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UK-based global commodities and financial-markets broker providing execution, clearing and market-making services.
UK-based global commodities and financial-markets broker providing execution, clearing and market-making services.
Is paid in several ways: commissions on executing trades for clients, fees for clearing them, spreads from quoting two-way prices as a market-maker, and margin on hedging products sold to producers and consumers. Trading volume and volatility in metals, energy and farm markets drive earnings. It has grown through steady purchases of smaller brokers.
Moat: narrow (scale, distribution, process know-how). Broad multi-asset clearing and execution network across commodities gives scale smaller brokers lack.
Headquarters: London, United Kingdom · Employees: 3,109
Size Marex (MRX) is a United States Financials company (Internet Software/Services) with a market value of $4.76B, the 1216th largest of 3,117 United States companies the cockpit tracks. Shares closed at $66.18 on 6 Nov 2026.
Performance Over six months the shares gained 17.1%, against -2.4% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 25.4% over the last twelve months (peer median +16.3%); the operating margin is 32.2% (peer median 26.0%).
Valuation It trades at 10.1× forward earnings against a peer median of 12.5× (5th cheapest of 21).
Credit Marex has 3 bonds outstanding ($1.60B), rated BBB- by the agencies and trading like BB at a weighted spread of 164 bp.
Short interest Short interest is 3.4% of the free float (15 Oct 2026).
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.40B | $3.63B | $2.89B | $2.35B | $1.18B |
| Revenue growth | — | +25% | +23% | +100% | — |
| Gross profit | $3.31B | $2.75B | $2.10B | $1.69B | $862M |
| EBITDA | $1.46B | $1.21B | $866M | $705M | $284M |
| Net income | $426M | $307M | $218M | $141M | $98.2M |
| Free cash flow | n/a | $654M | $1.15B | $726M | $222M |
| Capital expenditure | n/a | $19.8M | $19.9M | $12.1M | $9.40M |
| Total debt | $11.5B | $10.2B | $6.14B | $5.39B | $5.73B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Marex MRX | $4.76B | +17% | +25% | 32% | 10.1× | n/a |
| StoneX SNEX | $6.55B | -33% | +21% | 2% | 13.0× | n/a |
| TP ICAP TCAP.L | $2.97B | -1% | +4% | 11% | 8.9× | n/a |
| BGC BGC | $4.89B | -8% | +28% | 9% | 7.1× | n/a |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MRX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.0% | +1.9% | 4th lowest of 21 |
| 6-month return | +17.1% | -2.4% | 3rd highest of 21 |
| Distance from 52-week high | -16.3% | -17.2% | 11th highest of 21 |
| Revenue growth (TTM) | +25.4% | +16.3% | 6th highest of 21 |
| Operating margin | 32.2% | 26.0% | 10th highest of 21 |
| Forward P/E | 10.1× | 12.5× | 5th cheapest of 21 |
| Bond spread | 164 bp | 162 bp | 4th widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Marex MRX | United States | $4.76B | +17% | +25% | 32% | 10.1× | n/a | n/a |
| Radian RDN | United States | $4.76B | -5% | +28% | 51% | 7.1× | n/a | n/a |
| Federated Hermes FHI | United States | $4.73B | +14% | +13% | 28% | 10.9× | n/a | n/a |
| Remitly Global RELY | United States | $4.72B | -7% | +24% | 10% | 22.7× | n/a | n/a |
| Nelnet NNI | United States | $4.67B | +7% | -7% | 43% | 15.5× | n/a | n/a |
| Piper Sandler Companies PIPR | United States | $4.65B | -19% | +20% | 21% | 14.6× | n/a | n/a |
| BGC BGC | United States | $4.89B | -8% | +28% | 9% | 7.1× | n/a | n/a |
| Moelis & MC | United States | $4.62B | -13% | +14% | 18% | 16.9× | n/a | n/a |
| TFS Financial TFSL | United States | $4.61B | +9% | +6% | 37% | 42.7× | n/a | n/a |
| Mercury General MCY | United States | $4.58B | -17% | +5% | 13% | 7.0× | n/a | n/a |
| Hamilton Lane HLNE | United States | $4.99B | +1% | +19% | 58% | 12.3× | n/a | n/a |
| Fulton Financial FULT | United States | $4.54B | +11% | +3% | 38% | 10.2× | n/a | n/a |
| HA Sustainable Infrastructure Capital HASI | United States | $5.00B | -5% | +27% | 69% | 12.6× | n/a | n/a |
| Banco Macro SA Sponsored ADR BMA | United States | $4.53B | -21% | +4% | 38% | 6.0× | n/a | n/a |
| ServisFirst Bancshares SFBS | United States | $4.49B | +2% | +5% | 64% | 12.0× | n/a | n/a |
| Baldwin Insurance BWIN | United States | $4.48B | +58% | +19% | -3% | 13.5× | n/a | n/a |
| Herc HRI | United States | $5.08B | +14% | +19% | 14% | 14.2× | n/a | n/a |
| CNO Financial CNO | United States | $5.09B | +20% | +2% | 17% | 11.0× | n/a | n/a |
| Figure Technology Solutions FIGR | United States | $5.10B | -40% | +66% | 42% | 17.8× | n/a | n/a |
| United Community Banks UCB | United States | $4.43B | +11% | -18% | 24% | 11.0× | n/a | n/a |
| Klarna KLAR | United States | $5.13B | -6% | +34% | -1% | 106.5× | n/a | n/a |
Marex has 3 bonds outstanding with $1.60B face value. The agencies rate it BBB-; its bonds trade like BB. Weighted yield 6.19%, a spread of 164 bp over government bonds.