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$239.00
â–Ľ(-0.37% Downside)
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
Asset management scale & performance
Large AUM and a 43% rise in asset management earnings driven by performance fees create durable fee streams. Scale in private markets and digital assets plus $23.5bn dry powder supports repeatable management and performance fees, smoothing revenues over market cycles.
Negative Factors
High leverage
Material leverage raises sensitivity to funding stress and amplifies losses in downturns. High debt levels can constrain capital allocation, increase regulatory scrutiny, and require higher risk premiums on lending, weakening long-term financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset management scale & performance
Large AUM and a 43% rise in asset management earnings driven by performance fees create durable fee streams. Scale in private markets and digital assets plus $23.5bn dry powder supports repeatable management and performance fees, smoothing revenues over market cycles.
Read all positive factors
Macquarie Group Limited (MQG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$84.81B
Dividend Yield3.27%
Average Volume (3M)858.61K
Price to Earnings (P/E)12.1
Beta (1Y)1.58
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$238.02Price Target Upside-0.77% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)12.54
Revenue Forecast (FY)AU$19.50B
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 makes money through a diversified set of financial services revenues across its operating groups:
1) Markets-facing income (trading, facilitation, and risk management): A significant portion of earnings is generated by its markets busin...
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
239.88
Price Trends
209.50
Positive
206.31
Positive
211.33
Positive
Market Momentum
9.10
Negative
76.34
Negative
97.56
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 239.88 is above the 20-day moving average (MA) of 213.22, above the 50-day MA of 209.50, and above the 200-day MA of 211.33, indicating a bullish trend. The MACD of 9.10 indicates Negative momentum. The RSI at 76.34 is Negative, neither overbought nor oversold. The STOCH value of 97.56 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$5.87B | -724.26 | 32.56% | 1.45% | 26.82% | -44.32% | |
63 Neutral | AU$125.12M | 21.16 | 9.10% | ― | -5.73% | -36.36% | |
56 Neutral | AU$84.81B | 12.15 | 10.75% | 3.27% | 3.65% | 1.58% | |
52 Neutral | AU$336.36M | 9.65 | 15.42% | 2.81% | 12.61% | 69.59% | |
48 Neutral | AU$59.02M | 5.73 | 10.48% | ― | 15.57% | ― | |
42 Neutral | AU$2.47M | -0.52 | 236.32% | ― | -18.21% | 12.67% |
* Financial Sector Average
AU:MQG
Macquarie Group Limited
233.13
45.90
24.52%
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Macquarie Group Limited Corporate Events
Macquarie Group Exits Substantial Holder Position in Regis Resources
Apr 27, 2026
Macquarie Group Limited has notified Regis Resources Limited that it has ceased to be a substantial holder in the gold producer, lodging a formal notice under Australian corporations law. The change reflects adjustments in Macquarie’s releva...
Macquarie Group Ceases to Be Substantial Holder in Ventia Services
Apr 24, 2026
Macquarie Group Limited has filed a notice that it has ceased to be a substantial holder in Ventia Services Group Limited, indicating its voting interest in the company has fallen below the regulatory threshold that requires substantial holding di...
Macquarie Group Ceases to Be Substantial Holder in G8 Education
Apr 24, 2026
Macquarie Group Limited has lodged a notice stating that it and its controlled entities have ceased to be a substantial holder in G8 Education Limited, an Australian-listed childcare operator. The filing, made under Australia’s Corporations ...
Macquarie Group exits substantial holder position in Regis Resources
Apr 21, 2026
Macquarie Group Limited has lodged a notice confirming it has ceased to be a substantial holder in Regis Resources Limited, signaling that its relevant voting interest in the gold producer has fallen below the regulatory disclosure threshold. The ...
Macquarie Group Ceases to Be Substantial Holder in Healius
Apr 13, 2026
Macquarie Group Limited has lodged a notice with Healius Limited confirming that it has ceased to be a substantial holder in the healthcare company. The filing indicates that Macquarie and its controlled entities have reduced their relevant voting...
Macquarie Group Ceases to Be Substantial Holder in Ventia Services Group
Apr 10, 2026
Macquarie Group Limited has lodged a notice stating it has ceased to be a substantial shareholder in Ventia Services Group Limited, in line with Australia’s Corporations Act disclosure rules. The filing, signed by company secretary Simone Ko...
Macquarie Group Ceases to Be Substantial Holder in Bravura Solutions
Apr 10, 2026
Macquarie Group Limited has lodged a notice stating it has ceased to be a substantial holder in Bravura Solutions Limited, signalling that its relevant interest and voting power in the Australian fintech company have fallen below the substantial h...
Macquarie Group Reports Lapse of Deferred Share Units
Apr 10, 2026
Macquarie Group Limited has notified the market of the cessation of 6,480 deferred share units identified under the ASX code MQGAM. The securities lapsed on March 31, 2026, after the conditional rights attached to them were not satisfied or became...
Macquarie Issues New Shares Following Conversion of Unquoted Securities
Apr 10, 2026
Macquarie Group Limited has notified the market of the issue of 27,579 new ordinary fully paid shares resulting from the conversion or exercise of previously unquoted securities. The new shares, issued on March 31, 2026, reflect the routine crysta...
Macquarie Group Ceases to Be Substantial Holder in Aeris Resources
Apr 9, 2026
Macquarie Group Limited has lodged a notice stating that it and its controlled entities have ceased to be substantial holders in Aeris Resources Limited, in line with disclosure requirements under the Corporations Act 2001. The filing, signed by c...
Macquarie Corrects Substantial Holding Disclosure in Vault Minerals
Apr 8, 2026
Macquarie Group Limited has issued a correction to an earlier substantial holder notice relating to its stake in Vault Minerals Limited on the ASX. The group clarified that a previously omitted sell trade of 51,070 shares by Macquarie Investment M...
Macquarie exits substantial holder position in Pantoro Gold
Apr 8, 2026
Macquarie Group Limited and its controlled entities have lodged a notice that they have ceased to be a substantial holder in Pantoro Gold Limited, indicating their voting interest in the gold company has fallen below the relevant regulatory thresh...
Macquarie Group Ceases to Be Substantial Holder in Australian Clinical Labs
Apr 8, 2026
Macquarie Group Limited has filed a notice stating it has ceased to be a substantial holder in Australian Clinical Labs Limited, indicating that its voting power in the pathology company has fallen below the substantial holding threshold. The chan...
Macquarie Group Exits Substantial Holder Position in Healius
Apr 7, 2026
Macquarie Group Limited has notified Healius Limited that it has ceased to be a substantial holder in the healthcare company, filing a formal notice under Australian corporations law. The change reflects adjustments in Macquarie’s relevant i...
Macquarie Group Ceases to Be Substantial Holder in Downer EDI
Apr 1, 2026
Macquarie Group Limited has filed a notice stating that it has ceased to be a substantial holder in Downer EDI Limited, signaling a material reduction or exit of its relevant voting interest in the engineering and infrastructure group. The filing ...
Macquarie Group Ceases to Be Substantial Holder in Downer EDI
Mar 27, 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. The filing, made under Australia’s Corporations Act, reflects changes in Macquarie’s ...
Macquarie Group Ceases to Be Substantial Holder in Sandfire Resources
Mar 27, 2026
Macquarie Group Limited has lodged a notice under Australia’s Corporations Act confirming it has ceased to be a substantial holder in Sandfire Resources Limited. The filing, signed by company secretary Simone Kovacic on 27 March 2026, indica...
Macquarie Group Ceases to Be Substantial Holder in EDU Holdings
Mar 25, 2026
Macquarie Group Limited has lodged a formal notice under Australian corporate law confirming that it and its controlled entities have ceased to be a substantial holder in EDU Holdings Limited. The filing, signed by Company Secretary Simone Kovacic...
Macquarie Group Ceases to Be Substantial Holder in NRW Holdings
Mar 24, 2026
Macquarie Group Limited has lodged a notice stating that it has ceased to be a substantial holder in NRW Holdings Limited, indicating a reduction in its relevant voting interest below the regulatory disclosure threshold. The filing, signed by Assi...
Macquarie Extends On-Market Share Buyback to November 2026
Mar 19, 2026
Macquarie Group Limited, a global investment bank and asset manager listed on the ASX under the code MQG, offers a broad range of financial services spanning banking, advisory, asset management and risk solutions for institutional, corporate and r...
Macquarie Group Ceases to Be Substantial Holder in Ingenia Communities
Mar 18, 2026
Macquarie Group Limited has lodged a regulatory notice stating it has ceased to be a substantial holder in Ingenia Communities Group, which comprises Ingenia Communities Holdings Limited, Ingenia Communities Fund and Ingenia Communities Management...
Macquarie Group Ceases to Be Substantial Holder in Lendlease
Mar 18, 2026
Macquarie Group Limited and a broad suite of its controlled entities have lodged a notice that they have ceased to be a substantial holder in Lendlease Group, indicating their aggregate voting interest has fallen below the relevant regulatory thre...
Macquarie flags late disclosure of director Glenn Stevens’ shareholding change
Mar 17, 2026
Macquarie Group has disclosed a change in director Glenn Stevens’ relevant interests in fully paid ordinary shares held through the Stevens Family Trust and related superannuation structures. The update, lodged via an Appendix 3Y to the ASX,...
Macquarie Group Ceases to Be Substantial Holder in Downer EDI
Mar 16, 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. The filing, made under Australia’s Corporations Act, indicates that Macquarie’s relev...
Macquarie Group Ceases to Be Substantial Holder in Bravura Solutions
Mar 13, 2026
Macquarie Group Limited has notified Bravura Solutions Limited that it and its controlled entities have ceased to be a substantial holder in Bravura, lodging a formal notice dated 13 March 2026 under Australian corporations disclosure rules. The f...
Macquarie Group Ceases to Be Substantial Holder in Austal
Mar 11, 2026
Macquarie Group Limited and its controlled entities have filed a notice indicating they have ceased to be a substantial holder in Austal Limited, formally recording changes in their relevant interests and associations in the shipbuilder’s vo...
Macquarie Group Ceases to Be Substantial Holder in Metal Powder Works
Mar 11, 2026
Macquarie Group Limited has lodged a formal notice stating that it and its controlled entities have ceased to be substantial holders in Metal Powder Works Limited, listed on the ASX as MPW.AX. The filing, signed by Company Secretary Simone Kovacic...
Macquarie details shareholdings under exemption from Corporations Act ownership rules
Mar 10, 2026
Macquarie Group Limited has disclosed its aggregate interest in its own voting shares following the grant of an exemption from section 259C of the Corporations Act, which allows certain acquisitions of Macquarie shares by its controlled entities. ...
Macquarie Group Ends Substantial Holding in Tabcorp
Mar 10, 2026
Macquarie Group Limited and a range of its controlled entities have lodged a notice stating they have ceased to be a substantial holder in Tabcorp Holdings Limited, marking a reduction in their relevant voting interests. The filing, dated 10 March...
Macquarie Group Ceases to Be Substantial Holder in Australian Clinical Labs
Mar 9, 2026
Macquarie Group Limited and its controlled entities have lodged a notice with Australian Clinical Labs Limited indicating that they have ceased to be a substantial holder in the pathology company. The filing, signed by company secretary Simone Kov...
Macquarie Group Ceases to Be Substantial Holder in Bravura Solutions
Mar 6, 2026
Macquarie Group Limited has lodged a regulatory notice advising that it has ceased to be a substantial holder in Bravura Solutions Limited, indicating its voting interest has fallen below the relevant disclosure threshold. The filing, signed by an...
Macquarie Group Ceases to Be Substantial Holder in Jumbo Interactive
Mar 4, 2026
Macquarie Group Limited and its controlled entities have lodged a notice confirming they have ceased to be a substantial holder in Jumbo Interactive Limited, an ASX-listed company. The filing, signed by an assistant company secretary on 4 March 20...
Macquarie Group Ceases to Be Substantial Holder in Downer EDI
Feb 27, 2026
Macquarie Group Limited has lodged a regulatory notice confirming it has ceased to be a substantial holder in Australian engineering and infrastructure group Downer EDI Limited. The filing, made under section 671B of the Corporations Act, reflects...
Macquarie Group Ceases to Be Substantial Holder in Downer EDI
Feb 25, 2026
Macquarie Group Limited has notified Downer EDI Limited that it has ceased to be a substantial holder in the company under Australian Corporations Act disclosure rules. The notice, signed by Company Secretary Simone Kovacic and dated 25 February 2...
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...
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.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower 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.
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.