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Side-by-side financial comparison of MARA Holdings, Inc. (MARA) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
MARA Holdings, Inc. is the larger business by last-quarter revenue ($202.3M vs $124.7M, roughly 1.6× SMITH & WESSON BRANDS, INC.). SMITH & WESSON BRANDS, INC. runs the higher net margin — 1.5% vs -14298.3%, a 14299.8% gap on every dollar of revenue. On growth, SMITH & WESSON BRANDS, INC. posted the faster year-over-year revenue change (-3.9% vs -5.6%). SMITH & WESSON BRANDS, INC. produced more free cash flow last quarter ($16.3M vs $-1.2B). Over the past eight quarters, MARA Holdings, Inc.'s revenue compounded faster (10.7% CAGR vs -4.8%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
MARA vs SWBI — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $202.3M | $124.7M |
| Net Profit | $-1.7B | $1.9M |
| Gross Margin | — | 24.3% |
| Operating Margin | -11795.9% | 3.3% |
| Net Margin | -14298.3% | 1.5% |
| Revenue YoY | -5.6% | -3.9% |
| Net Profit YoY | -423.5% | -53.6% |
| EPS (diluted) | $-4.25 | $0.04 |
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 | $124.7M | ||
| Q3 25 | $252.4M | $85.1M | ||
| Q2 25 | $238.5M | $140.8M | ||
| Q1 25 | $213.9M | $115.9M | ||
| Q4 24 | $214.4M | $129.7M | ||
| Q3 24 | $131.6M | $88.3M | ||
| Q2 24 | $145.1M | $159.1M | ||
| Q1 24 | $165.2M | $137.5M |
| Q4 25 | $-1.7B | $1.9M | ||
| Q3 25 | $123.1M | $-3.4M | ||
| Q2 25 | $808.2M | $8.6M | ||
| Q1 25 | $-533.4M | $2.1M | ||
| Q4 24 | $528.5M | $4.5M | ||
| Q3 24 | $-124.8M | $-1.9M | ||
| Q2 24 | $-199.7M | $27.9M | ||
| Q1 24 | $337.2M | $7.9M |
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | -2613.4% | 26.6% | ||
| Q3 24 | -1065.0% | 27.4% | ||
| Q2 24 | -587.6% | 35.5% | ||
| Q1 24 | -289.4% | 28.7% |
| Q4 25 | -11795.9% | 3.3% | ||
| Q3 25 | 18.9% | -3.5% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | -253.0% | 4.1% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | -130.8% | -1.7% | ||
| Q2 24 | -160.1% | 17.4% | ||
| Q1 24 | — | 8.2% |
| Q4 25 | -14298.3% | 1.5% | ||
| Q3 25 | 48.8% | -4.0% | ||
| Q2 25 | 338.9% | 6.1% | ||
| Q1 25 | -249.4% | 1.8% | ||
| Q4 24 | 5367.4% | 3.5% | ||
| Q3 24 | -94.8% | -2.1% | ||
| Q2 24 | -137.6% | 17.5% | ||
| Q1 24 | 204.1% | 5.7% |
| Q4 25 | $-4.25 | $0.04 | ||
| Q3 25 | $0.27 | $-0.08 | ||
| Q2 25 | $1.84 | $0.19 | ||
| Q1 25 | $-1.55 | $0.05 | ||
| Q4 24 | $1.60 | $0.10 | ||
| Q3 24 | $-0.42 | $-0.04 | ||
| Q2 24 | $-0.72 | $0.60 | ||
| Q1 24 | $1.26 | $0.17 |
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 | $22.4M |
| Total DebtLower is stronger | $3.6B | — |
| Stockholders' EquityBook value | $3.5B | $363.2M |
| Total Assets | $7.3B | $548.6M |
| Debt / EquityLower = less leverage | 1.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $547.1M | $22.4M | ||
| Q3 25 | $826.4M | $18.0M | ||
| Q2 25 | $109.5M | $25.2M | ||
| Q1 25 | $196.2M | $26.7M | ||
| Q4 24 | $391.8M | $39.1M | ||
| Q3 24 | $164.3M | $35.5M | ||
| Q2 24 | $256.0M | $60.8M | ||
| Q1 24 | $324.3M | $47.4M |
| 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 | $363.2M | ||
| Q3 25 | $5.2B | $364.4M | ||
| Q2 25 | $4.8B | $372.5M | ||
| Q1 25 | $3.7B | $366.9M | ||
| Q4 24 | $4.1B | $371.5M | ||
| Q3 24 | $2.9B | $380.0M | ||
| Q2 24 | $2.6B | $399.9M | ||
| Q1 24 | $2.5B | $376.4M |
| Q4 25 | $7.3B | $548.6M | ||
| Q3 25 | $9.2B | $554.6M | ||
| Q2 25 | $7.7B | $559.6M | ||
| Q1 25 | $6.4B | $578.9M | ||
| Q4 24 | $6.8B | $587.4M | ||
| Q3 24 | $3.6B | $571.3M | ||
| Q2 24 | $3.1B | $577.4M | ||
| Q1 24 | $3.0B | $570.6M |
| 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 | $27.3M |
| Free Cash FlowOCF − Capex | $-1.2B | $16.3M |
| FCF MarginFCF / Revenue | -598.0% | 13.1% |
| Capex IntensityCapex / Revenue | 201.2% | 8.8% |
| Cash ConversionOCF / Net Profit | — | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-2.0B | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-802.7M | $27.3M | ||
| Q3 25 | $-199.0M | $-8.1M | ||
| Q2 25 | $-163.4M | $40.8M | ||
| Q1 25 | $-215.5M | $-9.8M | ||
| Q4 24 | $-677.0M | $-7.4M | ||
| Q3 24 | $-160.1M | $-30.8M | ||
| Q2 24 | $-115.2M | $43.7M | ||
| Q1 24 | $-88.3M | $25.2M |
| Q4 25 | $-1.2B | $16.3M | ||
| Q3 25 | $-283.9M | $-12.4M | ||
| Q2 25 | $-282.4M | $33.5M | ||
| Q1 25 | $-254.3M | $-16.1M | ||
| Q4 24 | $-927.8M | $-10.7M | ||
| Q3 24 | $-198.1M | $-35.5M | ||
| Q2 24 | $-132.4M | $38.2M | ||
| Q1 24 | $-97.4M | $7.0M |
| Q4 25 | -598.0% | 13.1% | ||
| Q3 25 | -112.5% | -14.6% | ||
| Q2 25 | -118.4% | 23.8% | ||
| Q1 25 | -118.9% | -13.9% | ||
| Q4 24 | -432.8% | -8.3% | ||
| Q3 24 | -150.5% | -40.2% | ||
| Q2 24 | -91.2% | 24.0% | ||
| Q1 24 | -59.0% | 5.1% |
| Q4 25 | 201.2% | 8.8% | ||
| Q3 25 | 33.6% | 5.0% | ||
| Q2 25 | 49.9% | 5.2% | ||
| Q1 25 | 18.2% | 5.4% | ||
| Q4 24 | 117.0% | 2.5% | ||
| Q3 24 | 28.9% | 5.3% | ||
| Q2 24 | 11.9% | 3.5% | ||
| Q1 24 | 5.5% | 13.2% |
| Q4 25 | — | 14.22× | ||
| Q3 25 | -1.62× | — | ||
| Q2 25 | -0.20× | 4.73× | ||
| Q1 25 | — | -4.68× | ||
| Q4 24 | -1.28× | -1.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | -0.26× | 3.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
