Marex Group vs XP
Marex Group is the larger business, with $2.02bn of revenue in fiscal 2025 against $1.43bn for XP (1.4 times as much). Marex Group grew faster (26.9% against 3.1%). XP kept more of each dollar of sales as profit: a net margin of 64.9% against 14.5%. XP carries less debt relative to equity (1.0% against 17.1%).
| Latest fiscal year | Marex GroupMRX, 2025 | XPXP, 2025 |
|---|---|---|
| Revenue | $2.02bn | $1.43bn |
| Revenue growth | 26.9% | 3.1% |
| Net income | $294m | $926m |
| Operating margin | — | — |
| Net margin | 14.5% | 64.9% |
| Return on equity | 28.7% | 24.6% |
| Free cash flow | $654m | $2.12bn |
| Cash | $2.88bn | $3.51bn |
| Total debt | $200m | $43.4m |
| Debt to equity | 17.1% | 1.0% |
| Dividend per share | — | — |
| Dividend yield | 1.1% | 1.2% |
| Share buybacks | $44.1m | — |
| Employees | — | — |
| Market value | $5.19bn | $7.50bn |
| Price vs our value range | — | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 39 sales | 0 buys, 1 sales |