CleanSpark vs MARA
MARA reported revenue of $907 million in fiscal 2025, 1.2 times CleanSpark's $766 million in fiscal 2025. CleanSpark's revenue grew 102.2% in its latest year, and MARA's grew 38.2%. CleanSpark had an operating margin of 41.6%, against -135.0% at MARA. Free cash flow was −$606 million at CleanSpark and −$1.2 billion at MARA. Their fiscal years end in different months (September 30 and December 31), so the periods don't line up exactly.
Side by side
| CleanSpark | MARA | |
|---|---|---|
| Latest fiscal year | FY2025, Sep 30, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $766M | $907M |
| Revenue growth | 102.2% | 38.2% |
| Revenue growth a year, last 5 years | 138.2% | 190.3% |
| Gross margin | 55.2% | — |
| Operating margin | 41.6% | −135.0% |
| Net margin | 47.6% | −144.6% |
| Free cash flow | −$606M | −$1.2B |
| Free cash flow margin | −79.0% | −133.4% |
| Return on capital | 12.9% | −15.2% |
| Net debt to EBITDA | 0.9x | — |
| Dividends and buybacks | $145M | $47M |
| Change in diluted share count | 46.5% | 13.9% |
| Last close | $6.16 | $6.35 |
| P/E at the last close | 5.5× | — |
| Insider trades, last 12 months | sold $1.9 million | sold $7.2 million |
| Piotroski F-score | 3 of 9 | 2 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CleanSparkMARA
Operating margin
Percent of revenue
CleanSparkMARA
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CleanSparkMARA
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the CleanSpark and MARA pages.