The latest data point for Q4'25 shows significant deterioration in profitability metrics for MARA, with ROE at -49.2%, ROA at -23.5%, and ROIC at -23.8%, marking the lowest levels across all indicators in the observed period and indicating substantial operational losses relative to equity, assets, and invested capital. From Q1'23 to Q4'25, the chart reveals a volatile trend in these line-based metrics, starting with negative values in Q1'23 and Q2'23 (e.g., ROA at -0.6% and -1.4%), followed by a strong recovery to positive peaks in Q4'23 and Q1'24 (ROA reaching 11.2% and 11.4%), before fluctuating with declines in Q2'24 to Q1'25 (e.g., ROA dipping to -8.3% in Q1'25) and a brief rebound in Q2'25 (ROA at 10.5%). Overall, ROA and ROIC exhibit similar patterns of instability, with ROE showing amplified swings, highlighting periods of growth driven by potential asset efficiency gains but undermined by recurring negative turns, particularly in recent quarters.