As of Q3'25, MARA's Price-to-Sales (P/S) ratio stands at 6.838, marking the latest available data point in the series. This value reflects a continued contraction from the previous quarter's 7.707, indicating a downward adjustment in the company's valuation relative to its sales. Over the period from Q1'23 to Q3'25, the P/S ratio has exhibited significant volatility, peaking at 21.431 in Q4'23 before experiencing a pronounced decline throughout 2024 and into 2025. After reaching its high, the ratio dropped sharply in Q1'24 to 10.694 and has since trended downward, with only minor rebounds such as the uptick to 13.561 in Q3'24. Overall, the data suggests a shift from elevated valuation levels toward a more moderate range, with the ratio stabilizing below 8.0 in the most recent quarters.