Marathon Digital Holdings, Inc. (MARA)财务
NASDAQ · Financial Services · Financial - Capital Markets · 员工266人 · CEO Frederick G. Thiel
- 股价
- $6.77 -5.51%
- 市值
- $26.2亿
- 企业价值
- $46.6亿
- 最近财报
- Q2 '26 2026-08-06提交
- 下次财报
- 2026-11-03 EPS预期 -$0.39
营收(TTM)$8.04亿+0.7% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)-99.6%-138.1 百分点 对比去年同期营业利润 -$8.01亿
净利润(TTM)-$34.6亿-609.1% 对比去年同期税后,含营业外收益
自由现金流(TTM)-$15.7亿-3.1% 对比去年同期资本支出 $4.23亿
稀释EPS(TTM)-$9.45-943.7% 对比去年同期最近4个季度之和
净现金-$20.4亿+19.5% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $26.2亿 EV $46.6亿
- 营收
- $8.04亿 过去12个月
- 营收增速
- -16% FY2026年一致预期
- 净利润率
- -429.7% 净利润 / 营收,TTM
- P/E
- -0.7× 预期 -1.4×(FY2026)
- P/S
- 3.3× 股价 / 营收,TTM
- EV / EBITDA
- -2.7× TTM
- 自由现金流
- -$15.7亿 过去12个月
- 净利润
- -$34.6亿 过去12个月
- 营收预期
- $7.65亿 FY2026年一致预期
- 盈利
- 2026-11-03 营收预期 $1.83亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-06):营收低于预期16.5%,EPS 低于预期1,060.4%营收$1.75亿,预期$2.09亿(-16.5%);EPS -$1.60,预期$0.17(-1,060.4%)。
- 营收增长放缓:同比-26.7%Q2 '26营收$1.75亿,此前四个季度的平均值为33.0%。
- 营业利润率-99.6%(TTM),较去年同期-138.1 百分点营收增长0.7%,营业利润增长-360.5%。
- 资本支出占营收的52.6%(去年为48.2%)最近4个季度投入$4.23亿(同比+9.9%)。自由现金流-$15.7亿。
- 稀释股数一年内减少13.5%Q2 '26稀释股数3.82亿,一年前为4.41亿。
- 净债务 $20.4亿现金 + 短期投资 $4.23亿,含租赁债务 $24.7亿;一年前净债务 $25.4亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $1.75亿 | $2.38亿 | -26.7% |
| 毛利率 | 72.1% | 82.5% | -10.4 百分点 |
| 营业利润 | -$2.68亿 | $6.8亿 | -139.4% |
| 营业利润率 | -153.2% | 285.0% | -438.3 百分点 |
| 净利润 | -$6.1亿 | $8.08亿 | -175.4% |
| 稀释EPS | -$1.60 | $1.84 | -187.0% |
| 经营现金流 | -$4.71亿 | -$1.63亿 | -188.3% |
| 资本支出 | $9430万 | $1.19亿 | -20.7% |
| 自由现金流 | -$5.66亿 | -$2.82亿 | -100.3% |
| R&D | $717万 | $855万 | -16.1% |
| 股权激励费用 | $7720万 | $5470万 | +41.2% |
实际 vs 一致预期
2026-08-06| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $1.75亿 | $2.09亿 | -16.5% |
| EPS(一致预期口径) | -$1.60 | $0.17 | -1,060.4% |
来自2026-08-06发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Hosting Services | $0 | -100.0% | – | $344万 | -23.9% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- -$11.4亿
- 资本支出
- -$4.23亿
- 股票回购
- -$2260万
- 股息
- $0
- 收购
- -$2.67亿
- 债务净发行
- -$12.3亿
- 股权激励费用
- $1.76亿
- 自由现金流
- -$15.7亿
- 股东回报 / FCF
- -1.4%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | -0.7× | 12.8× 5年中的2年 | 9.0× – 16.7× |
| EV / EBITDA | -2.7× | 640.5× 5年中的3年 | 6.6× – 1,905.9× |
| EV / 营收 | 5.8× | 12.2× | 6.9× – 23.4× |
| 股价 / FCF | -1.7× | – | – |
| 股价 / 净资产 | 1.6× | 2.1× | 0.9× – 4.8× |
| FCF收益率 | -59.9% | -23.0% | -56.1% – -7.9% |
| 投入资本回报率 | -18.0% | -11.2% | -55.7% – 10.6% |
| 净资产收益率 | -110.4% | -38.8% | -179.8% – 16.2% |
分析师
一致目标价 $12.50 (+84.6%)
区间 $10.00 – $17.00 · 评级 Buy
强烈买入0
买入9
持有9
卖出2
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $7.65亿 | -15.6% | -$4.83 | -30.9% | -1.4× | 4 |
| FY2027 | $9.62亿 | +25.7% | -$0.96 | +80.0% | -7.0× | 4 |
| FY2028 | $7.14亿 | -25.8% | -$1.49 | -54.7% | -4.5× | 4 |
| FY2029 | $14.8亿 | +106.9% | -$1.11 | +25.3% | -6.1× | 1 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Marathon Digital Holdings, Inc.在近期10-Q / 10-K文件中标记的全部294项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1050万 | $984万 | +6.6% | $1250万 | $1260万 | -0.1% |
| Accrued Liabilities, Current | $7420万 | $5680万 | +30.6% | $8700万 | $7690万 | +13.1% |
| Accrued Professional Fees, Current | $1210万2025-12-31 | $1520万 | -20.3% | $1210万 | $1520万 | -20.3% |
| Accrued Utilities, Current | $1790万2025-12-31 | $1790万 | -0.1% | $1790万 | $1790万 | -0.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $14.1亿 | $8.83亿 | +59.8% | $12亿 | $5.94亿 | +101.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$549万 | – | – | -$45.1万2021-12-31 | -$45.1万 | 0.0% |
| Additional Paid in Capital | $48.7亿 | $45.4亿 | +7.3% | $48.1亿 | $41.6亿 | +15.7% |
| Adjustments to Additional Paid in Capital, Other | – | – | – | -$212万2023-12-31 | – | – |
| Advances to Affiliate | $717万 | $626万 | +14.6% | $765万 | $1.21亿 | -93.7% |
| Amortization of Intangible Assets | $210万 | $30万 | +600.0% | $90万 | $2290万 | -96.1% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8270万 | 32.4万 | +25,392.7% | 9680万 | 32.4万 | +29,731.7% |
| Asset Impairment Charges | $0 | $2630万 | -100.0% | $1.09亿 | $0 | – |
| Asset Retirement Obligation | $1250万2025-12-31 | $841万 | +48.2% | $1250万 | $841万 | +48.2% |
| Asset Retirement Obligation, Accretion Expense | $20万 | $30万 | -33.3% | $80.4万 | $53.1万 | +51.4% |
| Asset Retirement Obligation, Liabilities Incurred | – | – | – | $325万 | $788万 | -58.8% |
| Assets | $43.5亿 | $77.2亿 | -43.7% | $72.9亿 | $68亿 | +7.1% |
| Assets, Current | $5.27亿 | $2.36亿 | +123.0% | $6.64亿 | $4.7亿 | +41.2% |
| Assets, Noncurrent | $38.2亿 | $74.8亿 | -48.9% | $66.2亿 | $63.3亿 | +4.6% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | – | – | – | -$438万 | $1.5万 | -29,300.0% |
| Business Combination, Contingent Consideration, Liability | $2530万 | $1530万 | +65.0% | $1380万 | $814万 | +69.1% |
| Cash and Cash Equivalents, at Carrying Value | $4.21亿 | $1.09亿 | +284.8% | $5.47亿 | $3.92亿 | +39.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $4.33亿 | $1.21亿 | +256.7% | $5.59亿 | $4.04亿 | +38.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $4.33亿 | $1.21亿 | +256.7% | $5.59亿 | $4.04亿 | +38.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $4330万 | -$8670万 | +149.9% | $1.55亿 | $4650万 | +234.4% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 8亿 | 8亿 | 0.0% | 8亿 | 8亿 | 0.0% |
| Common Stock, Shares, Issued | 3.82亿 | 3.62亿 | +5.4% | 3.79亿 | 3.4亿 | +11.5% |
| Common Stock, Shares, Outstanding | 3.82亿 | 3.62亿 | +5.4% | 3.79亿 | 3.4亿 | +11.5% |
| Common Stock, Value, Issued | $3.8万 | $3.6万 | +5.6% | $3.7万 | $3.4万 | +8.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -$409万 | -$3万 | -13,530.0% | -$16.4万2016-12-31 | – | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$6.16亿 | $8.08亿 | -176.2% | $2.61亿2023-12-31 | -$6.94亿 | +137.6% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -$6.2亿 | $8.08亿 | -176.7% | -$2860万2016-12-31 | -$1780万 | -60.6% |
| Contractual Obligation | $6460万 | $1.45亿 | -55.4% | $3.22亿 | – | – |
| Contractual Obligation, to be Paid, Remainder of Fiscal Year | $8390万2025-09-30 | – | – | – | – | – |
| Contractual Obligation, to be Paid, Year One | $4200万2025-12-31 | – | – | $4200万 | – | – |
| Cost, Depreciation and Amortization | $1.75亿 | $1.62亿 | +8.0% | $7.73亿 | $4.29亿 | +80.1% |
| CryptoAssetCost | $19.5亿 | $34.3亿 | -43.1% | $43.6亿 | $28.2亿 | +54.5% |
| CryptoAssetFairValue | $20.9亿 | $53.6亿 | -61.1% | $47.1亿 | $42亿 | +12.3% |
| CryptoAssetFairValueCurrent | $208万 | $226万 | -7.8% | $239万 | $433万 | -44.7% |
| CryptoAssetFairValueNoncurrent | $15.4亿 | $36.9亿 | -58.2% | $33.7亿 | $32.2亿 | +4.5% |
| CryptoAssetMining | – | – | – | $3.132024-04-19 | – | – |
| Current Federal Tax Expense (Benefit) | – | – | – | $15.9万 | $0 | – |
| Current Income Tax Expense (Benefit) | – | – | – | $227万 | $228万 | -0.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $211万 | $228万 | -7.3% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $2950万 | $3.5亿 | -91.6% | $4820万 | $4590万 | +4.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$2.63亿 | $1.42亿 | -285.2% |
| Deferred Federal, State and Local, Tax Expense (Benefit) | – | – | – | -$2.73亿 | $1.51亿 | -280.6% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$5860万 | $7320万 | -180.1% |
| Deferred Income Tax Liabilities, Net | $772万 | $1.78亿 | -95.7% | $2990万 | $8850万 | -66.3% |
| Deferred Income Taxes and Tax Credits | -$90.3万 | $2.02亿 | -100.4% | -$5860万 | $7320万 | -180.1% |
| Deferred Other Tax Expense (Benefit) | – | – | – | $2.14亿 | -$7800万 | +375.0% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$984万 | $909万 | -208.2% |
| Deferred Tax Assets, Capital Loss Carryforwards | $02025-12-31 | $28.3万 | -100.0% | $0 | $28.3万 | -100.0% |
| Deferred Tax Assets, Derivative Instruments | $426万2025-12-31 | $424万 | +0.3% | $426万 | $424万 | +0.3% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $2360万2025-12-31 | $584万 | +305.1% | $2360万 | $584万 | +305.1% |
| Deferred Tax Assets, Gross | $3.52亿2025-12-31 | $1.77亿 | +98.8% | $3.52亿 | $1.77亿 | +98.8% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.38亿2025-12-31 | $1.77亿 | -22.2% | $1.38亿 | $1.77亿 | -22.2% |
| Deferred Tax Assets, Operating Loss Carryforwards | $2.58亿2025-12-31 | $1.2亿 | +114.5% | $2.58亿 | $1.2亿 | +114.5% |
| Deferred Tax Assets, Property, Plant and Equipment | $2780万2025-12-31 | $1050万 | +165.4% | $2780万 | $1050万 | +165.4% |
| Deferred Tax Assets, Tax Credit Carryforwards | $395万2025-12-31 | $220万 | +79.2% | $395万 | $220万 | +79.2% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
数据截至 2026-11-02