MARA vs Riot Platforms
MARA reported revenue of $907 million in fiscal 2025, 1.4 times Riot Platforms' $647 million in fiscal 2025. MARA's revenue grew 38.2% in its latest year, and Riot Platforms' grew 71.9%. MARA had an operating margin of -135.0%, against -96.1% at Riot Platforms. Free cash flow was −$1.2 billion at MARA and −$774 million at Riot Platforms.
Side by side
| MARA | Riot Platforms | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $907M | $647M |
| Revenue growth | 38.2% | 71.9% |
| Revenue growth a year, last 5 years | 190.3% | 121.7% |
| Gross margin | — | — |
| Operating margin | −135.0% | −96.1% |
| Net margin | −144.6% | −102.4% |
| Free cash flow | −$1.2B | −$774M |
| Free cash flow margin | −133.4% | −119.6% |
| Return on capital | −15.2% | −14.2% |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $47M | $4M |
| Change in diluted share count | 13.9% | 6.8% |
| Last close | $6.35 | $16.71 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | sold $7.2 million | sold $9.5 million |
| Piotroski F-score | 2 of 8 | 1 of 8 |
Amounts in each company's own currency, US$ 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
MARARiot Platforms
Operating margin
Percent of revenue
MARARiot Platforms
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
MARARiot Platforms
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 MARA and Riot Platforms pages.