Marex Group Limited

MRX

Financial - Capital Markets · Financial Services

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Strong

Cash Flow

Weak

Stability

Mixed

Valuation

Strong

Dividends

Mixed

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Winston Score History

The full picture

Marex Group is a financial services company that helps businesses and investors trade commodities and financial products. Its core services include brokerage, market-making, and clearing — meaning it connects buyers and sellers in markets for things like oil, metals, agricultural goods, and financial derivatives. Marex serves hedge funds, commodity producers, banks, and other large institutions that need help executing trades or managing price risk.

Marex makes money by charging fees and commissions on trades, earning spreads as a market-maker, and providing clearing and analytics services. The company operates globally, with a strong presence in London, New York, and Asia, and generated roughly $4.7 billion in market capitalization as of mid-2026. Its competitive edge comes from deep expertise in niche commodity markets and a broad network of clients that would be costly to rebuild elsewhere. The main risk is that trading volumes and revenues can fall sharply during periods of low market volatility, making earnings somewhat unpredictable.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+306.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+54.7% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

25.6%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$3.9B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Marex Group Limited grew revenue 306% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

59.0%

Excellent — 59.0% operating margin

Return on the money invested

ROCE

48.1%

Exceptional — 48.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+94.4%

Fast-growing sales (+94.4% YoY)

Profit growth

EPS YoY

+14.9%

Earnings growing (+14.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

-52%

Weak — only -52% of profit becomes cash

Spare cash per sale

FCF Margin

-5.1%

Burning cash (-5.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.51

Elevated debt (1.51)

Covers its interest

Interest Cover

2.97x

Tight — interest eats into profit (3.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

18.6x

no trend

Fair value — P/E 18.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+6.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.6 → 11.9)

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Dividends

Dividend

Dividend Yield

0.95%

no trend

Small dividend — 0.95% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+7.0%

no trend

Dividend growing modestly (7.0% YoY)

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