MARA Holdings, Inc.

WBAG:MARA Stock Report

Market Cap: €5.2b

MARA Holdings Valuation

Is MARA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MARA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

€35.81
Fair Value
62.5% undervalued intrinsic discount
11
Number of Analysts

Below Fair Value: MARA (€13.43) is trading below our estimate of fair value (€35.81)

Significantly Below Fair Value: MARA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MARA?

Key metric: As MARA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MARA. This is calculated by dividing MARA's market cap by their current earnings.
What is MARA's PE Ratio?
PE Ratio6.5x
EarningsUS$926.69m
Market CapUS$6.00b

Price to Earnings Ratio vs Peers

How does MARA's PE Ratio compare to its peers?

The above table shows the PE ratio for MARA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average50x
CLSK CleanSpark
15x-13.00%US$4.4b
LMN Lumine Group
54x12.60%CA$7.5b
RIOT Riot Platforms
38.6x-115.94%US$6.3b
688568 Geovis TechnologyLtd
92.5x37.13%CN¥32.6b
MARA MARA Holdings
6.5x-124.12%€6.0b

Price-To-Earnings vs Peers: MARA is good value based on its Price-To-Earnings Ratio (6.5x) compared to the peer average (50x).

Price to Earnings Ratio vs Industry

How does MARA's PE Ratio compare vs other companies in the European Software Industry?

8 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MARA 6.5xIndustry Avg. 26.7xNo. of Companies17PE020406080100+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MARA is good value based on its Price-To-Earnings Ratio (6.5x) compared to the European Software industry average (26.7x).

Price to Earnings Ratio vs Fair Ratio

What is MARA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MARA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.5x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate MARA's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MARA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€13.43
€20.14
+50.00%
18.23%€26.11€13.93n/a11
Nov ’26€15.77
€20.82
+32.04%
16.79%€25.87€15.52n/a11
Oct ’26€16.03
€19.73
+23.13%
16.37%€23.88€15.35n/a11
Sep ’26€13.76
€20.43
+48.44%
19.48%€29.10€15.41n/a11
Aug ’26€13.53
€20.41
+50.82%
25.19%€33.68€13.82n/a12
Jul ’26€13.54
€17.26
+27.48%
31.31%€28.84€8.06n/a13
Jun ’26€12.78
€17.85
+39.65%
29.58%€28.19€8.37n/a13
May ’26€11.79
€18.62
+57.94%
29.08%€26.36€11.42n/a13
Apr ’26€10.61
€20.86
+96.60%
23.01%€27.81€12.98n/a13
Mar ’26€12.61
€24.55
+94.69%
29.32%€41.46€13.50n/a12
Feb ’26€18.45
€26.04
+41.15%
23.85%€43.14€19.17n/a12
Jan ’26€17.28
€26.14
+51.28%
22.43%€42.20€20.14n/a12
Dec ’25€25.97
€23.13
-10.95%
31.67%€40.02€11.43n/a11
Nov ’25€15.39
€18.75
+21.84%
21.84%€24.70€10.98€15.7710
Oct ’25€13.58
€18.37
+35.27%
23.07%€24.26€10.78€16.039
Sep ’25n/a
€18.71
0%
21.19%€24.12€10.72€13.769
Aug ’25n/a
€20.67
0%
17.72%€24.80€12.86€13.539
Jul ’25n/a
€21.24
0%
19.07%€24.81€12.86€13.549
Jun ’25n/a
€21.71
0%
16.55%€25.06€15.32€12.789
May ’25n/a
€22.59
0%
24.78%€32.58€13.22€11.7910
Apr ’25n/a
€22.35
0%
25.10%€32.29€13.10€10.6110
Mar ’25n/a
€22.68
0%
26.09%€32.30€13.10€12.619
Feb ’25n/a
€20.31
0%
25.86%€24.89€12.91€18.456
Jan ’25n/a
€11.70
0%
36.26%€21.79€7.72€17.288
Dec ’24n/a
€10.29
0%
32.33%€18.39€7.36€25.978
Nov ’24n/a
€11.52
0%
37.17%€18.93€6.62€15.398
€19.58
Fair Value
31.4% undervalued intrinsic discount
11
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/09 15:28
End of Day Share Price 2025/11/07 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

MARA Holdings, Inc. is covered by 25 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ramsey El-AssalBarclays
Gregory LewisBTIG
Brett KnoblauchCantor Fitzgerald & Co.