MBBC · Marathon Bancorp, Inc. /MD/

Marathon Bancorp, Inc. operates as a bank holding company for Marathon Bank that provides banking products and services in the United States. It offers deposit account products, including non-interest-bearing checking, interest-bearing checking, money market, savings, and certificate of deposit accounts. The company also provides lending products, such as one-to-four family residential real estate, commercial real estate, construction, commercial and industrial, multifamily real estate, and consumer loans. In addition, it offers vehicle and equipment financing, small business administration, commercial checking, and treasury management, as well as personal online and mobile banking services. The company was founded in 1902 and is based in Wausau, Wisconsin.

Cap structure and valuation

Cap structure
SP	$14.63
SO	3.0M
Options	0.1M
Warrants	0.0M
FD SO	3.1M
MC	$45.2M

Cash	$13.6M
Total debt	$24.0M ⚠
EV	$55.5M

TTM Multiples
EV / Revenue	4.5x
EV / EBITDA	—
MC / Net Income	41.0x
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	21.3%
Insiders	19.2%
# Institutions	11
Analysts	0
Consensus	—
Avg target	—

Short % float	0.3%
Days to cover	0.40

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-12. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.

Debt figure uncertain — deposit-funded financial institution — debt/EV not a meaningful metric. Verify against the filing before relying on EV.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	3.21	3.14	3.07	2.81
Revenue YoY %	26.5%	28.3%	22.3%	13.3%
Gross Profit	2.26	2.20	2.09	1.89
Gross Profit YoY %	43.8%	46.2%	35.8%	19.4%
Gross Margin %	70.4%	70.0%	68.3%	67.4%

SG&A	1.69	1.63	1.64	2.28

Interest Expense	2.06	2.06	1.95	1.75
Pretax Income	0.61	0.59	0.55	(0.45)
Tax Provision	0.12	0.09	0.10	(0.12)
Net Income	0.49	0.50	0.44	(0.33)
Net Margin %	15.2%	16.0%	14.5%	(11.8%)

Diluted EPS	$0.18	$0.19	$0.17	-$0.16
Basic EPS	$0.18	$0.19	$0.17	-$0.16
Diluted Avg Shares	2.7	2.7	2.7	—
Basic Avg Shares	2.7	2.7	2.7	—

	LTM	6/30/25	6/30/24	6/30/23	6/30/22
Total Revenue	12.23	10.30	10.16	10.28	8.28
Revenue YoY %	18.7%	1.4%	(1.2%)	24.2%	—
Gross Profit	8.45	6.51	6.49	6.70	6.21
Gross Profit YoY %	29.7%	0.4%	(3.1%)	7.9%	—
Gross Margin %	69.1%	63.2%	63.9%	65.2%	75.0%

SG&A	7.23	6.87	7.00	5.88	5.56

Interest Expense	7.82	6.04	5.84	2.28	0.95
Pretax Income	1.29	0.01	(0.25)	2.12	1.77
Tax Provision	0.19	(0.03)	(0.06)	0.44	0.44
Net Income	1.10	0.04	(0.19)	1.67	1.33
Net Margin %	9.0%	0.4%	(1.8%)	16.3%	16.1%

Diluted EPS	$0.38	$0.02	-$0.09	$0.79	$0.62
Basic EPS	$0.38	$0.02	-$0.09	$0.79	$0.62
Diluted Avg Shares	2.7	2.8	2.0	2.1	2.1
Basic Avg Shares	2.7	2.8	2.0	2.1	2.1

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	13.63	13.66	15.46	14.39

Net PPE	3.62	3.71	3.79	3.88
Operating Lease ROU	0.36	0.39	0.41	0.44
Other Assets	231.42	230.27	226.32	220.12
Total Assets	249.02	248.02	245.99	238.83

Other Liabilities	201.49	201.13	199.71	193.13
Total Liabilities	201.49	201.13	199.71	193.13

Retained Earnings	27.00	26.51	26.01	25.57
Total Equity	47.54	46.89	46.28	45.71

	LTM	6/30/25	6/30/24	6/30/23	6/30/22
Cash & Equivalents	13.63	14.39	10.47	11.78	8.43

Net PPE	3.62	3.88	4.09	2.13	1.68
Operating Lease ROU	0.36	0.44	0.53	0.59	—
Other Assets	231.42	220.12	204.15	224.28	210.40
Total Assets	249.02	238.83	219.23	238.78	220.50

Other Liabilities	201.49	193.13	187.94	207.50	189.28
Total Liabilities	201.49	193.13	187.94	207.50	189.28

Retained Earnings	27.00	25.57	25.52	25.58	23.91
Total Equity	47.54	45.71	31.29	31.28	30.74

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	0.49	0.50	0.44	(0.33)
D&A	—	0.07	0.07	0.08
Stock-Based Comp	—	0.04	0.04	0.04
Δ Working Cap & Other	—	0.80	(0.09)	(0.25)
Operating Cash Flow	—	1.41	0.46	(0.46)

CapEx	—	(0.01)	(0.01)	(0.07)
Other Investing	—	(3.87)	(5.86)	(11.80)
Investing Cash Flow	—	(3.88)	(5.87)	(11.88)

Debt Issuance	—	0.00	0.87	0.00
Stock Issuance	—	—	—	15.20
Stock Buyback	—	—	—	(0.04)
Other Financing	—	0.67	5.61	(12.11)
Financing Cash Flow	—	0.67	6.48	3.05

Free Cash Flow	—	1.40	0.46	(0.53)

	LTM	6/30/25	6/30/24	6/30/23	6/30/22
Net Income	1.10	0.04	(0.19)	1.67	1.33
D&A	—	0.30	0.24	0.21	0.21
Stock-Based Comp	—	0.16	0.16	0.13	—
Δ Working Cap & Other	—	0.95	0.20	(0.02)	(0.72)
Operating Cash Flow	—	1.45	0.42	1.99	0.83

CapEx	—	(0.18)	(2.26)	(0.07)	(0.03)
Other Investing	—	(15.40)	19.98	(14.36)	(44.18)
Investing Cash Flow	—	(15.58)	17.71	(14.42)	(44.22)

Debt Issuance	—	0.87	0.87	0.87	0.87
Stock Issuance	—	15.21	—	—	—
Stock Buyback	—	(0.08)	(0.16)	—	—
Other Financing	—	2.04	(20.15)	14.91	4.90
Financing Cash Flow	—	18.05	(19.43)	15.78	5.77

Free Cash Flow	—	1.27	(1.85)	1.92	0.79

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	—	—	—	—
Quick Ratio	—	—	—	—
Debt / Equity	4.24	4.29	4.32	4.23
EBITDA Margin %	—	—	—	—
Working Capital	—	—	—	—
Net Debt	—	—	—	—
ROE %	1.0%	1.1%	1.0%	(0.7%)
ROA %	0.2%	0.2%	0.2%	(0.1%)

	LTM	6/30/25	6/30/24	6/30/23	6/30/22
Current Ratio	—	—	—	—	—
Quick Ratio	—	—	—	—	—
Debt / Equity	4.24	4.23	6.01	6.63	6.16
EBITDA Margin %	—	—	—	—	—
Working Capital	—	—	—	—	—
Net Debt	—	—	—	—	—
ROE %	2.3%	0.1%	(0.6%)	5.3%	4.3%
ROA %	0.4%	0.0%	(0.1%)	0.7%	0.6%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-06-11	Cornish Terry	Officer (SVP and CCO)	2026-06-10	P	219	$14.75	$3,230
2026-06-11	Knopf Michelle	Officer (EVP and COO)	2026-06-10	P	164	$14.75	$2,419
2026-06-11	Zillges Nicholas W	Director, Officer (President and CEO)	2026-06-10	P	170	$14.75	$2,508
2026-06-11	Spatz Nora	Officer (EVP and CAO)	2026-06-10	P	602	$14.75	$8,880
2026-06-11	Cornish Terry	Officer (SVP and CCO)	2026-06-09	P	693	$14.50	$10,048
2026-06-11	Knopf Michelle	Officer (EVP and COO)	2026-06-09	P	519	$14.50	$7,526
2026-06-11	Zillges Nicholas W	Director, Officer (President and CEO)	2026-06-09	P	537	$14.50	$7,786
2026-06-11	Spatz Nora	Officer (EVP and CAO)	2026-06-09	P	1,904	$14.50	$27,608
2026-06-11	Cornish Terry	Officer (SVP and CCO)	2026-06-08	P	71	$14.24	$1,011
2026-06-11	Knopf Michelle	Officer (EVP and COO)	2026-06-08	P	54	$14.24	$769
2026-06-11	Zillges Nicholas W	Director, Officer (President and CEO)	2026-06-08	P	55	$14.24	$783
2026-06-11	Spatz Nora	Officer (EVP and CAO)	2026-06-08	P	197	$14.24	$2,805
2026-06-11	Cornish Terry	Officer (SVP and CCO)	2026-06-05	P	116	$14.25	$1,653
2026-06-11	Knopf Michelle	Officer (EVP and COO)	2026-06-05	P	87	$14.25	$1,240
2026-06-11	Zillges Nicholas W	Director, Officer (President and CEO)	2026-06-05	P	90	$14.25	$1,282
2026-06-11	Spatz Nora	Officer (EVP and CAO)	2026-06-05	P	320	$14.25	$4,559
2026-06-11	Cornish Terry	Officer (SVP and CCO)	2026-06-04	P	27	$13.77	$372
2026-06-11	Knopf Michelle	Officer (EVP and COO)	2026-06-04	P	20	$13.77	$275
2026-06-11	Zillges Nicholas W	Director, Officer (President and CEO)	2026-06-04	P	21	$13.77	$289
2026-06-11	Spatz Nora	Officer (EVP and CAO)	2026-06-04	P	74	$13.77	$1,019
2026-06-11	Cornish Terry	Officer (SVP and CCO)	2026-06-03	P	263	$13.75	$3,616
2026-06-11	Knopf Michelle	Officer (EVP and COO)	2026-06-03	P	197	$13.75	$2,708
2026-06-11	Zillges Nicholas W	Director, Officer (President and CEO)	2026-06-03	P	203	$13.75	$2,791
2026-06-11	Spatz Nora	Officer (EVP and CAO)	2026-06-03	P	722	$13.75	$9,926
2026-06-05	Zientara Amy	Director, Other (Chairwoman of the Board)	2026-06-03	M	3,599	$8.13	$29,260
2026-06-05	Zientara Amy	Director, Other (Chairwoman of the Board)	2026-06-03	M	899	$6.48	$5,826
2026-06-05	Zientara Amy	Director, Other (Chairwoman of the Board)	2026-06-03	M	(3,599)	—	$-0
2026-06-05	Zientara Amy	Director, Other (Chairwoman of the Board)	2026-06-03	M	(899)	—	$-0
2026-06-05	Spatz Nora	Officer (EVP and CAO)	2026-06-03	M	1,200	$8.13	$9,756
2026-06-05	Spatz Nora	Officer (EVP and CAO)	2026-06-03	M	(1,200)	—	$-0
2026-06-05	Zillges Nicholas W	Director, Officer (President and CEO)	2026-06-03	M	1,500	$6.48	$9,720
2026-06-05	Zillges Nicholas W	Director, Officer (President and CEO)	2026-06-03	M	(1,500)	—	$-0
2026-06-05	Grimm Thomas L	Director	2026-06-03	M	300	$6.48	$1,944
2026-06-05	Grimm Thomas L	Director	2026-06-03	M	(300)	—	$-0
2026-06-05	Wimmer Timothy R	Director	2026-06-03	M	3,599	$8.13	$29,260
2026-06-05	Wimmer Timothy R	Director	2026-06-03	M	899	$6.48	$5,826
2026-06-05	Wimmer Timothy R	Director	2026-06-03	M	(3,599)	—	$-0
2026-06-05	Wimmer Timothy R	Director	2026-06-03	M	(899)	—	$-0
2026-05-19	Cornish Terry	Officer (SVP and CCO)	2026-05-16	F	(41)	$14.50	-$594
2026-05-19	Selting-Buchberger Joy	Officer (SVP and CFO)	2026-05-16	F	(56)	$14.50	-$812
2026-05-19	Spatz Nora	Officer (EVP and CAO)	2026-05-16	F	(30)	$14.50	-$435
2026-05-19	Knopf Michelle	Officer (EVP and COO)	2026-05-16	F	(86)	$14.50	-$1,247
2026-05-06	Werth Ann M	Director	2026-05-05	M	899	$8.13	$7,309
2026-05-06	Werth Ann M	Director	2026-05-05	M	599	$6.48	$3,882
2026-05-06	Werth Ann M	Director	2026-05-05	M	(899)	—	$-0
2026-05-06	Werth Ann M	Director	2026-05-05	M	(599)	—	$-0
2026-03-20	Grimm Thomas L	Director	2026-03-20	M	3,599	$8.13	$29,260
2026-03-20	Grimm Thomas L	Director	2026-03-20	M	599	$6.48	$3,882
2026-03-20	Grimm Thomas L	Director	2026-03-20	M	0	—	$-0
2026-03-20	Grimm Thomas L	Director	2026-03-20	M	0	—	$-0
2026-03-18	Spatz Nora	Officer (EVP and CAO)	2026-03-18	M	2,399	$8.13	$19,504
2026-03-18	Spatz Nora	Officer (EVP and CAO)	2026-03-18	M	1,921	$6.48	$12,448
2026-03-18	Spatz Nora	Officer (EVP and CAO)	2026-03-18	M	(2,399)	—	$-0
2026-03-18	Spatz Nora	Officer (EVP and CAO)	2026-03-18	M	(1,921)	—	$-0
2026-02-24	Zillges Nicholas W	Director, Officer (President and CEO)	2026-02-23	M	2,998	$6.48	$19,427
2026-02-24	Zillges Nicholas W	Director, Officer (President and CEO)	2026-02-23	M	(2,998)	—	$-0
2025-12-03	Knopf Michelle	Officer (EVP and COO)	2025-12-02	I	536	$11.11	$5,955
2025-12-03	Knopf Michelle	Officer (EVP and COO)	2025-12-02	I	20	$11.30	$226
2025-12-03	Spatz Nora	Officer (EVP and CAO)	2025-12-02	I	1,220	$11.11	$13,554
2025-12-03	Spatz Nora	Officer (EVP and CAO)	2025-12-02	I	45	$11.30	$509
2025-12-03	Zillges Nicholas W	Director, Officer (President and CEO)	2025-12-02	I	634	$11.11	$7,044
2025-12-03	Zillges Nicholas W	Director, Officer (President and CEO)	2025-12-02	I	24	$11.30	$271
2025-12-03	Knopf Michelle	Officer (EVP and COO)	2025-12-01	I	1,393	$11.27	$15,695
2025-12-03	Spatz Nora	Officer (EVP and CAO)	2025-12-01	I	3,166	$11.27	$35,671
2025-12-03	Zillges Nicholas W	Director, Officer (President and CEO)	2025-12-01	I	1,646	$11.27	$18,545
2025-11-28	Zillges Nicholas W	Director, Officer (President and CEO)	2025-11-26	P	1,075	$11.37	$12,223
2025-11-14	Zillges Nicholas W	Director, Officer (President and CEO)	2025-11-13	P	1,325	$11.00	$14,575
2025-07-02	Zillges Nicholas W	Director, Officer (President and CEO)	2025-06-28	F	(1,169)	$9.99	-$11,678
2025-07-01	Selting-Buchberger Joy	Officer (SVP and CFO)	2025-06-28	F	(517)	$9.99	-$5,165
2025-07-01	Cornish Terry	Officer (SVP and CCO)	2025-06-28	F	(225)	$9.99	-$2,248
2025-07-01	Knopf Michelle	Officer (EVP and COO)	2025-06-28	F	(197)	$9.99	-$1,968
2025-07-01	Spatz Nora	Officer (EVP and CAO)	2025-06-28	F	(451)	$9.99	-$4,505
2025-07-01	Zillges Nicholas W	Director, Officer (President and CEO)	2025-06-28	F	(1,196)	$9.99	-$11,948
2025-06-16	Zillges Nicholas W	Director, Officer (President and CEO)	2025-06-13	P	500	$9.99	$4,995
2025-06-03	Zillges Nicholas W	Director, Officer (President and CEO)	2025-05-29	I	695	$10.01	$6,957
2025-06-03	Spatz Nora	Officer (EVP and CAO)	2025-05-29	I	992	$10.01	$9,930
2025-05-20	Cornish Terry	Officer (SVP and CCO)	2025-05-16	F	(38)	$10.03	-$381
2025-05-20	Knopf Michelle	Officer (EVP and COO)	2025-05-16	F	(70)	$10.03	-$702
2025-05-20	Spatz Nora	Officer (EVP and CAO)	2025-05-16	F	(29)	$10.03	-$291
2025-05-20	Selting-Buchberger Joy	Officer (SVP and CFO)	2025-05-16	F	(44)	$10.03	-$441
2025-05-20	Zillges Nicholas W	Director, Officer (President and CEO)	2025-05-16	P	500	$10.07	$5,034
2025-04-22	Zientara Amy	Director, Other (Chairwoman of the Board)	2025-04-21	A	2,500	$10.00	$25,000
2025-04-22	Wimmer Timothy R	Director	2025-04-21	A	2,500	$10.00	$25,000
2025-04-22	Werth Ann M	Director	2025-04-21	A	550	$10.00	$5,500
2025-04-22	Grimm Thomas L	Director	2025-04-21	A	7,500	$10.00	$75,000
2025-04-22	Cornish Terry	Officer (SVP and CCO)	2025-04-21	A	2,500	$10.00	$25,000
2025-04-22	Selting-Buchberger Joy	Officer (SVP and CFO)	2025-04-21	A	5,000	$10.00	$50,000
2025-04-22	Knopf Michelle	Officer (EVP and COO)	2025-04-21	A	3,300	$10.00	$33,000
2025-04-22	Spatz Nora	Officer (EVP and CAO)	2025-04-21	A	5,000	$10.00	$50,000
2025-04-22	Spatz Nora	Officer (EVP and CAO)	2025-04-21	A	500	$10.00	$5,000
2025-04-22	Spatz Nora	Officer (EVP and CAO)	2025-04-21	A	600	$10.00	$6,000
2025-04-22	Zillges Nicholas W	Director, Officer (President and CEO)	2025-04-21	A	6,500	$10.00	$65,000
2025-04-22	Zillges Nicholas W	Director, Officer (President and CEO)	2025-04-21	A	3,500	$10.00	$35,000
2024-07-02	Knopf Michelle	Officer (EVP and COO)	2024-06-28	F	(127)	$8.99	-$1,142
2024-07-02	Selting-Buchberger Joy	Officer (SVP and CFO)	2024-06-28	F	(268)	$8.99	-$2,409
2024-07-02	Zillges Nicholas W	Director, Officer (President and CEO)	2024-06-28	F	(823)	$8.99	-$7,399
2024-07-02	Spatz Nora	Officer (EVP and CAO)	2024-06-28	F	(288)	$8.99	-$2,589
2024-07-02	Cornish Terry	Officer (SVP and CCO)	2024-06-28	F	(125)	$8.99	-$1,124
2024-07-02	Knopf Michelle	Officer (EVP and COO)	2024-05-16	F	(47)	$8.85	-$416
2024-07-02	Selting-Buchberger Joy	Officer (SVP and CFO)	2024-05-16	F	(18)	$8.85	-$159
2024-07-02	Spatz Nora	Officer (EVP and CAO)	2024-05-16	F	(19)	$8.85	-$168
2024-07-02	Cornish Terry	Officer (SVP and CCO)	2024-05-16	F	(19)	$8.85	-$168