Recent News
Nov 29, 2025: Cetera Investment Advisers disclosed a purchase of 34,369 Marathon shares; Dec 15, 2025: Marathon CFO Salman Khan sold 34,732 shares; Jan 4, 2026: Marathon transferred 288 BTC (≈$26.3M) to Wintermute as a capital management move; Jan 23–25, 2026: CEO Frederick Thiel reported sales of 27,505 shares in filings.
Technical Analysis
Directional indicators present a bearish bias: ADX at 21.1 indicates an emerging trend while DI+ at 16.5 (decreasing) and DI- at 26.81 (increasing) together point to downside pressure on price, reinforcing near-term negative directional momentum.
MACD sits negative at -0.68 and is decreasing, with the MACD below its signal line (-0.49); that configuration denotes continuing bearish momentum and suggests further downward bias until MACD shows an improving trajectory or crosses above its signal.
MRO registers 0.92 and is falling; because MRO is positive, the price currently trades above the model target and carries potential for downward mean-reversion, which supports a near-term price contraction risk tied to valuation pressure.
RSI at 40.34 shows a dip-and-reversal pattern, which signals a short-lived bullish reversal attempt; however, that signal conflicts with other momentum indicators and therefore implies limited rally potential rather than a sustained trend change.
Price sits below most moving averages (12-day EMA $8.90 declining, 20-day average $9.36, 50-day $10.38, 200-day $14.86), producing a bearish price–MA structure. The close at $8.06 sits marginally above the 1x lower Bollinger band ($8.05), which suggests a near-term support area but also leaves room for a breakdown if downside momentum accelerates.
Volume at ~67.4M exceeds 10/50/200-day averages, indicating active participation during recent moves; combined with a 42-day beta of 5.15, expect outsized intraperiod volatility and heightened risk of sharp swings in either direction.
Fundamental Analysis
Profitability metrics show divergence: EBIT equals $173.6M and EBITDA $340.9M, yielding an EBIT margin of 68.77%. That EBIT margin sits above the industry peer mean and median (industry peer mean ~33.75%, median ~20.68%), indicating stronger operating profitability on that specific measure relative to peers.
Operating margin reads -61.93% (operating loss), while gross margin remains high at 82.93%, revealing that core cost of revenue stays favorable but operating expenses and non-operating items drive a negative operating result; operating margin declined QoQ by 7.87% and YoY by 52.49% per the supplied QoQ/YoY deltas.
Revenue and growth: headline revenue equals $252.41M with a reported revenue growth metric of 5.84%, while stated revenue growth QoQ and YoY show steep declines (QoQ -49.24%; YoY -162.81%), reflecting large period-to-period swings that reduce near-term revenue visibility.
Cash and leverage: cash and short-term investments total $826.4M, with net debt at $2.771B and debt-to-EBITDA ~10.69. The company maintains a current ratio of 2.09 and a cash ratio near 1.80, providing near-term liquidity, while the debt profile and high debt-to-EBITDA suggest leverage remains elevated versus conservative benchmarks.
Cash flow: operating cash flow shows a recent outflow of -$199.0M and free cash flow is negative at -$283.9M, even as cashFlowMargin measures 115.70% and cash holdings rose (end-period cash flow $838.4M). Free cash flow trends look pressured QoQ and YoY, and free cash flow yield sits negative at -4.14%.
Earnings: reported EPS $0.37 exceeded the estimate $0.35, producing an EPS surprise of ~5.71%. Forward EPS reads negative (-$0.0675) and forward PE extends to 1,644.65, indicating modelled expectations dispersed across time horizons.
Valuation: WMDST values the stock as over-valued. Market multiples include a trailing P/E ~48.97 and a P/B of ~1.33, with the company’s P/B below the industry peer mean and median (industry peer mean ~8.99, median ~9.01). Given the stretched multiples in some ratios, combined with negative free cash flow and elevated leverage metrics, the WMDST valuation judgment classifies the equity as over-valued versus intrinsic targets.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-04 |
| NEXT REPORT DATE: | 2026-02-03 |
| CASH FLOW | Begin Period Cash Flow | $ 121.5 M |
| Operating Cash Flow | $ -199.05 M | |
| Capital Expenditures | $ -84.83 M | |
| Change In Working Capital | $ -243.82 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 716.9 M | |
| End Period Cash Flow | $ 838.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 252.4 M | |
| Forward Revenue | $ -13.10 M | |
| COSTS | ||
| Cost Of Revenue | $ 43.1 M | |
| Depreciation | — | |
| Depreciation and Amortization | $ 167.3 M | |
| Research and Development | $ 8.7 M | |
| Total Operating Expenses | $ 408.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 209.3 M | |
| EBITDA | $ 340.9 M | |
| EBIT | $ 173.6 M | |
| Operating Income | $ -156.32 M | |
| Interest Income | $ 17.7 M | |
| Interest Expense | $ 12.8 M | |
| Net Interest Income | $ 4.9 M | |
| Income Before Tax | $ 160.8 M | |
| Tax Provision | $ 37.7 M | |
| Tax Rate | 23.43 % | |
| Net Income | $ 123.1 M | |
| Net Income From Continuing Operations | $ 123.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.35 | |
| EPS Actual | $ 0.37 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 5.714 % | |
| Forward EPS | $ -0.07 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 9.2 B | |
| Intangible Assets | $ 83.5 M | |
| Net Tangible Assets | $ 5.1 B | |
| Total Current Assets | $ 961.9 M | |
| Cash and Short-Term Investments | $ 826.4 M | |
| Cash | $ 826.4 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 11.4 M | |
| Short-Term Debt | $ 350.0 M | |
| Total Current Liabilities | $ 459.4 M | |
| Net Debt | $ 2.8 B | |
| Total Debt | $ 3.6 B | |
| Total Liabilities | $ 4.0 B | |
| EQUITY | ||
| Total Equity | $ 5.2 B | |
| Retained Earnings | $ 371.8 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 13.62 | |
| Shares Outstanding | 378.601 M | |
| Revenue Per-Share | $ 0.67 | |
| VALUATION | Market Capitalization | $ 6.9 B |
| Enterprise Value | $ 9.7 B | |
| Enterprise Multiple | 28.385 | |
| Enterprise Multiple QoQ | 312.184 % | |
| Enterprise Multiple YoY | -138.231 % | |
| Enterprise Multiple IPRWA | high: 329.205 mean: 97.952 median: 95.447 MARA: 28.385 low: -218.656 |
|
| EV/R | 38.334 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.774 | |
| Asset To Liability | 2.301 | |
| Debt To Capital | 0.414 | |
| Debt To Assets | 0.398 | |
| Debt To Assets QoQ | 16.156 % | |
| Debt To Assets YoY | 265193.333 % | |
| Debt To Assets IPRWA | high: 0.923 MARA: 0.398 median: 0.356 mean: 0.302 low: 0.007 |
|
| Debt To Equity | 0.706 | |
| Debt To Equity QoQ | 27.906 % | |
| Debt To Equity YoY | 371547.368 % | |
| Debt To Equity IPRWA | high: 3.011 median: 2.386 mean: 1.535 MARA: 0.706 low: -2.088 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.33 | |
| Price To Book QoQ | 12.427 % | |
| Price To Book YoY | -29.411 % | |
| Price To Book IPRWA | high: 17.066 median: 9.007 mean: 8.992 MARA: 1.33 low: -6.772 |
|
| Price To Earnings (P/E) | 48.97 | |
| Price To Earnings QoQ | 447.528 % | |
| Price To Earnings YoY | -216.572 % | |
| Price To Earnings IPRWA | high: 403.784 median: 130.431 mean: 122.073 MARA: 48.97 low: -292.051 |
|
| PE/G Ratio | -0.605 | |
| Price To Sales (P/S) | 27.177 | |
| Price To Sales QoQ | 14.353 % | |
| Price To Sales YoY | -33.495 % | |
| Price To Sales IPRWA | high: 74.756 median: 56.608 mean: 38.906 MARA: 27.177 low: 0.551 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 1644.654 | |
| Forward PE/G | -20.322 | |
| Forward P/S | 3535.574 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -14.239 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.03 | |
| Asset Turnover Ratio QoQ | -11.138 % | |
| Asset Turnover Ratio YoY | -23.887 % | |
| Asset Turnover Ratio IPRWA | high: 0.496 median: 0.155 mean: 0.15 MARA: 0.03 low: 0.012 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -23.256 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | -133.57 % | |
| Cash Conversion Cycle Days IPRWA | high: 197.089 mean: 9.07 median: 1.532 MARA: -23.256 low: -157.517 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.502 | |
| CapEx To Revenue | -0.336 | |
| CapEx To Depreciation | 0.0 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 8.4 B | |
| Net Invested Capital | $ 8.8 B | |
| Invested Capital | $ 8.8 B | |
| Net Tangible Assets | $ 5.1 B | |
| Net Working Capital | $ 502.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.799 | |
| Current Ratio | 2.094 | |
| Current Ratio QoQ | 290.562 % | |
| Current Ratio YoY | -47.697 % | |
| Current Ratio IPRWA | high: 6.28 MARA: 2.094 mean: 1.282 median: 1.122 low: 0.118 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 10.685 | |
| Cost Of Debt | 0.311 % | |
| Interest Coverage Ratio | 13.603 | |
| Interest Coverage Ratio QoQ | -83.042 % | |
| Interest Coverage Ratio YoY | -118.564 % | |
| Interest Coverage Ratio IPRWA | high: 98.083 median: 27.876 mean: 21.792 MARA: 13.603 low: -67.657 |
|
| Operating Cash Flow Ratio | 0.636 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 23.256 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 18.545 % | |
| Revenue Growth | 5.839 % | |
| Revenue Growth QoQ | -49.235 % | |
| Revenue Growth YoY | -162.812 % | |
| Revenue Growth IPRWA | high: 51.745 % MARA: 5.839 % median: 5.767 % mean: 3.751 % low: -41.658 % |
|
| Earnings Growth | -80.928 % | |
| Earnings Growth QoQ | -62.612 % | |
| Earnings Growth YoY | 94.226 % | |
| Earnings Growth IPRWA | high: 300.0 % median: 5.542 % mean: -3.09 % MARA: -80.928 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 82.933 % | |
| Gross Margin QoQ | 0.522 % | |
| Gross Margin YoY | -262.914 % | |
| Gross Margin IPRWA | high: 90.505 % MARA: 82.933 % median: 77.282 % mean: 63.791 % low: -50.144 % |
|
| EBIT Margin | 68.766 % | |
| EBIT Margin QoQ | -84.071 % | |
| EBIT Margin YoY | -152.753 % | |
| EBIT Margin IPRWA | high: 112.717 % MARA: 68.766 % mean: 33.754 % median: 20.683 % low: -116.648 % |
|
| Return On Sales (ROS) | -61.932 % | |
| Return On Sales QoQ | -7.865 % | |
| Return On Sales YoY | -52.49 % | |
| Return On Sales IPRWA | high: 67.836 % mean: 31.326 % median: 18.878 % MARA: -61.932 % low: -108.387 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -283.88 M | |
| Free Cash Flow Yield | -4.138 % | |
| Free Cash Flow Yield QoQ | -16.941 % | |
| Free Cash Flow Yield YoY | 12.385 % | |
| Free Cash Flow Yield IPRWA | high: 10.909 % median: 1.031 % mean: 0.997 % MARA: -4.138 % low: -14.742 % |
|
| Free Cash Growth | 0.538 % | |
| Free Cash Growth QoQ | -95.115 % | |
| Free Cash Growth YoY | -98.916 % | |
| Free Cash Growth IPRWA | high: 298.25 % mean: 34.058 % median: 20.71 % MARA: 0.538 % low: -451.668 % |
|
| Free Cash To Net Income | -2.305 | |
| Cash Flow Margin | 115.702 % | |
| Cash Flow To Earnings | 2.372 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.459 % | |
| Return On Assets QoQ | -87.214 % | |
| Return On Assets YoY | -139.147 % | |
| Return On Assets IPRWA | high: 13.698 % mean: 3.89 % median: 2.29 % MARA: 1.459 % low: -12.964 % |
|
| Return On Capital Employed (ROCE) | 1.996 % | |
| Return On Equity (ROE) | 0.024 | |
| Return On Equity QoQ | -85.849 % | |
| Return On Equity YoY | -154.622 % | |
| Return On Equity IPRWA | high: 0.294 median: 0.044 mean: 0.042 MARA: 0.024 low: -0.242 |
|
| DuPont ROE | 2.475 % | |
| Return On Invested Capital (ROIC) | 1.518 % | |
| Return On Invested Capital QoQ | -86.289 % | |
| Return On Invested Capital YoY | -97.981 % | |
| Return On Invested Capital IPRWA | high: 15.138 % mean: 7.657 % median: 4.236 % MARA: 1.518 % low: -6.709 % |
|