MRX

MKT CAP:$4B

Marex Group plc Ordinary Shares

Market Cap

$4B

Financial Services·Financial - Capital Markets·🇬🇧 United Kingdom·NASDAQ

Financials·Financial·🇬🇧·NASDAQ

Stock Price

$52.91+$14.97 (+39.44%)

Apr 24, 2026

Company Details

Marex Group plc, a financial services platform provider company, provides liquidity, market access, and infrastructure services to clients in the energy, commodities, and financial markets in the United Kingdom, the United States, and inter...

CEO

Ian Theo Lowitt

IPO Date

Mar 28, 1990

Website

www.marex.com

Key Metrics TTM

Revenue

$6.4B

+345.5% YoY

Net Income

$478M

EPS (Diluted)

$5.08

Free Cash Flow

$1.6B

Revenue / Share

$84.56

Gross Margin

65.5%

Operating Margin

29.9%

Net Margin

7.4%

FCF Margin

25.0%

P/S

0.6x

P/E

7.9x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Dec 30, 2025

$3.6BEPS $3.87

Q4 2025

Mar 3, 2026

$3.1B+45.2%EPS $1.96

Q4 2024

Mar 20, 2025

$2.2BEPS $1.39

Q2 2024

Aug 14, 2024

$740MEPS $1.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$275M	$275M	$6M
Q4 19	$275M	$275M	$6M
Q2 20	$379M	$379M	$18M
Q4 20	$379M	$379M	$18M
Q2 21	$413M	$413M	$34M
Q4 21	$413M	$413M	$34M
Q2 24	$740M	$291M	$391M
Q4 24	$2.2B	$996M	$437M
Q4 25	$3.1B	$2.5B	$1.1B

Valuation

Quarter	P/S	P/E
Q2 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	1.1x	17.4x
Q2 21	1.0x	15.5x
Q4 21	0.9x	13.9x
Q2 24	0.7x	7.7x
Q4 24	0.6x	8.6x
Q4 25	0.4x	5.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 19	-$12M	-$13M
Q4 19	-$12M	-$13M
Q2 20	-$23M	-$25M
Q4 20	-$23M	-$25M
Q2 21	$235M	$232M
Q4 21	$235M	$232M
Q2 24	$453M	$443M
Q4 24	$711M	$705M

Capital Expenditures

Quarter	CapEx
Q2 19	$1M
Q4 19	$1M
Q2 20	$2M
Q4 20	$2M
Q2 21	$4M
Q4 21	$4M
Q2 24	$9M
Q4 24	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+50.3%	+40.9%
Q4 21	+50.3%	+40.9%
Q2 24	+95.4%	-3.3%
Q4 24	+468.9%	+376.4%
Q4 25	+658.4%	+447.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 19	$0	0.0%
Q4 19	$0	0.0%
Q2 20	$0	0.0%
Q4 20	$0	0.0%
Q2 21	$600.0K	0.1%
Q4 21	$600.0K	0.1%
Q2 24	$0	0.0%
Q4 24	-$10M	-0.5%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 19	$319.5K	$106M
Q4 19	$319.5K	$106M
Q2 20	$381.5K	$138M
Q4 20	$381.5K	$138M
Q2 21	—	$185M
Q4 21	—	$185M
Q4 24	—	$486M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 19	$218M	$0	$218M
Q2 20	$255M	$0	$255M
Q4 20	$292M	$0	$292M
Q2 21	$502M	$0	$502M
Q4 21	$712M	$46M	$758M
Q4 22	$910M	$2.3B	$3.2B
Q2 23	$1.7B	$0	$1.7B
Q4 23	$1.5B	$3.2B	$4.7B
Q2 24	$1.9B	$2.5B	$4.4B
Q4 24	$2.6B	$2.7B	$5.2B
Q2 25	$6.9B	$0	$6.9B
Q4 25	$6.4B	$7.1B	$13.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	61M	—	—
Q4 19	61M	0.0%	—
Q2 20	61M	0.0%	—
Q4 20	61M	0.0%	—
Q2 21	71M	+16.8%	+16.8%
Q4 21	71M	0.0%	+16.8%
Q2 24	72M	+2.0%	+19.1%
Q4 24	78M	+8.3%	+29.0%
Q4 25	76M	-2.7%	+7.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	—	—
Q2 21	—	—
Q4 21	—	—
Q2 24	—	—
Q4 24	$920.9K	2K
Q4 25	$1M	2K

Revenue / Employee