Marex Group Limited

MRX

Financial - Capital Markets · Financial Services

Price

$60.16

-3.39 (-5.33%)

Market Cap

$4.33B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count rising — dilution

+7.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 70.8M (2021) → 76.1M (2025)

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 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 financial futures and options; liquidi

Winston Score History

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

+45.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-37.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

29.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~6 years

$6.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$6.4B cash & investments at current burn rate

Revenue accelerating

Marex Group Limited grew revenue 45% 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

Gross Margin

80.5%

Premium pricing power — 80.5% gross margin

Operating Margin

33.9%

Excellent — 33.9% operating margin

ROCE

9.3%

Below par — 9.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+125.6%

Fast-growing sales (125.6% YoY)

EPS YoY

+77.8%

Earnings growing fast (77.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

172%

Turns 172% of profit into real cash

FCF Margin

13.5%

Converts sales into free cash efficiently (13.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

7.98

Heavy debt load (7.98)

Interest Cover

1.53x

Dangerous — barely covers interest (1.5x)

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

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Valuation

P/E Ratio (TTM)

10.3x

Attractive valuation — P/E 10.3

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

P/E vs Forward

-1.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

0.98%

Small dividend — 0.98% yield

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

Dividend Growth

+7.0%

Dividend growing modestly (7.0% YoY)

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