MBBC

Marathon Bancorp is a tiny Maryland thrift holding company (formed December 2020 as a mid-tier of a recently-converted savings institution) with $239M in assets and a market cap near $45M. The defining feature is capital, not profit: stockholders' equity jumped 46.1% to $45.7M while shares outstanding rose 37.6% to 2.94M — the fingerprint of a stock-conversion capital raise. That leaves equity at roughly 19% of assets, extraordinarily overcapitalized for a bank, and puts the $15.25 price almost exactly at book value (~$15.54/share, ~0.98x). At that price you are paying for the balance sheet, not the income statement.

The income statement is the problem. FY2025 net income was $42.4K on $239M of assets — a 0.1% return on equity — after the company actually lost $187K in FY2024. The '+122.7%' net-income growth and 762.5x P/E are arithmetic noise off a near-zero base; earnings have deteriorated from $1.67M in FY2023 to essentially nothing. The 4.23x liabilities/equity ratio looks fine for a bank (deposits are liabilities), but it underscores that this franchise cannot yet make its capital work. Operating cash flow of $1.45M and a 92% cut in capex show a small, cash-generative but sub-scale operation coasting rather than growing earnings.