The firm's aggressive asset expansion to $34.7B has been supported by a significant increase in leverage, resulting in a debt-to-equity ratio of 8.05 as of 2025Q4.
| Total Current Assets | 24.53B | 23.83B | 16.94B | 15.35B | 4.12B | 291.55M | 217.5M | 0 | 0 | 0 | 0 | 0 | 310.02M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 8.52B | 4.05B | 2.69B | 1.11B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 10.15B | 484M | 675.6M | 389.7M | 1.14B | 3.48B | 2.36B | 1.39B | 1.08B | 1.14B | 1.11B | 953.14M | 916.43M |
| Property, Plant & Equipment | 110.9M | 80.7M | 57.2M | 45.5M | 20.9M | 20.39M | 27.71M | 2.48M | 2.67M | 2.5M | 3.78M | 7.05M | 11.04M |
| Fixed Asset Turnover | 32.73x | 35.87x | 41.12x | 25.83x | 40.75x | 37.14x | 19.82x | 154.96x | 118.93x | 131.27x | 91.53x | 52.22x | 32.44x |
| Goodwill | 0 | 176.5M | 163.6M | 155.5M | 208.9M | 198.4M | 179.18M | 140.97M | 140.97M | 140.97M | 140.97M | 143.97M | 145.6M |
| Intangible Assets | 335.4M | 56.5M | 56M | 25.6M | 21.5M | 14.35M | 7.83M | 1.86M | 776K | 537K | 771K | 911K | 1.62M |
| Long-Term Investments | 5.89B | 77.5M | 77M | 22M | 84.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 34.68B | 24.31B | 17.61B | 15.74B | 5.26B | 3.77B | 2.58B | 1.39B | 1.08B | 1.14B | 1.11B | 953.14M | 1.23B |
| Asset Turnover | 0.10x | 0.12x | 0.13x | 0.07x | 0.16x | 0.20x | 0.21x | 0.28x | 0.29x | 0.29x | 0.31x | 0.39x | 0.29x |
| Asset Growth % | 42.62% | 38.05% | 11.86% | 199.05% | 39.76% | 46% | 84.96% | 28.6% | -4.46% | 2.49% | 16.22% | -22.28% | - |
| Total Current Liabilities | 7.75B | 21.78B | 15.88B | 14.56B | 4.63B | 122.37M | 84.16M | 0 | 0 | 0 | 0 | 0 | 67.86M |
| Accounts Payable | 0 | 7.74B | 4.92B | 6.65B | 3.29B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 7.75B | 4.58B | 4.43B | 5.22B | 1.13B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 7.41B | 4.65B | 2.42B | 200.3M | 0 | 84.16M | -70.79M | -57.19M | -58.85M | -65.79M | -66.19M | 67.86M |
| Current Ratio | 3.16x | 1.09x | 1.07x | 1.05x | 0.89x | 2.38x | 2.58x | - | - | - | - | - | 4.57x |
| Quick Ratio | 3.16x | 1.09x | 1.07x | 1.05x | 0.89x | 2.38x | 2.58x | - | - | - | - | - | 4.57x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 25.66B | 1.56B | 951M | 504.3M | 156.8M | 3.2B | 2.08B | 1.01B | 712.27M | 761.5M | 734.13M | 595.85M | 0 |
| Long-Term Debt | 2.33B | 1.48B | 907.9M | 472.1M | 136.6M | 246.76M | 12.95M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 33.41B | 23.34B | 16.84B | 15.07B | 4.79B | 3.32B | 2.16B | 1.01B | 712.27M | 761.5M | 734.13M | 595.85M | 67.86M |
| Total Debt | 10.17B | 6.14B | 5.39B | 5.73B | 1.29B | 246.76M | 12.95M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 3.79B | 3.58B | 3.9B | 4.82B | 578.1M | -44.79M | -204.56M | -160.73M | -89.22M | -188.18M | -158.26M | -159.1M | -310.02M |
| Debt / Equity | 8.05x | 6.28x | 6.94x | 8.45x | 2.70x | 0.56x | 0.03x | - | - | - | - | - | - |
| Debt / EBITDA | 8.50x | 7.10x | 7.64x | 20.15x | 16.35x | 12.24x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 3.17x | 4.14x | 5.53x | 16.95x | 7.33x | -2.22x | - | -3.55x | -3.53x | -7.15x | -6.96x | -10.54x | - |
| Interest Coverage | 1.54x | 1.55x | 1.45x | 1.64x | 3.65x | - | - | - | - | - | - | - | - |
| Total Equity | 1.26B | 976.9M | 775.9M | 677.7M | 477.7M | 443.79M | 417.75M | 381.93M | 372.38M | 373.83M | 373.59M | 357.29M | 338.8M |
| Equity Growth % | 29.35% | 25.91% | 14.49% | 41.87% | 7.64% | 6.23% | 9.38% | 2.56% | -0.39% | 0.07% | 4.56% | 5.46% | - |
| Book Value per Share | 16.60 | 12.98 | 10.74 | 9.57 | 6.75 | 7.32 | 6.89 | 6.30 | 6.14 | 6.17 | 6.16 | 5.89 | 5.59 |
| Total Shareholders' Equity | 1.26B | 976.9M | 775.9M | 677.7M | 477.7M | 443.79M | 417.75M | 381.93M | 372.38M | 373.83M | 373.59M | 357.29M | 338.8M |
| Common Stock | 100K | 100K | 100K | 100K | 100K | 23K | 23K | 21K | 176.24M | 21K | 21K | 20.59K | 20.59K |
| Retained Earnings | 982M | 722.4M | 555.3M | 455.3M | 346.6M | 132.64M | 107.01M | 72.28M | 62.13M | 64.63M | 64.14M | 46.49M | 28.62M |
| Treasury Stock | -58.5M | -23.2M | -9.8M | -7.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 15.4M | -22.6M | -1.6M | -1.7M | -3.3M | 176.8M | 176.39M | 175.12M | -295K | 174.88M | 175.14M | 176.5M | 175.87M |
| Minority Interest | -200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and liquidity
As reported in financial statements, Marex's total assets surged from $3.8B in 2020Q4 to $34.7B by 2025Q4, a trajectory that suggests aggressive inorganic growth and increased balance sheet scale, though this expansion has been accompanied by a significant rise in total liabilities over the same period.
The rapid growth in the balance sheet appears to be driven by the firm's strategic acquisition path and the scaling of its clearing operations. Investors should monitor whether this asset growth is generating commensurate returns or if it primarily reflects the accumulation of client-segregated assets that carry minimal margin.
Based on the provided balance sheet data, Marex's debt-to-equity ratio reached 8.05 in 2025Q4, a substantial increase from 0.56 in 2020Q4, which indicates that the firm is increasingly reliant on debt financing to support its capital-intensive clearing and market-making activities.
The high leverage ratio suggests that the firm's capital structure is sensitive to interest rate environments and credit market conditions. This reliance on debt may limit financial flexibility, particularly if regulatory capital requirements tighten or if market volatility necessitates higher liquidity buffers.
According to recent SEC filings, Marex reported $13.5B in cash as of 2025Q4, yet the current ratio of 3.16 warrants cautious interpretation, as a significant portion of these liquid assets likely represents client-segregated funds rather than unrestricted corporate cash available for operational or strategic deployment.
The fluctuation in the current ratio, which spiked from 1.09 in 2024Q4 to 3.16 in 2025Q4, suggests that liquidity metrics are heavily influenced by the timing of client margin inflows and outflows. Analysts should distinguish between these restricted balances and the firm's true free cash position.
As indicated by the reported figures, Marex's equity base has grown to $1.3B in 2025Q4 from $443.8M in 2020Q4, yet the persistent reliance on debt suggests that retained earnings growth has not been sufficient to fully fund the firm's aggressive expansion and acquisition strategy.
The modest growth in retained earnings relative to the expansion of total assets may imply that the firm is prioritizing scale over capital self-sufficiency. Investors should monitor whether future equity growth can keep pace with the firm's leverage requirements to avoid further dilution or balance sheet strain.
Based on the provided data, the firm's net PPE remains minimal at $110.9M despite a $34.7B asset base, which suggests that the balance sheet is dominated by financial instruments and client-related receivables rather than tangible productive assets, creating potential exposure to counterparty and market-to-market risks.
The lack of significant physical assets highlights that the firm's value is tied to its clearing status and financial intermediation, which are inherently sensitive to market dislocations. This structure makes the balance sheet appear more robust than it may be during periods of extreme commodity market stress.
Quick answers to the most common questions about buying MRX stock.
As of 2025, Marex Group plc Ordinary Shares (MRX) had total assets of $34.68B including $24.53B in current assets.
Marex Group plc Ordinary Shares (MRX) carries total debt of $10.17B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Marex Group plc Ordinary Shares (MRX) has total shareholders' equity (book value) of $1.26B ($16.60 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Marex Group plc Ordinary Shares (MRX) reported a current ratio of 3.16x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.