M | $255.9K | · | · | $5M | · | · | |
| Stock Repurchased | $47M | $37M | $380.0K | $0 | · | · | · | · | · | · | · | · | |
| Net Stock Activity | $522M | $1.82B | $608M | · | $325M | $230M | $255.9K | · | · | $5M | · | · | |
| Financing Cash Flow | $1.63B | $3.95B | $556M | $411M | $1.04B | $230M | $245.5K | · | $20M | $-4M | · | · | |
| Net Change in Cash | $155M | $46M | $245M | $-156M | $127M | $141M | $-2M | $-12M | $10M | $2M | · | · | |
| Taxes Paid | $2M | · | · | · | · | · | · | · | $5.5K | $43.1K | $168.4K | $39.1K | |
| Free Cash Flow | $-1.21B | $-928M | $-343M | · | · | · | $-3M | $-13M | $-1M | $10M | $-3M | · | |
| Levered FCF | · | · | $-353M | · | · | · | · | $-14M | $-2M | $5M | $-6M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -135.0% | 46.6% | 57.0% | · | -56.5% | -225.7% | -357.7% | -772.9% | -2729.6% | -42.5% | -135.3% | -29.0% | |
| Net Margin | -144.6% | 82.5% | 67.4% | · | -24.0% | -239.8% | -296.7% | -820.2% | -6030.1% | -78.3% | -89.3% | -14.7% | |
| Pretax Margin | -150.8% | 93.9% | 71.6% | · | -8.7% | -239.8% | -296.7% | -815.8% | -6050.1% | -47.3% | -132.2% | -31.8% | |
| EBITDA Margin | -135.0% | 46.6% | 57.0% | · | -56.5% | -225.7% | -357.7% | -772.9% | -2729.6% | -42.5% | -135.3% | -29.0% | |
| ROA | -18.6% | 12.3% | 16.4% | · | -4.1% | -6.5% | -59.5% | -126.5% | -187.9% | -87.5% | -31.4% | -8.7% | |
| ROE | -34.5% | 18.8% | 26.1% | · | -5.4% | -6.0% | -98.6% | -275.4% | 3300.0% | -1613.8% | -91.7% | -17.3% | |
| ROIC | -16.5% | 6.5% | 10.7% | · | -34.3% | · | · | -309.7% | -154.5% | -642.6% | -75.2% | -6.9% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.3 | 4.9 | 30.5 | · | 49.9 | 198.4 | 0.8 | 1.3 | 2.0 | 0.3 | 0.3 | 0.3 | |
| Quick Ratio | 1.0 | 4.1 | 10.6 | · | 35.7 | 97.9 | 0.4 | 1.1 | 1.9 | 0.2 | 0.2 | 0.2 | |
| Debt / Equity | 1.1 | · | 0.2 | · | · | · | · | 0.3 | 0.2 | -1.4 | 0.8 | · | |
| LT Debt / Equity | 0.9 | · | 0.2 | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | 21.3 | · | -54.2 | -468.6 | -81.7 | -148.2 | -10.8 | -5.0 | -6.0 | -11.4 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.2 | · | 0.2 | 0.0 | 0.2 | 0.2 | 0.0 | 1.1 | 0.4 | 0.6 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | 10.2 | 315.9 | 107.3 | 87.9 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $9.15 | $12.13 | $6.65 | · | $6.65 | $3.80 | $0.43 | $0.11 | $0.59 | $-0.49 | $0.85 | $1.74 | |
| Revenue / Share | $2.55 | $2.10 | $2.02 | · | $1.51 | · | · | · | · | $2.41 | $1.34 | · | |
| Cash Flow / Share | $-2.26 | $-2.17 | $-1.64 | · | $-0.18 | · | · | · | · | $0.67 | $-0.21 | · | |
| Cash / Share | $1.44 | $1.15 | $1.47 | · | $2.61 | $1.72 | $0.08 | $0.10 | $1.20 | $0.27 | $0.17 | $0.37 | |
| EPS (TTM) | $-3.69 | $1.72 | $1.06 | $-6.12 | $-0.30 | $-0.13 | $-0.53 | · | · | $-1.89 | $-1.19 | $-0.27 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 38.2% | 69.4% | 229.1% | -26.0% | 3553.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 97.5% | 60.4% | 346.4% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 190.9% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | 62.3% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | 107.2% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $907M | $656M | $388M | $118M | $159M | $4M | $1M | $2M | $519.6K | $37M | $19M | $21M | |
| Net Income TTM | $-1.31B | $541M | $261M | $-694M | $-30M | $-10M | $-4M | $-13M | $-31M | $-29M | $-17M | $-3M | |
| Market Cap | $3.41B | $5.71B | $5.70B | · | $3.38B | $856M | $7M | $37M | $205M | $511M | $381M | $1.88B | |
| Enterprise Value | $6.51B | · | $5.67B | · | · | · | · | $35M | $191M | $519M | $388M | · | |
| P/E | -2.4 | 9.8 | 22.2 | -0.6 | -109.5 | -80.3 | -1.7 | · | · | -14.6 | -21.5 | -499.0 | |
| P/S | 3.8 | 8.7 | 14.7 | · | 21.2 | 196.4 | 6.3 | 23.5 | 393.8 | 13.9 | 20.1 | 87.6 | |
| P/B | 1.0 | 1.4 | 3.5 | · | 4.9 | 2.7 | 2.0 | 12.6 | 27.7 | -56.0 | 30.0 | 77.3 | |
| P / Tangible Book | 1.0 | 1.4 | 3.5 | 1.3 | 5.0 | 2.8 | · | · | · | · | · | · | |
| P / Cash Flow | -4.2 | -8.4 | -18.1 | · | -185.3 | -110.1 | -2.2 | -4.5 | -191.3 | 50.2 | -128.5 | · | |
| P / FCF | -2.8 | -6.1 | -16.6 | · | · | · | -2.2 | -2.7 | -189.9 | 50.2 | -126.0 | · | |
| EV / EBITDA | -5.3 | · | 25.7 | · | · | · | · | -2.9 | -13.5 | -33.3 | -15.1 | · | |
| EV / FCF | -5.4 | · | -16.5 | · | · | · | · | -2.6 | -177.7 | 51.0 | -128.6 | · | |
| EV / Revenue | 7.2 | · | 14.6 | · | · | · | · | 22.5 | 368.4 | 14.2 | 20.5 | · | |
| Earnings Yield | -41.1% | 10.3% | 4.5% | -179.0% | -0.91% | -1.2% | -60.2% | · | · | -6.9% | -4.7% | -0.20% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $175M | $175M | $202M | $252M | $238M | $214M | $214M | $132M | $145M | $165M | $157M | $98M | $82M | $51M | $28M | $13M | |
| Cost of Revenue | · | · | · | · | · | · | · | $199M | $182M | $168M | · | $113M | $92M | $51M | $44M | $40M | |
| Gross Profit | · | · | · | · | · | · | · | · | · | · | · | $-15M | $-11M | $22.0K | · | · | |
| R&D Expense | $7M | $8M | $4M | $9M | $9M | $9M | $4M | $3M | $4M | $2M | $1M | $713.0K | $651.0K | $209.0K | · | · | |
| SG&A Expense | $115M | $87M | $86M | $85M | $93M | $86M | $73M | $59M | $53M | $69M | $29M | $19M | $20M | $15M | $19M | $12M | |
| Operating Expenses | · | · | · | · | · | · | · | $105M | $196M | $-373M | · | $65M | $-5M | $-122M | $396M | $17M | |
| Operating Income | $-521M | $-1.06B | $-1.41B | $48M | $680M | $-541M | $341M | $-172M | $-232M | $370M | $185M | $-80M | $-6M | $122M | $-411M | $-44M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $1M | · | $3M | $3M | $4M | $5M | $4M | |
| Interest Income | $10M | $11M | $17M | $18M | $10M | $12M | $8M | $4M | $2M | $3M | $1M | $426.0K | $118.0K | · | · | · | |
| Other Non-op | $3M | $4M | $-25M | $1M | $-6M | $2M | $-7M | $-1M | $93.0K | $3M | $-18M | $0 | $30.0K | $791.0K | $-358.0K | $238.0K | |
| Pretax Income | $-611M | $-1.29B | $-1.89B | $161M | $1.02B | $-653M | $647M | $-174M | $-231M | $375M | $168M | $-317.0K | $-9M | $119M | $-415M | $-79M | |
| Income Tax | $580.0K | $-31M | $-183M | $38M | $209M | $-119M | $118M | $-49M | $-32M | $38M | $16M | $73.0K | $203.0K | $75.0K | $-23M | $-6M | |
| Net Income | $-611M | $-1.26B | $-1.71B | $123M | $808M | $-533M | $529M | $-125M | $-200M | $337M | $152M | $-390.0K | $-9M | $119M | $-392M | $-72M | |
| EPS (Basic) | $-1.60 | $-3.31 | $-4.76 | $0.33 | $2.29 | $-1.55 | $1.71 | $-0.42 | $-0.72 | $1.30 | $0.73 | $0.00 | $-0.07 | $0.75 | $-3.39 | $-0.62 | |
| EPS (Diluted) | $-1.60 | $-3.31 | $-4.25 | $0.27 | $1.84 | $-1.55 | $1.60 | $-0.42 | $-0.72 | $1.26 | $0.75 | $-0.34 | $-0.07 | $0.72 | $-3.39 | $-0.62 | |
| Shares (Basic) | 381,565,856 | 380,157,050 | · | 372,073,173 | 352,901,683 | 344,098,009 | · | 294,942,685 | 278,674,506 | 259,098,664 | · | 179,602,722 | 168,474,882 | 159,186,506 | 125,263,133 | 116,533,816 | |
| Shares (Diluted) | 381,565,856 | 380,157,050 | · | 470,126,290 | 440,912,159 | 344,098,009 | · | 294,942,685 | 278,674,506 | 267,912,443 | · | 183,736,770 | 168,474,882 | 168,999,461 | · | 116,533,816 | |
| EBITDA | $-521M | $-1.06B | · | $48M | $680M | $-541M | · | $-172M | $-232M | $370M | · | $-16M | $-16M | $-4M | · | $-47M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $421M | $514M | $547M | $826M | $109M | $196M | $392M | $164M | $256M | $324M | $357M | $101M | $114M | $125M | $104M | $55M | |
| Receivables | · | · | · | · | · | · | · | $3M | $19M | $8M | · | · | · | · | · | · | |
| Prepaid Expense | $47M | $41M | $44M | $40M | $41M | $28M | $36M | $17M | $28M | $33M | · | $36M | $52M | $60M | · | $26M | |
| Current Assets | $527M | $611M | $664M | $962M | $236M | $292M | $470M | $239M | $372M | $1.64B | · | $433M | $422M | $386M | · | $240M | |
| PP&E (Net) | $1.22B | $1.41B | $1.49B | $1.55B | $1.63B | $1.57B | $1.55B | $1.09B | $930M | $802M | · | $742M | $784M | $715M | · | $404M | |
| PP&E (Gross) | $2.63B | $2.65B | $2.69B | $2.56B | $2.52B | $2.30B | $2.14B | $1.55B | $1.29B | $1.08B | · | $867M | $855M | $749M | · | · | |
| Accum. Depreciation | $1.41B | $1.24B | $1.20B | $1.01B | $883M | $731M | $594M | $460M | $362M | $274M | · | $125M | $72M | $34M | · | $27M | |
| Goodwill | $90M | $90M | $0 | $83M | $83M | $83M | $83M | $45M | $45M | $31M | · | · | · | · | · | · | |
| Intangibles | $41M | $43M | $988.0K | $771.0K | $2M | $2M | $3M | $2M | $2M | $22M | · | · | · | · | · | · | |
| Total Assets | $4.35B | $4.95B | $7.29B | $9.15B | $7.72B | $6.44B | $6.80B | $3.58B | $3.12B | $2.96B | · | $1.38B | $1.37B | $1.30B | · | $1.48B | |
| Accounts Payable | $10M | $8M | $13M | $11M | $10M | $6M | $13M | $13M | $29M | $33M | · | $15M | $7M | $3M | · | $19M | |
| Accrued Liabilities | $74M | $105M | $87M | $74M | $57M | $46M | $77M | $37M | $67M | $32M | · | $22M | $20M | $18M | · | $2M | |
| Short-term Debt | $335M | $48M | $48M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $592M | $331M | $522M | $459M | $441M | $368M | $95M | $60M | $99M | $71M | · | $38M | $28M | $24M | · | $46M | |
| Capital Leases | $41M | $41M | $40M | $40M | $40M | $33M | $23M | $15M | $15M | $13M | · | $388.0K | $423.0K | $909.0K | · | $1M | |
| Deferred Tax | $8M | $9M | $30M | $216M | $178M | $0 | $89M | $0 | $21M | $53M | · | · | · | $75.0K | · | $23M | |
| Other Non-current Liabilities | $13M | $13M | $12M | $12M | $12M | $12M | $8M | $8M | $8M | $17M | · | · | · | · | · | · | |
| Long-term Debt | $2.42B | $2.42B | $3.60B | $3.25B | $2.25B | $2.30B | $2.45B | $619M | · | · | · | · | · | · | · | · | |
| Total Debt | $2.75B | $2.46B | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $38.0K | $38.0K | $37.0K | $37.0K | $36.0K | $34.0K | $34.0K | $30.0K | $28.0K | $27.0K | · | $21.0K | $17.0K | $17.0K | · | $11.7K | |
| Paid-in Capital | $4.87B | $4.83B | $4.81B | $4.79B | $4.54B | $4.28B | $4.16B | $3.41B | $3.07B | $2.71B | · | $1.82B | $1.46B | $1.39B | · | $1.06B | |
| Retained Earnings | $-3.21B | $-2.60B | $-1.34B | $372M | $249M | $-560M | $-26M | $-555M | $-430M | $-230M | · | $-803M | $-867M | $-848M | · | $-432M | |
| AOCI | $-5M | $-5M | · | · | · | · | · | · | · | · | · | · | · | · | · | $-450.7K | |
| Stockholders' Equity | $1.66B | $2.23B | $3.47B | $5.16B | $4.79B | $3.72B | $4.13B | $2.86B | $2.64B | $2.48B | · | $1.02B | $594M | $546M | · | $625M | |
| Liabilities + Equity | $4.35B | $4.95B | $7.29B | $9.15B | $7.72B | $6.44B | $6.80B | $3.58B | $3.12B | $2.96B | · | $1.38B | $1.37B | $1.30B | · | $1.48B | |
| Shares Outstanding | 381,888,004 | 380,873,087 | 379,464,892 | 378,601,057 | 362,337,906 | 346,279,403 | 340,258,453 | 304,912,746 | 287,046,579 | 268,944,172 | 242,829,391 | 210,184,718 | 174,209,038 | 167,259,602 | 145,565,916 | 116,810,405 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $175M | $192M | $286M | $167M | $162M | $158M | $140M | $124M | $111M | $82M | $77M | $54M | $37M | $18M | $14M | $26M | |
| Stock-based Comp | $47M | $31M | $30M | $38M | $55M | $49M | $54M | $23M | $28M | $52M | $19M | $6M | $4M | $4M | $6M | $3M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $-25M | $-6M | |
| Amort. of Intangibles | $2M | $1M | $100.0K | $200.0K | $300.0K | $300.0K | $242.0K | $219.0K | $19M | $3M | $0 | $0 | $0 | $0 | · | · | |
| Restructuring | $2M | $46M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-224M | $-247M | $-225M | $-199M | $-163M | $-215M | $-313M | $-160M | $-115M | $-88M | $-91M | $-82M | $-114M | $-91M | $-93M | $-43M | |
| CapEx | $15M | $80M | $164M | $85M | $119M | $39M | $187M | $38M | $17M | $9M | $2M | $2M | $6M | $17M | $21M | $6M | |
| Investing Cash Flow | $275M | $1.19B | $-47M | $-286M | $-127M | $-210M | $-2.00B | $-538M | $-278M | $-417M | $5M | $34M | $38M | $-9M | $-22M | $-35M | |
| Stock Issued | $0 | $0 | $-3M | $253M | $219M | $100M | $697M | $321M | $345M | $489M | $343M | $37M | $66M | $163M | $163M | $38M | |
| Stock Repurchased | $8M | $7M | $4M | $8M | $15M | $20M | $8M | $6M | $7M | $17M | $380.0K | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | $-7M | · | · | · | $80M | · | · | · | $473M | · | · | · | $163M | · | · | |
| Financing Cash Flow | $-8M | $-1.11B | $-7M | $1.20B | $204M | $230M | $2.54B | $606M | $337M | $472M | $342M | $21M | $79M | $113M | $163M | $52M | |
| Net Change in Cash | $43M | $-169M | $-279M | $717M | $-87M | $-196M | $228M | $-92M | $-56M | $-33M | $256M | $-27M | $3M | $12M | $48M | $-26M | |
| Free Cash Flow | · | $-327M | · | · | · | $-254M | · | · | · | $-97M | · | · | · | $-46M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-99M | · | · | · | $-50M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -298.0% | -607.9% | · | 18.9% | 285.0% | -253.0% | · | -130.8% | -160.1% | 223.8% | · | -16.0% | -19.9% | -7.5% | · | -367.6% | |
| Net Margin | -349.6% | -723.0% | · | 48.8% | 338.9% | -249.4% | · | -94.8% | -137.6% | 204.1% | · | 65.5% | -23.4% | -14.1% | · | -594.3% | |
| Pretax Margin | -349.2% | -740.7% | · | 63.7% | 426.3% | -305.1% | · | -132.1% | -159.4% | 227.1% | · | 65.6% | -23.2% | -14.0% | · | -639.6% | |
| EBITDA Margin | -298.0% | -607.9% | · | 18.9% | 285.0% | -253.0% | · | -130.8% | -160.1% | 223.8% | · | -16.0% | -19.9% | -7.5% | · | -367.6% | |
| ROA | -10.1% | -22.2% | · | 1.9% | 14.9% | -11.3% | · | -5.0% | -8.9% | 15.8% | · | 4.5% | -1.3% | -0.51% | · | -7.0% | |
| ROE | -18.9% | -42.4% | · | 3.1% | 21.7% | -17.2% | · | -6.4% | -12.3% | 22.3% | · | 7.8% | -3.0% | -1.1% | · | -11.7% | |
| ROIC | -11.8% | -22.1% | · | 0.71% | 11.3% | -11.9% | · | -4.3% | -7.6% | 13.4% | · | -1.5% | -2.8% | -0.71% | · | -6.9% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 1.8 | · | 2.1 | 0.5 | 0.8 | · | 4.0 | 3.7 | 23.1 | · | 11.3 | 14.9 | 16.2 | · | 5.3 | |
| Quick Ratio | 0.7 | 1.5 | · | 1.8 | 0.2 | 0.5 | · | 2.8 | 2.8 | 4.7 | · | 2.7 | 4.0 | 5.2 | · | 1.2 | |
| Debt / Equity | 1.7 | 1.1 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 1.2 | 1.0 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 294.4 | · | -6.2 | -5.7 | -1.0 | · | -12.4 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | |
| Receivables Turnover | · | · | · | · | · | · | · | 91.0 | 15.5 | 38.9 | · | · | · | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $4.35 | $5.86 | · | $13.62 | $13.22 | $10.76 | · | $9.37 | $9.21 | $9.21 | · | $4.85 | $3.41 | $3.26 | · | $5.35 | |
| Revenue / Share | $0.46 | $0.46 | · | $0.54 | $0.54 | $0.62 | · | $0.45 | $0.52 | $0.62 | · | $0.52 | $0.49 | · | · | · | |
| Cash Flow / Share | · | $-0.65 | · | · | · | $-0.63 | · | · | · | $-0.33 | · | · | · | · | · | · | |
| Cash / Share | $1.10 | $1.35 | · | $2.18 | $0.30 | $0.57 | · | $0.54 | $0.89 | $1.21 | · | $0.48 | $0.65 | $0.75 | · | $0.47 | |
| EPS (TTM) | $-8.89 | $-5.45 | · | $2.16 | $1.47 | $-1.09 | · | $0.87 | $0.95 | $1.60 | · | $-3.08 | $-3.36 | $-5.23 | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $804M | $868M | · | $919M | $798M | $705M | · | $599M | $565M | $502M | · | $259M | $174M | $117M | · | $158M | |
| Net Income TTM | $-3.46B | $-2.04B | · | $926M | $679M | $-329M | · | $165M | $289M | $480M | · | $-282M | $-355M | $-558M | · | $-284M | |
| Market Cap | $5.30B | $3.11B | · | $6.91B | $5.68B | $3.98B | · | $4.95B | $5.70B | $6.07B | · | $1.79B | $2.41B | $1.46B | · | $1.25B | |
| Enterprise Value | $7.64B | $5.06B | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -1.6 | -1.5 | · | 8.5 | 10.7 | -10.6 | · | 18.6 | 20.9 | 14.1 | · | -2.8 | -4.1 | -1.7 | · | · | |
| P/S | 6.6 | 3.6 | · | 7.5 | 7.1 | 5.6 | · | 8.3 | 10.1 | 12.1 | · | 6.9 | 13.9 | 12.4 | · | 7.9 | |
| P/B | 3.2 | 1.4 | · | 1.3 | 1.2 | 1.1 | · | 1.7 | 2.2 | 2.5 | · | 1.8 | 4.1 | 2.7 | · | 2.0 | |
| P / Tangible Book | 3.5 | 1.5 | · | 1.4 | 1.2 | 1.1 | · | 1.8 | 2.2 | 2.5 | · | 1.8 | 4.1 | 2.7 | · | 2.0 | |
| P / Cash Flow | · | -12.6 | · | · | · | -18.5 | · | · | · | -68.7 | · | · | · | -50.6 | · | · | |
| EV / Revenue | 9.5 | 5.8 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -64.0% | -66.8% | · | 11.8% | 9.4% | -9.5% | · | 5.4% | 4.8% | 7.1% | · | -36.2% | -24.2% | -60.0% | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-03-31 |
|---|---|---|---|---|---|
| Revenue | $907M | $656M | $388M | $118M | · |
| Operating Margin % | -135.0% | 46.6% | 57.0% | · | · |
| Net Income | $-1.31B | $541M | $261M | $-694M | · |
| Diluted EPS | $-3.69 | $1.72 | $1.06 | $-6.12 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-03-31 |
|---|---|---|---|---|---|
| Debt / Equity | 1.1 | · | 0.2 | · | · |
| Current Ratio | 1.3 | 4.9 | 30.5 | · | · |
| Quick Ratio | 1.0 | 4.1 | 10.6 | · | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-03-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-1.21B | $-928M | $-343M | · | · |
Institutional owners (13F) 510 filers · $5.7B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
510
Value held
$5.7B
New positions
98
Exited positions
56
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 98 (-1 vs prior Q) | 56 (-28 vs prior Q) | 165 (+3 vs prior Q) | 144 (+12 vs prior Q) | +13.5M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $890,288,483 | 64,095,643 | 15.60% | Shares |
| VANGUARD GROUP INC | $419,422,368 | 46,706,277 | 7.35% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $380,584,972 | 27,399,926 | 6.67% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $229,805,536 | 16,544,675 | 4.03% | Shares |
| STATE STREET CORP | $220,875,252 | 15,901,746 | 3.87% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $188,017,709 | 10,872,917 | 3.30% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $183,289,662 | 13,195,800 | 3.21% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $177,733,662 | 12,795,800 | 3.12% | Call option |
| D. E. Shaw & Co., Inc. | $144,123,598 | 10,376,069 | 2.53% | Shares |
| JANE STREET GROUP, LLC | $141,557,157 | 10,191,300 | 2.48% | Call option |
| Marex Group Ltd | $110,467,281 | 7,953,008 | 1.94% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $108,379,503 | 7,802,700 | 1.90% | Put option |
| CITADEL ADVISORS LLC | $102,612,375 | 7,387,500 | 1.80% | Call option |
| MORGAN STANLEY | $93,991,722 | 6,766,861 | 1.65% | Shares |
| BANK OF AMERICA CORP /DE/ | $84,737,084 | 6,100,582 | 1.49% | Shares |
| Toroso Investments, LLC | $83,967,490 | 9,350,500 | 1.47% | Call option |
| UBS Group AG | $77,493,073 | 5,579,055 | 1.36% | Shares |
| JANE STREET GROUP, LLC | $72,455,796 | 5,216,400 | 1.27% | Put option |
| GOLDMAN SACHS GROUP INC | $69,143,713 | 4,977,949 | 1.21% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $65,670,850 | 4,727,923 | 1.15% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $62,692,199 | 4,513,153 | 1.10% | Shares |
| D. E. Shaw & Co., Inc. | $57,764,343 | 4,158,700 | 1.01% | Call option |
| NORTHERN TRUST CORP | $51,421,446 | 3,702,048 | 0.90% | Shares |
| VAN ECK ASSOCIATES CORP | $48,251,040 | 3,473,797 | 0.85% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $46,598,589 | 3,354,830 | 0.82% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $46,337,401 | 3,336,026 | 0.81% | Shares |
| CITADEL ADVISORS LLC | $45,331,404 | 3,263,600 | 0.79% | Put option |
| WOLVERINE TRADING, LLC | $40,430,622 | 2,166,700 | 0.71% | Call option |
| DLD Asset Management, LP | $39,455,934 | 2,840,600 | 0.69% | Put option |
| WHITEBOX ADVISORS LLC | $39,329,535 | 2,831,500 | 0.69% | Put option |
| SEGALL BRYANT & HAMILL, LLC | $38,283,299 | 2,756,177 | 0.67% | Shares |
| Bank of New York Mellon Corp | $37,285,673 | 2,684,354 | 0.65% | Shares |
| Clear Street Group Inc. | $36,855,726 | 2,653,400 | 0.65% | Shares |
| TWO SIGMA INVESTMENTS, LP | $35,683,938 | 2,569,038 | 0.63% | Shares |
| JPMORGAN CHASE & CO | $35,206,504 | 2,491,920 | 0.62% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $35,010,245 | 2,520,536 | 0.61% | Shares |
| Quadrature Capital Ltd | $33,230,075 | 2,392,374 | 0.58% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $32,199,798 | 2,318,200 | 0.56% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $25,596,867 | 1,842,827 | 0.45% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $25,227,736 | 1,816,208 | 0.44% | Shares |
| Public Sector Pension Investment Board | $25,205,905 | 1,814,680 | 0.44% | Shares |
| Vident Advisory, LLC | $25,041,420 | 1,802,838 | 0.44% | Shares |
| Parallax Volatility Advisers, L.P. | $24,224,160 | 1,744,000 | 0.42% | Put option |
| WELLS FARGO & COMPANY/MN | $23,779,481 | 1,711,986 | 0.42% | Shares |
| BARCLAYS PLC | $23,641,211 | 1,702,031 | 0.41% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $23,532,535 | 1,694,207 | 0.41% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $21,189,626 | 1,525,531 | 0.37% | Shares |
| TUDOR INVESTMENT CORP ET AL | $20,551,144 | 1,479,564 | 0.36% | Shares |
| Walleye Trading LLC | $20,546,088 | 1,479,200 | 0.36% | Call option |
| Point72 Asset Management, L.P. | $20,362,740 | 1,466,000 | 0.36% | Call option |
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Two Point One, LLC, Christopher Ensey ×3 filings | April 6, 2021 | · | Initial filing | Passive investment | SEC |
| Lucky Liefern LLC, Paul Prager | Nov. 9, 2020 | · | Initial filing | Passive investment | SEC |
| Merrick Okamoto, First Stage Capital, Inc. | Oct. 16, 2018 | · | Initial filing | Passive investment | SEC |
| Doug Croxall, LVL Patent Group LLC ×2 filings | July 17, 2013 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 35 insiders · 12 officers · 21 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Frederick G Thiel | Chief Executive Officer | Oct. 1, 2026 S | 4,217,586 | 0 | 13 | $-4,144,452 |
| Mark Groussman | Former Chief Executive Officer | Nov. 14, 2012 J | 2,965,631 | 0 | 0 | $0 |
| Salman Hassan Khan | Chief Financial Officer | Sept. 30, 2026 F | 1,363,434 | 0 | 11 | $-2,986,246 |
| Simeon Salzman | CHIEF FINANCIAL OFFICER | Feb. 15, 2022 D | 84,366 | 0 | 0 | $0 |
| David Philip Lieberman | Chief Financial Officer | Sept. 30, 2020 D | 137,574 | 0 | 0 | $0 |
| Knuettel Francis II | CHIEF FINANCIAL OFFICER | Nov. 3, 2014 A | · | 0 | 0 | $0 |
| James Crawford | Chief Operating Officer | Feb. 16, 2024 F | 603,022 | 0 | 0 | $0 |
| Zabi Nowaid | General Counsel | Sept. 30, 2026 F | 869,481 | 0 | 9 | $-1,486,424 |
| Adam Michael Swick | Chief Growth Officer | Feb. 16, 2024 F | 314,697 | 0 | 0 | $0 |
| Ashu Swami | Chief Technology Officer | Feb. 16, 2024 F | 518,030 | 0 | 0 | $0 |
| Peter Benz | VP | Feb. 14, 2022 C | 131,119 | 0 | 0 | $0 |
| Merrick D Okamoto | Executive Chairman | Dec. 28, 2021 D | 5,486,480 | 0 | 0 | $0 |
| MELLINGER DOUGLAS K | Director | June 22, 2026 S | 231,618 | 0 | 3 | $-149,260 |
| Vicki Mealer-Burke | Director | Feb. 13, 2026 A | 140,862 | 0 | 0 | $0 |
| Janet George | Director | Feb. 13, 2026 A | 136,339 | 0 | 0 | $0 |
| Jay P Leupp | Director | Feb. 13, 2026 A | 261,618 | 0 | 0 | $0 |
| Barbara Humpton | Director | Feb. 13, 2026 A | 136,339 | 0 | 0 | $0 |
| Georges Antoun | Director | Feb. 13, 2026 A | 250,639 | 0 | 0 | $0 |
| Said Ouissal | Director | Sept. 6, 2024 F | 40,922 | 0 | 0 | $0 |
| Sarita M. James | Director | May 1, 2024 A | 91,333 | 0 | 0 | $0 |
| Kevin A Denuccio | Director | May 1, 2024 A | 266,974 | 0 | 0 | $0 |
| Michael Carroll Berg | Director | March 31, 2021 D | 56,312 | 0 | 0 | $0 |
| Michael Rudolph | Director | Dec. 15, 2020 S | 5,146 | 0 | 0 | $0 |
| Richard Molineaux Tyler III | Director | Oct. 13, 2016 A | · | 0 | 0 | $0 |
| Edward Kovalik | Director | Oct. 13, 2016 A | 3,089 | 0 | 0 | $0 |
| Richard Chernicoff | Director | Oct. 13, 2016 A | · | 0 | 0 | $0 |
| Stuart H. Smith | Director | Nov. 6, 2014 C | 115,770 | 0 | 0 | $0 |
| William Rosellini | Director | Sept. 16, 2014 A | · | 0 | 0 | $0 |
| Craig Allen Nard | Director | June 11, 2013 A | · | 0 | 0 | $0 |
| David Rector | Director | Nov. 16, 2012 P | 100,000 | 0 | 0 | $0 |
| GLOBAL BIT VENTURES INC. | 10% owner | Dec. 24, 2018 J | 2,312,326 | 0 | 0 | $0 |
| Jeff Feinberg | 10% owner | May 22, 2017 S | 2,248,802 | 0 | 0 | $0 |
| Pershing Gold Corp. | 10% owner | Oct. 3, 2012 S | 3,073,333 | 0 | 0 | $0 |
| Douglas B Croxall | · | Feb. 16, 2018 D | 778,846 | 0 | 0 | $0 |
| John Stetson | · | April 6, 2015 S | 8,901 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 50 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| CEPI · ETF Opportunities Trust | 4.47% | 434,828 NS | July 31, 2026 | N-PORT |
| LFGY · Tidal Trust II | 4.00% | 322,538 NS | July 31, 2026 | N-PORT |
| IBLC · iShares Trust | 2.32% | 173,315 SH | Sept. 11, 2026 | Daily |
| SATO · Invesco Exchange-Traded Fund Trust … | 2.02% | 15,073 SH | Oct. 1, 2026 | Daily |
| PSCT · Invesco Exchange-Traded Fund Trust … | 1.83% | 854,220 SH | Oct. 1, 2026 | Daily |
| BLOX · Tidal Trust II | 1.65% | 413,963 NS | July 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.35% | 338,769 SH | Aug. 19, 2026 | Daily |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.32% | 371,915 NS | July 31, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.29% | 1,333,163 SH | Aug. 19, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.26% | 364,064 SH | Aug. 19, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.19% | 149,605 SH | Aug. 19, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.18% | 14,142 NS | July 31, 2026 | N-PORT |
| FDND · First Trust Exchange-Traded Fund IV | 0.17% | 1,467 NS | July 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.17% | 102,054 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.16% | 2,231,948 SH | Aug. 19, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.16% | 188,409 NS | July 31, 2026 | N-PORT |
| IGV · iShares Trust | 0.15% | 1,743,212 SH | Sept. 11, 2026 | Daily |
| IWM · iShares Trust | 0.15% | 9,936,334 SH | Sept. 11, 2026 | Daily |
| ISCG · iShares Trust | 0.14% | 119,710 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.14% | 185,696 NS | July 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.12% | 4,297,871 SH | Aug. 19, 2026 | Daily |
| WEBL · Direxion Shares ETF Trust | 0.11% | 9,124 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.09% | 1,216,810 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.07% | 33,692 NS | July 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.06% | 151,698 SH | Sept. 11, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 0.06% | 1,080,723 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.06% | 4,373,035 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.06% | 8,311,159 SH | Aug. 19, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.06% | 7,861,937 SH | Aug. 19, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.05% | 85,445 SH | Oct. 1, 2026 | Daily |
| WSML · iShares Trust | 0.04% | 20,944 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.04% | 17,044 NS | July 31, 2026 | N-PORT |
| IGM · iShares Trust | 0.02% | 179,200 SH | Sept. 11, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.01% | 581,986 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 31,646 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 19,592 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 11,488,870 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 31,663 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.01% | 85,222 SH | Aug. 19, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.01% | 93,800 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.01% | 117,278 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.01% | 521,647 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 103,126 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 313,187 SH | Aug. 19, 2026 | Daily |
| IJR · iShares Trust | · | 23,268,291 SH | Sept. 10, 2026 | Daily |
| IJT · iShares Trust | · | 1,981,166 SH | Sept. 9, 2026 | Daily |
| IJS · iShares Trust | · | 1,530,150 SH | Sept. 8, 2026 | Daily |
| IWN · iShares Trust | · | 3,641,097 SH | Sept. 11, 2026 | Daily |
| XJR · iShares Trust | · | 52,749 SH | Aug. 31, 2026 | Daily |
| ISCB · iShares Trust | · | 16,857 SH | Sept. 11, 2026 | Daily |
MARA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 22 analysts
BUY
Median target
$17.00
+51.4%
4 18.2%
Strong Buy
10 45.5%
Buy
7 31.8%
Hold
1 4.5%
Sell
0 0.0%
Strong Sell
12-Month Price Target
13 analysts · 2026-09-27Mean target $18.69 +66.4%
Now
Current price $11.23
Low$11.00
Mean$18.69
High$30.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MARA | $3.41B | -2.4 | 38.2% | -144.6% | -34.5% | · |
| OCTV | · | · | · | · | · | · |
| ACIW | $4.91B | 22.1 | 10.4% | 12.9% | 15.6% | · |
| BOX | $3.57B | 43.7 | 8.0% | 9.8% | -40.6% | 79.2% |
| KVYO | · | -295.2 | 31.6% | -2.6% | -2.8% | 74.7% |
| CCC | $4.81B | · | 11.9% | 0.16% | 0.09% | 73.5% |
| BILL | $3.33B | -328.7 | 13.0% | -0.68% | -0.31% | 80.9% |
| QTWO | $4.53B | 90.2 | 14.1% | 6.5% | 8.3% | 54.1% |
| LIF | $5.09B | 36.2 | 31.8% | 30.8% | 33.0% | 77.8% |
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
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Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
No open signal right now — no card is filled, and that's honest.
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Source: SEC 10-Q filed Aug 6, 2026