Marex Group Ltd (MRX)

Price$76.46Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong earnings growth is offset by demanding balance-sheet valuation.

Using the supplied 2025 diluted earnings of $3.86 per share and first-half 2026 diluted earnings of $3.43 versus $1.91 a year earlier, latest twelve-month diluted earnings are about $5.38 per share. The observed market price is therefore about 13.4 times earnings, which looks reasonable for rapid growth. The counterweight is common equity, the accounting value belonging to ordinary shareholders: June common equity was $1.37 billion, putting market value at roughly 3.8 times that equity. That already assumes Marex keeps earning unusually high returns. (investing.com )

Big pictureProfit and cash generation have grown quickly, but trading conditions still make results uneven.

Revenue rose from $711 million in 2022 to $2.02 billion in 2025, while net income increased from $91.6 million to $293.9 million. Operating cash flow stayed positive each year; after capital spending, the simple cash surplus was roughly $222 million, $726 million, $1.15 billion, and $654 million from 2022 through 2025. For a broker, this measure can swing with client balances and collateral, so it is not fully distributable. First-half 2026 revenue then rose 43% and profit after tax 79%, extending the growth record. (sec.gov )

Business strengthLiquidity is strong and shareholder returns are sensible, though dilution and financial leverage deserve attention.

At year-end 2025, the supplied history shows $2.88 billion of cash against $200 million of stated debt. That headline net cash is not spare corporate cash: Marex is a financial intermediary, and its June balance sheet also carried $6.85 billion of debt securities. It reported $4.32 billion of available liquid resources, $1.81 billion of liquidity headroom, and a $978 million internal capital surplus. Buybacks and dividends totaled $86.3 million in 2025, under 30% of net income. Shares rose about 1%, while diluted share counts remain several percent above basic counts. (sec.gov )

What could change the storyContinued client growth could make today’s price cheap, while calmer markets could reveal temporarily high profits.

The bull case is that securities, prime services, clearing, and acquisitions keep widening the earnings base. First-half adjusted return on common equity, a measure of profit earned on shareholder capital, reached 37.5%, while 77 clients each generated more than $5 million of annualized revenue. The bear case is cyclicality: Agency and Execution Energy revenue fell 30% year over year in Q2 as activity normalized, and first-half profit included a $35.1 million disposal gain. Sustainable diluted earnings above roughly $6 would look cheap; below $5, the valuation becomes much less forgiving. (sec.gov )

AI: News

Record half-year resultsMarex reported sharply higher first-half profit, and the shares jumped after the release.

On August 12, Marex reported first-half revenue of $1.39 billion, up 43%, and profit after tax of $267.7 million, up 79%. Diluted earnings per share reached $3.43 versus $1.91. The stock closed 18.7% higher that day. The timing strongly suggests the earnings surprise mattered, but it does not prove earnings were the only cause. The result raised expectations for sustainable earnings power and made the prior valuation look less demanding. (sec.gov )

Webb Traders closesMarex completed a targeted options-market acquisition designed to improve hedging economics and margins.

On August 3, Marex completed the Webb Traders acquisition. Initial consideration was €69.9 million, including €33.7 million plus tangible net assets. Webb adds electronic equity-derivatives market making, allowing Marex to internalize more hedging for structured products instead of paying outside counterparties. That can improve pricing and margins if volumes are sufficient. The purchase is modest relative to Marex’s capital base, but execution matters because the final purchase-price allocation and goodwill were still being determined. (sec.gov )

Bright Point expansionThe planned Bright Point purchase would add Asian clearing scale and China-linked client relationships.

On July 9, Marex agreed to acquire Bright Point International, a Singapore-based multi-asset clearing business. Bright Point is expected to bring about $800 million of client balances and more than 70 employees across Asia and Europe. Those balances can support clearing revenue and interest income, while the relationships expand Marex’s access to China-linked markets. The purchase price was not disclosed, so investors cannot yet judge the return on invested capital; regulatory approval and integration remain important uncertainties. (globenewswire.com )

Hybrid capital raiseA large hybrid-note issue strengthened acquisition funding but added a meaningful recurring financing cost.

On June 9, Marex completed a $500 million perpetual hybrid-note offering with a 7.7% coupon. Management said proceeds could fund acquisitions and repurchase older 13.25% capital notes. The security receives equity-like treatment for credit purposes, helping capital flexibility without issuing ordinary shares, but its annual coupon is roughly $38.5 million before tax and ranks ahead of common shareholders economically. The deal supports growth capacity, yet it raises the earnings hurdle for acquisitions financed with that capital. (sec.gov )

Loading local price history

Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$2.02B	$1.59B	$1.24B	$711.1M
Operating expenses	$534.5M	$450.9M	$356.5M	$223.1M
Operating income	$1.17B	$836.3M	$678.3M	$270.5M
Operating margin	57.86%	52.44%	54.50%	38.04%
EBITDA	$1.21B	$863.4M	$693.8M	$300.4M
EBITDA margin	59.68%	54.14%	55.74%	42.24%
Net income	$307.7M	$218.0M	$141.3M	$98.2M
Net profit margin	15.20%	13.67%	11.35%	13.81%
Basic EPSper basic share	$4.12	$2.96	$1.94	$1.39
Diluted EPSper diluted share	$3.86	$2.72	$1.82	$1.36

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of MRX
Holder	Shares held
FMR LLC	5.37M
PRICE T ROWE ASSOCIATES INC /MD/	4.92M
BlackRock, Inc.	4.59M
Capital International Investors	3.26M
Lowitt Ian T	2.83M
ALLIANCEBERNSTEIN L.P.	2.6M
WASATCH ADVISORS LP	1.68M
LOOMIS SAYLES & CO L P	1.63M
SAMLYN CAPITAL, LLC	1.48M
Van Den Born Simon	1.47M
Invesco Ltd.	1.4M
Ophir Asset Management Pty Ltd	1.39M
TWO SIGMA INVESTMENTS, LP	1.34M
Tonucci Paolo	1.3M
VICTORY CAPITAL MANAGEMENT INC	1.29M
Granahan Investment Management, LLC	1.25M
MORGAN STANLEY	1.17M
ROYCE & ASSOCIATES LP	1.11M
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	1.04M
STATE STREET CORP	1.03M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)20$7.87M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4 · 10b5-1	Tonucci PaoloSee Remarks	SellOrdinary Shares	809	$63.00	$51.0K	1.30M
Jun 15, 2026Form 4 · 10b5-1	Tonucci PaoloSee Remarks	SellOrdinary Shares	14.2K	$62.51	$887.6K	1.30M
Jun 15, 2026Form 4 · 10b5-1	Tonucci PaoloSee Remarks	SellOrdinary Shares	1.7K	$61.74	$102.4K	1.31M
Jun 12, 2026Form 4 · 10b5-1	Lowitt Ian TChief Executive Officer	SellOrdinary Shares	4.3K	$62.94	$272.5K	2.83M
Jun 12, 2026Form 4 · 10b5-1	Lowitt Ian TChief Executive Officer	SellOrdinary Shares	32.8K	$62.29	$2.04M	2.84M

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about MRX yet. Start the conversation.

Write the first post

Marex Group Ltd (MRX)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.