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Side-by-side financial comparison of MARA Holdings, Inc. (MARA) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $202.3M, roughly 1.2× MARA Holdings, Inc.). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs -14298.3%, a 14303.3% gap on every dollar of revenue. On growth, ONESPAWORLD HOLDINGS Ltd posted the faster year-over-year revenue change (11.5% vs -5.6%). ONESPAWORLD HOLDINGS Ltd produced more free cash flow last quarter ($14.9M vs $-1.2B). Over the past eight quarters, MARA Holdings, Inc.'s revenue compounded faster (10.7% CAGR vs 7.1%).
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.
MARA vs OSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.3M | $242.1M |
| Net Profit | $-1.7B | $12.1M |
| Gross Margin | — | — |
| Operating Margin | -11795.9% | 6.8% |
| Net Margin | -14298.3% | 5.0% |
| Revenue YoY | -5.6% | 11.5% |
| Net Profit YoY | -423.5% | -16.2% |
| EPS (diluted) | $-4.25 | $0.12 |
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 | $242.1M | ||
| Q3 25 | $252.4M | $258.5M | ||
| Q2 25 | $238.5M | $240.7M | ||
| Q1 25 | $213.9M | $219.6M | ||
| Q4 24 | $214.4M | $217.2M | ||
| Q3 24 | $131.6M | $241.7M | ||
| Q2 24 | $145.1M | $224.9M | ||
| Q1 24 | $165.2M | $211.2M |
| Q4 25 | $-1.7B | $12.1M | ||
| Q3 25 | $123.1M | $24.3M | ||
| Q2 25 | $808.2M | $19.9M | ||
| Q1 25 | $-533.4M | $15.3M | ||
| Q4 24 | $528.5M | $14.4M | ||
| Q3 24 | $-124.8M | $21.6M | ||
| Q2 24 | $-199.7M | $15.8M | ||
| Q1 24 | $337.2M | $21.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -2613.4% | — | ||
| Q3 24 | -1065.0% | — | ||
| Q2 24 | -587.6% | — | ||
| Q1 24 | -289.4% | — |
| Q4 25 | -11795.9% | 6.8% | ||
| Q3 25 | 18.9% | 10.2% | ||
| Q2 25 | — | 9.2% | ||
| Q1 25 | -253.0% | 7.7% | ||
| Q4 24 | — | 7.9% | ||
| Q3 24 | -130.8% | 10.3% | ||
| Q2 24 | -160.1% | 8.4% | ||
| Q1 24 | — | 8.0% |
| Q4 25 | -14298.3% | 5.0% | ||
| Q3 25 | 48.8% | 9.4% | ||
| Q2 25 | 338.9% | 8.3% | ||
| Q1 25 | -249.4% | 7.0% | ||
| Q4 24 | 5367.4% | 6.6% | ||
| Q3 24 | -94.8% | 8.9% | ||
| Q2 24 | -137.6% | 7.0% | ||
| Q1 24 | 204.1% | 10.0% |
| Q4 25 | $-4.25 | $0.12 | ||
| Q3 25 | $0.27 | $0.23 | ||
| Q2 25 | $1.84 | $0.19 | ||
| Q1 25 | $-1.55 | $0.15 | ||
| Q4 24 | $1.60 | $0.13 | ||
| Q3 24 | $-0.42 | $0.20 | ||
| Q2 24 | $-0.72 | $0.15 | ||
| Q1 24 | $1.26 | $0.21 |
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 | $16.3M |
| Total DebtLower is stronger | $3.6B | $84.0M |
| Stockholders' EquityBook value | $3.5B | $542.6M |
| Total Assets | $7.3B | $707.1M |
| Debt / EquityLower = less leverage | 1.04× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $547.1M | $16.3M | ||
| Q3 25 | $826.4M | $29.6M | ||
| Q2 25 | $109.5M | $35.0M | ||
| Q1 25 | $196.2M | $22.6M | ||
| Q4 24 | $391.8M | $57.4M | ||
| Q3 24 | $164.3M | $48.8M | ||
| Q2 24 | $256.0M | $62.5M | ||
| Q1 24 | $324.3M | $65.4M |
| Q4 25 | $3.6B | $84.0M | ||
| Q3 25 | $3.2B | $85.2M | ||
| Q2 25 | $2.3B | $96.2M | ||
| Q1 25 | $2.3B | $97.4M | ||
| Q4 24 | $2.4B | $98.6M | ||
| Q3 24 | $618.7M | $98.7M | ||
| Q2 24 | — | $123.8M | ||
| Q1 24 | — | $138.6M |
| Q4 25 | $3.5B | $542.6M | ||
| Q3 25 | $5.2B | $552.8M | ||
| Q2 25 | $4.8B | $548.3M | ||
| Q1 25 | $3.7B | $530.6M | ||
| Q4 24 | $4.1B | $554.5M | ||
| Q3 24 | $2.9B | $540.1M | ||
| Q2 24 | $2.6B | $532.7M | ||
| Q1 24 | $2.5B | $515.5M |
| Q4 25 | $7.3B | $707.1M | ||
| Q3 25 | $9.2B | $732.6M | ||
| Q2 25 | $7.7B | $731.8M | ||
| Q1 25 | $6.4B | $708.7M | ||
| Q4 24 | $6.8B | $746.4M | ||
| Q3 24 | $3.6B | $734.0M | ||
| Q2 24 | $3.1B | $756.8M | ||
| Q1 24 | $3.0B | $763.6M |
| Q4 25 | 1.04× | 0.15× | ||
| Q3 25 | 0.63× | 0.15× | ||
| Q2 25 | 0.47× | 0.18× | ||
| Q1 25 | 0.62× | 0.18× | ||
| Q4 24 | 0.59× | 0.18× | ||
| Q3 24 | 0.22× | 0.18× | ||
| Q2 24 | — | 0.23× | ||
| Q1 24 | — | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $-1.2B | $14.9M |
| FCF MarginFCF / Revenue | -598.0% | 6.2% |
| Capex IntensityCapex / Revenue | 201.2% | 2.1% |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-2.0B | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-802.7M | $20.0M | ||
| Q3 25 | $-199.0M | $33.2M | ||
| Q2 25 | $-163.4M | $20.3M | ||
| Q1 25 | $-215.5M | $10.1M | ||
| Q4 24 | $-677.0M | $16.6M | ||
| Q3 24 | $-160.1M | $28.6M | ||
| Q2 24 | $-115.2M | $18.7M | ||
| Q1 24 | $-88.3M | $15.0M |
| Q4 25 | $-1.2B | $14.9M | ||
| Q3 25 | $-283.9M | $27.6M | ||
| Q2 25 | $-282.4M | $17.6M | ||
| Q1 25 | $-254.3M | $8.4M | ||
| Q4 24 | $-927.8M | $13.2M | ||
| Q3 24 | $-198.1M | $27.5M | ||
| Q2 24 | $-132.4M | $17.6M | ||
| Q1 24 | $-97.4M | $13.7M |
| Q4 25 | -598.0% | 6.2% | ||
| Q3 25 | -112.5% | 10.7% | ||
| Q2 25 | -118.4% | 7.3% | ||
| Q1 25 | -118.9% | 3.8% | ||
| Q4 24 | -432.8% | 6.1% | ||
| Q3 24 | -150.5% | 11.4% | ||
| Q2 24 | -91.2% | 7.8% | ||
| Q1 24 | -59.0% | 6.5% |
| Q4 25 | 201.2% | 2.1% | ||
| Q3 25 | 33.6% | 2.2% | ||
| Q2 25 | 49.9% | 1.1% | ||
| Q1 25 | 18.2% | 0.8% | ||
| Q4 24 | 117.0% | 1.5% | ||
| Q3 24 | 28.9% | 0.5% | ||
| Q2 24 | 11.9% | 0.5% | ||
| Q1 24 | 5.5% | 0.6% |
| Q4 25 | — | 1.65× | ||
| Q3 25 | -1.62× | 1.36× | ||
| Q2 25 | -0.20× | 1.02× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | -1.28× | 1.15× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | -0.26× | 0.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MARA
Segment breakdown not available.
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
