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Overvalued
Morningstar Quantitative Rating as of 6 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 192.78 Fair value 234.55 One-star price 285.38
Morningstar Quantitative Rating as of 6 NOV 2026.
Morningstar Quantitative Rating as of 6 NOV 2026. The slider runs from the five-star price (192.78) to the one-star price (285.38).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 248.86 |
| Price - 12 month high | 267.91 |
| Price - 12 month low | 187.31 |
| Pricing date | 5 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 0.51 |
| Market capitalization | 95,470.42 |
| 12 Month High price date | 6 AUG 2026 |
| 12 Month Low price date | 19 NOV 2025 |
| Volume - avg. trading volume for the last 3 months | 0.60 |
| Price - 1 Day % Change | -3.69% |
| Price - 13 week price percent change | -6.83% |
| Price - 26 week price percent change | 5.01% |
| Price - 5 Day % Change | -1.39% |
| Price - 52 week price percent change | 14.98% |
| Price - YTD price percent change | 22.47% |
| Price % Change Month To Date | 0.34% |
| EPS excluding extraordinary items - most recent fiscal year | 12.669 |
| EPS excluding extraordinary items - trailing 12 month | 14.786 |
| EPS Normalized - most recent fiscal year | -1.866 |
| Revenue/share - most recent fiscal year | 18.861 |
| Revenue/share - trailing 12 month | 15.934 |
| Book value per share - most recent fiscal year | 94.632 |
| Book value per share - most recent half-year | 95.772 |
| Book value (tangible) per share - most recent fiscal year | 90.899 |
| Book value (tangible) per share - most recent half-year | 90.102 |
| Cash per share - most recent fiscal year | 61.453 |
| Cash per share - most recent half-year | 296.850 |
| Cash Flow per share - most recent fiscal year | 32.751 |
| Cash Flow per share - trailing 12 month | 41.474 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 7.000 |
| EBITD per share - trailing 12 month | 9.277 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 12.770 |
| EPS Basic excluding extraordinary items - trailing 12 month | 14.887 |
| EPS including extraordinary items - most recent fiscal year | 12.770 |
| EPS including extraordinary items - trailing 12 month | 14.887 |
| Free Cash Flow per share - trailing 12 month | 40.601 |
| P/E excluding extraordinary items, most recent fiscal year | 16.83 |
| P/E Normalized, most recent fiscal year | — |
| Price to sales - most recent fiscal year | 15.62 |
| Price to Tangible Book - most fiscal year | 2.81 |
| Price to Free Cash Flow per Share - most recent fiscal year | 6.13 |
| Price to Cash Flow per share - trailing 12 month | 6.00 |
| Price to Book - most recent fiscal year | 2.60 |
| P/E excluding extraordinary items high, trailing 12 months | 24.51 |
| P/E excluding extraordinary items low, trailing 12 months | 16.83 |
| Net Debt, LFI | 36,492.00 |
| Net Debt, LFY | 245,961.00 |
| Dividend Yield - 5 Year Average | 3.28% |
| Dividend Yield - indicated annual dividend divided by closing price | 2.80% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 2.81% |
| Free Cash Flow - most recent fiscal year | 11,944.00 |
| LT debt/equity - most recent fiscal year | 922.38% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 924.56% |
| LT debt/equity - most recent half-year | 401.92% |
| Total debt/total equity - most recent half-year | 492.30% |
| Free Cash Flow - trailing 12 month | 15,584.00 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 7,216.00 |
| Revenue - trailing 12 month | 6,116.00 |
| EBITD - most recent fiscal year | 3,132.00 |
| EBITD - trailing 12 month | 3,561.00 |
| Earnings before taxes - most recent fiscal year | 6,729.00 |
| Earnings before taxes - trailing 12 month | 7,528.00 |
| Net Income available to common - most recent fiscal year | 4,847.00 |
| Net Income available to common - trailing 12 months | 5,670.00 |
| Earnings before taxes Normalized - most recent fiscal year | -956.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | -3.99 |
| Net Profit Margin % - 1st historical fiscal year | 67.48% |
| Net Profit Margin % - trailing 12 month | 93.35% |
| Operating margin - 1st historical fiscal year | -87.61% |
| Operating margin - trailing 12 month | -113.44% |
| Pretax margin - trailing 12 month | 123.09% |
| Pretax margin - 1st historical fiscal year | 93.25% |
| Operating Margin - 5 year average | -86.18% |
| Pretax Margin - 5 year average | 89.34% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 122.36% |
| Free Operating Cash Flow/Revenue, TTM | 254.81% |
| Net Profit Margin - 5 year average | 65.98% |
| Return on average assets - most recent fiscal year | 0.99% |
| Return on average assets - trailing 12 month | 1.07% |
| Return on average equity - most recent fiscal year | 13.78% |
| Return on average equity - trailing 12 month | 15.95% |
| Return on average assets - 5 year average | 1.06% |
| Return on average equity - 5 year average | 14.22% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 6.87% |
| EPS growth rate, 5 year | 8.97% |
| Growth rate% - dividend, 3 year | 1.02% |
| Revenue/share (5 yr growth) | 5.91% |
| Growth rate% - Revenue, 3 year | 3.24% |
| Growth rate% - EPS, 3 year | -1.27% |
| Book value per share growth rate, 5 year | 9.20% |
| Capital Spending growth rate, 5 year | -5.09% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 4.37% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | MAR 22 | MAR 23 | MAR 24 | MAR 25 | MAR 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
MQG -3.69%: Reported a strong 1H27 profit, with an uplift in Commodities & Global Markets earnings offset by softer Macquarie Capital performance. Shares fell despite the earnings beat, with investors weighing the mixed outlook and APRA’s review of its non-bank capital requirements.
Macquarie Group (ASX: MQG) has two direct links to Anthropic’s proposed IPO: Macquarie Asset Management has partnered with Singapore’s GIC to develop data centres for the Claude developer, initially targeting the US, while Macquarie Capital is among the underwriters of Anthropic’s public offering.
MQG -1.09%: delivered a strong full-year result, with profit growth driven by its powerhouse commodities division as volatility across energy markets continues to support trading activity. While the headline profit was a strong beat, the market had clearly priced in the upside given a solid read-through from US banks reporting strong trading desk numbers a few weeks ago.
The “Millionaires Factory” has underperformed the “Big Four” so far this year falling 1.6% compared to all of the majors advancing by +8% , or more. MQG did deliver a better 3rd quarter trading update (covered Here) with improving momentum across its markets-facing businesses but it wasn’t enough to get us off the comfortable fence.
MQG has lagged the “Big Four” banks even while the US investment banks forged ahead primarily because they’ve had a string of weaker updates. However, this week their third-quarter trading update was in line with expectations, with improving momentum across its markets-facing businesses.
Macquarie Group shares edged higher today after reporting a third-quarter trading update that was inline with expectations, with improving momentum across its markets-facing businesses.
MQG is a stock many local investors like to own but its recent operational performance has left plenty to be desired, not something we’re used to over the years.
MQG –5.74%: The diversified financial group’s first-half net profit of $1.66bn (+2.7% YoY) missed consensus estimates by ~11%. The miss was largely due to weaker commodities group (CGM) income and impairments in green assets, slightly offset by strength in Macquarie Asset Management (MAM).
MQG reports on Friday and after trading sideways for 5-months, investors will be looking for reasons for the Millionaires Factory to break its slumber. The bank has successfully grown its mortgage book over recent years; some of the low-hanging fruit may have been picked, although having grown its book and deposits at 3x the pace of CBA in September, the data suggests not.
ANZ has also outperformed MQG over the last three months by ~23%, primarily because MQG hadn’t become as overpriced as CBA. However, we’ve been seeing more misses than beats from the “Silver Doughnut” in recent times, which is a new but unappealing trend.
MM is neutral towards MQG
MM is cautiously bullish towards MQG below $250
MM remains neutral toward MQG
MM is neutral towards MQG around $200
MM is neutral towards MQG around $220
MM remains neutral MQG ~$215
MM remain neutral towards MQG
MM is neutral toward MQG
MM is neutral towards MQG
MM would become more interested in MQG under $200
Macquarie Group began trading in 1969 as Hill Samuel Australia, obtained its bank licence in 1985, and listed in 1996. It's Australia's only sizable listed investment bank, now internationally diversified, operating in asset management, banking and wealth, risk and capital solutions, and advisory.
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