Marex (MRX)
Market Price (2/10/2026): $41.0 | Market Cap: $3.1 BilSector: Financials | Industry: Diversified Capital Markets
Marex (MRX)
Market Price (2/10/2026): $41.0Market Cap: $3.1 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.4% | Key risksMRX key risks include [1] significant legal and regulatory scrutiny stemming from allegations of a multi-year accounting fraud, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22% | |
| Low stock price volatilityVol 12M is 41% | |
| Megatrend and thematic driversMegatrends include Capital Markets Modernization. Themes include Algorithmic Trading & Market Making, Global Commodity & Energy Market Access, and Financial Market Infrastructure Platforms. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.4% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22% |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Capital Markets Modernization. Themes include Algorithmic Trading & Market Making, Global Commodity & Energy Market Access, and Financial Market Infrastructure Platforms. |
| Key risksMRX key risks include [1] significant legal and regulatory scrutiny stemming from allegations of a multi-year accounting fraud, Show more. |
Qualitative Assessment
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Marex (MRX) stock has gained about 35% since 10/31/2025 because of the following key factors:
1. Strong Q3 2025 Financial Performance: Marex announced robust third-quarter 2025 results on November 6, 2025, reporting a 25% year-on-year increase in Adjusted Profit Before Tax to $101 million and a 24% increase in revenue to $484.6 million. This strong performance was driven by growth across its diverse business segments, including Clearing, Agency and Execution, and Hedging and Investment Solutions.
2. Strategic Acquisitions and Business Expansion: Investor confidence was bolstered by the positive impact and future prospects of strategic acquisitions. The acquisition of Winterflood Securities, announced on July 25, 2025, and the completed acquisitions of Agrinvest and Hamilton Court Group on July 1, 2025, expanded Marex's geographic footprint and product capabilities. A December 2025 review highlighted Marex's M&A growth and talent additions as marking a "landmark 12 months for Marex," reinforcing its market position.
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1. Strong Q3 2025 Financial Performance: Marex announced robust third-quarter 2025 results on November 6, 2025, reporting a 25% year-on-year increase in Adjusted Profit Before Tax to $101 million and a 24% increase in revenue to $484.6 million. This strong performance was driven by growth across its diverse business segments, including Clearing, Agency and Execution, and Hedging and Investment Solutions.
2. Strategic Acquisitions and Business Expansion: Investor confidence was bolstered by the positive impact and future prospects of strategic acquisitions. The acquisition of Winterflood Securities, announced on July 25, 2025, and the completed acquisitions of Agrinvest and Hamilton Court Group on July 1, 2025, expanded Marex's geographic footprint and product capabilities. A December 2025 review highlighted Marex's M&A growth and talent additions as marking a "landmark 12 months for Marex," reinforcing its market position.
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Stock Movement Drivers
Fundamental Drivers
The 35.7% change in MRX stock from 10/31/2025 to 2/9/2026 was primarily driven by a 35.3% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2092026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.22 | 41.00 | 35.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,473 | 3,566 | 2.7% |
| Net Income Margin (%) | 7.2% | 7.5% | 3.1% |
| P/E Multiple | 8.6 | 11.6 | 35.3% |
| Shares Outstanding (Mil) | 71 | 75 | -5.3% |
| Cumulative Contribution | 35.7% |
Market Drivers
10/31/2025 to 2/9/2026| Return | Correlation | |
|---|---|---|
| MRX | 35.7% | |
| Market (SPY) | 1.7% | 34.8% |
| Sector (XLF) | 3.0% | 48.6% |
Fundamental Drivers
The 7.2% change in MRX stock from 7/31/2025 to 2/9/2026 was primarily driven by a 8.3% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 2092026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.25 | 41.00 | 7.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,395 | 3,566 | 5.0% |
| Net Income Margin (%) | 6.9% | 7.5% | 8.3% |
| P/E Multiple | 11.6 | 11.6 | 0.8% |
| Shares Outstanding (Mil) | 71 | 75 | -6.5% |
| Cumulative Contribution | 7.2% |
Market Drivers
7/31/2025 to 2/9/2026| Return | Correlation | |
|---|---|---|
| MRX | 7.2% | |
| Market (SPY) | 10.1% | 27.4% |
| Sector (XLF) | 3.3% | 36.9% |
Fundamental Drivers
The 16.7% change in MRX stock from 1/31/2025 to 2/9/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.| (LTM values as of) | 1312025 | 2092026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.12 | 41.00 | 16.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 3,566 | 0.0% |
| Net Income Margin (%) | � | 7.5% | 0.0% |
| P/E Multiple | � | 11.6 | 0.0% |
| Shares Outstanding (Mil) | 71 | 75 | -6.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2025 to 2/9/2026| Return | Correlation | |
|---|---|---|
| MRX | 16.7% | |
| Market (SPY) | 16.3% | 48.2% |
| Sector (XLF) | 5.9% | 49.5% |
Fundamental Drivers
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Market Drivers
1/31/2023 to 2/9/2026| Return | Correlation | |
|---|---|---|
| MRX | ||
| Market (SPY) | 77.1% | 40.7% |
| Sector (XLF) | 54.3% | 40.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MRX Return | - | - | - | 66% | 25% | 6% | 119% |
| Peers Return | 36% | 0% | 13% | 84% | -10% | -8% | 134% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% |
Monthly Win Rates [3] | |||||||
| MRX Win Rate | - | - | - | 78% | 42% | 100% | |
| Peers Win Rate | 61% | 36% | 50% | 61% | 46% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MRX Max Drawdown | - | - | - | -1% | -8% | -1% | |
| Peers Max Drawdown | -11% | -19% | -30% | -25% | -31% | -20% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BTGO, LPLA, CD, TW, CRCL.
[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 2/9/2026 (YTD)
How Low Can It Go
MRX has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -26.9% | -25.4% |
| % Gain to Breakeven | 36.7% | 34.1% |
| Time to Breakeven | 525 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.3% | -33.9% |
| % Gain to Breakeven | 76.5% | 51.3% |
| Time to Breakeven | 295 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.1% | -19.8% |
| % Gain to Breakeven | 35.2% | 24.7% |
| Time to Breakeven | 338 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.7% | -56.8% |
| % Gain to Breakeven | 515.2% | 131.3% |
| Time to Breakeven | 4,470 days | 1,480 days |
Compare to BTGO, LPLA, CD, TW, CRCL
In The Past
SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.
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About Marex (MRX)
Marex is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. We provide critical services to our clients by connecting them to global exchanges and providing a range of execution and hedging services across a range of our asset and product classes. We operate in a large and fragmented market with significant infrastructure requirements and regulatory and technological complexity, resulting in high barriers to entry. Moreover, our market is characterized by reduced competitive intensity as we believe many large banks and other financial institutions have reduced their participation in this part of the financial ecosystem. We consider these trends to elevate our value proposition and support our growth, as the scale and diversity of our business enable us to effectively service an underserved and growing global client base. We generated $1,244.6 million and $711.1 million of revenue for the years ended December 31, 2023 and 2022, respectively, and have a track record of organic growth supplemented by complementary acquisitions that we carefully and efficiently integrate into our infrastructure. The diversification and resilience of our business has increased over the last several years through the expansion of our services and regional footprint, which enables us to effectively serve our clients. Within the global commodities market, we believe we are one of the leading service providers in the world, providing a broad range of services across the commodities value chain. We provide connectivity to 58 exchanges, including as a Category 1 member of the London Metal Exchange (“LME”) and a top 5 participant by volume on each of the Chicago Mercantile Exchange (“CME”) and the Intercontinental Exchange (“ICE”). During the years ended December 31, 2023 and 2022, we executed approximately 129 million and 58 million trades, respectively, and cleared approximately 856 million and 248 million contracts, respectively. We have a diverse client base of more than 4,000 active clients as of December 31, 2023. This includes both traditional consumers and producers of commodities who have recurring demand for our services across a variety of market conditions and financial clients, such as banks and asset managers. We have leading market positions across our core energy and commodities markets in Europe and the United States (based on management calculations derived from publicly available data) and growing capabilities in the Asia-Pacific (“APAC”) region. Our investment grade credit ratings are underpinned by our strong capital and liquidity position, making us a trusted counterparty for our clients. Our business is organized into four closely connected services, which combine to provide our clients with access to the full value chain in our industry from clearing to execution. Clearing is at the heart of our business, providing the infrastructure that connects clients to global exchanges. We also offer clients access to deep liquidity pools both on an agency and principal basis across a range of different commodities and financial markets, including metals, agriculture, energy, equities and fixed income. If there is no on-exchange solution that meets a client’s needs, we can create bespoke, off-exchange hedging solutions. Our services are characterized by a deep understanding of products, markets and clients’ needs. Our five segments, which consist of our four reporting business segments – Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions – and our Corporate reporting segment, are: • Clearing: Clearing is the interface between exchanges and clients. We provide the connectivity that allows our clients access to exchanges and central clearing houses. As clearing members, we act as principal on behalf of our clients and generate revenue on a commission per trade basis. We provide clearing services across energy, commodities and financial securities markets in Europe and the Americas and have growing capabilities in APAC. We hold collateral to manage client credit risk in our Clearing business, which also generates interest income for us. In our Clearing business, we broadly compete against other independent non-bank futures commission merchants (such as ADM Investor Services and RJ O’Brien) and large global investment and commercial banks (such as J.P. Morgan, ABN Amro, Société Générale, Macquarie, Mizuho and Citigroup). In 2023, we were one of the 10 largest Futures Commission Merchants (“FCMs”) in the United States by average segregated funds, according to publicly available data from the FIA, and had a top 10 market share on a number of the largest exchanges, according to ranking reports provided by such exchanges. There is declining competitive intensity in this segment, as the number of FCMs has declined by approximately 55% from December 2002 to December 2023, based on exchange information. There is also concentration among the largest providers, with the top 10 FCMs holding approximately 75% of margin balances as of December 2023, according to data from the FIA. Our Clearing business is strategically valuable, as the senior levels of an organization usually choose the clearing partner, which often results in a long-term business relationship with strong recurring revenue potential and unique cross-selling opportunities. Our broad product offering, expansive client base, global presence and investment grade credit ratings differentiate us and provide us with a competitive advantage. Clearing is the central hub of Marex, enabling us to offer clients complementary market access execution services tailored to their requirements. • Agency and Execution: Utilizing our deep market knowledge, we are able to match buyers and sellers on an agency basis by facilitating price discovery across a broad range of commodities and financial markets. Our Agency and Execution business primarily generates revenue on a commission per trade basis without material credit or market risk exposure. In addition to listed products that trade directly on exchanges, many of our markets are traded on an over-the-counter (“OTC”) basis. Our competitors include StoneX, BGC Partners, TP ICAP, Tradition, OTC Global Holdings and Clarksons. Our significant daily client order flow in listed and OTC markets, combined with deep product-level expertise, enhances our ability to provide differentiated liquidity to our clients. Additionally, it strengthens our risk management capabilities within Clearing as we gain greater visibility on market activity and liquidity. • Market Making: We act as principal to provide direct market pricing to professional and wholesale counterparties in a variety of commodity and securities markets. Our Market Making business primarily generates revenue through charging a spread between buying and selling prices, without taking significant proprietary risk. Our Market Making operations are well diversified across geographies and asset classes. We conservatively manage market risk in our Market Making business with low average value-at-risk(“VaR”) and limited overnight exposure that is driven by client facilitation rather than proprietary positions. Our key competitors include J.P. Morgan, StoneX, Société Générale and DV Trading. Our competitive advantage is centered around our deep knowledge of markets and ability to consistently provide liquidity in a wide breadth of contracts in various market environments. • Hedging and Investment Solutions: We offer bespoke hedging and investment solutions for our clients and generate revenue through a return built into our product pricing. Tailored hedging solutions allow producers and consumers of commodities to hedge their exposure to movements in market prices, as well as exchange rates, across a variety of different time horizons. In this segment, we compete against other financial firms such as StoneX and Macquarie, and commodity producers with in-house capabilities such as Cargill. Additionally, our financial products allow investors to gain exposure to a particular market or asset class, for example, equity indices, in a cost-effective manner through a structured product. We issue notes to clients to meet their desired return parameters. Given that we hold the principal balance of the issued notes on our balance sheet, our structured notes offering also provides a source of liquidity and funding for our business. Our financial products business competes against global financial firms such as J.P. Morgan, Leonteq and Société Générale. Our modern technology enables us to design products more nimbly to respond to evolving market demand and drives a lower cost-to-serve relative to our larger competitors who we believe have less flexible, legacy technology systems. • Corporate: Our Corporate segment provides key services to our other business segments. Corporate: (i) houses our control and support functions: finance, treasury, information technology (“IT”), risk, compliance, legal, human resources and executive management to support our operating segments; (ii) manages our resources, makes investment decisions and provides operational support to our other business segments and manages our funding requirements; and (iii) includes interest income that we receive from interest on our house cash balances. The adjusted operating loss from our Corporate segment includes expenses related to costs of the functions that are not recovered by our other operating segments and corporate costs. We believe the diverse services offered across our business are complementary to one another, and together they form a differentiated full-service solution for our clients. This ultimately increases client retention and provides opportunities to cross-sell our services. For example, existing Clearing clients may also have a need for specialized liquidity solutions, which we can provide both on an agency and principal basis through our Agency and Execution and Market Making businesses. Moreover, clients that cannot satisfy their hedging requirements through on-exchange instruments may have a need for bespoke hedging solutions, which we offer in our Hedging and Investment Solutions business. --- Our well-invested and industry leading technology and support infrastructure underpin our growth and provide centralized back-office functions for our four core businesses. As of December 31, 2023, our control and support functions were comprised of approximately 900 full-time employees globally, who prudently manage risk in real-time and help us ensure regulatory compliance through our enterprise risk management framework. Our successful business profile enables us to attract high-quality talent to our control and support functions and helps us retain talent gained through acquisitions. Our proprietary technology portal, Neon, delivers a high-quality user experience to clients with access to our broad, multi-asset product offering and increases the productivity of our front-office staff. We continue to invest in these functions to reflect the scale of our global operations and ensure sustainable growth in the future. This also supports our organic and inorganic growth initiatives in a disciplined manner to ensure sustainable growth. We are focused on creating long-term value through consistent revenue growth and margin expansion, and we have a track record of strong financial performance. By expanding our product offering and global reach, deepening relationships with clients and building scale, we have created a diversified and resilient business that grew profit after tax by a compound annual growth rate (“CAGR”) of 24% from 2014 to 2023 and Adjusted Operating Profit by a 34% CAGR during the same periods. This consistent growth has been achieved across a period of various market environments. Our strong cash flow profile also supports capital returns and opportunistic acquisition activity. We believe the strength of our financial performance provides unique differentiation and emphasizes our public company readiness. From 2018 to 2023, we grew our number of active clients from approximately 1,800 to over 4,000 and average balances from less than $1.0 billion to $13.2 billion. Our revenue also grew at a CAGR of 34% during the same periods. For the years ended December 31, 2023, 2022 and 2021, we generated revenue of $1,244.6 million, $711.1 million and $541.5 million, respectively. Our revenue has grown at a CAGR of 52% from 2021 to 2023. For the same periods, we generated profit after tax of $141.3 million, $98.2 million and $56.5 million, respectively, and Adjusted Operating Profit of $230.0 million, $121.7 million and $79.6 million, respectively, with a profit margin of 11%, 14% and 10%, respectively, and an Adjusted Operating Profit Margin of 18%, 17% and 15%, respectively. For the years ended December 31, 2023, 2022 and 2021, we achieved a return on equity (calculated as profit after tax divided by average total equity, which is calculated as the average of total equity as of December 31 of the prior period, June 30 of the current period and December 31 of the current period) of 19%, 17% and 12%, respectively. This represents an expansion of approximately 700 basis points since 2021, with a large portion of the uplift driven by our acquisition of ED&F Man Capital Markets in 2022. Headquartered in London, we operate across Europe and the Americas and have a growing presence in the Middle East and APAC regions. We have more than 35 offices worldwide and over 2,000 employees as of December 31, 2023. Marex Group plc was incorporated under the laws of England and Wales in November 2005. We were established in 2005 with the incorporation of Marex Group Limited and its wholly owned subsidiary Marex Financial Limited (now Marex Financial). We later became Marex Spectron Group Limited, following our acquisition of Spectron Group Limited in 2011. Marex Spectron Group Limited re-registered as a public limited company in May 2021 and subsequently became Marex Group plc. Our principal executive office is located at 155 Bishopsgate, London, EC2M 3TQ, United Kingdom.
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Here are 1-3 brief analogies for Marex:
- A specialized, independent version of a major investment bank's commodities and derivatives trading and clearing desk, like Goldman Sachs.
- The 'prime broker' for institutional clients trading commodities and financial derivatives, akin to how Morgan Stanley serves hedge funds.
- Like a focused market maker and brokerage firm, similar to Citadel Securities or Virtu Financial, but dedicated to global commodities and financial derivatives markets.
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- Market Making: Providing liquidity and pricing across a broad range of asset classes, including commodities, foreign exchange, and equities.
- Execution & Clearing: Facilitating trade execution and providing post-trade clearing services for futures, options, and OTC derivatives across global markets.
- Hedging & Risk Management Solutions: Offering tailored strategies and products to help corporate and institutional clients manage price risk, particularly in energy, metals, and agricultural commodities.
- Data & Advisory Services: Delivering market intelligence, proprietary data, and strategic advisory to clients for informed decision-making.
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Marex (MRX) primarily sells its services to other companies and institutional clients, operating on a business-to-business (B2B) model.
According to its financial disclosures, including its IPO prospectus, no single customer accounted for 10% or more of Marex's net revenue in any reported period. This indicates that Marex has a highly diversified client base and does not have individual "major customers" that are publicly identifiable by name, which is common for financial infrastructure and brokerage firms.
Instead, Marex serves a broad range of corporate and institutional clients, which can be categorized as follows:
- Institutional Investors and Asset Managers: This category includes professional investors, hedge funds, asset managers, pension funds, and family offices that utilize Marex for investment, hedging, and advisory solutions across various financial and commodity markets.
- Corporations and Commercial Banks: Companies (particularly those exposed to commodity price fluctuations in sectors like energy, metals, and agriculture) and commercial banks seeking hedging solutions for commodity, currency, and interest rate risks, as well as broader advisory services.
- Financial Intermediaries and Trading Firms: This encompasses other banks, brokers, proprietary trading firms, and high-frequency traders that leverage Marex's clearing, market making, and market access capabilities to facilitate their own trading and client activities.
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PricewaterhouseCoopers LLP
CME Group Inc. (CME)
Intercontinental Exchange, Inc. (ICE)
London Stock Exchange Group plc (LSEG.L)
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Ian Lowitt, Group Chief Executive Officer
Ian Lowitt was appointed Chief Executive Officer of Marex in January 2016, having served as a Director since November 2012. Previously, he worked at Barclays Bank, where he managed the integration of businesses and support functions following the acquisition of Lehman Brothers, and also served as the Chief Operating Officer of Barclays Wealth America. He spent 14 years at Lehman Brothers, holding roles such as Chief Financial Officer (he was the last CFO before its 2008 collapse), Co-Chief Administrative Officer, Head of Strategy, Global Treasurer, and Head of Tax. He joined Lehman Brothers in 1994 from McKinsey and Company. Marex's history includes a 2010 investment by hedge fund JRJ Group, which took a significant stake and appointed former Lehman Brothers bankers to the board.
Rob Irvin, Group Chief Financial Officer
Rob Irvin became Marex's Chief Financial Officer in April 2023 and was appointed as a Director in May 2023. Before joining Marex, he spent a decade at HSBC, where his roles included Global CFO for HSBC's Private Bank and CFO of Global Banking. His work at HSBC focused on implementing structural change, executing strategy, and improving capital efficiency. Prior to HSBC, he was an assistant director in transaction services at Deloitte LLP, where he specialized in financial and operational due diligence for major capital markets transactions. He is a chartered accountant.
Simon van den Born, President
Simon van den Born joined Marex Spectron in 2010. His prior experience includes eight years in the Commodity Index and Metals teams at Goldman Sachs, followed by a role as a Portfolio Manager at Valhalla Capital Management, which he took in 2004.
Thomas Texier, Head of Clearing
Thomas Texier was appointed Head of Clearing Services in July 2020, tasked with expanding and overseeing Marex's global clearing operations. He previously served as Managing Director for R.J. O'Brien's London business and was global head of Enterprise IT for the firm. Before R.J. O'Brien, he was Chief Operating Officer of the Kyte Group for nearly thirteen years and Deputy General Manager of Société Générale Japan. Under his leadership, Marex's clearing business, which was previously unprofitable, has grown significantly and now accounts for 50% of the firm's profits.
Sarah Ing, Independent Non-Executive Director
Sarah Ing joined the Marex Group as an Independent Non-Executive Director in July 2021. She possesses over 30 years of experience in accountancy, investment banking, and fund management. Notably, she founded and successfully managed a hedge fund investment management business. Her background also includes being a top-rated equity research analyst covering the general financials sector. She is a chartered accountant and also serves as an independent non-executive director and committee chair for other public companies, including CMC Markets plc, City of London Investment Group plc, and XPS Pensions Group plc.
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The public company Marex (MRX) faces several significant risks to its business, primarily stemming from recent allegations of securities fraud and accounting misconduct. These risks are outlined below in order of their potential impact:
- Allegations of Securities Fraud, Accounting Misconduct, and Resulting Legal/Regulatory Scrutiny: Marex is currently facing a class-action lawsuit and a critical short-seller report from NINGI Research alleging a multi-year accounting scheme. This scheme reportedly involves fictitious intercompany transactions, opaque off-balance-sheet entities, and misleading disclosures aimed at inflating profits and obscuring risk exposure. These allegations have led to significant legal and regulatory scrutiny, including an investigation by the U.S. Securities and Exchange Commission (SEC), and have triggered a notable drop in Marex's stock price. The resignation of Deloitte as an auditor for the "Marex Fund" further underscores concerns about the integrity of the company's financial reporting. If proven, these allegations could result in severe regulatory penalties, restatements of financial statements, and significant financial liabilities.
- Reputational Damage and Erosion of Investor/Client Trust: The ongoing allegations of fraud and accounting irregularities have severely impacted Marex's reputation. This erosion of trust among investors, clients, and counterparties could have long-lasting negative effects on the company's business. It may hinder its ability to secure financing, attract new partnerships, and retain or acquire clients, potentially undermining its long-term viability and growth prospects.
- Financial Instability and High Leverage: Marex's financial health is under scrutiny due to these allegations. The company reportedly has a high debt-to-equity ratio of 6.51 and a low Altman Z-Score of 0.45, which indicates a significant risk of financial distress or even bankruptcy. These figures are exacerbated by the alleged accounting irregularities that may have misrepresented the company's true financial position, including negative operating cash flows that were allegedly masked. Such financial fragility, combined with potential penalties and legal costs, poses a substantial risk to Marex's stability.
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The increasing development and adoption of decentralized finance (DeFi) platforms and blockchain-based tokenization of real-world assets represent an emerging threat. These technologies aim to disintermediate traditional financial intermediaries by enabling peer-to-peer trading, lending, and derivatives execution with automated smart contracts and on-chain settlement. If adopted at scale for commodities and traditional financial instruments, this could reduce the demand for traditional clearing, market making, and agency services that form the core of Marex's business model by creating alternative, potentially more efficient, market structures.
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Marex Group plc (MRX) operates a diversified global financial services platform offering a range of products and services primarily across energy, commodities, and financial markets. Its main offerings include Clearing, Agency and Execution, Market Making, Hedging and Investment Solutions, Price Discovery, and Data & Advisory.
The addressable markets for Marex's main products and services are as follows:
- Derivatives and Commodities Brokerage: The global derivatives and commodities brokerage market was valued at approximately USD 14.4 billion in 2024, with a projected growth to USD 34.1 billion by 2034. North America held a dominant share in 2024, capturing over 34.2% of the global market with approximately USD 4.9 billion in revenue. The U.S. market specifically was valued at USD 4.2 billion in 2024 and is anticipated to reach approximately USD 8.6 billion by 2034. Another report indicates the global derivatives & commodities brokerage market size was $554.42 billion in 2024 and is expected to grow to $849.82 billion in 2029.
- Commodity Services: The global commodity services market size was approximately USD 12 billion in 2023 and is projected to reach USD 18 billion by 2032. North America is a dominant player, holding approximately 35% of the global market share in 2023. The Asia Pacific region is experiencing the fastest growth, accounting for approximately 30% of the global market share in 2023, while Europe holds about 25%. Another source estimates the global commodity services market size at USD 3.56 billion in 2024, with a projection to increase to approximately USD 8.16 billion by 2034.
- Financial Services (General): The global financial services market reached a value of nearly USD 33.67 trillion in 2024 and is expected to grow to USD 47.67 trillion by 2029. Another report estimates the global financial services market at USD 33.77 trillion in 2024, with a projected increase to USD 36.13 trillion in 2025 and to USD 47.55 trillion in 2029. Furthermore, the global financial services market is projected to reach USD 32.15 billion in 2025 and expand to USD 55.65 billion by 2030.
- Currency Management: The global currency management market was estimated to be worth USD 331.9 billion in 2022 and is expected to reach USD 1014.12 billion by 2028. North America held a major global currency management market share in 2022.
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Marex (MRX) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends. These drivers include organic expansion within its core services, strategic acquisitions, geographic market penetration, and product innovation.
- Organic Growth through Prime Services and Client Expansion: Marex anticipates continued revenue growth from its Prime Services business, which has been a significant driver of its Agency and Execution segment. For example, Prime Services revenue surged 52% in Q3 2025, contributing $171 million in revenue in the first nine months of the year on the Marex platform, a substantial increase from $85 million when acquired in December 2023. This growth is further supported by a strong pipeline of new client onboarding and increasing client balances in its Clearing business.
- Strategic Mergers and Acquisitions (M&A): A key component of Marex's growth strategy is its robust M&A pipeline and ongoing investment in new opportunities. The company has a proven M&A strategy, with acquisitions consistently demonstrating payback periods under three years and immediate contributions to margins. Marex aims to achieve sustainable profit growth in the 10-20% range, with a significant portion expected from M&A activities. A recent example includes the planned acquisition of European fixed income market maker Valcourt SA in October 2025.
- Expansion into New Geographies: Marex is actively expanding its footprint into new regions, including the Asia-Pacific (APAC), South America, and Continental Europe. This geographic expansion is evidenced by a reported 20% year-over-year increase in Asian revenue in Q1 2023, indicating a successful strategy for market penetration beyond its established bases.
- Product Innovation and New Service Offerings: The company is investing in product innovations and new service offerings to enhance its client platforms and streamline operations. This includes the introduction of new trading technologies, such as a cloud-based trading solution. Furthermore, Marex is actively investing in emerging opportunities like crypto and tokenization, positioning itself in the tokenized asset prime brokerage space. Growth in Hedging and Investment Solutions, driven by demand for commodity hedging and financial products like equity-linked structured notes, also contributes to this driver.
- Leveraging Rising Commodity Demand and Outsourced Trading Trends: Marex benefits from its significant exposure to commodities trading, which accounts for approximately 45% of its revenue, driven by consistent institutional client volumes. The company is also well-positioned to capitalize on the industry trend of buy-side trading volumes shifting towards outsourced models, leveraging its prime brokerage services to meet this demand.
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Share Repurchases
- Marex has not explicitly announced company-led share repurchase programs in the last 3-5 years.
- In Q2 2025, management stated there were no planned share buybacks, though the possibility was left open if capital and market conditions warranted.
- While there have been open-market share purchases by directors and officers in October 2025, these are individual insider transactions and not company share repurchases.
Share Issuance
- Marex Group plc completed its initial public offering (IPO) in April 2024, offering 3,846,153 ordinary shares at $19.00 per share, generating approximately $73.1 million in proceeds for the company.
- In April 2025, a public offering of 10,283,802 ordinary shares was priced at $35.50 per share by certain selling shareholders; Marex did not sell any shares in this offering and therefore received no proceeds.
Inbound Investments
- During its April 2024 IPO, ION Investment Corporation S.à r.l. ("ION") indicated an interest in purchasing up to $50 million of ordinary shares at the initial public offering price.
Outbound Investments
- In 2022, Marex completed the acquisition of ED&F Man Capital Markets, which significantly contributed to an expansion in the company's return on equity.
- In October 2025, Marex Group plc announced its intent to acquire European fixed income market maker Valcourt SA.
- Cash acquisitions amounted to $12.5 million in fiscal year 2021, $36.9 million in fiscal year 2022, $90.3 million in fiscal year 2023, $11 million in fiscal year 2024, and $63.7 million for the trailing twelve months ending June 2025.
Capital Expenditures
- Marex's capital expenditures were $3.8 million in fiscal year 2021, $3.6 million in fiscal year 2022, $9 million in fiscal year 2023, $11.7 million in fiscal year 2024, and $15.2 million for the trailing twelve months ending June 2025.
- Capital expenditures as a percentage of EBITDA are projected to be relatively low, with 4.31% in 2024, 3.7% in 2025, 3.7% in 2026, and 3.49% in 2027, suggesting low capital intensity.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Marex (MRX) Operating Cash Flow Comparison | 02/17/2025 | |
| Marex (MRX) Net Income Comparison | 02/16/2025 | |
| Marex (MRX) Operating Income Comparison | 02/15/2025 | |
| Marex (MRX) Revenue Comparison | 02/13/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 50.55 |
| Mkt Cap | 24.6 |
| Rev LTM | 2,412 |
| Op Inc LTM | 845 |
| FCF LTM | 347 |
| FCF 3Y Avg | 139 |
| CFO LTM | 399 |
| CFO 3Y Avg | 171 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.1% |
| Rev Chg 3Y Avg | 21.7% |
| Rev Chg Q | 46.4% |
| QoQ Delta Rev Chg LTM | 10.2% |
| Op Mgn LTM | 9.5% |
| Op Mgn 3Y Avg | 13.7% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 16.6% |
| CFO/Rev 3Y Avg | -0.5% |
| FCF/Rev LTM | 14.4% |
| FCF/Rev 3Y Avg | -4.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 24.6 |
| P/S | 5.7 |
| P/EBIT | 2.9 |
| P/E | 11.6 |
| P/CFO | 21.1 |
| Total Yield | 2.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.6% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 8.4% |
| 3M Rtn | -16.4% |
| 6M Rtn | -3.9% |
| 12M Rtn | -16.0% |
| 3Y Rtn | 62.4% |
| 1M Excs Rtn | 7.2% |
| 3M Excs Rtn | -19.7% |
| 6M Excs Rtn | -13.0% |
| 12M Excs Rtn | -31.3% |
| 3Y Excs Rtn | 4.2% |
Price Behavior
Price Behavior
| Market Price | $41.00 | |
| Market Cap ($ Bil) | 3.1 | |
| Distance from 52W High | -14.2% | |
| 50 Days | 200 Days | |
| DMA Price | $38.79 | $37.02 |
| DMA Trend | up | up |
| Distance from DMA | 5.7% | 10.7% |
| 3M | 1YR | |
| Volatility | 27.0% | 41.2% |
| Downside Capture | 48.53 | 96.03 |
| Upside Capture | 140.90 | 93.94 |
| Correlation (SPY) | 43.4% | 48.4% |
MRX Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.86 | 0.91 | 0.98 | 0.93 | 1.04 | 0.06 |
| Up Beta | 3.10 | 2.09 | 1.35 | 0.94 | 0.92 | -0.26 |
| Down Beta | 0.76 | 0.49 | 0.51 | 1.03 | 1.29 | -0.35 |
| Up Capture | 59% | 152% | 209% | 77% | 93% | 44% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 10 | 22 | 33 | 61 | 121 | 224 |
| Down Capture | 6% | 31% | 41% | 95% | 99% | 80% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 10 | 19 | 28 | 63 | 129 | 214 |
[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 | 14.1% | 41.1% | 0.42 | - |
| Sector ETF (XLF) | 4.6% | 19.2% | 0.11 | 49.4% |
| Equity (SPY) | 15.5% | 19.4% | 0.62 | 48.4% |
| Gold (GLD) | 78.8% | 24.9% | 2.30 | 3.4% |
| Commodities (DBC) | 9.9% | 16.6% | 0.40 | 24.3% |
| Real Estate (VNQ) | 4.8% | 16.5% | 0.11 | 30.8% |
| Bitcoin (BTCUSD) | -27.0% | 44.8% | -0.57 | 16.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRX | |
|---|---|---|---|---|
| MRX | 17.3% | 40.5% | 1.20 | - |
| Sector ETF (XLF) | 14.3% | 18.7% | 0.63 | 40.8% |
| Equity (SPY) | 14.2% | 17.0% | 0.67 | 40.7% |
| Gold (GLD) | 22.3% | 16.9% | 1.07 | 5.0% |
| Commodities (DBC) | 11.6% | 18.9% | 0.49 | 17.9% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 24.0% |
| Bitcoin (BTCUSD) | 14.7% | 58.0% | 0.47 | 14.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRX | |
|---|---|---|---|---|
| MRX | 8.3% | 40.5% | 1.20 | - |
| Sector ETF (XLF) | 14.0% | 22.2% | 0.58 | 40.8% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 40.7% |
| Gold (GLD) | 15.8% | 15.5% | 0.85 | 5.0% |
| Commodities (DBC) | 8.3% | 17.6% | 0.39 | 17.9% |
| Real Estate (VNQ) | 6.0% | 20.7% | 0.25 | 24.0% |
| Bitcoin (BTCUSD) | 69.0% | 66.8% | 1.08 | 14.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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