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Marex Group plc, a financial services platform company, provides liquidity, market access, and infrastructure services to clients in the commodity and financial markets in the United Kingdom, the United States, and internationally. It operates through Clearing, Agency and Execution, Market Making, and Hedging and Investment Solutions segments. The company offers execution and clearing services in metals, agricultural products, energy and fixed income, financial securities, digital assets, and equity futures and options; liquidity, execution, and risk management solutions to financial markets. It also provides liquidity to clients in the OTC energy markets; market data, analytics, and market commentary; energy services, including gas, power, environmental, and crude oil markets; and market-making services across commodities markets, such as metals, agricultural products, and energy markets. In addition, the company offers OTC traded hedging and customized OTC derivatives solutions; and risk management solutions across a spectrum of markets, including agriculture, currency, and interest rate markets for trading houses, producers and consumers, and banks and distributors. Further, it engages in the structured notes business, which allows investors to build structured notes across asset classes, including commodities, equities, foreign exchange, and fixed-income products for private banks, independent asset managers, pension funds, and corporates; and a portfolio of structured Notes, including auto-callable, fixed, stability, and credit-linked notes. Additionally, the company offers technology platforms, including Neon, a trading, risk, and data platform; and Agile, a commodity broking platform. Marex Group plc was incorporated in 2005 and is based in London, the United Kingdom.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.6B | $1.2B | $307M | $648M | 24.3% | 25.4% | 40.9% |
| 2024 | $2.9B | $863M | $218M | $1.1B | 22.3% | 23.1% | 54.3% |
| 2023 | $2.4B | $694M | $141M | $723M | 18.2% | 100.1% | 43.9% |
| 2022 | $1.2B | $300M | $98M | $216M | 14.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,175.30 | 2,352.30 | 2,894.80 | 3,629.80 |
| Operating Revenue | - | 1,175.30 | 2,352.30 | 2,894.80 | 3,629.80 |
| Cost Of Revenue | - | 681.70 | 1,317.50 | 1,607.60 | 1,924.20 |
| Gross Profit | - | 493.60 | 1,034.80 | 1,287.20 | 1,705.60 |
| Operating Expense | - | 223.10 | 356.50 | 450.90 | 534.50 |
| Selling General And Administration | - | 120.10 | 182.10 | 247.10 | 288.80 |
| Total Expenses | - | 904.80 | 1,674 | 2,058.50 | 2,458.70 |
| Operating Income | - | 270.50 | 678.30 | 836.30 | 1,171.10 |
| EBITDA | - | 300.40 | 693.80 | 863.40 | 1,207.90 |
| Normalized EBITDA | - | 282.70 | 704.20 | 863.40 | 1,204.30 |
| EBIT | - | 286.60 | 666.70 | 833.90 | 1,171.80 |
| Interest Income | 23.10 | 194.40 | 591.80 | - | - |
| Interest Expense | - | 165 | 470.20 | 538.10 | 760.20 |
| Net Interest Income | - | -169.10 | -475.60 | -546.80 | -770.50 |
| Other Non Operating Income Expenses | - | 2.80 | 3.40 | 6.30 | 7.40 |
| Other Income Expense | - | 20.20 | -6.20 | 6.30 | 11 |
| Interest Income Non Operating | 23.10 | 194.40 | 591.80 | - | - |
| Interest Expense Non Operating | - | 165 | 470.20 | 538.10 | 760.20 |
| Net Non Operating Interest Income Expense | - | -169.10 | -475.60 | -546.80 | -770.50 |
| Pretax Income | - | 121.60 | 196.50 | 295.80 | 411.60 |
| Tax Provision | - | 23.40 | 55.20 | 77.80 | 103.70 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 3.41 | -2.92 | 0 | 0.90 |
| Net Income Continuous Operations | - | 98.20 | 141.30 | 218 | 307.90 |
| Net Income From Continuing And Discontinued Operation | - | 98.20 | 141.30 | 218 | 307.20 |
| Net Income From Continuing Operation Net Minority Interest | - | 98.20 | 141.30 | 218 | 307.40 |
| Net Income | - | 98.20 | 141.30 | 218 | 307.20 |
| Net Income Common Stockholders | - | 91.60 | 128 | 204.70 | 293.90 |
| Net Income Including Noncontrolling Interests | - | 98.20 | 141.30 | 218 | 307.70 |
| Normalized Income | - | 83.91 | 148.78 | 218 | 304.70 |
| Diluted NI Availto Com Stockholders | - | 91.60 | 128 | 204.70 | 293.90 |
| Basic Average Shares | - | 70.82 | 70.82 | 69.23 | 71.35 |
| Diluted Average Shares | - | 70.82 | 70.82 | 75.28 | 76.13 |
| Reconciled Depreciation | - | 13.80 | 21.90 | 28.80 | 36.10 |
| Reconciled Cost Of Revenue | - | 681.70 | 1,322.70 | 1,608.30 | 1,924.20 |
| Total Unusual Items | - | 17.70 | -10.40 | 0 | 3.60 |
| Total Unusual Items Excluding Goodwill | - | 17.70 | -10.40 | 0 | 3.60 |
| Minority Interests | - | -6.60 | 0 | 0 | -0.50 |
| Net Income Discontinuous Operations | - | - | 0 | 0 | -0.20 |
| Special Income Charges | - | 17.70 | -10.40 | 0 | 3.60 |
| Impairment Of Capital Assets | - | 53.90 | 10.70 | 0 | 0 |
| Restructuring And Mergern Acquisition | - | -71.60 | -0.30 | 0 | -3.60 |
| Depreciation Amortization Depletion Income Statement | - | 13.80 | 27.10 | 29.50 | 36.10 |
| Depreciation And Amortization In Income Statement | - | 13.80 | 27.10 | 29.50 | 36.10 |
| General And Administrative Expense | - | 120.10 | 182.10 | 247.10 | 288.80 |
| Other Gand A | - | 52.20 | 68.80 | 95.90 | 108.90 |
| Salaries And Wages | - | 56.10 | 90.30 | 125.50 | 155.50 |
| Rent Expense Supplemental | - | 11.80 | 23 | 25.70 | 24.40 |
| Total Other Finance Cost | - | 4.10 | 5.40 | 8.70 | 10.30 |
| Other Operating Expenses | - | 78 | 137.50 | 171.40 | 204.10 |
| Provision For Doubtful Accounts | - | 9.50 | 7.10 | -1.70 | -0.70 |
| Rent And Landing Fees | - | 11.80 | 23 | 25.70 | 24.40 |
| Otherunder Preferred Stock Dividend | - | 6.60 | 13.30 | 13.30 | 13.30 |
| Earnings From Equity Interest | - | -0.30 | 0.80 | 0 | 0 |
| Other Taxes | - | 1.70 | 2.70 | 4.60 | 6.20 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Marex Group plcthis co. | MRX | $3.9B | 12.76↓ discount | 3.10 | 24.3% | 9.33 |
| Texas Capital Bancshares, Inc. | TCBI | $4.5B | 13.53 | 1.34 | 9.9% | - |
| CNO Financial Group, Inc. | CNO | $4.4B | 19.18 | 1.67 | 8.7% | - |
| Eastern Bankshares, Inc. | EBC | $4.3B | 48.96 | 1.00 | 2.0% | - |
| PennyMac Financial Services, Inc. | PFSI | $4.2B |
| - |
| - |
| - |
| - |
| 8.45 |
| 0.98 |
| 11.6% |
| 43.48 |
| Lemonade, Inc. | LMND | $4.0B | - | 7.42 | -31.0% | - |
| Miami International Holdings, Inc. | MIAX | $3.8B | - | 4.27 | -7.9% | - |
| F&G Annuities & Life, Inc. | FG | $3.6B | 13.58 | 0.75 | 5.5% | - |
| WesBanco, Inc. | WSBC | $3.3B | 14.92 | 0.87 | 5.9% | - |
| Peer Median | - | 14.25 | 1.17 | 5.7% | 43.48 | |