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MARA
MARA Holdings, Inc. · Bitcoin Mining
$12.56
-10.29% this month
VERSUS
⟷
COMPARE
RIOT
Riot Platforms, Inc. · Bitcoin Mining
$23.03
-16.01% this month
Scoreboard verdict
Across AI score, momentum, valuation, upside, operating margin
MARA
2
RIOT
2
Comparison scoreboard
MIXED SETUPAI Score
MARA 24.2
RIOT ✓47.8
1Y Return
MARA -27.23%
RIOT ✓+56.77%
Fwd P/E
MARA ✓-18.47
RIOT -32.97
Target Up.
MARA ✓+44.34%
RIOT +27.87%
Op. Margin
MARA N/A
RIOT N/A
Metrics last refreshed: 7/24/2026
Quick take
MARA vs RIOT: MARA Holdings vs Riot Platforms Bitcoin Mining Comparison: AI Score, Valuation, Performance and Upside
MARA and RIOT are two of the largest publicly traded Bitcoin miners in the US, both racing to grow hash rate and reduce energy costs as the Bitcoin halving compresses margins. MARA has a larger total hash rate and a Bitcoin treasury strategy; RIOT's Corsicana facility and power curtailment approach to managing energy costs in Texas is its primary competitive differentiation.
Use this MARA vs RIOT comparison to choose between two leveraged Bitcoin mining plays. Both are high-beta exposures to Bitcoin prices — when Bitcoin rises, both can outperform dramatically; when it falls, both face margin and cash burn risk. The operational differences (treasury strategy vs power management) are secondary to the underlying Bitcoin price.
Live analysis · updated 7/24/2026
MARA and RIOT are closely matched — they split the tracked metrics evenly. RIOT has delivered stronger 1-year price return (+56.77% vs -27.23%), though MARA has the better forward P/E setup (-18.47x vs -32.97x for RIOT). Analyst consensus implies meaningfully more upside for MARA (+44.34%) than for RIOT (+27.87%).
Normalized 1Y performance
MARA
RIOT
Recent returns
MARA
RIOT
Analyst price targets & sentiment
MARA · 11 analysts
STRONG BUYHOLDSTRONG SELL
Buy (2.2/5.0)
Price target range
analyst low$5.50
analyst high$30.00
analyst mean$18.13
current price$12.56
+44.3% upside to analyst mean
RIOT · 20 analysts
STRONG BUYHOLDSTRONG SELL
Strong Buy (1.4/5.0)
Price target range
analyst low$20.00
analyst high$45.00
analyst mean$29.45
current price$23.03
+27.9% upside to analyst mean
Who should consider this stock?
MARA may suit investors who:
- →Want the largest publicly traded Bitcoin miner by hash rate with a diversified facility base
- →Value MARA's Bitcoin treasury strategy as an additional price appreciation lever
- →Are comfortable with aggressive expansion financed partly through equity issuance
- →Seek maximum leveraged Bitcoin exposure through a leading mining operation
RIOT may suit investors who:
- →Want Bitcoin mining exposure anchored by one of North America's largest single-site mining facilities
- →Value Riot's power curtailment revenue in Texas as a cost management differentiator
- →Prefer operational concentration in a world-class facility over a more geographically distributed approach
- →Believe Corsicana's scale advantages will compound as the facility reaches full capacity
Performance & AI score
| Metric | MARA | RIOT |
|---|---|---|
| AI score | 24.2 | 47.8 |
| AI rank | #3220 | #620 |
| Latest close | $12.56 | $23.03 |
| 1M return | -10.29% | -16.01% |
| 6M return | +22.06% | +34.84% |
| 1Y return | -27.23% | +56.77% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | MARA | RIOT |
|---|---|---|
| 1Y ago | $7.28K (-27.2%) started 2025-07-24 | $15.68K (+56.8%) started 2025-07-24 |
| 5Y ago | $4.25K (-57.5%) started 2021-07-26 | $6.77K (-32.3%) started 2021-07-26 |
| 10Y ago | $2.55K (-74.5%) started 2016-07-25 | $81.62K (+716.2%) started 2016-07-25 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | MARA | RIOT |
|---|---|---|
| Market cap | $4.79B | $8.71B |
| Trailing P/E | N/A | N/A |
| Forward P/E | -18.47 | -32.97 |
| Price/Sales | 5.52 | 13.33 |
| EV/Revenue | 7.97 | 14.84 |
| Analyst target | $18.13 | $29.45 |
| Target upside | +44.34% | +27.87% |
Growth, profitability & risk
| Metric | MARA | RIOT |
|---|---|---|
| Revenue growth | -18.40% | 3.60% |
| Earnings growth | N/A | N/A |
| EPS growth | N/A | N/A |
| FCF margin | -61.20% | -68.25% |
| Operating margin | N/A | N/A |
| Profit margin | -234.83% | -132.76% |
| ROIC proxy | -67.33% | -32.49% |
| Return on equity | -67.33% | -32.49% |
| Dividend yield | 0.00% | 0.00% |
| Beta | 5.37 | 3.81 |
| Debt/equity | 105.60 | 36.63 |
| Current ratio | 1.84 | 1.08 |
| Quick ratio | 1.63 | 0.67 |
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
MARA max drawdown70.53%
RIOT max drawdown48.57%
MARA max wkly drop31.74%
RIOT max wkly drop28.93%
5Y risk snapshot
MARA max drawdown95.86%
RIOT max drawdown92.55%
MARA max wkly drop43.81%
RIOT max wkly drop40.88%
10Y risk snapshot
MARA max drawdown99.19%
RIOT max drawdown98.32%
MARA max wkly drop52.63%
RIOT max wkly drop43.31%
Performance metrics by period
| Period | Metric | MARA | RIOT |
|---|---|---|---|
| 1Y | Growth | -27.23% | +56.77% |
| CAGR | -27.25% | +56.82% | |
| Sharpe ratio | -0.07 | 0.90 | |
| Max drawdown | 70.53% | 48.57% | |
| Max daily drop | 18.72% | 17.75% | |
| Max wkly drop | 31.74% | 28.93% | |
| 5Y | Growth | -57.54% | -32.26% |
| CAGR | -15.76% | -7.50% | |
| Sharpe ratio | 0.31 | 0.33 | |
| Max drawdown | 95.86% | 92.55% | |
| Max daily drop | 27.03% | 19.18% | |
| Max wkly drop | 43.81% | 40.88% | |
| 10Y | Growth | -74.51% | +627.46% |
| CAGR | -12.78% | +21.96% | |
| Sharpe ratio | 0.49 | 0.68 | |
| Max drawdown | 99.19% | 98.32% | |
| Max daily drop | 40.86% | 33.90% | |
| Max wkly drop | 52.63% | 43.31% |
Business comparison
| Category | MARA | RIOT |
|---|---|---|
| Company | MARA Holdings, Inc. | Riot Platforms, Inc. |
| Sector | Bitcoin Mining | Bitcoin Mining |
| Industry | N/A | N/A |
| Core business | One of the largest publicly traded Bitcoin miners by hash rate. Operates mining facilities across multiple US states. Has expanded beyond pure-play mining into Bitcoin treasury holdings and energy business development. Recently rebranded from Marathon Digital Holdings. | US-based Bitcoin miner with its primary facility in Rockdale, Texas (Corsicana) — one of the largest Bitcoin mining sites in North America. Expanding capacity at Corsicana with a massive new facility. Also generates power credit revenue by selling power back to the grid during peak demand. |
| Investor focus | Bitcoin production rate, hash rate growth, energy cost per Bitcoin mined, operational uptime, and Bitcoin treasury strategy as a financial asset. | Corsicana facility build-out and hash rate ramp, power curtailment revenue from selling electricity back to ERCOT, self-mining vs hosting mix, and energy cost per Bitcoin. |
MARA strengths
- →Among the largest publicly traded Bitcoin miners by installed hash rate capacity
- →Bitcoin treasury strategy amplifies exposure to Bitcoin price appreciation beyond mining revenue alone
- →Diversified facility locations reduce single-site risk and operational concentration
RIOT strengths
- →Corsicana facility in Texas is among the largest and most strategically located Bitcoin mining operations in North America
- →Power curtailment strategy — selling electricity back to the Texas ERCOT grid at peak rates — reduces effective energy cost
- →Largest single-site Bitcoin mining operation in the US gives Riot significant operational scale and efficiency
Risks to watch — MARA
- →Bitcoin halvings permanently reduce block rewards — miners need Bitcoin price appreciation or efficiency gains to maintain margins
- →High operational cost base requires sustained Bitcoin prices well above production cost to remain profitable
- →Equity dilution risk — miners frequently issue shares to fund capacity expansion and operating costs
Risks to watch — RIOT
- →Texas power grid dynamics — ERCOT curtailment revenue is valuable but depends on grid pricing conditions
- →Construction execution risk at the expanded Corsicana campus — timelines and costs have varied
- →Bitcoin price sensitivity is extreme — both revenue and profitability hinge almost entirely on BTC prices
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