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Marex Group plc
(NASDAQ:MRX)
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Rating:79Outperform
Price Target:
$73.00
▲(11.35% Upside)
Action:Reiterated
Date:05/08/26
The score is driven primarily by strong operating performance and growth with supportive technical trend, plus very attractive valuation (low P/E). Offsetting factors are higher balance-sheet leverage and cash-flow variability, along with earnings sensitivity to market volatility highlighted on the latest call.
Positive Factors
Diversified multi-asset franchise
Marex operates across agency execution, market making, clearing and solutions across energy, metals, ag and financials. That diversified model spreads revenue drivers across fee, principal and clearing streams, reducing dependence on any single market and supporting durable fee and trading income over time.
Negative Factors
Rising leverage and debt load
Material increase in leverage raises structural funding and interest-rate sensitivity. Higher debt amplifies earnings volatility, constrains strategic optionality during stress, and increases refinancing risk. Over a multi-month horizon, elevated leverage makes profitability and capital returns more contingent on stable markets and funding conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified multi-asset franchise
Marex operates across agency execution, market making, clearing and solutions across energy, metals, ag and financials. That diversified model spreads revenue drivers across fee, principal and clearing streams, reducing dependence on any single market and supporting durable fee and trading income over time.
Read all positive factors
Marex Group plc (MRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.67B
Dividend Yield0.94%
Average Volume (3M)883.20K
Price to Earnings (P/E)21.8
Beta (1Y)0.58
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees3,331
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)2.98
Shares Outstanding71,930,870
10 Day Avg. Volume683,916
30 Day Avg. Volume883,203
Financial Highlights & Ratios
PEG Ratio0.23
Price to Book (P/B)2.17
Price to Sales (P/S)0.75
P/FCF Ratio4.18
Enterprise Value/Market Cap>-0.01
Enterprise Value/Revenue>-0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$74.67Price Target Upside13.89% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)5.41
Revenue Forecast (FY)$2.54B
Marex Group plc Business Overview & Revenue Model
Company Description
Marex Group plc, a financial services platform company, provides liquidity, market access, and infrastructure services to clients in the commodity and financial markets in the United Kingdom, the United States, and internationally. It operates thr...
How the Company Makes Money
Marex makes money primarily by facilitating trading and risk management for clients across commodities and financial markets and by providing clearing and related services. Key revenue streams typically include: (1) Brokerage and execution revenue...
Marex Group plc Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial performance: record revenue and adjusted PBT, broad-based segment growth, rising client balances and a robust M&A/capital program. Management was transparent about a one-off clearing loss, a decline in net interest income driven by deliberate funding choices, higher expenses from investments and the risks associated with elevated market volatility. On balance, the highlights — sizeable revenue and profit upside, strong capital ratios, successful integrations and an active pipeline — materially outweigh the lowlights, supporting confidence in continued structural growth.Positive Updates
Record Quarterly Results
Revenue grew 48% year-over-year to $692 million (from $467 million) and adjusted profit before tax increased 59% to $153 million. Basic EPS rose 55% to $1.52; trailing 12-month EPS $4.66.
Negative Updates
Natural Gas Client Default and Clearing Loss
A client default in January produced a total clearing loss of ~$34M (including ~ $28M trading losses, trading revenue turned negative ~$18M and a credit loss provision of ~$6M). Management says situations have resolved and no further material credit issues observed.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Results
Revenue grew 48% year-over-year to $692 million (from $467 million) and adjusted profit before tax increased 59% to $153 million. Basic EPS rose 55% to $1.52; trailing 12-month EPS $4.66.
Read all positive updates
Company Guidance
The company signalled a constructive outlook: Q2 clearing balances are at record levels after Q1 average clearing client balances rose to $16bn (from $14bn in Q4 and $12bn a year ago), exchange volumes were +32% vs Q4 and +24% YoY, and April is tracking above last year’s April—running above February’s $38m level but below March’s exceptional $78m—supporting confidence for the rest of 2026; management expects balances to keep increasing (pace moderating), sees continued margin expansion toward the mid-20s over a ~3‑year horizon while maintaining current ~22% adjusted PBT margin this year, and plans inorganic activity comparable to 2025, alongside corporate actions including a Q1 dividend increase to $0.16/sh (paid June 3), a planned Bermuda redomicile in H2 2026 (subject to approvals), pursuit of shareholder buyback authorization, and a Q2 benefit from the Winterflood custody sale (~$40m capital benefit); Q1 financials underpinning guidance were: revenue $692m (+48% YoY), adjusted PBT $153m (+59% YoY), adjusted EPS $1.52 (trailing 12‑month EPS $4.66), adjusted ROE in the mid‑30s, regulatory capital $1.0bn vs requirement $403m (capital ratio 253%), total assets $36.5bn and liquidity headroom ~ $1.4bn.Marex Group plc Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
52
Neutral
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.63B | 2.89B | 2.35B | 1.18B | 851.70M |
| Gross Profit | 2.71B | 1.29B | 1.69B | 862.30M | 825.30M |
| EBITDA | 1.21B | 865.80M | 705.40M | 284.30M | 106.60M |
| Net Income | 308.20M | 218.00M | 128.00M | 91.60M | 56.50M |
Balance Sheet | |||||
| Total Assets | 34.68B | 24.31B | 17.61B | 15.74B | 5.26B |
| Cash, Cash Equivalents and Short-Term Investments | 13.46B | 5.21B | 4.73B | 3.22B | 758.30M |
| Total Debt | 10.23B | 6.14B | 5.39B | 5.73B | 1.29B |
| Total Liabilities | 33.41B | 23.34B | 16.84B | 15.07B | 4.79B |
| Stockholders Equity | 1.26B | 976.90M | 775.90M | 677.70M | 477.70M |
Cash Flow | |||||
| Free Cash Flow | 654.40M | 1.14B | 722.90M | 216.20M | 463.50M |
| Operating Cash Flow | 667.50M | 1.16B | 735.00M | 225.60M | 470.80M |
| Investing Cash Flow | -264.30M | -35.30M | -97.60M | -46.30M | -19.80M |
| Financing Cash Flow | -123.90M | -37.20M | -72.80M | 26.50M | -27.20M |
Marex Group plc Technical Analysis
Positive
65.56
Price Trends
62.07
Positive
55.27
Positive
46.09
Positive
Market Momentum
0.48
Positive
51.02
Neutral
47.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRX, the sentiment is Positive. The current price of 65.56 is above the 20-day moving average (MA) of 64.67, above the 50-day MA of 62.07, and above the 200-day MA of 46.09, indicating a neutral trend. The MACD of 0.48 indicates Positive momentum. The RSI at 51.02 is Neutral, neither overbought nor oversold. The STOCH value of 47.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MRX.
Marex Group plc Risk Analysis
Marex Group plc disclosed 4 risk factors in its most recent earnings report. Marex Group plc reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Marex Group plc Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $4.67B | 21.79 | 25.95% | 0.93% | ― | ― | |
79 Outperform | $2.84B | 12.69 | 17.42% | ― | 12.56% | 20.38% | |
68 Neutral | $920.65M | 7.54 | 13.81% | ― | 48.35% | 37.83% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $1.13B | 10.93 | 10.71% | 1.59% | 20.97% | 16.24% | |
54 Neutral | $1.67B | 54.34 | -8.69% | 1.79% | -20.87% | -66.62% | |
42 Neutral | $233.32M | -4.67 | -29.26% | ― | 18.94% | -2819.27% |
* Financial Sector Average
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Marex Group plc Corporate Events
Marex Completes Bermuda Redomiciliation and Assumes Outstanding Debt Obligations
Jul 6, 2026
On July 1, 2026, Marex completed a redomiciliation, installing Bermuda-based Marex Group Limited as the new parent of the group, with former U.K. parent Marex Group plc becoming wholly owned and renamed Marex UK Holdings Limited after conversion t...
Marex Group Completes Bermuda Redomiciliation and Lists New Holding Company on Nasdaq
Jul 1, 2026
Marex Group plc completed a court-approved redomiciliation on July 1, 2026, creating Marex Group Limited as the new Bermuda-incorporated parent of the Marex group. Existing holders of Marex ordinary shares received New Marex ordinary shares on a o...
Marex Wins Court Approval to Redomicile Holding Company to Bermuda
Jun 26, 2026
Marex Group plc secured approval on June 26, 2026, from the High Court of Justice of England and Wales for a statutory scheme of arrangement that will shift its parent holding company from the U.K. to Bermuda. The court decision follows shareholde...
Marex Group Sets Court Date for Bermuda Redomiciliation Plan
Jun 18, 2026
Marex Group plc has set June 26, 2026 as the date for a High Court hearing in London to seek sanction of a scheme of arrangement with its shareholders, underpinning its proposed redomiciliation from the United Kingdom to Bermuda. If approved, the ...
Marex Raises $500 Million in Hybrid Notes to Refinance Capital and Fund Acquisitions
Jun 9, 2026
On 9 June 2026, Marex Group plc completed a U.S.$500 million offering of perpetual subordinated resettable fixed rate hybrid notes, commonly treated as hybrid capital. The company plans to use the proceeds for general corporate purposes, including...
Marex Group Adds Fintech Entrepreneur Georges Assi to Board and Risk Committee
Jun 8, 2026
Marex Group plc, a diversified global financial services platform listed on Nasdaq, provides clearing, execution, market making, hedging and investment solutions across global commodity and financial markets, with strong positions in metals, energ...
Marex Shareholders Back AGM Resolutions and Redomiciliation Plan to Bermuda
May 22, 2026
Marex Group plc held its Annual General Meeting on 21 May 2026 in London, where shareholders approved all resolutions set out in the AGM notice, including both ordinary and special resolutions, following polls on each item. These approvals confirm...
Marex Secures Bondholder Consent to Amend 2029 Notes Ahead of Bermuda Redomiciliation
May 19, 2026
Marex Group plc, a diversified global financial services platform, has been reorganizing its capital structure and note documentation to support a planned change of legal domicile from England and Wales to Bermuda. The company already issues multi...
Marex Group Launches Consent Drive to Amend 2029 Notes Ahead of Bermuda Redomiciliation
May 7, 2026
On May 7, 2026, Marex Group plc launched a consent solicitation for holders of its 6.404% Senior Notes due 2029, seeking approval for amendments to the governing indenture that would bring their terms in line with its newer 2031 and 2028 notes and...
Marex Group Posts Record Q1 2026 Results and Advances Redomiciling Plan
May 6, 2026
On May 6, 2026, Marex Group plc reported record first-quarter 2026 results, with revenue up 48% year-on-year to $692.3 million and profit before tax rising 53% to $149.8 million, driven by strong client activity, elevated market volatility and gai...
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.