The balance sheet shows extreme leverage with equity-to-assets of 0.04 and total assets ballooning to $42.1 billion by 2026Q2, indicating a thin capital buffer that may expose the firm to credit losses.
Marex Group Limited (MRX) balance sheet — 13-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash & Short Term Investments | 34.03B | 13.46B | 5.21B | 4.73B | 3.22B | 758.3M | 291.55M | 217.5M | 0 | 0 | 0 | 0 | 0 | 310.02M |
| Cash & Due from Banks | 3.85B | 6.38B | 2.56B | 1.48B | 910.1M | 712M | 291.55M | 217.5M | 160.73M | 89.22M | 188.18M | 158.26M | 159.1M | 310.02M |
| Short Term Investments | 4.6B | 7.08B | 2.66B | 3.25B | 2.31B | 46.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 4.7B | 12.97B | 2.73B | 3.33B | 2.33B | 131.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments Growth % | 546.16% | 374.22% | -17.8% | 42.58% | 1679.63% | - | - | - | - | - | - | - | - | - |
| Long-Term Investments | 14.6B | 5.89B | 77.5M | 77M | 22M | 84.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivables | 9.84B | 11.07B | 3.62B | 2.03B | 4.69B | 2.02B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 354.3M | 335.4M | 233M | 219.6M | 181.1M | 230.4M | 212.75M | 187M | 142.83M | 141.75M | 141.51M | 141.74M | 144.88M | 147.22M |
| Goodwill | 261.8M | 237.4M | 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 | 92.5M | 98M | 56.5M | 56M | 25.6M | 21.5M | 14.35M | 7.83M | 1.86M | 776K | 537K | 771K | 911K | 1.62M |
| PP&E (Net) | 115.7M | 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 |
| Other Assets | 947.9M | 3.78B | 46.1M | 300.4M | 133.5M | 799.7M | 3.24B | 2.15B | 1.25B | 940.24M | 991.33M | 962.2M | 801.22M | 758.17M |
| Total Current Assets | 40.6B | 24.53B | 23.83B | 16.94B | 15.35B | 4.12B | 291.55M | 217.5M | 0 | 0 | 0 | 0 | 0 | 310.02M |
| Total Non-Current Assets | 1.52B | 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 |
| Total Assets | 42.13B | 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 Growth % | 197.18% | 42.62% | 38.05% | 11.86% | 199.05% | 39.76% | 46% | 84.96% | 28.6% | -4.46% | 2.49% | 16.22% | -22.28% | - |
| Return on Assets (ROA) | 2.09% | 1.04% | 1.04% | 0.77% | 0.87% | 1.25% | 1.38% | 1.83% | 0.82% | 1.58% | 1.83% | 1.71% | 1.64% | -0.42% |
| Accounts Payable | 11.16B | 11.78B | 7.74B | 4.92B | 6.65B | 3.29B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 2.82B | 10.23B | 6.14B | 5.39B | 5.73B | 1.29B | 246.76M | 12.95M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -1.03B | 3.86B | 3.58B | 3.9B | 4.82B | 578.1M | -44.79M | -204.56M | -160.73M | -89.22M | -188.18M | -158.26M | -159.1M | -310.02M |
| Long-Term Debt | 2.82B | 2.33B | 1.48B | 907.9M | 472.1M | 136.6M | 246.76M | 12.95M | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 8.67B | 7.81B | 4.58B | 4.43B | 5.22B | 1.13B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 37.44B | 23.23B | 0 | 0 | 0 | 0 | 2.95B | 2.07B | 1.01B | 712.27M | 761.5M | 734.13M | 595.85M | 0 |
| Total Current Liabilities | 37.33B | 7.75B | 21.78B | 15.88B | 14.56B | 4.63B | 122.37M | 84.16M | 0 | 0 | 0 | 0 | 0 | 67.86M |
| Total Non-Current Liabilities | 40.26B | 25.66B | 1.56B | 951M | 504.3M | 156.8M | 3.2B | 2.08B | 1.01B | 712.27M | 761.5M | 734.13M | 595.85M | 0 |
| Total Liabilities | 40.26B | 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 Equity | 1.87B | 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 % | 149.38% | 29.35% | 25.91% | 14.49% | 41.87% | 7.64% | 6.23% | 9.38% | 2.56% | -0.39% | 0.07% | 4.56% | 5.46% | - |
| Equity / Assets (Capital Ratio) | 4.44% | 3.64% | 4.02% | 4.41% | 4.3% | 9.07% | 11.78% | 16.19% | 27.38% | 34.33% | 32.93% | 33.73% | 37.49% | 27.62% |
| Return on Equity (ROE) | 52.95% | 27.51% | 24.87% | 17.61% | 15.86% | 12.26% | 10.17% | 9.1% | 2.69% | 4.69% | 5.48% | 4.83% | 5.13% | -1.51% |
| Book Value per Share | 24.71 | 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 |
| Tangible BV per Share | 20.02 | 12.19 | 9.88 | 7.70 | 7.01 | 3.49 | 3.81 | 3.81 | 3.94 | 3.80 | 3.83 | 3.82 | 3.50 | 3.16 |
| Common Stock | 100K | 100K | 100K | 100K | 100K | 100K | 23K | 23K | 21K | 176.24M | 21K | 21K | 20.59K | 20.59K |
| Additional Paid-in Capital | 227.2M | 227.2M | 300.2M | 231.9M | 231.9M | 134.3M | 134.33M | 134.33M | 134.52M | 134.31M | 134.3M | 134.29M | 134.29M | 0 |
| Retained Earnings | 1.2B | 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 |
| Accumulated OCI | 497.8M | 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 |
| Treasury Stock | -57.3M | -58.5M | -23.2M | -9.8M | -7.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 97.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MRX stock.
As of 2025, Marex Group Limited (MRX) had total assets of $34.68B including $24.53B in current assets.
Marex Group Limited (MRX) carries total debt of $10.23B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Marex Group Limited (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 Limited (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.
Key Metrics
Top Statement Risk
Elevated leverage and NII deficit
Leverage-Fueled Asset Surge
Marex's total assets ballooned from $5.3 billion in 2021Q4 to $42.1 billion in 2026Q2, a 694% expansion, while equity grew only 298%, compressing the equity-to-assets ratio from 0.09 to 0.04 as per the company's reported balance sheets.
This trajectory indicates that growth is overwhelmingly driven by leverage accumulation rather than organic capital formation, with the balance sheet expanding through acquisitions and increased client-related liabilities. The quality of this asset growth warrants scrutiny, as it appears highly sensitive to market conditions and counterparty flows rather than stable, deposit-funded lending.
Thin Capital Buffer Under Pressure
With an equity-to-assets ratio of just 0.04 and a reported debt-to-equity ratio of 8.10, Marex's capital position appears minimally sized to absorb potential losses on its $42.1 billion balance sheet, according to the latest 2026Q2 financial data.
The razor-thin equity cushion leaves little room for error, particularly given the firm's exposure to volatile commodity markets and the cyclical nature of its earnings. While the high ROE of 17.1% reflects efficient use of capital, investors should monitor whether this leverage is sustainable through a period of market stress or potential regulatory tightening in clearing.
Structural NII Deficit Amplifies Leverage Risk
Marex reported negative net interest income in six of the last ten quarters, including a $261.2 million deficit in 2026Q2, suggesting the firm's balance sheet may be structurally mismatched and vulnerable to shifts in funding costs or asset yields.
This persistent NII drain, combined with the extreme leverage, creates a fragile financial profile where a downturn could rapidly erode capital. The negative NIM implies that the interest expense on client funds and debt is outpacing returns on cash and securities, a dynamic that could intensify if interest rates rise or client balances decline.
Client Funds Dominate Cash Position
Although cash and equivalents totaled $3.9 billion in 2026Q2, the presence of substantial client segregated balances suggests that a significant portion is not freely available for corporate use, as inferred from the firm's balance sheet structure and business model.
This concentration in restricted cash means Marex's true liquidity position is likely much tighter than headline figures imply. The firm must maintain robust access to wholesale funding or revolving credit facilities to meet potential client margin calls, especially during periods of high commodity volatility.