Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Marex Group Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2024
FY2025
Revenue
711
1,245
1,595
2,024
Pre-tax income
122
197
296
412
Income tax
23.4
55.2
77.8
104
Income from continuing operations
141
218
308
Net income to minority interests
6.6
0
0
0.5
Net income
91.6
128
205
294
EPS, basic
1.39
1.94
2.96
4.12
EPS, diluted
1.36
1.82
2.72
3.86
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
910
1,484
2,557
2,881
Receivables
4,685
4,790
7,553
10,993
Total current assets
15,354
16,936
23,829
33,697
Property, plant and equipment
11.8
16.6
20.8
34
Lease right-of-use assets
33.7
40.6
59.9
76.9
Goodwill
156
164
177
237
Intangible assets
25.6
56
56.5
98
Total assets
15,744
17,612
24,313
34,675
Accounts payable
6,648
6,786
9,740
12,956
Total current liabilities
14,562
15,885
21,779
30,963
Lease liabilities
32.1
39.4
67
87.4
Total liabilities
15,066
16,836
23,336
33,412
Total debt
149
0
152
200
Paid-in capital
134
134
203
227
Retained earnings
455
555
722
982
Shareholders' equity
879
1,166
Minority interests
0
-0.2
Total equity
678
776
977
1,166
Total liabilities and equity
15,744
17,612
24,313
34,578
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
98.2
141
218
308
Depreciation and amortization
13.8
27.1
29.5
36.1
Cash from operations
226
735
1,164
668
Capital expenditures
-3.6
-9
-11.7
-13.1
Cash from investing
-46.3
-97.6
-35.3
-264
Debt issued
0
152
170
Debt repaid
-149
0
-142
Share buybacks
-7.9
-3.1
-19.8
-44.1
Dividends paid
-6.6
-58.3
-77.1
-55.5
Cash from financing
26.5
-72.8
-37.2
-124
Exchange rate effect
-7.7
8.8
-17.9
58.8
Free cash flow
222
726
1,152
654
Interest paid
161
470
522
751
Income taxes paid
18
55.9
58.1
141
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $71.31 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Pre-tax margin
20.3%
Pre-tax income / revenue.
Net margin
14.5%
Net income / revenue.
FCF margin
32.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
33.0%
Cash from operations / revenue.
Effective tax rate
25.2%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
28.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
1.0%
Net income / average total assets.
Capex / revenue
0.6%
Capital expenditures / revenue.
D&A / revenue
1.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
26.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
41.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y
43.6%
Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
47.5%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y
41.9%
EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y
41.6%
Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-42.6%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
43.6%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y
-43.2%
Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y
43.4%
Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
32.6%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
42.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
30.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.09x
Current assets / current liabilities.
Quick ratio
0.45x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.09x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.17x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.6%
Total debt / total assets.
Liabilities / assets
96.4%
Total liabilities / total assets.
Net debt
-$2.68B
Total debt - cash - short-term investments. Negative means more cash than debt.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
2.0%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$3.86
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$4.12
Net income per basic share, as reported (split-adjusted).
Payout ratio
18.9%
Dividends paid / net income, when net income is positive.
Dividends / FCF
8.5%
Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF
6.7%
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$5.29B
Share price x shares outstanding.
Enterprise value
$2.61B
Market cap + total debt - cash - short-term investments.
P/E
18.0x
Market cap / net income. Only when net income is positive.
P/S
2.61x
Market cap / revenue.
P/B
4.53x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
6.36x
Market cap / tangible book value, when positive.
P/FCF
8.08x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
7.92x
Market cap / cash from operations, when positive.
EV/Sales
1.29x
Enterprise value / revenue.
EV/FCF
3.98x
Enterprise value / free cash flow, when both are positive.
FCF yield
12.4%
Free cash flow / market cap.
Earnings yield
5.6%
Net income / market cap (the inverse of P/E).
Dividend yield
1.0%
Dividends paid over the period / market cap.
Shareholder yield
1.9%
(Dividends paid + share buybacks) / market cap.
PEG
0.43x
P/E / EPS growth per year over 3 years (in percent). Only when both are positive.
What was Marex Group Ltd's revenue in fiscal 2025?
Marex Group Ltd reported revenue of $2.02B for fiscal 2025, 26.9% higher than the year before.
Was Marex Group Ltd profitable in fiscal 2025?
Yes. Net income was $293.9M, a net margin of 14.5%.
How much free cash flow did Marex Group Ltd generate in fiscal 2025?
Cash from operations of $667.5M minus capital expenditures of $13.1M left free cash flow of $654.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.