Positive context积极背景
Stocks股票 / Tech / MARA
MARA Holdings, Inc. · Tech
MARA US listed · USD美股 · 美元
Mid cap中盘 · $3B
Tech
S&P 600标普600小盘Russell 2000罗素2000
Speculative / unprofitable投机／未盈利
$9.21
-$0.43 · -4.46%
52w low52周低 $6.25high高 $23.57
Hold off — timing against you暂缓 — 时机不利
Downtrend — stand aside until a new cycle low forms and confirms.下跌趋势——观望，直至新的周期低点形成并确认。
Live实时
Company intelligence公司情报
The latest call, in context把最新财报放回历史脉络
A synthesized event record across management commentary and recorded metrics. Read as context; verify exact wording in the transcript before relying.综合管理层表述与记录指标形成事件档案。仅供参考；使用前请在电话会原文中核对准确措辞。
Live company record实时公司记录
JavaScript loads the source-bounded event record here. Open Terminal if the live module does not start.JavaScript 会在此加载受来源约束的事件记录。如实时模块未启动，请打开终端。
Continue with full transcript history继续查看完整电话会历史 ↗Pressure context压力背景
History mode历史模式
Context only仅供参考 · not a signal or recommendation不构成信号或建议
Narrative claims may await line-level citation; verify in the transcript.叙述性内容可能仍待逐行引用，请在电话会原文中核对。
Price chart价格图表
daily · interactive日线 · 可交互
Open in Terminal打开终端 ↗
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Open the live chart in Terminal在终端中打开实时图表 ↗
Candles, volume and moving averages — pan and zoom inside the chart.蜡烛图、成交量与均线 — 图内可缩放拖动。
MMastermind Terminal — live & interactiveMastermind 终端 — 实时互动 ↗
Technicals技术面
daily bars日线数据 · 2026-08-14
Momentum (RSI 14)动量（RSI 14）
34
Depressed偏低
vs 50-day average相对50日均线
-26.1% below下方
Below trend跌破趋势
vs 200-day average相对200日均线
-18.9% below下方
Long trend down长期向下
Volatility波动率
86th percentile第86百分位
These readings feed the stance at the top — one source per number, refreshed nightly.以上读数构成页首的引擎立场 — 每个数字只有一个来源，每晚更新。
Earnings财务业绩
Estimates being raised — 1 analysts预期上调 — 1 位分析师
Mixed — beat 0 of last 4 quarters表现不稳 — 近 4 季中 0 季超预期
Post-earnings drift: +5.0% (20d)财报后漂移：+5.0%（20日）
EPS surprise vs consensus, last quarters每股收益相对预期的超预期幅度（近几个季度） · average平均 -52.1%
Valuation估值
Roughly fair vs sector相对行业估值合理| Multiple指标 | MARA | Sector median行业中位 | Cheaper than相对便宜 |
|---|---|---|---|
| P/B市净率 | 1.01x | 6.08 | |
| P/S市销率 | 3.85x | 5.24 | |
| Earnings yield盈利收益率 | -37.53% | 1.88 | |
| FCF yield自由现金流收益率 | -34.62% | 2.96 | |
| Shareholder yield股东收益率 | 1.34% | 2.07 |
"Cheaper than" = share of sector peers trading richer on that multiple.「相对便宜」= 行业中该指标估值更高的同行占比。
Financials财务数据
fiscal years财年Revenue营业收入
$907.1M2025
20202025
5-yr growth5年复合增速 190.9%
Earnings per share每股收益
$-3.692025
20202025
Free cash flow自由现金流
-$1.2B2025
20202025
Operating margin营业利润率
-135.0%
Net margin净利率
-144.6%
FCF margin自由现金流利润率
-88.5%
Balance-sheet quality财务体质 2/8
Bankruptcy risk: distress zone破产风险：警戒区
Return on equity股本回报率 -38%
Watch关注
Leverage杠杆
Current ratio流动比率1.27
Capital allocation资本配置
Buybacks (TTM)回购（TTM）$46.9M
Stock-based comp股权薪酬$172.3M
Share count change (1y)股数变化（1年）+11.5%
Why is it moving为何波动
6 checks · nightly六项检查 · 每晚
Sector / Theme行业/主题
Crypto & Digital Assets theme — #48 of 49 themes「加密与数字资产」主题 — 49 个主题中第 48 位
Macro宏观
Rate risk runs through its market / growth beta, not a distinct duration leg.其利率风险通过市场／成长beta体现，并无独立的久期暴露。
Positioning持仓
Insider cluster activity内部人集中交易
Technical技术面
MARA broke down vs the marketMARA 相对市场走弱
Options positioning期权持仓
as of last close截至上一收盘Market makers are net short gamma — price moves may amplify做市商净持有负伽玛，价格波动可能被放大
Expected daily move预期日波动
±4.85%
Expected weekly move预期周波动
±10.85%
Gamma flip伽玛翻转位
$9
25d risk reversal25d风险逆转
5.8%
Flow:资金流向： $5M premium traded; 0% 0DTE; 16 fresh positions; P/C 0.5; net new CALL positioning (bullish lean) (ΔOI +60,965); ~leans bearish/hedging (direction approx)成交权利金 $5M；0DTE占0%；16个新建仓；看跌看涨比 0.5；净新增看涨持仓（偏多）（ΔOI +60,965）；≈偏看跌/对冲（方向近似）
Skew: greed偏斜：贪婪
Call and put walls are plotted on the Trade levels ladder →看涨/看跌期权墙已标注在「交易点位」阶梯上 →
Ownership & smart money持仓与聪明钱
13FInsider activity:内部人动向： -$3.5M net (0 buyers, 4 sellers)-$3.5M 净值（0 买家，4 卖家）
Signal history信号历史
engine events引擎事件
UNCONFIRMED TURN → DOWNTREND未确认转向 → 下跌趋势
AVOID. Failed cycle — price broke below the low that started this cycle, which historically means the larger trend is rolling over (~80% of cases)回避。失败周期——价格跌破了启动本周期的低点，历史上这通常意味着更大的趋势正在掉头向下（约 80% 的情形）
Aug 6, 2026
MARA broke down vs the marketMARA 相对市场走弱
Relative strength vs SPY crossed below the 10th percentile of the last 90 days — weakness often leads price. $10.65.相对标普500的强弱下穿近90日的第10百分位 — 走弱常先于价格。$10.65。
Aug 6, 2026
MARA daily MACD crossed downMARA 日线MACD下穿
The daily MACD histogram turned negative — fast and noisy, context rather than a standalone trigger. $10.65.日线MACD柱状图转负 — 快速且嘈杂，仅作背景。$10.65。
Aug 5, 2026
MARA lost its 200-day averageMARA 跌破200日均线
Price closed below the 200-day moving average — the classic bear dividing line. $11.24.收盘跌破200日均线 — 经典的空头分界线。$11.24。
Aug 4, 2026
MARA daily MACD crossed upMARA 日线MACD上穿
The daily MACD histogram turned positive — fast and noisy, context rather than a standalone trigger. $11.75.日线MACD柱状图转正 — 快速且嘈杂，仅作背景。$11.75。
Aug 3, 2026
MARA reclaimed its 200-day averageMARA 收复200日均线
Price closed back above the 200-day moving average — the classic bull dividing line. $11.75.收盘重回200日均线 — 经典的多头分界线。$11.75。
Jul 31, 2026
NEARING A HIGH → DOWNTREND接近高点 → 下跌趋势
AVOID回避
Jul 31, 2026
MARA weekly MACD crossed downMARA 周线MACD下穿
The weekly MACD histogram turned negative — the slower, less-whippy momentum read.周线MACD柱状图转负 — 更慢、更少来回的动量信号。
Jul 30, 2026
DOWNTREND → NEARING A HIGH下跌趋势 → 接近高点
TAKE PROFITS止盈
Jul 28, 2026
MARA daily MACD crossed downMARA 日线MACD下穿
The daily MACD histogram turned negative — fast and noisy, context rather than a standalone trigger. $11.38.日线MACD柱状图转负 — 快速且嘈杂，仅作背景。$11.38。
Showing the last 15 of显示最近15条，共 273 signals条信号
Company profile公司档案
Style DNA — how it trades vs the market风格基因 — 相对市场的交易特征
Value价值
Below market低于市场
Quality质量
Below market低于市场
Investment资本投入
Below market低于市场
Shareholder payout股东回报
Below market低于市场
Low volatility低波动
Below market低于市场
Low market beta低市场敏感度
Below market低于市场
Earnings quality盈利质量
Below market低于市场
Short interest空头兴趣
Above market高于市场
Watch items — what could change the story关注项 — 可能改变故事的因素
- Margin compression despite revenue growth
- Capital intensity rising
The whole US universe — S&P 1500 and Russell 2000 — read nightly.覆盖标普1500与罗素2000全部成分股 — 每晚更新解读。
Signals, options positioning, smart-money moves and factor DNA — the same engine that wrote this page covers 2,700+ US stocks.信号、期权持仓、聪明钱动向与因子基因 — 撰写本页的引擎覆盖2700多只美股。
Statistics — full detail统计数据 — 完整明细
Valuation vs sector估值对比行业
| Multiple指标 | This stock本股 | Sector median行业中位 | Cheaper than相对便宜 |
|---|---|---|---|
| Price / Book市净率 | 1.0× | 6.1× | 97% |
| Price / Sales市销率 | 3.9× | 5.2× | 59% |
| Earnings yield盈利收益率 | -37.5% | 1.9% | 1% |
| Free-cash-flow yield自由现金流收益率 | -23.0% | 3.7% | 1% |
| Shareholder yield股东综合回报率 | 1.3% | 2.1% | 42% |
Relative strength相对强度
vs market, 1 month相对大盘（1个月）
16/100 — weaker than most弱于多数
vs market, 3 months相对大盘（3个月）
4/100 — weaker than most弱于多数
vs market, 6 months相对大盘（6个月）
84/100 — stronger than most强于多数
vs market, 12 months相对大盘（12个月）
10/100 — weaker than most弱于多数
Rank in sector行业内排名
#178 / 222
0–100 percentile of total return vs all covered stocks.总回报在全部覆盖股票中的百分位（0–100）。
Price history价格历史
| Period周期 | This stock本股 | S&P 500标普500 |
|---|---|---|
| 1 Week近1周 | -13.5% | +1.2% |
| 1 Month近1月 | -24.3% | +3.5% |
| 3 Months近3月 | -26.0% | +5.2% |
| 6 Months近6月 | +16.3% | +14.4% |
| Year to date年初至今 | -7.1% | +14.2% |
| 1 Year近1年 | -41.9% | +21.6% |
| 3 Years近3年 | -38.6% | +79.7% |
Trading information交易信息
Beta vs market贝塔
3.30
Volatility rank波动率分位
86th pctile
Short interest空头占比
28.1% of float
Market cap市值
$3B
EPS (trailing)每股收益
$-3.46
Off 52-week high距52周高点
-59.7%
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Financials — full detail财务数据 — 完整明细
Multi-year record多年财务记录
| 20202020 | 20212021 | 20222022 | 20232023 | 20242024 | 20252025 | |
|---|---|---|---|---|---|---|
| Revenue营业收入 | $4M | $150M | $118M | $388M | $656M | $907M |
| EPS每股收益 | $-0.13 | $-0.36 | — | $1.06 | $1.72 | $-3.69 |
| Free cash flow自由现金流 | — | — | $-218M | $-343M | $-928M | $-1.2B |
| Gross margin毛利率 | -60.7% | — | -28.6% | -8.7% | -24.3% | — |
| Net margin净利率 | -239.8% | -24.0% | -583.2% | 67.4% | 82.5% | -144.6% |
| FCF margin自由现金流利润率 | — | — | -184.8% | -88.6% | -141.4% | -133.4% |
Latest fiscal year最近财年
Revenue (FY)营业收入（财年）
$907M
Net income净利润
$-1.3B
Operating cash flow经营现金流
$-803M
Total assets总资产
$7.3B
Shareholder equity股东权益
$3.5B
Long-term debt长期负债
$3.2B
Buybacks股票回购
$47M
Shares outstanding总股本
0.38B
Returns & growth回报与增长
Return on equity股本回报率
-37.8%
Return on assets资产回报率
-18.0%
Debt / assets负债/资产
43.9%
Profit growth利润增速
-342.3%
Asset growth资产增速
+7.1%
Accounting quality checks会计质量检查
- Earnings quality: earnings cash-backed盈利质量：盈利有现金支撑
- Pricing power: gross margin +36.4pts over 4 years定价能力：毛利率 4 年上升 36.4 个百分点
- Capital discipline: share count +362.9% over 6 years (dilution)资本纪律：股本 6 年增加 362.9%（稀释）
- Balance sheet: Altman Z -0.11 — distress zone资产负债表：Altman Z -0.11——困境区
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Technicals — full detail技术面 — 完整明细
Indicator readings指标读数
RSI (14-day)RSI（14日）
34
RSI (2-day)RSI（2日）
5
vs 20-day average相对20日均线
-17.0%
vs 50-day average相对50日均线
-26.1%
vs 200-day average相对200日均线
-18.9%
Golden cross (50>200)金叉（50>200）
in effect生效中
MACDMACD
below signal位于信号线下方
Timeframe alignment多周期共振
Daily日线
momentum down动能向下
3-day3日线
momentum down动能向下
Weekly周线
momentum down — fresh downturn动能向下——刚刚转弱
When daily through monthly point the same way, moves carry further.当日线到月线方向一致时，行情往往更有延续性。
Volatility regime波动状态
Range state波幅状态
expanding — range opening up扩张中 — 波幅放大
Range width percentile波幅宽度分位
80/100
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Earnings — full detail财务业绩 — 完整明细
Surprise history超预期历史
| Quarter季度 | Reported实际 | Expected预期 | Surprise超预期 |
|---|---|---|---|
| Mar 2026 | $-0.61 | $-0.46 | -32.6% |
| Dec 2025 | $-0.46 | $-0.23 | -100.0% |
| Sep 2025 | $-0.32 | $-0.26 | -23.1% |
| Jun 2025 | $-0.81 | $-0.53 | -52.8% |
Estimate revisions预期修正
Analysts covering覆盖分析师
1
Estimate direction预期调整方向
mostly raising多数上调
Estimate change, 90 days预期变化（90天）
+44.0%
Net upgrades, 30 days净上调（30天）
+1
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Options — full detail期权持仓 — 完整明细
Dealer positioning map做市商持仓地图
Call wall看涨期权墙
$10
Put wall看跌期权墙
$9
Gamma flip伽玛翻转位
$9
Upside magnet上方磁吸位
$10
Downside magnet下方磁吸位
$9
Net dealer gamma做市商净伽玛
+$0.0B
Distance to flip距翻转位
-0.1%
Walls and magnets are strikes with heavy open interest — price often slows or gravitates there.期权墙与磁吸位是未平仓集中的行权价 — 价格常在附近减速或被吸引。
Volatility pricing波动率定价
Implied volatility (30d)隐含波动率（30天）
1%
25-delta risk reversal25-delta风险逆转
+5.8%
Call-put IV spread看涨-看跌IV价差
-0.1pp
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Ownership — full detail持仓 — 完整明细
Insiders & shorts内部人与空头
Insider net buying (6 months)内部人净买入（6个月）
-$3.5M
Insider buyers vs sellers内部人买家vs卖家
0 : 4
Short interest空头占流通盘
28.1%
Days to cover回补天数
2.0
Short interest change空头变化
-3.5%
Recent fund flows近期基金流向
Global X BlockchainGlobal X Blockchain
accumulating持续增持
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Seasonality — full detail季节性 — 完整明细
Strongest month最强月份
May · 100%
Weakest month最弱月份
Mar · 0%
Month by month逐月统计
| Month月份 | Closed higher收涨占比 | Median move中位涨跌 | Years年数 |
|---|---|---|---|
| Jan1月 | 67% | +7.9% | 3 |
| Feb2月 | 33% | -0.0% | 3 |
| Mar3月 | 0% | -9.1% | 3 |
| Apr4月 | 67% | +19.0% | 3 |
| May5月 | 100% | +19.5% | 3 |
| Jun6月 | 67% | +2.6% | 3 |
| Jul7月 | 75% | +4.6% | 4 |
| Aug8月 | 25% | -13.1% | 4 |
| Sep9月 | 33% | -0.6% | 3 |
| Oct10月 | 100% | +5.8% | 3 |
| Nov11月 | 67% | +33.8% | 3 |
| Dec12月 | 33% | -26.0% | 3 |
History is a tendency, not a promise — small samples wobble.历史规律只是倾向而非保证 — 样本少时波动大。
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。