Macquarie Group Limited (AU:MQG)
ASX:MQG
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Macquarie Group Limited
(Sydney:MQG)
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Rating:56Neutral
Price Target:
AU$230.00
â–²(8.39% Upside)
Action:ReiteratedDate:11/12/25
Macquarie Group Limited's stock score is primarily influenced by its mixed financial performance and bearish technical indicators. The company's high leverage and inconsistent revenue growth pose risks, while the oversold technical position suggests potential for a rebound. Valuation metrics indicate a potential overvaluation, but the dividend yield provides some investor appeal. The earnings call highlighted strong asset management and banking performance, though challenges remain in commodities and increased expenses.
Positive Factors
Scale in Asset Management
Macquarie Asset Management's near-$1 trillion AUM and a 43% rise in net profit contribution reflect durable scale and fee-earning capacity. Large AUM and performance fees from private markets support recurring management fees and episodic performance fees, underpinning multi-year earnings stability.
Negative Factors
High leverage
Substantial leverage increases sensitivity to funding cost shocks and market dislocations. Even if typical for capital markets, elevated debt levels can amplify earnings volatility, constrain capital allocation during downturns, and increase regulatory and refinancing risk over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale in Asset Management
Macquarie Asset Management's near-$1 trillion AUM and a 43% rise in net profit contribution reflect durable scale and fee-earning capacity. Large AUM and performance fees from private markets support recurring management fees and episodic performance fees, underpinning multi-year earnings stability.
Read all positive factors
Macquarie Group Limited (MQG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$77.56B
Dividend Yield3.27%
Average Volume (3M)858.61K
Price to Earnings (P/E)12.1
Beta (1Y)1.51
Revenue Growth3.65%
EPS Growth1.58%
CountryAU
Employees21,270
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)4.37
Shares Outstanding381,138,430
10 Day Avg. Volume761,473
30 Day Avg. Volume858,609
Financial Highlights & Ratios
PEG Ratio2.86
Price to Book (P/B)2.03
Price to Sales (P/S)10.60
P/FCF Ratio13.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$230.61Price Target Upside8.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)12.32
Revenue Forecast (FY)AU$19.26B
Macquarie Group Limited Business Overview & Revenue Model
Company Description
Macquarie Group Limited provides diversified financial services in Australia, the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates through four segments: Macquarie Asset Management (MAM), Banking and Financial ...
How the Company Makes Money
Macquarie Group generates revenue through multiple streams, primarily from its asset management, banking, and commodities divisions. The asset management segment earns fees from managing investments on behalf of clients, while the banking division...
Macquarie Group Limited Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 08, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mix of strong performances in asset management and banking services, offset by challenges in the commodities market and impairments in green assets. While there was growth in key areas, increased operating expenses and falling return on equity tempered the overall positive outlook.Positive Updates
Macquarie Asset Management Performance
Macquarie Asset Management reported a 43% increase in net profit contribution, due to an increase in performance fees. Assets under management reached $959.1 billion, with significant contributions from private markets and digital assets.
Negative Updates
Commodities and Global Markets Decline
The Commodities and Global Markets segment experienced a 15% decline in net profit contribution, due to subdued global commodities environment and increased operating expenses.
Read all updates
Q2-2026 Updates
Positive
Negative
Macquarie Asset Management Performance
Macquarie Asset Management reported a 43% increase in net profit contribution, due to an increase in performance fees. Assets under management reached $959.1 billion, with significant contributions from private markets and digital assets.
Read all positive updates
Company Guidance
In the first half of the fiscal year 2026 results call, Macquarie provided comprehensive guidance detailing several key metrics. The group's net profit was up 3% from the previous comparable period, reaching $1.655 billion, although the return on equity decreased slightly to 9.6% due to a growing capital position. Macquarie Asset Management saw its earnings rise by 43% to $1.175 billion, driven by performance fees, with assets under management standing at $959.1 billion. Banking and Financial Services reported a 22% increase in earnings to $793 million, supported by a 13% growth in the home loan portfolio to over $160 billion and a 12% increase in deposits to over $190 billion. Commodities and Global Markets experienced a 15% decline in net profit contribution to $1.113 billion, despite stable operating income, due to increased operating expenses. Macquarie Capital's net profit surged by 92% to $711 million, thanks to a strong fee income, particularly in Australia and the Americas, and a $3.9 billion rise in its private credit book. The group's funded balance sheet remained robust, with a capital surplus of $7.6 billion over Basel III minimums, while the Board declared a half-year dividend of $2.80 per share, representing a 64% payout ratio.Macquarie Group Limited Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
65
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.19B | 6.79B | 16.91B | 19.14B | 16.39B | 12.92B |
| Gross Profit | 3.00M | 6.79B | 6.25B | 6.56B | 6.89B | 5.18B |
| EBITDA | 21.37B | 20.52B | 18.58B | 5.19B | 8.58B | 6.49B |
| Net Income | 3.76B | 3.71B | 3.52B | 5.18B | 4.71B | 3.02B |
Balance Sheet | ||||||
| Total Assets | 484.22B | 445.22B | 403.40B | 389.41B | 399.18B | 245.65B |
| Cash, Cash Equivalents and Short-Term Investments | 94.95B | 88.04B | 83.90B | 87.79B | 103.57B | 15.88B |
| Total Debt | 170.73B | 330.19B | 269.21B | 141.79B | 140.47B | 85.47B |
| Total Liabilities | 449.02B | 409.43B | 369.41B | 355.31B | 370.37B | 223.30B |
| Stockholders Equity | 34.56B | 35.36B | 33.48B | 33.16B | 28.56B | 22.05B |
Cash Flow | ||||||
| Free Cash Flow | -1.77B | 5.27B | -9.08B | -11.24B | 9.57B | -2.40B |
| Operating Cash Flow | -853.00M | 6.33B | -10.86B | -10.42B | 10.55B | -1.64B |
| Investing Cash Flow | -40.20B | -2.34B | -3.88B | -1.23B | -31.13B | -11.13B |
| Financing Cash Flow | 16.59B | -1.94B | -2.99B | 33.48B | 72.19B | 20.41B |
Macquarie Group Limited Technical Analysis
Positive
212.19
Price Trends
206.73
Positive
203.76
Positive
210.79
Positive
Market Momentum
0.67
Negative
60.42
Neutral
88.30
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MQG, the sentiment is Positive. The current price of 212.19 is above the 20-day moving average (MA) of 199.69, above the 50-day MA of 206.73, and above the 200-day MA of 210.79, indicating a bullish trend. The MACD of 0.67 indicates Negative momentum. The RSI at 60.42 is Neutral, neither overbought nor oversold. The STOCH value of 88.30 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:MQG.
Macquarie Group Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | AU$5.35B | -724.26 | 32.56% | 1.45% | 28.29% | 39.39% | |
63 Neutral | AU$125.12M | 21.16 | 9.10% | ― | -5.73% | -36.36% | |
56 Neutral | AU$77.56B | 12.15 | 10.75% | 3.27% | 3.65% | 1.58% | |
52 Neutral | AU$326.61M | 9.65 | 15.42% | 2.81% | 24.56% | 59.32% | |
48 Neutral | AU$59.02M | 5.73 | 10.48% | ― | 5.03% | 52.31% | |
42 Neutral | AU$2.80M | -0.52 | 236.32% | ― | -37.25% | 27.45% |
* Financial Sector Average
AU:MQG
Macquarie Group Limited
212.19
46.72
28.23%
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0.67
0.09
15.52%
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0.02
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-43.33%
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21.81
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Macquarie Group Limited Corporate Events
Macquarie Bank Boosts Tier 2 Capital With A$1.25bn Subordinated Notes Issue
Feb 19, 2026
Macquarie Bank Limited has issued A$1.25 billion of subordinated notes, comprising A$400 million fixed-to-floating rate and A$850 million floating rate instruments, both maturing in August 2036 and exchangeable into Macquarie Group ordinary shares...
Macquarie Group Ceases to Be Substantial Holder in Web Travel Group
Feb 11, 2026
Macquarie Group Limited has lodged a formal notice that it and a broad range of its controlled entities have ceased to be a substantial holder in Web Travel Group Limited. The filing, signed by an assistant company secretary on 11 February 2026, u...
Macquarie Group Ceases to Be Substantial Holder in Tabcorp
Feb 10, 2026
Macquarie Group Limited and its controlled entities have lodged a notice with Tabcorp Holdings stating they have ceased to be a substantial holder in the Australian wagering and gaming company. The filing, signed by company secretary Simone Kovaci...
Macquarie Exits Substantial Holder Position in Sandfire Resources
Feb 10, 2026
Macquarie Group Limited and its controlled entities have lodged a statutory notice indicating they have ceased to be a substantial holder in Sandfire Resources Limited. The filing, dated 10 February 2026, reflects changes in Macquarie’s rele...
Macquarie Outlines Funding Profile and Balance Sheet Strategy in 2026 Briefing
Feb 9, 2026
Macquarie Group Limited has released an operational briefing dated 10 February 2026, providing updated background on its financial performance, financial position, and funding profile as at 31 December 2025. The presentation emphasises that the in...
Macquarie lifts divisional profits and keeps strong capital buffer in 3Q26
Feb 9, 2026
Macquarie Group reported satisfactory trading conditions for the third quarter of FY26, with all four operating divisions posting net profit contributions up on the prior corresponding period. Asset Management earnings surged on gains from the sal...
Macquarie Group Ceases to Be Substantial Holder in Treasury Wine Estates
Feb 9, 2026
Macquarie Group Limited has lodged a notice indicating it has ceased to be a substantial holder in Treasury Wine Estates Limited, signalling that its aggregate relevant interest in the wine company’s voting securities has fallen below the su...
Macquarie Group Ceases to Be Substantial Holder in Service Stream
Feb 6, 2026
Macquarie Group Limited and its controlled entities have lodged a formal notice that they have ceased to be a substantial holder in Service Stream Limited, ending a previously disclosed significant shareholding position in the company. The filing,...
Macquarie Group Ceases to Be Substantial Shareholder in EDU Holdings
Feb 5, 2026
Macquarie Group Limited has lodged a regulatory notice confirming that it and its controlled entities have ceased to be substantial shareholders in EDU Holdings Limited, indicating that their relevant interest in the company’s voting securit...
Macquarie Adds Independent Non-Executive Director William Vereker to Board
Feb 2, 2026
Macquarie Group Limited has appointed William Vereker as an independent Group-only non-executive director, effective 1 February 2026, reinforcing the board’s independent oversight of the diversified financial services group. According to the...
Macquarie Corrects Substantial Holder Notice in Aura Energy After Data Error
Jan 29, 2026
Macquarie Group Limited has issued a correction regarding a previously lodged notice of change of interests in Aura Energy Limited, clarifying that an earlier substantial holder notice filed on 18 December 2025 was submitted in error due to incorr...
Macquarie Group Ceases to Be Substantial Holder in Sandfire Resources
Jan 28, 2026
Macquarie Group Limited and its controlled entities have notified Sandfire Resources Limited that they have ceased to be a substantial holder in the mining company, lodging a formal notice of cessation of substantial holding dated 28 January 2026 ...
Macquarie Group Ceases to Be Substantial Holder in Pantoro Gold
Jan 23, 2026
Macquarie Group Limited and its controlled entities have lodged a formal notice that they have ceased to be a substantial holder in Pantoro Gold Limited, indicating that their relevant voting interest in the ASX-listed gold company has fallen belo...
Macquarie Group Withdraws as Substantial Holder in Beetaloo Energy Australia
Jan 21, 2026
Macquarie Group Limited has lodged a notice stating that it and its controlled entities have ceased to be a substantial holder in Beetaloo Energy Australia Limited, formally recording a change in their relevant voting interests under Australian Co...
Macquarie Extends On-Market Share Buy-Back to November 2026
Jan 19, 2026
Macquarie Group Limited has updated the terms of its on-market share buy-back for its ordinary fully paid shares, extending the program so it can continue purchasing stock on the ASX until 6 November 2026. The extension of the buy-back, initially ...
Macquarie Group Ceases to Be Substantial Holder in Downer EDI
Jan 19, 2026
Macquarie Group Limited has lodged a formal notice that it has ceased to be a substantial holder in Downer EDI Limited, signalling a reduction in its voting power below the regulatory disclosure threshold. The filing, signed by company secretary S...
Macquarie Group Ceases to Be Substantial Holder in Temple & Webster
Jan 16, 2026
Macquarie Group Limited and its controlled entities have lodged a notice stating they have ceased to be a substantial holder in Temple Webster Group Limited, the ASX-listed online furniture and homewares retailer. The filing, signed by company se...
Macquarie Group Ceases to Be Substantial Holder in Tabcorp
Jan 15, 2026
Macquarie Group Limited has lodged a notice stating that it and its controlled entities have ceased to be a substantial holder in Australian wagering and gaming company Tabcorp Holdings Limited. The filing, signed by Assistant Company Secretary Ol...
Macquarie Group Ceases to Be Substantial Holder in Downer EDI
Jan 15, 2026
Macquarie Group Limited has lodged a notice stating that it and its controlled entities have ceased to be a substantial holder in Downer EDI Limited, formally updating the market on changes to their relevant interests and associations in the engin...
Macquarie Group Reports Lapse of 10,022 Deferred Share Units
Jan 13, 2026
Macquarie Group Limited has notified the market of the cessation of 10,022 deferred share units (ASX code MQGAM) following the lapse of conditional rights attached to these securities as of 31 December 2025. The lapse reflects that the specified c...
Macquarie Issues 91,433 New Ordinary Shares Following Conversion of Unquoted Securities
Jan 13, 2026
Macquarie Group Limited has notified the Australian Securities Exchange of the issue of 91,433 fully paid ordinary shares, following the conversion or exercise of previously unquoted options or other unquoted convertible securities, with an effect...
Macquarie Group Ceases to Be Substantial Holder in Sandfire Resources
Jan 12, 2026
Macquarie Group Limited has lodged a formal notice that it has ceased to be a substantial shareholder in Sandfire Resources Limited, with the change effective as of 7 January 2026. The filing, made under Australia’s Corporations Act, details...
Macquarie Group Withdraws as Substantial Holder in Alligator Energy
Jan 9, 2026
Macquarie Group Limited has lodged a notice stating it has ceased to be a substantial holder in Alligator Energy Limited, formally recording a change in its relevant voting interests and associations in the ASX-listed company. The filing, signed b...
Macquarie Group Withdraws as Substantial Holder in Metal Powder Works
Jan 9, 2026
Macquarie Group Limited has filed a notice that it has ceased to be a substantial holder in Metal Powder Works Limited, formally updating its relevant interest in the company’s voting securities under Australia’s Corporations Act discl...
Macquarie Group Ceases to Be Substantial Holder in Elsight Limited
Jan 7, 2026
Macquarie Group Limited and its controlled entities have lodged a formal notice that they have ceased to be a substantial holder in Elsight Limited, indicating their voting power in the ASX-listed company has fallen below the substantial holding t...
Macquarie Group Exits Substantial Holder Position in Jumbo Interactive
Jan 6, 2026
Macquarie Group Limited and its controlled entities have lodged a formal notice that they have ceased to be a substantial holder in Jumbo Interactive Limited as at 31 December 2025, updating the market on changes to their relevant interest and vot...
Macquarie Group Ends Substantial Shareholding in Tabcorp
Dec 29, 2025
Macquarie Group Limited has notified Tabcorp Holdings Limited that it has ceased to be a substantial shareholder, lodging a formal notice of ceasing to be a substantial holder under Australian corporations law. The filing, signed by company secret...
Macquarie Group Sets March 2026 Distribution on MQGPE Capital Notes
Dec 19, 2025
Macquarie Group Limited has declared a quarterly distribution of AUD 1.4199 per security on its listed capital notes MQGPE, which are perpetual, non-cumulative, floating-rate instruments paying a margin of 2.90% over the 3-month bank bill swap rat...
Macquarie Group Adjusts Equity Holdings in Tabcorp
Dec 18, 2025
Macquarie Group Limited has announced that it ceased to be a substantial holder in Tabcorp Holdings Limited. This change signifies an update to the group’s equity holdings strategy, potentially impacting its investment approach and signaling...
Macquarie Group Reduces Holdings in Bravura Solutions
Dec 18, 2025
Macquarie Group Limited announced that it has ceased to be a substantial holder of Bravura Solutions Limited. This signifies a reduction in Macquarie’s interest in the voting securities of the company, signaling a potentially strategic portf...
Macquarie Group Announces New Dividend Distribution
Dec 16, 2025
Macquarie Group Limited announced a new dividend distribution for its security MQGPG, with a distribution amount of AUD 1.3793. The dividend is related to a quarterly period ending on March 15, 2026, with the record date set for February 27, 2026,...
Macquarie Group Announces New Dividend Distribution
Dec 15, 2025
Macquarie Group Limited has announced a new dividend distribution for its security MQGPF, with a distribution amount of AUD 1.5898. The ex-date for the dividend is set for February 24, 2026, with a record date of February 25, 2026, and payment sch...
Macquarie Group Secures Exemption for Share Acquisitions
Dec 10, 2025
Macquarie Group Limited has received an exemption from section 259C of the Corporations Act 2001, allowing certain acquisitions of its shares by its own companies. As of December 8, 2025, Macquarie and its controlled entities hold 6.36% of its vot...
Macquarie Group Appoints William Vereker to Board
Dec 5, 2025
Macquarie Group Limited has announced the appointment of William Vereker as an independent non-executive director, effective February 1, 2026. Vereker’s extensive experience in global financial services and risk management is expected to enh...
Macquarie Group Updates Interim Dividend Allocation
Dec 4, 2025
Macquarie Group Limited has announced an update regarding its interim dividend distribution, with ordinary shares allocated at AUD 195.34 per share. This allocation price is based on the arithmetic average of the daily volume weighted average pric...
Macquarie Group Ceases Substantial Holding in St George Mining
Dec 3, 2025
Macquarie Group Limited has announced that it has ceased to be a substantial holder in St George Mining Limited. This change reflects a shift in Macquarie’s investment strategy or portfolio management, potentially impacting its influence or ...
Macquarie Group Announces Director’s Interest Change
Dec 3, 2025
Macquarie Group Limited has announced a change in the director’s interest notice for Philip M Coffey, involving the redemption of 153,506.08 units of the Walter Scott Global Equity Fund (WSGEF) held on behalf of the Coffey Family Super Fund....
Macquarie Group Adjusts Investment in Chrysos Corporation
Dec 2, 2025
Macquarie Group Limited has announced that it has ceased to be a substantial holder in Chrysos Corporation Limited. This change in holding reflects a shift in Macquarie’s investment strategy, which may impact its market positioning and influ...
Macquarie Group Announces Cessation of Deferred Share Units
Dec 2, 2025
Macquarie Group Limited announced the cessation of 14,042 deferred share units due to the lapse of conditional rights, as the conditions were not met or became incapable of being satisfied. This cessation reflects an adjustment in the company̵...
Macquarie Group Issues Deferred Share Units in Employee Incentive Plan
Dec 2, 2025
Macquarie Group Limited announced the issuance of 14,251 deferred share units as part of an employee incentive scheme. These securities are unquoted and not intended for public trading, reflecting the company’s strategy to incentivize and re...
Macquarie Group Adjusts Investment in Sandfire Resources
Dec 1, 2025
Macquarie Group Limited has announced that it has ceased to be a substantial holder in Sandfire Resources Limited. This change in holding indicates a shift in Macquarie’s investment strategy, which may impact its market positioning and influ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.