Marex Group plc — Earnings Quality Grade F
MRX · Financial Services
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 637 days (469 → 1105)
AR outpaced revenue for 2 consecutive years
Revenue grew 25.4% but CFFO declined -42.6%
Expense Quality
Inventory growth 1251.1% far exceeds COGS 19.7%, margin rising. Fraud signal
CapEx growth -0.5% vs revenue 25.4%. Normal
SG&A/Gross Profit = 16.9%, excellent (<30%)
Gross margin 47.0%, change +2.5pp. Stable
Cash Flow Quality
CFFO/NI = 2.17. Profits backed by cash
FCF $0.6B, FCF/NI = 2.11
Accruals ratio = -1.0%. Low accruals
Cash $6.5B covers 63% of debt $10.2B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 27% of equity. Manageable
Debt/EBITDA = 8.5x (>4x). Interest coverage = 1.5x (<2x). Financial stress
Other assets grew 593.9% vs revenue 25.4%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 44% YoY
Manipulation Score
M-Score = -0.86 (> -1.78). LIKELY MANIPULATOR
Beneish M-Score
Altman Z-Score — Not Applicable
Marex Group plc is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25