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    Marex (MRX)

    Market Price (11/1/2026): $64.35 | Market Cap: $4.6 BilSector: Financials | Industry: Diversified Capital Markets

    Marex (MRX)

    Market Price (11/1/2026): $64.35
    Market Cap: $4.6 Bil
    Sector: Financials
    Industry: Diversified Capital Markets

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49%

    Megatrend and thematic drivers
    Megatrends include Capital Markets Modernization. Themes include Algorithmic Trading & Market Making, Global Commodity & Energy Market Access, and Financial Market Infrastructure Platforms.

    Weak multi-year price returns
    2Y Excs Rtn is -34%, 3Y Excs Rtn is -86%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 68%

    Key risks
    MRX key risks include [1] significant legal and regulatory scrutiny stemming from allegations of a multi-year accounting fraud, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49%
    2 Megatrend and thematic drivers
    Megatrends include Capital Markets Modernization. Themes include Algorithmic Trading & Market Making, Global Commodity & Energy Market Access, and Financial Market Infrastructure Platforms.
    3 Weak multi-year price returns
    2Y Excs Rtn is -34%, 3Y Excs Rtn is -86%
    4 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 68%
    5 Key risks
    MRX key risks include [1] significant legal and regulatory scrutiny stemming from allegations of a multi-year accounting fraud, Show more.

    MRX in ETFs

    Weight = MRX's share of each fund

    IWM0.13%
    IWO0.22%
    VTWO0.14%
    AVUV0.10%
    IWN0.08%
    DFAS0.02%
    ONEQ0.01%
    IWV0.01%
    +1 more covered ETF

    Valuation & Metrics

    FYE: 12/31MRX [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$5.2 Bil—
    FY 2026 Sales$2.8 Bil—
    FY 2027 Sales$3.1 Bil—
    FY 2026 Sales Growth-46.4%—
    FY 2027 Sales Growth10.2%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$426.0 Mil—
    FY 2026 Net Income (Non-GAAP)$470.8 Mil—
    FY 2027 Net Income (Non-GAAP)$533.6 Mil—
    FY 2027 Net Income Growth13.3%12.8%
    FY 2026 EPS (Non-GAAP)$6.18—
    FY 2027 EPS (Non-GAAP)$7.01—
    FY 2027 EPS Growth13.3%—
    VALUATION
    FY 2026 P/S1.73.2
    FY 2027 P/S1.5—
    FY 2026 P/E9.818.2
    FY 2027 P/E8.7—

    [1] MRX forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    MRXS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)5.2
    Rev Chg Q135.3%8.9%
    Rev Chg LTM48.9%8.5%
    Rev Chg 3Y Avg35.9%6.2%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)1.8
    CFO LTM ($ Bil)�
    Net Inc LTM ($ Bil)0.4
    Op Mgn LTM33.9%18.7%
    Net Inc Mgn8.2%13.4%
    VALUATIONVERY LOW
    P/S0.93.2
    P/E10.922.6

    AI Analysis | Feedback

    MetricValueDateSource
    Average Number of Employees361912312023Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/29/2026

    Marex (MRX) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

    1. Strong fiscal Q2 2026 results and positive analyst outlook provided underlying support for the stock. Marex (MRX) reported record fiscal Q2 2026 results on August 12, 2026, with revenue increasing 39% year-over-year to $696 million and adjusted profit before tax surging 56% to $166 million. This strong performance, following a series of consistent profit growth quarters, established a solid valuation floor. Analysts have maintained a consensus "Buy" rating, with an average price target of $81.88, indicating confidence in the company's fundamentals and limiting significant downward movement in its trading range. Marex's fiscal year ends on December 31.

    2. Broader macroeconomic headwinds in the financial services sector limited sustained upward momentum. Despite company-specific strengths, the overall financial sector faced cautious sentiment during fiscal Q3 and early Q4 2026. This was characterized by factors such as elevated Treasury yields and a slowdown in general deal and IPO activity, which contributed to the financial sector being identified as the weakest S&P sector over the past month. These external market pressures likely tempered significant upward breakouts for Marex's stock, leading to consolidation within a range.

    Show more
    Updated on 10/29/2026

    Marex (MRX) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

    1. Strong fiscal Q2 2026 results and positive analyst outlook provided underlying support for the stock. Marex (MRX) reported record fiscal Q2 2026 results on August 12, 2026, with revenue increasing 39% year-over-year to $696 million and adjusted profit before tax surging 56% to $166 million. This strong performance, following a series of consistent profit growth quarters, established a solid valuation floor. Analysts have maintained a consensus "Buy" rating, with an average price target of $81.88, indicating confidence in the company's fundamentals and limiting significant downward movement in its trading range. Marex's fiscal year ends on December 31.

    2. Broader macroeconomic headwinds in the financial services sector limited sustained upward momentum. Despite company-specific strengths, the overall financial sector faced cautious sentiment during fiscal Q3 and early Q4 2026. This was characterized by factors such as elevated Treasury yields and a slowdown in general deal and IPO activity, which contributed to the financial sector being identified as the weakest S&P sector over the past month. These external market pressures likely tempered significant upward breakouts for Marex's stock, leading to consolidation within a range.

    3. Investor "wait-and-see" approach pending fiscal Q3 2026 earnings and the integration of recent corporate restructuring and acquisitions. The period since Marex Group Limited began trading on July 1, 2026, following its redomiciliation to Bermuda, also saw the company actively pursuing acquisitions, including Brainchild Capital Investments and Webb Traders, both announced in August 2026. While these are strategic for long-term growth, investors often take a cautious stance, awaiting the results of integration efforts and upcoming financial disclosures. The market is currently awaiting Marex's fiscal Q3 2026 earnings report, scheduled for November 5, 2026, which is expected to provide further clarity on performance post-restructuring and acquisitions, contributing to the stock trading largely at the same level as investors await these results.

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    Stock Movement Drivers

    Fundamental Drivers

    The -0.6% change in MRX stock from 7/31/2026 to 10/31/2026 was primarily driven by a -18.6% change in the company's P/E Multiple.
    (LTM values as of)731202610312026Change
    Stock Price ($)64.7864.41-0.6%
    Change Contribution By: 
    Total Revenues ($ Mil)4,4965,17215.0%
    Net Income Margin (%)7.7%8.2%6.7%
    P/E Multiple13.410.9-18.6%
    Shares Outstanding (Mil)7272-0.5%
    Cumulative Contribution-0.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 10/31/2026
    ReturnCorrelation
    MRX-0.6% 
    Market (SPY)1.2%23.9%
    Sector (XLF)-0.8%15.3%

    Fundamental Drivers

    null
    null

    Market Drivers

    4/30/2026 to 10/31/2026
    ReturnCorrelation
    MRX  
    Market (SPY)5.4%31.6%
    Sector (XLF)8.8%15.0%

    Fundamental Drivers

    null
    null

    Market Drivers

    10/31/2025 to 10/31/2026
    ReturnCorrelation
    MRX  
    Market (SPY)11.7%31.6%
    Sector (XLF)9.2%15.0%

    Fundamental Drivers

    null
    null

    Market Drivers

    10/31/2023 to 10/31/2026
    ReturnCorrelation
    MRX  
    Market (SPY)86.9%31.6%
    Sector (XLF)82.3%15.0%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    MRX Return------1%-1%
    Peers Return104%-8%16%19%5%-16%127%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    MRX Win Rate-----25% 
    Peers Win Rate71%54%58%54%50%31% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    MRX Max Drawdown------ 
    Peers Max Drawdown-18%-46%-29%-28%-31%-34% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: GOLD, IOND, PWCM, VIP, TW.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/30/2026 (YTD)

    How Low Can It Go

    MRX has limited trading history. Below is the Financials sector ETF (XLF) in its place.

    EventXLFS&P 500
    2025 US Tariff Shock
      % Loss-15.5%-18.8%
      % Gain to Breakeven18.4%23.1%
      Time to Breakeven80 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-10.7%-9.5%
      % Gain to Breakeven12.0%10.5%
      Time to Breakeven26 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-16.1%-6.7%
      % Gain to Breakeven19.1%7.1%
      Time to Breakeven270 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-22.3%-24.5%
      % Gain to Breakeven28.6%32.4%
      Time to Breakeven467 days427 days
    2020 COVID-19 Crash
      % Loss-42.8%-33.7%
      % Gain to Breakeven74.8%50.9%
      Time to Breakeven289 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-19.7%-19.2%
      % Gain to Breakeven24.5%23.8%
      Time to Breakeven123 days105 days

    Compare to LAZ

    In The Past

    State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    MRX has limited trading history. Below is the Financials sector ETF (XLF) in its place.

    EventXLFS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-22.3%-24.5%
      % Gain to Breakeven28.6%32.4%
      Time to Breakeven467 days427 days
    2020 COVID-19 Crash
      % Loss-42.8%-33.7%
      % Gain to Breakeven74.8%50.9%
      Time to Breakeven289 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-21.4%-12.2%
      % Gain to Breakeven27.3%13.9%
      Time to Breakeven272 days62 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-26.1%-17.9%
      % Gain to Breakeven35.3%21.8%
      Time to Breakeven162 days123 days
    2008-2009 Global Financial Crisis
      % Loss-78.3%-53.4%
      % Gain to Breakeven359.8%114.4%
      Time to Breakeven2329 days1085 days

    Compare to LAZ

    In The Past

    State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Marex (MRX)

    Marex (MRX) is a global financial services platform that provides essential liquidity, market access, and infrastructure services across energy, commodities, and financial markets. The company acts as a critical intermediary, connecting its diverse client base, which includes commodity producers, consumers, banks, asset managers, and wholesale counterparties, to 58 global exchanges. Operating primarily in Europe, the Americas, and with a growing presence in the Middle East and Asia-Pacific, Marex thrives in a complex market characterized by high barriers to entry and reduced competitive intensity from traditional large financial institutions.

    Marex offers a comprehensive suite of services organized into four key segments. Its central "Clearing" business provides connectivity to global exchanges, enabling clients to trade and generating commission and interest income. Through "Agency and Execution," Marex facilitates price discovery and matches buyers and sellers for both listed and over-the-counter products. The "Market Making" segment provides direct market pricing by acting as principal with conservatively managed risk. Lastly, "Hedging and Investment Solutions" offers bespoke hedging strategies for commodity and currency exposure, alongside structured financial products for investors. These integrated services are supported by Marex's advanced technology and deep market expertise, fostering strong client relationships and cross-selling opportunities.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Marex (MRX):

    • Marex is like a specialized, global prime broker for commodities and derivatives.
    • Marex is an institutional version of Interactive Brokers or a B2B Fidelity, specializing in energy and commodities trading and clearing.

    AI Analysis | Feedback

    Marex (MRX) provides the following major services:

    • Clearing: Connects clients to global exchanges and central clearing houses, acting as principal and earning commissions per trade.
    • Agency and Execution: Facilitates price discovery by matching buyers and sellers on an agency basis across various commodity and financial markets, generating commissions.
    • Market Making: Provides direct market pricing to professional counterparties as principal in commodity and securities markets, earning revenue through spreads.
    • Hedging and Investment Solutions: Offers bespoke hedging solutions for commodity and exchange rate exposure, along with structured financial products for investor market access.

    AI Analysis | Feedback

    Marex (MRX) primarily serves other companies rather than individuals. The provided background information does not list specific names of its customer companies or their public symbols. However, the company description clearly identifies the following categories of major customers:
    • Traditional consumers of commodities
    • Traditional producers of commodities
    • Financial clients, such as banks and asset managers

    AI Analysis | Feedback

    Hong Kong Exchanges and Clearing Limited (HKEX)

    CME Group Inc. (CME)

    Intercontinental Exchange (ICE)

    AI Analysis | Feedback

    Ian Lowitt, Group Chief Executive Officer

    Ian Lowitt was appointed Chief Executive Officer in January 2016 and a Director in November 2012. Prior to Marex, he served as COO of Barclays Wealth America, managing the integration of Lehman Brothers' businesses and support functions after Barclays' acquisition. He spent 14 years at Lehman Brothers, holding roles such as Chief Financial Officer and Co-Chief Administrative Officer, and was the firm's last CFO before its 2008 collapse. Lowitt also served as Head of Strategy, Global Treasurer, Head of Tax, and European Chief Administrative Officer at Lehman Brothers. Marex's ownership was significantly shaped by the acquisition of a 74% stake by the hedge fund JRJ Group in 2010, which appointed former Lehman Brothers bankers to its board.

    Rob Irvin, Group Chief Financial Officer

    Rob Irvin became Chief Financial Officer in April 2023 and was appointed as a Director in May 2023. He joined Marex after a decade at HSBC, where his roles included Global CFO for HSBC's Private Bank and, previously, CFO of HSBC's Investment Bank. Irvin is a chartered accountant and previously worked in Deloitte's transaction services division, focusing on financial and operational due diligence for major capital markets transactions.

    Paolo Tonucci, Chief Strategist and CEO, Capital Markets

    Paolo Tonucci joined Marex in 2018 as COO, becoming CFO in 2020, and then transitioning to his current role as Chief Strategist and CEO of Capital Markets in April 2023. Prior to Marex, he was Group Treasurer at Commonwealth Bank of Australia and Head of Funding and Liquidity at Barclays Bank in London. He also spent 12 years as Global Treasurer for Lehman Brothers. M&A has played a significant role in Marex's growth under his leadership in Capital Markets and strategy.

    Simon van den Born, President

    Simon van den Born serves as the President of Marex.

    Arthur Fan, CEO, APAC

    Arthur Fan is the CEO of Marex's APAC region.

    AI Analysis | Feedback

    1. Regulatory, Compliance, and Technological Risks: Marex operates in a highly regulated and technologically complex financial services market, facing significant infrastructure requirements and ongoing regulatory scrutiny across multiple jurisdictions. The company explicitly states the need to "ensure regulatory compliance through our enterprise risk management framework." Failure to comply with evolving regulations, maintain robust technological infrastructure, or protect against cyber threats could lead to significant penalties, operational disruptions, and reputational damage.

    2. Financial Market and Credit Risks: As a diversified global financial services platform, Marex is inherently exposed to financial market fluctuations and client credit risk. In its Clearing business, it holds collateral to manage "client credit risk," and insufficient collateral or client defaults could pose a risk. In Market Making, while risks are managed conservatively, adverse market movements could still impact profitability. Furthermore, the Hedging and Investment Solutions segment involves holding principal balances of issued notes on its balance sheet, which introduces balance sheet risk related to market movements or underlying asset performance.

    3. Competition: Despite a reported decline in competitive intensity in some segments (e.g., the number of Futures Commission Merchants has decreased), Marex operates in competitive markets across its segments. It competes against other independent non-bank FCMs and large global investment banks in Clearing, against various brokerage firms in Agency and Execution, against other financial institutions in Market Making, and against financial firms and commodity producers in Hedging and Investment Solutions. Intense competition could pressure margins, limit growth opportunities, or lead to a loss of market share.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

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    AI Analysis | Feedback

    ## Expected Drivers of Future Revenue Growth for Marex (MRX) Marex (MRX) is poised for continued revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions. Here are 3-5 expected drivers of Marex's future revenue growth: * Growth in Client Base, Especially Larger Clients, and Deepening Client Relationships: Marex has a strong track record of expanding its active client base and is focused on deepening relationships with existing clients. In 2025, the company saw a 36% increase in its largest clients (those generating over $5 million in annual revenue), with revenue from this segment growing over 80%. This indicates a successful strategy in attracting and retaining high-value clients, which is expected to continue contributing significantly to revenue growth. Marex aims to strengthen client relationships and enhance its offerings in the Americas. * Geographic Expansion and Broadening Market Access: Marex is actively expanding its global footprint, particularly in regions like the Middle East and APAC. A key initiative in its expansion strategy is the recent launch of its structured products business in the United States, targeting registered investment advisors, broker-dealers, and private banks. This move aims to diversify product offerings and leverage existing operating infrastructure in a market predominantly dominated by bank issuers, thereby tapping into new revenue streams across the Americas. Marex is also prioritizing growth in North America's energy and fixed income clearing markets. * Strategic Acquisitions to Enhance Capabilities and Market Reach: Marex has a consistent strategy of supplementing organic growth with strategic acquisitions. Acquisitions are a core component of Marex's growth strategy, with M&A contributing around 40% of growth in any given year. Recent examples include the acquisition of TD Cowen's prime services business in December 2023, Aarna Capital in March 2025, and the completed acquisition of UK equity market maker Winterflood Securities. These acquisitions are aimed at adding specific capabilities, expanding client bases, and enhancing service offerings, thereby bolstering overall revenue. Marex is continuing to build a robust acquisition pipeline. * Expansion and Innovation of Product and Service Offerings: Marex is continuously expanding its product and service offerings, driven by technological advancements and market demand. The launch of its structured products business in the U.S. is a prime example of broadening product capabilities. The company's focus on developing Prime Services, including its securities-based swaps offering, has been a notable contributor to net trading income growth. Marex's modern technology enables it to design products more nimbly and offer bespoke hedging and investment solutions, which helps meet evolving client needs and differentiates it from competitors.

    AI Analysis | Feedback

    Capital Allocation Decisions

    Outbound Investments

    • Marex's strong cash flow supports opportunistic acquisition activity.
    • A significant portion of the uplift in return on equity in 2022 was driven by the acquisition of ED&F Man Capital Markets.
    • The company has a track record of organic growth supplemented by complementary acquisitions that are carefully and efficiently integrated into its infrastructure.

    Capital Expenditures

    • Marex invests in its well-invested and industry-leading technology and support infrastructure to underpin growth and provide centralized back-office functions.
    • The company continues to invest in control and support functions, including technology, to reflect the scale of its global operations and ensure sustainable growth.

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    Peer Comparisons

    Peers to compare with:

    Financials

    MRXGOLDIONDPWCMVIPTWMedian
    NameMarex Gold.com Ionic Di.PowerCom.Vulcan I.Tradeweb. 
    Mkt Price64.3538.5866.200.681.27122.5351.46
    Mkt Cap4.6----25.815.2
    Rev LTM5,172-1789512,282178
    Op Inc LTM1,756-23-28-231,01723
    FCF LTM---107-40-201,083-30
    FCF 3Y Avg----21-24956-21
    CFO LTM---97-15-201,201-18
    CFO 3Y Avg----12-171,052-12

    Growth & Margins

    MRXGOLDIONDPWCMVIPTWMedian
    NameMarex Gold.com Ionic Di.PowerCom.Vulcan I.Tradeweb. 
    Rev Chg LTM48.9%--16.3%-14.1%14.4%15.4%
    Rev Chg 3Y Avg---101.5%-8.4%22.0%22.0%
    Rev Chg Q135.3%-17.0%9.8%-73.7%14.9%14.9%
    QoQ Delta Rev Chg LTM15.0%-4.1%2.2%-15.7%3.4%3.4%
    Op Inc Chg LTM69.2%---283.1%-50.1%25.3%-12.4%
    Op Inc Chg 3Y Avg----5.6%29.5%17.5%
    Op Mgn LTM33.9%-13.0%-321.5%-45.2%44.5%13.0%
    Op Mgn 3Y Avg-----30.1%41.1%5.5%
    QoQ Delta Op Mgn LTM1.9%-20.4%-44.0%-14.6%0.4%0.4%
    CFO/Rev LTM---54.5%-176.7%-39.7%52.6%-47.1%
    CFO/Rev 3Y Avg----124.8%-29.6%53.4%-29.6%
    FCF/Rev LTM---60.1%-460.3%-40.1%47.4%-50.1%
    FCF/Rev 3Y Avg----228.0%-39.3%48.6%-39.3%

    Valuation

    MRXGOLDIONDPWCMVIPTWMedian
    NameMarex Gold.com Ionic Di.PowerCom.Vulcan I.Tradeweb. 
    Mkt Cap4.6----25.815.2
    P/S0.9----11.36.1
    P/Op Inc2.6----25.414.0
    P/EBIT2.6----19.511.1
    P/E10.9----28.419.6
    P/CFO-----21.521.5
    Total Yield9.2%----4.0%6.6%
    Dividend Yield0.0%----0.4%0.2%
    FCF Yield 3Y Avg-----4.1%4.1%
    D/E2.5----0.01.2
    Net D/E0.7-----0.10.3

    Returns

    MRXGOLDIONDPWCMVIPTWMedian
    NameMarex Gold.com Ionic Di.PowerCom.Vulcan I.Tradeweb. 
    1M Rtn-9.3%-8.3%-20.3%-29.2%-17.0%18.6%-13.2%
    3M Rtn-0.7%-4.3%-5.4%-68.0%-39.5%22.1%-4.9%
    6M Rtn-1.1%-6.7%5.2%-69.1%-48.2%10.0%-3.9%
    12M Rtn-1.1%51.3%5.2%-69.1%-48.2%16.8%2.1%
    3Y Rtn-1.1%62.0%5.2%-69.1%-48.2%37.1%2.1%
    1M Excs Rtn-10.3%-9.4%-21.3%-30.3%-18.0%17.6%-14.2%
    3M Excs Rtn-1.1%-8.0%-6.0%-60.3%-43.1%19.6%-7.0%
    6M Excs Rtn-8.2%-13.9%-1.9%-76.4%-55.2%2.9%-11.1%
    12M Excs Rtn-13.5%35.7%-7.1%-81.8%-60.5%4.4%-10.3%
    3Y Excs Rtn-86.0%-36.0%-79.6%-156.1%-132.5%-36.2%-82.8%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/12/20265/6/20263/25/202611/6/20258/13/20255/15/20253/21/202511/7/20248/14/20245/16/20244/26/202411/7/2024
    Key Financials Quarterly            
    Total Revenue1,1761,3332,1784855008661,7163914226751,433297
    Net Income15611285737772575859442832
    EPS2.091.521.190.971.030.980.760.780.810.620.210.46
    Key Financials TTM            
    Total Revenue TTM5,1724,4964,0283,5663,4733,3953,2042,9222,8273,0392,941-
    Net Income TTM426347307279264247218189163167141-
    Growth Rates Quarterly            
    Total Revenue Growth135.3%54.0%26.9%23.9%18.5%28.2%19.7%31.9%-33.4%17.0%--
    Net Income Growth102.9%55.0%49.6%25.3%29.3%66.3%101.8%80.2%-5.4%140.9%--
    Margins Quarterly            
    Net Income Margin13.2%8.4%3.9%15.1%15.3%8.4%3.3%14.9%14.0%6.5%2.0%10.9%
    Cash & Debt            
    Total Cash8,3726,8776,4657,3476,9095,2075,1265,8294,447-4,656-
    Total Debt11,52910,36310,2358,7918,5486,8136,1404,9694,36905,3880
    Net Debt / (Cash)3,1573,4863,7701,4451,6401,6061,014-860-78-732-
    Cash Flows Quarterly            
    FCF from Operations------------
    Cash Flows TTM            
    FCF from Operations TTM------------
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC33.5%29.4%67.9%16.8%10.9%38.7%145.2%230.5%138.7%-16.7%-
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM35.2%29.2%24.7%46.6%27.8%41.0%57.0%259.2%132.8%-20.9%-

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Agency and Execution1,049695542231192
    Clearing528466374200120
    Market Making236208154173141
    Hedging and Investments solutions19716212810089
    Corporate14644880
    Total2,0241,5951,245711542


    Price Behavior

    Price Behavior
    Market Price$64.41 
    Market Cap ($ Bil)4.6 
    Distance from 52W High-17.7% 
       50 Days200 Days
    DMA Price$71.76 
    DMA Trendup 
    Distance from DMA-10.2% 
     3M1YR
    Volatility53.5%52.9%
    Downside Capture185.26 
    Upside Capture164.29 
    Correlation (S&P 500)27.0% 
    MRX Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta1.691.421.180.73-0.380.43
    Up Beta1.712.10-1.110.29-0.67-0.13
    Down Beta1.281.391.090.87-0.290.68
    Up Capture127%97%178%98%37%3%
    Bmk +ve Days12182862130427
    Stock +ve Days101929383838
    Down Capture217%169%171%112%65%38%
    Bmk -ve Days10253664121325
    Stock -ve Days122435474747

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MRX
    MRX-1.0%52.9%0.10-
    Sector ETF (XLF)9.8%14.4%0.4115.0%
    Equity (SPY)10.9%12.8%0.5231.6%
    Gold (GLD)-2.0%28.6%-0.0817.1%
    Commodities (DBC)48.2%20.6%1.79-7.7%
    Real Estate (VNQ)10.2%13.7%0.458.2%
    Bitcoin (BTCUSD)-30.0%43.5%-0.7025.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MRX
    MRX-0.2%52.9%0.10-
    Sector ETF (XLF)8.6%18.3%0.3315.0%
    Equity (SPY)12.2%17.1%0.5331.6%
    Gold (GLD)16.2%19.0%0.6817.1%
    Commodities (DBC)9.2%19.5%0.35-7.7%
    Real Estate (VNQ)0.9%18.9%-0.068.2%
    Bitcoin (BTCUSD)4.9%51.6%0.2825.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MRX
    MRX-0.1%52.9%0.10-
    Sector ETF (XLF)13.2%22.1%0.5415.0%
    Equity (SPY)15.2%17.9%0.7231.6%
    Gold (GLD)11.4%16.5%0.5617.1%
    Commodities (DBC)8.2%18.1%0.37-7.7%
    Real Estate (VNQ)5.3%20.7%0.218.2%
    Bitcoin (BTCUSD)61.8%66.2%1.0225.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity2.4 Mil
    Short Interest: % Change Since 9302026-7.6%
    Average Daily Volume0.7 Mil
    Days-to-Cover Short Interest3.5 days
    Basic Shares Quantity72.1 Mil
    Short % of Basic Shares3.4%

    Earnings Returns History

    Updated 6/2/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    SUMMARY STATS   
    # Positive000
    # Negative000
    Median Positive   
    Median Negative   
    Max Positive   
    Max Negative   
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    SUMMARY STATS   
    # Positive000
    # Negative000
    Median Positive   
    Median Negative   
    Max Positive   
    Max Negative   

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/12/20266-K
    03/31/202605/06/20266-K
    12/31/202503/25/202620-F
    09/30/202511/06/20256-K
    06/30/202508/13/20256-K
    03/31/202505/15/20256-K
    12/31/202403/21/202520-F
    09/30/202411/07/20246-K
    06/30/202408/14/20246-K
    03/31/202405/16/20246-K
    12/31/202304/26/2024424B4
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/12/20266-K
    03/31/202605/06/20266-K
    12/31/202503/25/202620-F
    09/30/202511/06/20256-K
    06/30/202508/13/20256-K
    03/31/202505/15/20256-K
    12/31/202403/21/202520-F
    09/30/202411/07/20246-K
    06/30/202408/14/20246-K
    03/31/202405/16/20246-K
    12/31/202304/26/2024424B4

    Insider Activity

    Updated 10/14/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Van, Den Born SimonPresidentDirectSell1014202672.0415,2721,100,183104,822,509Form
    2Tonucci, PaoloSee RemarksDirectSell1014202672.0316,6661,200,41290,243,716Form
    3Tonucci, PaoloSee RemarksDirectSell916202670.8716,6661,181,16789,978,121Form
    4Van, Den Born SimonPresidentDirectSell916202670.8715,2711,082,277104,205,632Form
    5Irvin, RobChief Financial OfficerDirectSell818202670.963,700262,5452,202,969Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Van, Den Born SimonPresidentDirectSell1014202672.0415,2721,100,183104,822,509Form
    2Tonucci, PaoloSee RemarksDirectSell1014202672.0316,6661,200,41290,243,716Form
    3Tonucci, PaoloSee RemarksDirectSell916202670.8716,6661,181,16789,978,121Form
    4Van, Den Born SimonPresidentDirectSell916202670.8715,2711,082,277104,205,632Form
    5Irvin, RobChief Financial OfficerDirectSell818202670.963,700262,5452,202,969Form
    6Tonucci, PaoloSee RemarksDirectSell812202660.9216,6681,015,34777,095,791Form
    7Tonucci, PaoloSee RemarksDirectSell715202664.4216,6661,073,57882,600,759Form
    8Lowitt, Ian TChief Executive OfficerDirectSell715202664.3937,1422,391,703179,929,321Form
    9Tonucci, PaoloSee RemarksDirectSell616202662.4516,6661,040,84981,123,458Form
    10Lowitt, Ian TChief Executive OfficerDirectSell616202662.3737,1432,316,498176,583,309Form
    11Texier, ThomasGroup Head of ClearingDirectSell603202653.351,57283,86511,044,364Form
    12Tonucci, PaoloSee RemarksDirectSell513202655.9216,668932,13675,311,836Form
    13Texier, ThomasGroup Head of ClearingDirectSell505202652.9914,427764,48712,093,972Form
    14Van, Den Born SimonPresidentDirectSell422202650.9513,265675,91676,889,011Form
    15Tonucci, PaoloSee RemarksDirectSell415202651.3716,666856,04970,028,835Form
    16Van, Den Born SimonPresidentDirectSell402202643.5113,264577,10566,230,837Form
    17Texier, ThomasGroup Head of ClearingDirectSell402202643.5114,427627,71510,557,994Form

    Investor Activity (13F)

    Updated Nov 1, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Grandeur Peak Global Advisors, LLC$59.1 Mil13.8%86TRIM -25.5%13F
    Praetorian PR LLC$22.3 Mil8.1%12Hold13F
    Ophir Asset Management Pty Ltd$55.6 Mil6.5%34ADD +14.7%13F
    Deltroit Asset Management (UK) LLP$20.1 Mil3.5%39TRIM -5.3%13F
    Engle Capital Management, L.P.$9.0 Mil3.1%22ADD +5.3%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Ophir Asset Management Pty Ltd$55.6 Mil6.5%34ADD +14.7%13F
    Engle Capital Management, L.P.$9.0 Mil3.1%22ADD +5.3%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Grandeur Peak Global Advisors, LLC$59.1 Mil13.8%86TRIM -25.5%13F
    Deltroit Asset Management (UK) LLP$20.1 Mil3.5%39TRIM -5.3%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Grandeur Peak Global Advisors, LLC$59.1 Mil13.8%86TRIM -25.5%13F
    Ophir Asset Management Pty Ltd$55.6 Mil6.5%34ADD +14.7%13F
    Praetorian PR LLC$22.3 Mil8.1%12Hold13F
    Deltroit Asset Management (UK) LLP$20.1 Mil3.5%39TRIM -5.3%13F
    Engle Capital Management, L.P.$9.0 Mil3.1%22ADD +5.3%13F

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