Share count
71Mpeak FY2025
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MRX, Marex Group plc
Capital Markets & Asset Management financial
We provide market access, infrastructure services and essential liquidity to clients across global commodity and financial markets.
The Group provides comprehensive breadth and depth of coverage across four services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions.
Since then, we have expanded into new products and geographies through investments in new business divisions and hiring talented people, and undertaking several strategic acquisitions.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$2.0B
+26.9% YoY · 42% 3-yr CAGR
Vital signs · TTM, with 4-yr average
Revenue $2.0B 4-yr avg $1.4B
Net margin 14.5% 4-yr avg 12.6%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Trading volume and the data franchise. What decides it: volumes across its markets, which spike when volatility does; the network economics of a deep liquidity pool rivals cannot easily replicate; and the recurring, high-margin market-data and listing fees layered on top. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating margin has run at the high end of fee-business margins across the record (median 52%, above 25% in 4 of 4 years), the economics of a business that takes a cut without carrying the risk. It earns this on little capital, so return on equity has run near 20%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the volumes and the data franchise hold their pricing is what the 10-K settles, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 3 regions, the largest United States at 37%.
Revenue by geography, FY2025
- United States37%$755M
- United Kingdom37%$741M
- Rest of the world26%$528M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $711M | $1.2B | $1.6B | $2.0B | $2.0B | RevenueRevenue |
| 39.4% | 52.5% | 51.5% | 57.2% | 57.2% | Operating marginOp. mgn |
| 12.9% | 10.3% | 12.8% | 14.5% | 14.5% | Net marginNet mgn |
| $92M | $128M | $205M | $294M | $294M | Net incomeNet inc. |
| 20% | 30% | 28% | 26% | 26% | Effective tax rateTax rate |
| Cash flow & returns | |||||
| $222M | $726M | $1.2B | $654M | $654M | Owner earningsOwner earn. |
| 14% | 16% | 23% | 25% | 25% | Return on equityROE |
| 13% | 9% | 15% | 20% | 20% | Retained to equityRetained/eq |
| Balance sheet | |||||
| $15.7B | $17.6B | $24.3B | $34.7B | $34.7B | Total assetsAssets |
| $910M | $5.9B | $9.8B | $13.5B | $13.5B | Cash & investmentsCash+inv |
| $678M | $776M | $879M | $1.2B | $1.2B | Shareholders’ equityEquity |
| Per share | |||||
| 66.1M | 66.0M | 69.2M | 71.4M | 71.4M | Shares out (diluted)Shares |
| $10.77 | $18.85 | $23.03 | $28.37 | $28.37 | Revenue / shareRev/sh |
| $1.39 | $1.94 | $2.96 | $4.12 | $4.12 | EPS (diluted)EPS |
| $3.36 | $11.00 | $16.64 | $9.17 | $9.17 | Owner earnings / shareOE/sh |
| $0.10 | $0.88 | $1.11 | $0.78 | $0.78 | Dividends / shareDiv/sh |
| $10.26 | $11.75 | $12.70 | $16.34 | $16.34 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | +38.1%/yr | +38.1%/yr (3-yr) |
| Owner earnings / share | +39.7%/yr | +39.7%/yr (3-yr) |
| EPS | +43.7%/yr | +43.7%/yr (3-yr) |
| Dividends / share | +98.2%/yr | +98.2%/yr (3-yr) |
| Capital spending / share | +49.9%/yr | +49.9%/yr (3-yr) |
| Book value / share | +16.8%/yr | +16.8%/yr (3-yr) |
The record, charted
FY2022–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$2.0Blow FY2022
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Is it a good business?
- Operating margin 57.2%Wide fee margin (≥30%)Operating income $1.2B ÷ revenue $2.0BIndustry peers: median 25%
What this means
The heart of a exchange: how much of each fee dollar survives the cost of running the business. Revenue is a toll on trading volume plus the recurring market-data and listing fees the venue generates, protected by the network economics of a deep liquidity pool that rivals cannot easily replicate. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin 14.5%SolidNet income $294M ÷ revenue $2.0B
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity 25%Very high (≥25%)Net income $294M ÷ equity $1.2BIndustry peers: median 11%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“We also depend on third-party providers for certain AI tools, and any change in the availability, pricing or terms of such tools could disrupt our operations.”
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$33.7B
- Cash & short-term investments$13.5B
- Receivables$11.0B
- Other current assets$9.2B
Current liabilities$31.0B
- Accounts payable$13.0B
- Other current liabilities$18.0B
Current ratio1.09×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.09×stricter: inventory excluded
Cash ratio0.44×strictest: cash alone against what's due
Working capital$2.7Bthe cushion left after near-term bills
Deeper floors
Tangible book value$831Mequity stripped of goodwill & intangibles
Net current asset value$285MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$97M$97M of it operating leases
From the company's latest filing.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| CMECME Group Inc. | $6.5B | 60.9% | 54.9% | 10% |
| CBOECboe Global Markets Inc. | $4.7B | 22.4% | 16.7% | 14% |
| BGCBGC Group Inc. | $2.4B | 10.3% | 5.3% | 11% |
| AMGAffiliated Managers Group Inc. | $2.1B | 42.8% | 24.3% | 17% |
| TWTradeweb Markets Inc. | $2.1B | 34.0% | 23.5% | 6% |
| MRXMarex Group plc | $2.0B | 52.0% | 12.9% | 20% |
| STEPStepStone Group | $2.0B | 25.0% | 4.0% | 18% |
| PIPRPiper Sandler | $1.9B | 10.0% | 7.6% | 9% |
| Group median | — | 29.5% | 14.8% | 13% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Marex Group plc's US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Marex Group plc has delivered.
$
Through the cycle, Marex Group plc earns about $918M on its 45.3% median owner-earnings margin. This year’s 32.3% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’22→’25+24%/yr
Owner-earnings growth · ’22→’25+24%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $654M on 73M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $13.5B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Marex Group plc (MRX), the owner's record," https://ownerscorecard.com/c/MRX, data as of 2026-07-09.
Manual order: ← MOMO its page in the Manual MSC →
Industry order: ← MORN the Capital Markets & Asset Management chapter MS →