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Side-by-side financial comparison of MARA Holdings, Inc. (MARA) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
MARA Holdings, Inc. is the larger business by last-quarter revenue ($202.3M vs $183.8M, roughly 1.1× Wheels Up Experience Inc.). Wheels Up Experience Inc. runs the higher net margin — -15.7% vs -14298.3%, a 14282.6% gap on every dollar of revenue. On growth, MARA Holdings, Inc. posted the faster year-over-year revenue change (-5.6% vs -10.2%). Wheels Up Experience Inc. produced more free cash flow last quarter ($-58.3M vs $-1.2B). Over the past eight quarters, MARA Holdings, Inc.'s revenue compounded faster (10.7% CAGR vs -3.4%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
MARA vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.3M | $183.8M |
| Net Profit | $-1.7B | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | -11795.9% | -0.9% |
| Net Margin | -14298.3% | -15.7% |
| Revenue YoY | -5.6% | -10.2% |
| Net Profit YoY | -423.5% | 67.0% |
| 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 | $183.8M | ||
| Q3 25 | $252.4M | $185.5M | ||
| Q2 25 | $238.5M | $189.6M | ||
| Q1 25 | $213.9M | $177.5M | ||
| Q4 24 | $214.4M | $204.8M | ||
| Q3 24 | $131.6M | $193.9M | ||
| Q2 24 | $145.1M | $196.3M | ||
| Q1 24 | $165.2M | $197.1M |
| Q4 25 | $-1.7B | $-28.9M | ||
| Q3 25 | $123.1M | $-83.7M | ||
| Q2 25 | $808.2M | $-82.3M | ||
| Q1 25 | $-533.4M | $-99.3M | ||
| Q4 24 | $528.5M | $-87.5M | ||
| Q3 24 | $-124.8M | $-57.7M | ||
| Q2 24 | $-199.7M | $-97.0M | ||
| Q1 24 | $337.2M | $-97.4M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | -2613.4% | 13.9% | ||
| Q3 24 | -1065.0% | 13.9% | ||
| Q2 24 | -587.6% | 2.3% | ||
| Q1 24 | -289.4% | -0.6% |
| Q4 25 | -11795.9% | -0.9% | ||
| Q3 25 | 18.9% | -33.1% | ||
| Q2 25 | — | -31.4% | ||
| Q1 25 | -253.0% | -45.5% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | -130.8% | -21.6% | ||
| Q2 24 | -160.1% | -40.3% | ||
| Q1 24 | — | -42.9% |
| Q4 25 | -14298.3% | -15.7% | ||
| Q3 25 | 48.8% | -45.1% | ||
| Q2 25 | 338.9% | -43.4% | ||
| Q1 25 | -249.4% | -55.9% | ||
| Q4 24 | 5367.4% | -42.7% | ||
| Q3 24 | -94.8% | -29.8% | ||
| Q2 24 | -137.6% | -49.4% | ||
| Q1 24 | 204.1% | -49.4% |
| Q4 25 | $-4.25 | $-0.04 | ||
| Q3 25 | $0.27 | $-0.12 | ||
| Q2 25 | $1.84 | $-0.12 | ||
| Q1 25 | $-1.55 | $-0.14 | ||
| Q4 24 | $1.60 | $-0.13 | ||
| Q3 24 | $-0.42 | $-0.08 | ||
| Q2 24 | $-0.72 | $-0.14 | ||
| Q1 24 | $1.26 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | $3.6B | $671.3M |
| Stockholders' EquityBook value | $3.5B | $-392.1M |
| Total Assets | $7.3B | $968.8M |
| Debt / EquityLower = less leverage | 1.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $547.1M | $133.9M | ||
| Q3 25 | $826.4M | $125.3M | ||
| Q2 25 | $109.5M | $107.0M | ||
| Q1 25 | $196.2M | $171.8M | ||
| Q4 24 | $391.8M | $216.4M | ||
| Q3 24 | $164.3M | $115.9M | ||
| Q2 24 | $256.0M | $141.5M | ||
| Q1 24 | $324.3M | $180.9M |
| Q4 25 | $3.6B | $671.3M | ||
| Q3 25 | $3.2B | $766.5M | ||
| Q2 25 | $2.3B | $770.5M | ||
| Q1 25 | $2.3B | $765.8M | ||
| Q4 24 | $2.4B | $761.3M | ||
| Q3 24 | $618.7M | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $3.5B | $-392.1M | ||
| Q3 25 | $5.2B | $-374.5M | ||
| Q2 25 | $4.8B | $-347.8M | ||
| Q1 25 | $3.7B | $-288.1M | ||
| Q4 24 | $4.1B | $-202.1M | ||
| Q3 24 | $2.9B | $-117.7M | ||
| Q2 24 | $2.6B | $-72.2M | ||
| Q1 24 | $2.5B | $936.0K |
| Q4 25 | $7.3B | $968.8M | ||
| Q3 25 | $9.2B | $973.0M | ||
| Q2 25 | $7.7B | $1.0B | ||
| Q1 25 | $6.4B | $1.1B | ||
| Q4 24 | $6.8B | $1.2B | ||
| Q3 24 | $3.6B | $1.0B | ||
| Q2 24 | $3.1B | $1.1B | ||
| Q1 24 | $3.0B | $1.2B |
| 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 | — | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $-1.2B | $-58.3M |
| FCF MarginFCF / Revenue | -598.0% | -31.7% |
| Capex IntensityCapex / Revenue | 201.2% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-2.0B | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-802.7M | $-18.4M | ||
| Q3 25 | $-199.0M | $-37.1M | ||
| Q2 25 | $-163.4M | $-62.9M | ||
| Q1 25 | $-215.5M | $-47.9M | ||
| Q4 24 | $-677.0M | $37.9M | ||
| Q3 24 | $-160.1M | $-16.9M | ||
| Q2 24 | $-115.2M | $-25.2M | ||
| Q1 24 | $-88.3M | $-73.8M |
| Q4 25 | $-1.2B | $-58.3M | ||
| Q3 25 | $-283.9M | $-60.4M | ||
| Q2 25 | $-282.4M | $-78.6M | ||
| Q1 25 | $-254.3M | $-62.6M | ||
| Q4 24 | $-927.8M | $-70.2M | ||
| Q3 24 | $-198.1M | $-21.9M | ||
| Q2 24 | $-132.4M | $-30.8M | ||
| Q1 24 | $-97.4M | $-77.8M |
| Q4 25 | -598.0% | -31.7% | ||
| Q3 25 | -112.5% | -32.6% | ||
| Q2 25 | -118.4% | -41.5% | ||
| Q1 25 | -118.9% | -35.3% | ||
| Q4 24 | -432.8% | -34.3% | ||
| Q3 24 | -150.5% | -11.3% | ||
| Q2 24 | -91.2% | -15.7% | ||
| Q1 24 | -59.0% | -39.5% |
| Q4 25 | 201.2% | 21.7% | ||
| Q3 25 | 33.6% | 12.5% | ||
| Q2 25 | 49.9% | 8.3% | ||
| Q1 25 | 18.2% | 8.3% | ||
| Q4 24 | 117.0% | 52.8% | ||
| Q3 24 | 28.9% | 2.6% | ||
| Q2 24 | 11.9% | 2.9% | ||
| Q1 24 | 5.5% | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | -1.62× | — | ||
| Q2 25 | -0.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.28× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.26× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
