ANZGY vs MQBKY: Which Is the Better Buy in 2026?
Last updated October 2026
Short answer
ANZGY (ANZ Group Holdings Limited) and MQBKY (Macquarie Group Limited) share investment themes but are different businesses. The right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme.
ANZGY vs MQBKY: the tie-breaker metrics
Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | ANZGY | MQBKY | What it tells you |
|---|---|---|---|
| Market cap | $78.62B | $66.50B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Trailing P/E | 20.08 | 25.25 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.56 | 0.88 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 58% of range | 77% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.59 | 2.61 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Before you buy: how ANZGY and MQBKY affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ANZGY and MQBKY share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ANZGY and MQBKY exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does ANZ Group Holdings Limited (ANZGY) do?
ANZ Group Holdings Limited is the listed parent of Australia and New Zealand Banking Group, one of Australia's "Big Four" banks alongside Commonwealth Bank, Westpac and NAB. Most of its money is net interest income (A$8.9 billion of A$11.2 billion in cash operating income in the half to 31 March 2026), earned on ~A$822 billion of loans funded largely by ~A$771 billion of customer deposits. It reports six divisions: Australia Retail, Business & Private Bank, Institutional (transaction banking, corporate lending and Markets), New Zealand (where ANZ is the largest bank), Suncorp Bank and Pacific. In the March 2026 half Institutional earned A$1.35 billion of cash profit, Australia Retail A$945 million, New Zealand A$788 million and Business & Private Bank A$698 million. By geography, Australia produced A$2.19 billion of the A$3.78 billion total, New Zealand A$1.07 billion and the rest of the world (mainly Asia) A$527 million.
What does Macquarie Group Limited (MQBKY) do?
Macquarie Group Limited is an Australian financial group organised into four operating businesses. Macquarie Asset Management (MAM) runs infrastructure, energy, real estate and private credit funds plus an Australian public investments business, with A$748.0 billion of assets under management at 30 June 2026. Banking and Financial Services (BFS) is the retail and business bank in Australia, with A$191.5 billion of home loans, A$223.3 billion of deposits and A$163.3 billion of funds on its wealth platform at the same date. Commodities and Global Markets (CGM) provides hedging, financing and trading in gas, power, oil and metals, alongside foreign exchange, interest rate and futures services and an asset finance book. Macquarie Capital does advisory and capital markets work and invests the group's own money through a A$27.2 billion private credit portfolio and a A$5.1 billion equity book. In the year to 31 March 2026 (FY26), CGM contributed A$4.22 billion, MAM A$2.60 billion, BFS A$1.61 billion and Macquarie Capital A$1.49 billion before central costs, and 68% of total income came from outside Australia.
ANZGY vs MQBKY: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- ANZGY drivers: Cost cutting and simplification; Suncorp Bank integration.
- MQBKY drivers: Home lending and deposit growth in BFS; Private markets fundraising and performance fees.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The biggest risk is execution. For MQBKY, the biggest swing factor is earnings quality: FY26's 30% profit jump leaned on items that do not repeat on a schedule, including the OnStream meters sale, A$1.38 billion of MAM performance fees and Macquarie Capital equity realisations, so FY27 can disappoint even if the underlying businesses grow.
ANZGY or MQBKY: which should you pick?
ANZGY vs MQBKY: the full fundamentals
ANZGY. The trailing figures blend a weak September 2025 half, hit by penalties and restructuring, with a stronger March 2026 half, so ~A$6.0 billion understates the current run rate. Annualising the June 2026 quarter's A$1.90 billion gives roughly A$7.6 billion, which against ~3.0 billion shares at ~A$37.50 (a market value near A$113 billion, about US$79 billion) implies a multiple near 15 times. The price is about 1.7 times tangible book of A$21.72 a share, for a bank earning low double-digit returns. The dividend has been flat at A$1.66 since fiscal 2025, a 68.5% payout in the March 2026 half.
MQBKY. Using the A$238.80 average price of the June 2026 employee share purchase, the ordinary shares traded at roughly 19 times FY26 earnings per share, and the A$7.00 dividend was a yield of about 2.9% before withholding. FY26 profit included sizeable one-off gains, so that multiple looks lower than it would on a normalised year. Second-half FY26 profit of A$3.19 billion was up 93% on the first half, a sign of how uneven earnings are. Operating expenses rose 5%, slower than income. Management gave no numerical FY27 guidance, only business-by-business directions and a cautious stance on capital, funding and liquidity, and US dollar figures for MQBKY will also move with the Australian dollar.
Headline figures (approximate, October 2026): ANZGY shows cash profit (12 months to mar 2026) ~A$6.0B (~A$7.1B ex significant items), cash operating income (12 months to mar 2026) ~A$22.1B, cash return on tangible equity (1h26) 11.6%, cet1 ratio (30 jun 2026) 12.51%; MQBKY shows net operating income (fy26, to mar 2026) ~A$19.5B (up 13%), net profit after tax (fy26) ~A$4.85B (up 30%), earnings per share (fy26) A$12.77, return on equity (fy26) 14.0% (FY25: 11.2%).
The bottom line: ANZGY vs MQBKY
ANZGY and MQBKY are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ANZGY and MQBKY exposure against your real portfolio. It is not an investment adviser.
Wondering how ANZGY or MQBKY fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in ANZ Group Holdings Limited with AI
Connect the broker you already use and ask Walnut's AI how ANZGY fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between ANZGY and MQBKY?
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ANZ Group Holdings Limited is the listed parent of Australia and New Zealand Banking Group, one of Australia's "Big Four" banks alongside Commonwealth Bank, Westpac and NAB. Macquarie Group Limited is an Australian financial group organised into four operating businesses. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is ANZGY or MQBKY the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, ANZGY or MQBKY?
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A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both ANZGY and MQBKY?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of ANZGY vs MQBKY?
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ANZGY: The biggest risk is execution. ANZ is cutting thousands of roles, migrating Suncorp Bank customers and rebuilding its retail front end at once, and fiscal 2025 showed what slippage costs: A$1.11 billion of significant items that cut cash profit 14%. Regulators are watching closely. APRA required a root cause remediation plan for non-financial risk, Promontory issues independent assurance reports on progress, and the September 2025 ASIC settlement carried A$240 million in penalties, so further breaches would be costly. Margins are the second pressure point: group net interest margin was 1.53% in the March 2026 half, down 3 basis points on a year earlier, as competition for mortgages and deposits stays intense. Credit has been benign, with non-performing exposures at 0.55% of the book, but ANZ warned that the longer oil flows are constrained by the Middle East conflict, the more the shock shifts from inflation to weaker growth, and it added A$175 million to collective provisions for that scenario. Australian housing is the largest exposure, with 90-day mortgage arrears at 0.86% in June 2026. New Zealand adds the CCCFA class action, now under appeal. For ADR holders, the shares and dividend are priced in Australian dollars, so a weaker Aussie dollar lowers their US-dollar value, and the OTC line trades thinly with wider spreads than the ASX. At about 1.7 times tangible book, the valuation leaves limited room if the 12% return target slips. MQBKY: The biggest swing factor is earnings quality: FY26's 30% profit jump leaned on items that do not repeat on a schedule, including the OnStream meters sale, A$1.38 billion of MAM performance fees and Macquarie Capital equity realisations, so FY27 can disappoint even if the underlying businesses grow. Commodities income depends on volatility and client hedging demand, which the company cannot control, and gas storage and transport income can shift between periods. Credit is a second risk: the group took A$478 million of credit impairments in FY26, A$461 million of it in the second half, citing macroeconomic uncertainty and the Middle East conflict, and its loan portfolio grew 23% to A$253 billion, so a downturn in Australian housing or in private credit borrowers would show up quickly. The remaining ~A$700 million Green Investments portfolio, mostly solar, has already taken A$379 million of impairments. Regulatory exposure is real: ASIC sued Macquarie Securities in May 2025 over alleged misreporting of short sales across 14 years, MBL was fined a record A$4.995 million in 2024 over suspicious electricity futures orders, and MBL operates under additional ASIC licence conditions while governance remediation continues. BFS margins are being squeezed by mortgage and deposit competition from the major Australian banks. Finally, MQBKY holders carry risks local holders do not: returns in US dollars depend on the AUD exchange rate, the ADR trades over the counter with thinner volume than MQG on the ASX, franking credits are of no use to most US investors, and dividends are paid net of Australian withholding and depositary fees.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell ANZGY or MQBKY; figures are approximate and dated (as of October 2026). Verify current data before investing.