What is Marathon Digital Holdings's net debt / EBITDA?

Marathon Digital Holdings (MARA) reported net debt / EBITDA of 2.1× in Q3 2025.

How has Marathon Digital Holdings's net debt / EBITDA changed year-over-year?

Marathon Digital Holdings's net debt / EBITDA increased by 140.4% year-over-year, from 0.9× to 2.1×.

What does net debt / EBITDA mean?

Net debt (total debt minus cash) divided by trailing-twelve-month EBITDA. Expresses leverage in years — roughly how long it would take to repay net debt out of operating cash earnings.

Marathon Digital Holdings MARA Net debt / EBITDA

Net debt / EBITDA at other companies

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-21.7×—

AmazonAMZN

0.9×+0.2×

Riot Platforms, Inc.RIOT

0.9×—

Core Scientific, Inc.CORZ

6.5×—

Iris EnergyIREN

-20.3×—

TeraWulfWULF

-1×—

Other financials

Income statement

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Revenue$174.6M-18.4%

Gross profit-$52.8M—

Operating income-$1.1B-96.2%

Net income-$1.3B-137%

EPS (diluted)-$3.31-114%

Balance sheet

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Cash & equivalents$525.7M+152%

Total debt$2.5B+5.4%

Total equity$2.2B-40.1%

Total assets$4.9B-23.2%

Cash flow

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Operating cash flow-$247.5M-14.9%

CapEx$79.5M+105%

Free cash flow-$327.0M-28.6%

Valuation

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Market cap$5.42B-22.0%

Enterprise value$7.36B-17.4%

P/S6.3×-3.6×

Profitability

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Gross margin-24.3%—

Operating margin-201%-785pp

Net margin-235.1%-313pp

FCF margin-147.8%-5.6pp

Returns & leverage

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Return on equity-68.5%-83.9pp

Debt / equity1.1×+0.5×

Current ratio1.8×+1.1×

Where this comes from

Calculated from Marathon Digital Holdings’s reported figures.

net debt/ebitda=2.1×

Based on the most recent quarter.

The official record: Marathon Digital Holdings’s 10-Q, filed November 4, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Marathon Digital Holdings's net debt / EBITDA?: Marathon Digital Holdings (MARA) reported net debt / EBITDA of 2.1× in Q3 2025.
How has Marathon Digital Holdings's net debt / EBITDA changed year-over-year?: Marathon Digital Holdings's net debt / EBITDA increased by 140.4% year-over-year, from 0.9× to 2.1×.
What does net debt / EBITDA mean?: Net debt (total debt minus cash) divided by trailing-twelve-month EBITDA. Expresses leverage in years — roughly how long it would take to repay net debt out of operating cash earnings.