MARA Holdings, Inc. operates as a digital asset technology company in the United States and Europe. It also provides technology solutions to optimize data center operations, such as liquid immersion cooling and firmware for bitcoin miners. The company was formerly known as Marathon Digital Holdings, Inc. and changed its name to MARA Holdings, Inc. in August 2024. MARA Holdings, Inc. …
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Competitive advantage assessment
Key strengths
Scale Supporting ProfitabilityProfitability at scale is strong (score 0.70), demonstrating competitive advantages.
Key risks
ROIC Below WACC or PeersROIC at 22.2th percentile suggests inefficient capital deployment.
Revenue Volatility Signals Weak StickinessRevenue volatility is high (stability score 0.10), suggesting weak customer stickiness.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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MARA Holdings, Inc. ranks #11 of 11
scored companies in Crypto Mining & Compute by moat score — the top 100%.
The widest moat in the group is CleanSpark, Inc. (CLSK)
at 82/100.
Moat scores for companies ranked near MARA in Crypto Mining & Compute
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 42
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 27
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 28
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 44
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 30
· 15% of the moat score
Scale matters only when it converts into economics.
MARA Holdings, Inc. (MARA) scores 30 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #11 of 11 scored companies in Crypto Mining & Compute, the top 100%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 10 companies in Crypto Mining & Compute. Its strongest defense is Resilience (44/100) and its weakest is Pricing Power (25/100).
How does MARA Holdings, Inc. compare with other Crypto Mining & Compute companies?
MARA Holdings, Inc. ranks #11 of 11 scored companies in Crypto Mining & Compute by moat score. The widest moat in Crypto Mining & Compute is CleanSpark, Inc. (CLSK) at 82/100. The companies ranked closest are Cipher Mining Inc. (CIFR) at 33 just above it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 10 companies in Crypto Mining & Compute. The defenses are then weighted to produce the overall score out of 100.
Why is MARA Holdings, Inc. scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for MARA Holdings, Inc.?
The Corporate Default template measures 6 defenses, and MARA scores: Pricing Power (25), Cost Advantage (42), Customer Stickiness (27), Capital Efficiency (28), Resilience (44), Scale & Market Position (30). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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