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Side-by-side financial comparison of MARA Holdings, Inc. (MARA) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
MARA Holdings, Inc. is the larger business by last-quarter revenue ($202.3M vs $134.3M, roughly 1.5× Mayville Engineering Company, Inc.). Mayville Engineering Company, Inc. runs the higher net margin — -3.2% vs -14298.3%, a 14295.0% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs -5.6%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-1.2B). Over the past eight quarters, MARA Holdings, Inc.'s revenue compounded faster (10.7% CAGR vs -8.8%).
MARA Holdings, Inc. is an American digital asset technology and cryptocurrency mining company headquartered in Fort Lauderdale, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
MARA vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.3M | $134.3M |
| Net Profit | $-1.7B | $-4.4M |
| Gross Margin | — | 6.8% |
| Operating Margin | -11795.9% | -4.1% |
| Net Margin | -14298.3% | -3.2% |
| Revenue YoY | -5.6% | 10.7% |
| Net Profit YoY | -423.5% | -127.3% |
| EPS (diluted) | $-4.25 | $-0.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $202.3M | $134.3M | ||
| Q3 25 | $252.4M | $144.3M | ||
| Q2 25 | $238.5M | $132.3M | ||
| Q1 25 | $213.9M | $135.6M | ||
| Q4 24 | $214.4M | $121.3M | ||
| Q3 24 | $131.6M | $135.4M | ||
| Q2 24 | $145.1M | $163.6M | ||
| Q1 24 | $165.2M | $161.3M |
| Q4 25 | $-1.7B | $-4.4M | ||
| Q3 25 | $123.1M | $-2.7M | ||
| Q2 25 | $808.2M | $-1.1M | ||
| Q1 25 | $-533.4M | $20.0K | ||
| Q4 24 | $528.5M | $16.0M | ||
| Q3 24 | $-124.8M | $3.0M | ||
| Q2 24 | $-199.7M | $3.8M | ||
| Q1 24 | $337.2M | $3.2M |
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | -2613.4% | 8.9% | ||
| Q3 24 | -1065.0% | 12.6% | ||
| Q2 24 | -587.6% | 13.6% | ||
| Q1 24 | -289.4% | 13.0% |
| Q4 25 | -11795.9% | -4.1% | ||
| Q3 25 | 18.9% | 0.0% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | -253.0% | 1.2% | ||
| Q4 24 | — | 19.0% | ||
| Q3 24 | -130.8% | 4.2% | ||
| Q2 24 | -160.1% | 5.0% | ||
| Q1 24 | — | 4.7% |
| Q4 25 | -14298.3% | -3.2% | ||
| Q3 25 | 48.8% | -1.9% | ||
| Q2 25 | 338.9% | -0.8% | ||
| Q1 25 | -249.4% | 0.0% | ||
| Q4 24 | 5367.4% | 13.2% | ||
| Q3 24 | -94.8% | 2.2% | ||
| Q2 24 | -137.6% | 2.3% | ||
| Q1 24 | 204.1% | 2.0% |
| Q4 25 | $-4.25 | $-0.22 | ||
| Q3 25 | $0.27 | $-0.13 | ||
| Q2 25 | $1.84 | $-0.05 | ||
| Q1 25 | $-1.55 | $0.00 | ||
| Q4 24 | $1.60 | $0.76 | ||
| Q3 24 | $-0.42 | $0.14 | ||
| Q2 24 | $-0.72 | $0.18 | ||
| Q1 24 | $1.26 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $547.1M | $1.5M |
| Total DebtLower is stronger | $3.6B | — |
| Stockholders' EquityBook value | $3.5B | $240.7M |
| Total Assets | $7.3B | $563.6M |
| Debt / EquityLower = less leverage | 1.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $547.1M | $1.5M | ||
| Q3 25 | $826.4M | $1.2M | ||
| Q2 25 | $109.5M | $206.0K | ||
| Q1 25 | $196.2M | $183.0K | ||
| Q4 24 | $391.8M | $206.0K | ||
| Q3 24 | $164.3M | $178.0K | ||
| Q2 24 | $256.0M | $314.0K | ||
| Q1 24 | $324.3M | $314.0K |
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $618.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $240.7M | ||
| Q3 25 | $5.2B | $244.8M | ||
| Q2 25 | $4.8B | $246.8M | ||
| Q1 25 | $3.7B | $250.0M | ||
| Q4 24 | $4.1B | $251.8M | ||
| Q3 24 | $2.9B | $238.4M | ||
| Q2 24 | $2.6B | $238.1M | ||
| Q1 24 | $2.5B | $234.0M |
| Q4 25 | $7.3B | $563.6M | ||
| Q3 25 | $9.2B | $585.6M | ||
| Q2 25 | $7.7B | $433.7M | ||
| Q1 25 | $6.4B | $447.7M | ||
| Q4 24 | $6.8B | $445.6M | ||
| Q3 24 | $3.6B | $466.0M | ||
| Q2 24 | $3.1B | $488.2M | ||
| Q1 24 | $3.0B | $499.9M |
| Q4 25 | 1.04× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.22× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-802.7M | $13.4M |
| Free Cash FlowOCF − Capex | $-1.2B | $10.2M |
| FCF MarginFCF / Revenue | -598.0% | 7.6% |
| Capex IntensityCapex / Revenue | 201.2% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-2.0B | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-802.7M | $13.4M | ||
| Q3 25 | $-199.0M | $1.9M | ||
| Q2 25 | $-163.4M | $15.0M | ||
| Q1 25 | $-215.5M | $8.3M | ||
| Q4 24 | $-677.0M | $38.0M | ||
| Q3 24 | $-160.1M | $17.9M | ||
| Q2 24 | $-115.2M | $23.3M | ||
| Q1 24 | $-88.3M | $10.6M |
| Q4 25 | $-1.2B | $10.2M | ||
| Q3 25 | $-283.9M | $-1.1M | ||
| Q2 25 | $-282.4M | $12.5M | ||
| Q1 25 | $-254.3M | $5.4M | ||
| Q4 24 | $-927.8M | $35.6M | ||
| Q3 24 | $-198.1M | $15.1M | ||
| Q2 24 | $-132.4M | $19.2M | ||
| Q1 24 | $-97.4M | $7.8M |
| Q4 25 | -598.0% | 7.6% | ||
| Q3 25 | -112.5% | -0.8% | ||
| Q2 25 | -118.4% | 9.5% | ||
| Q1 25 | -118.9% | 4.0% | ||
| Q4 24 | -432.8% | 29.4% | ||
| Q3 24 | -150.5% | 11.1% | ||
| Q2 24 | -91.2% | 11.7% | ||
| Q1 24 | -59.0% | 4.9% |
| Q4 25 | 201.2% | 2.4% | ||
| Q3 25 | 33.6% | 2.1% | ||
| Q2 25 | 49.9% | 1.8% | ||
| Q1 25 | 18.2% | 2.2% | ||
| Q4 24 | 117.0% | 1.9% | ||
| Q3 24 | 28.9% | 2.1% | ||
| Q2 24 | 11.9% | 2.5% | ||
| Q1 24 | 5.5% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | -1.62× | — | ||
| Q2 25 | -0.20× | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | -1.28× | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | -0.26× | 3.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MARA
Segment breakdown not available.
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
