MARA Holdings, Inc. — Earnings Quality Grade F
MARA · Financial Services
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
Insufficient data
Insufficient data
Revenue grew 38.2% but CFFO declined -18.6%
Expense Quality
No material inventory
CapEx growth 60.6% vs revenue 38.2%. Normal
SG&A/Gross Profit = 48.1%. Normal
Gross margin 80.3%, change -4.8pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF < 50% of Net Income for 2 years
Accruals ratio = -7.0%. Low accruals
Cash $0.5B covers only 15% of debt $3.6B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 0% of equity. Manageable
Interest coverage = -17.0x (<2x). Financial stress
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change -99% YoY. Normal
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score — Not Applicable
MARA Holdings, Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25