# Macquarie Group (MQG.AU)

Canonical: https://gigainvestors.com/s/MQG.AU

Analysis as of: 2026-10-16T07:33:48.951Z. Financial observations: FY1997–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 246.68 per share; close as of 2026-10-15.

Estimated value: low AUD 170.48 per share, central AUD 224.82 per share, high AUD 263.10 per share. Buy at or below the central value AUD 224.82 per share. Valuation as of 2026-10-16T07:33:48.951Z; scenarios are not confidence intervals.

Expected annual return: 9.4% at the stated quote. About 9.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 1.97×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.27×

- FY2018: 0.29×

- FY2019: 0.67×

- FY2020: 0.17×

- FY2021: 0.49×

- FY2022: 0.23×

- FY2023: 0.24×

- FY2024: 0.19×

- FY2025: -0.90×

- FY2026: 0.34×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.4%

- ROIC, second-lowest year: 1.1%

- Typical minus recent gross margin: -55.8 pp

- Typical gross margin (annual median): 44.2%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.9%

- ROIC including acquisitions, ten-year median: 3.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 1.7%

- FY2018: 2.8%

- FY2019: 3.4%

- FY2020: 1.6%

- FY2021: 5.4%

- FY2022: 2.0%

- FY2023: 3.9%

- FY2024: 1.1%

- FY2025: -1.6%

- FY2026: 8.0%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 20B

- Net income, five-year total: AUD 22B

- Return on incremental invested capital: 3.3%

- Working capital / revenue, annual change: 127.8 pp

- Working capital / revenue, change between three-year averages: 1099.0 pp

- Working capital / revenue, final three-year average: 40.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.97×

- FY2024: 0.68×

- FY2025: 0.88×

- FY2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.8% vs 1.1%

- Per-share earnings: 6.14 to 9.88 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.2%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: AUD 47B

- Cumulative retained earnings: AUD 14B

- Diluted shares, 10-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 6.1%

- Per-share value change: AUD 3.74

- Per-share value, starting three-year median: AUD 6.14

- Per-share value, ending three-year median: AUD 9.88

- Buybacks concentrated in cheaper years (correlation): -0.03

- Average buyback yield: 1.7%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 6.5B

- Cumulative net income, 10 years: AUD 35B

- ROIC, first three-year median: 2.8%

- ROIC, last three-year median: 1.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 6.14

- FY2018: AUD 7.44

- FY2019: AUD 8.01

- FY2020: AUD 7.08

- FY2021: AUD 7.90

- FY2022: AUD 11.54

- FY2023: AUD 13.60

- FY2024: AUD 9.36

- FY2025: AUD 9.88

- FY2026: AUD 12.49

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 2.5%

- Receivables to sales index (DSRI): 0.35×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -1.79×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 7.3%

- FY2018: -0.6%

- FY2019: 5.3%

- FY2020: 0.6%

- FY2021: 7.1%

- FY2022: -7.1%

- FY2023: 12.7%

- FY2024: 1.9%

- FY2025: -0.6%

- FY2026: 2.5%

## Holders

## Price story

Price needs cash profits to grow 5.7% a year for ten years · sales +188.7%

Story as of 2026-10-16T09:59:57.868Z; price observation 2026-10-15.

Price needs cash profits to grow 5.7% a year for ten years

### Sales · FY2025–2026

sales +188.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 9.9B 

- FY2018: AUD 10B 

- FY2019: AUD 5.5B 

- FY2020: AUD 12B 

- FY2021: AUD 13B 

- FY2022: AUD 16B 

- FY2023: AUD 19B 

- FY2024: AUD 17B 

- FY2025: AUD 6.8B 

- FY2026: AUD 20B 

### Gross margin · FY2024

gross margin 36.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 43.6% 

- FY2018: 44.7% 

- FY2020: 47.3% 

- FY2021: 40.1% 

- FY2022: 42.0% 

- FY2023: 34.3% 

- FY2024: 36.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are AUD 19.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2026: revenue 19605000000; grossProfit 21097000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MQG.AU: Macquarie Group Limited provides diversified financial services in Australia, New Zealand the Americas, Europe, the Middle East, Africa, and Asia. It operates through four segments: Macquarie Asset Management (MAM); Banking and Financial Services (BFS); Commodities and Global Markets (CGM); and Macquarie Capital. The MAM segment provides investment solutions to clients across various capabilities, including real assets, real estate, credit, equities and multi-asset and secondaries. The BFS segment offers personal banking products comprising home loans, car loans, transaction and savings accounts, and credit cards; wealth management products, such as wrap platform and cash management, financial advisory, and private banking services, as well as investment and superannuation products. It also provides deposit, lending, and payment solutions and services to business clients. The CGM segment provides capital and financing, risk management, and physical execution and logistics solutions across power, gas, emissions, agriculture, oil, and resources sectors; market access to corporate and institutional clients; and specialist finance and asset management solutions. The Macquarie Capital segment offers advisory and capital raising services. This segment is also involved in specialist investing across private credit, private equity, real estate, growth equity, venture capital, and infrastructure and energy projects and companies; and brokerage business, including equity research, sales, execution capabilities, and corporate access. Macquarie Group Limited was founded in 1969 and is headquartered in Sydney, Australia.

### Why customers stay

It earns 2.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2024: grossProfit / revenue = 36.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2026: grossProfit / revenue = 107.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); 10-year return on capital observations [[2017,0.017123657004521425],[2018,0.028320837365279274],[2019,0.034113559711133605],[2020,0.015923886124809796],[2021,0.05428311859038532],[2022,0.01968081244046736],[2023,0.0393136941024608],[2024,0.011121779324912292],[2025,-0.016259504279652708],[2026,0.07997831764647909]]; median 0.024000824902873315. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back AUD 881 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2017: growth capex 0; upkeep 329000000; owner earnings 2659000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2018: growth capex 0; upkeep 255000000; owner earnings 3434000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2019: growth capex 0; upkeep 633000000; owner earnings 3749000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2020: growth capex 0; upkeep 1165000000; owner earnings 2716400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2021: growth capex 0; upkeep 761000000; owner earnings 3022200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2022: growth capex 158000000; upkeep 819000000; owner earnings 4694280000. Growth capex / owner earnings = 0.03365798375895771.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2023: growth capex 166000000; upkeep 658000000; owner earnings 5041600000. Growth capex / owner earnings = 0.0329260552205649.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2024: growth capex 0; upkeep 1957000000; owner earnings 2378400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2025: growth capex 0; upkeep 1065000000; owner earnings 3279800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2026: growth capex 0; upkeep 586000000; owner earnings 4854200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); Dividend observations: [[2017,1477000000],[2018,1663000000],[2019,1835000000],[2020,2122000000],[2021,861000000],[2022,1711000000],[2023,2010000000],[2024,2662000000],[2025,2187000000],[2026,2350000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); FY2026: cash repurchases 881000000 AUD.

### Are managers owners

Insiders own 8.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MQG.AU SharesStats.PercentInsiders = 8.745 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.7% yearly over ten years; actual growth was 5.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:48.951Z); Ten-year compound average after fade. Initial solved rate 0.06831396091835196. Price 246.68; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 7.567133233872384 → FY2026 12.512630688965418. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 79.80 per share

- 2016-11: AUD 83.90 per share

- 2016-12: AUD 87.12 per share

- 2017-01: AUD 84.60 per share

- 2017-02: AUD 86.65 per share

- 2017-03: AUD 90.20 per share

- 2017-04: AUD 93.00 per share

- 2017-05: AUD 89.65 per share

- 2017-06: AUD 88.50 per share

- 2017-07: AUD 85.83 per share

- 2017-08: AUD 86.80 per share

- 2017-09: AUD 90.92 per share

- 2017-10: AUD 98.35 per share

- 2017-11: AUD 98.23 per share

- 2017-12: AUD 99.63 per share

- 2018-01: AUD 103.13 per share

- 2018-02: AUD 103.65 per share

- 2018-03: AUD 102.90 per share

- 2018-04: AUD 108.69 per share

- 2018-05: AUD 114.33 per share

- 2018-06: AUD 123.65 per share

- 2018-07: AUD 122.82 per share

- 2018-08: AUD 129.40 per share

- 2018-09: AUD 126.04 per share

- 2018-10: AUD 117.20 per share

- 2018-11: AUD 114.42 per share

- 2018-12: AUD 108.65 per share

- 2019-01: AUD 116.48 per share

- 2019-02: AUD 128.64 per share

- 2019-03: AUD 129.42 per share

- 2019-04: AUD 134.70 per share

- 2019-05: AUD 120.31 per share

- 2019-06: AUD 125.39 per share

- 2019-07: AUD 128.79 per share

- 2019-08: AUD 123.84 per share

- 2019-09: AUD 131.08 per share

- 2019-10: AUD 133.92 per share

- 2019-11: AUD 138.05 per share

- 2019-12: AUD 137.85 per share

- 2020-01: AUD 144.77 per share

- 2020-02: AUD 134.83 per share

- 2020-03: AUD 85.75 per share

- 2020-04: AUD 102.66 per share

- 2020-05: AUD 109.97 per share

- 2020-06: AUD 118.60 per share

- 2020-07: AUD 123.49 per share

- 2020-08: AUD 127.70 per share

- 2020-09: AUD 119.57 per share

- 2020-10: AUD 126.75 per share

- 2020-11: AUD 138.67 per share

- 2020-12: AUD 138.48 per share

- 2021-01: AUD 131.40 per share

- 2021-02: AUD 142.48 per share

- 2021-03: AUD 152.83 per share

- 2021-04: AUD 160.49 per share

- 2021-05: AUD 151.93 per share

- 2021-06: AUD 156.43 per share

- 2021-07: AUD 156.90 per share

- 2021-08: AUD 166.74 per share

- 2021-09: AUD 182.00 per share

- 2021-10: AUD 197.83 per share

- 2021-11: AUD 196.74 per share

- 2021-12: AUD 205.40 per share

- 2022-01: AUD 183.62 per share

- 2022-02: AUD 180.78 per share

- 2022-03: AUD 203.27 per share

- 2022-04: AUD 206.98 per share

- 2022-05: AUD 185.98 per share

- 2022-06: AUD 164.51 per share

- 2022-07: AUD 181.13 per share

- 2022-08: AUD 177.26 per share

- 2022-09: AUD 152.74 per share

- 2022-10: AUD 169.50 per share

- 2022-11: AUD 178.71 per share

- 2022-12: AUD 166.96 per share

- 2023-01: AUD 187.34 per share

- 2023-02: AUD 189.52 per share

- 2023-03: AUD 175.66 per share

- 2023-04: AUD 182.60 per share

- 2023-05: AUD 170.74 per share

- 2023-06: AUD 177.62 per share

- 2023-07: AUD 175.01 per share

- 2023-08: AUD 177.53 per share

- 2023-09: AUD 167.73 per share

- 2023-10: AUD 160.98 per share

- 2023-11: AUD 169.05 per share

- 2023-12: AUD 183.63 per share

- 2024-01: AUD 190.45 per share

- 2024-02: AUD 194.81 per share

- 2024-03: AUD 199.70 per share

- 2024-04: AUD 187.47 per share

- 2024-05: AUD 190.95 per share

- 2024-06: AUD 204.69 per share

- 2024-07: AUD 209.80 per share

- 2024-08: AUD 215.65 per share

- 2024-09: AUD 232.37 per share

- 2024-10: AUD 231.51 per share

- 2024-11: AUD 231.11 per share

- 2024-12: AUD 221.65 per share

- 2025-01: AUD 240.80 per share

- 2025-02: AUD 226.59 per share

- 2025-03: AUD 196.64 per share

- 2025-04: AUD 193.45 per share

- 2025-05: AUD 214.21 per share

- 2025-06: AUD 228.73 per share

- 2025-07: AUD 217.38 per share

- 2025-08: AUD 225.16 per share

- 2025-09: AUD 219.33 per share

- 2025-10: AUD 218.56 per share

- 2025-11: AUD 197.04 per share

- 2025-12: AUD 203.20 per share

- 2026-01: AUD 212.18 per share

- 2026-02: AUD 213.48 per share

- 2026-03: AUD 201.93 per share

- 2026-04: AUD 235.08 per share

- 2026-05: AUD 238.55 per share

- 2026-06: AUD 250.29 per share

- 2026-07: AUD 253.09 per share

- 2026-08: AUD 250.59 per share

- 2026-09: AUD 246.10 per share

- 2026-10: AUD 251.90 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 99.99 per share, central AUD 140.88 per share, high AUD 165.38 per share

- FY2018: low AUD 103.72 per share, central AUD 138.61 per share, high AUD 162.31 per share

- FY2019: low AUD 45.28 per share, central AUD 51.52 per share, high AUD 59.83 per share

- FY2020: low AUD 96.92 per share, central AUD 110.28 per share, high AUD 128.07 per share

- FY2021: low AUD 99.15 per share, central AUD 112.82 per share, high AUD 131.01 per share

- FY2022: low AUD 125.87 per share, central AUD 143.23 per share, high AUD 166.33 per share

- FY2023: low AUD 144.64 per share, central AUD 164.58 per share, high AUD 191.13 per share

- FY2024: low AUD 114.91 per share, central AUD 130.75 per share, high AUD 151.84 per share

- FY2025: low AUD 51.97 per share, central AUD 59.14 per share, high AUD 68.67 per share

- FY2026: low AUD 167.49 per share, central AUD 220.88 per share, high AUD 258.49 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:33.790Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.