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Side-by-side financial comparison of MARA Holdings, Inc. (MARA) and New Fortress Energy Inc. (NFE). Click either name above to swap in a different company.
New Fortress Energy Inc. is the larger business by last-quarter revenue ($326.2M vs $202.3M, roughly 1.6× MARA Holdings, Inc.). New Fortress Energy Inc. runs the higher net margin — -259.7% vs -14298.3%, a 14038.6% gap on every dollar of revenue. On growth, MARA Holdings, Inc. posted the faster year-over-year revenue change (-5.6% vs -7.0%). New Fortress Energy Inc. produced more free cash flow last quarter ($-134.8M vs $-1.2B). Over the past eight quarters, MARA Holdings, Inc.'s revenue compounded faster (10.7% CAGR vs -26.8%).
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.
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
MARA vs NFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.3M | $326.2M |
| Net Profit | $-1.7B | $-847.1M |
| Gross Margin | — | 35.5% |
| Operating Margin | -11795.9% | -193.0% |
| Net Margin | -14298.3% | -259.7% |
| Revenue YoY | -5.6% | -7.0% |
| Net Profit YoY | -423.5% | -277.4% |
| EPS (diluted) | $-4.25 | $-3.03 |
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 | $326.2M | ||
| Q3 25 | $252.4M | $240.3M | ||
| Q2 25 | $238.5M | $228.1M | ||
| Q1 25 | $213.9M | $384.9M | ||
| Q4 24 | $214.4M | $350.7M | ||
| Q3 24 | $131.6M | $446.0M | ||
| Q2 24 | $145.1M | $291.2M | ||
| Q1 24 | $165.2M | $609.5M |
| Q4 25 | $-1.7B | $-847.1M | ||
| Q3 25 | $123.1M | $-263.0M | ||
| Q2 25 | $808.2M | $-546.5M | ||
| Q1 25 | $-533.4M | $-175.4M | ||
| Q4 24 | $528.5M | $-224.4M | ||
| Q3 24 | $-124.8M | $9.3M | ||
| Q2 24 | $-199.7M | $-88.9M | ||
| Q1 24 | $337.2M | $54.1M |
| Q4 25 | — | 35.5% | ||
| Q3 25 | — | 18.1% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 21.4% | ||
| Q4 24 | -2613.4% | 17.6% | ||
| Q3 24 | -1065.0% | 27.1% | ||
| Q2 24 | -587.6% | 23.8% | ||
| Q1 24 | -289.4% | 62.4% |
| Q4 25 | -11795.9% | -193.0% | ||
| Q3 25 | 18.9% | -37.4% | ||
| Q2 25 | — | -170.3% | ||
| Q1 25 | -253.0% | -3.3% | ||
| Q4 24 | — | 65.0% | ||
| Q3 24 | -130.8% | 17.8% | ||
| Q2 24 | -160.1% | 12.3% | ||
| Q1 24 | — | 30.4% |
| Q4 25 | -14298.3% | -259.7% | ||
| Q3 25 | 48.8% | -109.4% | ||
| Q2 25 | 338.9% | -239.6% | ||
| Q1 25 | -249.4% | -45.6% | ||
| Q4 24 | 5367.4% | -64.0% | ||
| Q3 24 | -94.8% | 2.1% | ||
| Q2 24 | -137.6% | -30.5% | ||
| Q1 24 | 204.1% | 8.9% |
| Q4 25 | $-4.25 | $-3.03 | ||
| Q3 25 | $0.27 | $-0.96 | ||
| Q2 25 | $1.84 | $-1.99 | ||
| Q1 25 | $-1.55 | $-0.65 | ||
| Q4 24 | $1.60 | $-1.10 | ||
| Q3 24 | $-0.42 | $0.03 | ||
| Q2 24 | $-0.72 | $-0.42 | ||
| Q1 24 | $1.26 | $0.23 |
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 | $226.5M |
| Total DebtLower is stronger | $3.6B | $8.2B |
| Stockholders' EquityBook value | $3.5B | $182.6M |
| Total Assets | $7.3B | $10.6B |
| Debt / EquityLower = less leverage | 1.04× | 44.78× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $547.1M | $226.5M | ||
| Q3 25 | $826.4M | $145.2M | ||
| Q2 25 | $109.5M | $551.1M | ||
| Q1 25 | $196.2M | $447.9M | ||
| Q4 24 | $391.8M | $492.9M | ||
| Q3 24 | $164.3M | $90.8M | ||
| Q2 24 | $256.0M | $133.0M | ||
| Q1 24 | $324.3M | $143.5M |
| Q4 25 | $3.6B | $8.2B | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | $8.9B | ||
| Q3 24 | $618.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $182.6M | ||
| Q3 25 | $5.2B | $1.1B | ||
| Q2 25 | $4.8B | $1.3B | ||
| Q1 25 | $3.7B | $1.8B | ||
| Q4 24 | $4.1B | $1.9B | ||
| Q3 24 | $2.9B | $1.6B | ||
| Q2 24 | $2.6B | $1.6B | ||
| Q1 24 | $2.5B | $1.7B |
| Q4 25 | $7.3B | $10.6B | ||
| Q3 25 | $9.2B | $12.0B | ||
| Q2 25 | $7.7B | $12.0B | ||
| Q1 25 | $6.4B | $13.1B | ||
| Q4 24 | $6.8B | $12.9B | ||
| Q3 24 | $3.6B | $12.0B | ||
| Q2 24 | $3.1B | $11.4B | ||
| Q1 24 | $3.0B | $10.9B |
| Q4 25 | 1.04× | 44.78× | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.59× | 4.74× | ||
| 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 | $-76.2M |
| Free Cash FlowOCF − Capex | $-1.2B | $-134.8M |
| FCF MarginFCF / Revenue | -598.0% | -41.3% |
| Capex IntensityCapex / Revenue | 201.2% | 18.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-2.0B | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-802.7M | $-76.2M | ||
| Q3 25 | $-199.0M | $-171.0M | ||
| Q2 25 | $-163.4M | $-329.0M | ||
| Q1 25 | $-215.5M | $-7.2M | ||
| Q4 24 | $-677.0M | $445.3M | ||
| Q3 24 | $-160.1M | $-20.0M | ||
| Q2 24 | $-115.2M | $113.9M | ||
| Q1 24 | $-88.3M | $63.0M |
| Q4 25 | $-1.2B | $-134.8M | ||
| Q3 25 | $-283.9M | $-231.6M | ||
| Q2 25 | $-282.4M | $-726.7M | ||
| Q1 25 | $-254.3M | $-262.3M | ||
| Q4 24 | $-927.8M | $-210.3M | ||
| Q3 24 | $-198.1M | $-367.0M | ||
| Q2 24 | $-132.4M | $-493.2M | ||
| Q1 24 | $-97.4M | $-457.9M |
| Q4 25 | -598.0% | -41.3% | ||
| Q3 25 | -112.5% | -96.4% | ||
| Q2 25 | -118.4% | -318.6% | ||
| Q1 25 | -118.9% | -68.2% | ||
| Q4 24 | -432.8% | -60.0% | ||
| Q3 24 | -150.5% | -82.3% | ||
| Q2 24 | -91.2% | -169.3% | ||
| Q1 24 | -59.0% | -75.1% |
| Q4 25 | 201.2% | 18.0% | ||
| Q3 25 | 33.6% | 25.2% | ||
| Q2 25 | 49.9% | 174.4% | ||
| Q1 25 | 18.2% | 66.3% | ||
| Q4 24 | 117.0% | 187.0% | ||
| Q3 24 | 28.9% | 77.8% | ||
| Q2 24 | 11.9% | 208.4% | ||
| Q1 24 | 5.5% | 85.5% |
| Q4 25 | — | — | ||
| Q3 25 | -1.62× | — | ||
| Q2 25 | -0.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.28× | — | ||
| Q3 24 | — | -2.15× | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.26× | 1.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
