As of Q3'25, MARA's latest Price-to-Book (P/B) ratio stands at 1.218, reflecting a continued decrease from the previous quarter's value of 1.284. This suggests that the company's market valuation relative to its book value has declined further in the most recent quarter. Examining the period from Q1'23 to Q3'25, the P/B ratio has exhibited significant volatility, peaking at 5.139 in Q4'23 before experiencing a sharp decline to 2.165 in Q1'24 and reaching a low of 1.155 in Q4'24. Since then, the ratio has remained relatively stable, fluctuating slightly above 1.2. The overall trend indicates a notable contraction in valuation multiples after a period of elevated levels, suggesting shifting investor sentiment or changes in the company's fundamentals over the observed timeframe.