MRX vs SNEX: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 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.

Reading it: MRX is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

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. MRX and SNEX 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 MRX and SNEX 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.

Marex Group plc operates a diversified global financial services platform that sits between clients and the world's energy, metals, and commodities markets. Its main activities are clearing (handling post-trade processing and holding client balances), agency and execution (matching buyers and sellers and providing price discovery), market making, and hedging and investment solutions such as structured notes. The company also runs technology platforms including Neon (trading, risk, and data) and has grown rapidly through both organic expansion and acquisitions since incorporating in 2005.

Full MRX guide

StoneX Group Inc. is a New York-headquartered financial-services firm that acts as a middleman between clients and the world's financial and commodity markets. It serves more than 54,000 commercial, institutional, and global-payments clients plus over 400,000 retail accounts across roughly 80 offices on five continents, organizing its work into four segments: Commercial (agricultural, energy, and metals hedging), Institutional (securities, futures, FX, and prime services), Retail (self-directed trading brands), and Global Payments (cross-border money movement into hard-to-reach currencies). Because much of what StoneX does is regulated brokerage, clearing, and market-making, the company operates as a holding company over many licensed subsidiaries. A defining recent move was the roughly $900 million acquisition of futures broker R.J. O'Brien, which closed on July 31, 2025 and made StoneX the largest non-bank futures commission merchant in the United States, adding tens of thousands of clients and billions in client float.

Full SNEX guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• MRX drivers: Volatility-driven trading volumes; Clearing scale and client balances.
• SNEX drivers: Scale from the R.J. O'Brien deal; Interest income on client float.

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: Marex's earnings are cyclical and depend heavily on client trading volumes and market volatility, which can fall sharply in quiet markets and compress commissions. For SNEX, stoneX operates in a low-margin, capital-intensive, and highly regulated industry where a single operational, credit, or compliance failure at any of its many subsidiaries can be costly.

Pick MRX if you believe its drivers more; SNEX if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the MRX and SNEX guides.

MRX. Marex posted record Q1 2026 revenue of ~$692m (up ~48% year over year) with adjusted profit before tax of ~$153m and an adjusted margin near 22%. The stock trades at roughly 15 times trailing earnings and about 13 times forward estimates, a valuation that reflects strong recent growth balanced against the cyclical nature of brokerage earnings. A quarterly dividend, raised to ~$0.16 per share, adds a modest income component.

SNEX. StoneX posted record fiscal 2025 results, with operating revenues around $4.1 billion and net income near $306 million on diluted EPS of about $5.89. Note the revenue distinction: as a commodities and financial intermediary the firm also reports tens of billions in gross transactional revenue that is largely pass-through cost, so operating and net operating revenues are the more meaningful figures. At roughly $100 to $110 per share the stock trades around 20 times earnings, a valuation in line with a profitable, cyclical financials name.

Headline figures (approximate, July 2026): MRX shows revenue (ttm) ~$3.3B, net income (ttm) ~$334M, eps (ttm) ~$4.66, market cap ~$4.8B; SNEX shows operating revenues (fy2025) ~$4.1B (up ~20%), net operating revenues (fy2025) ~$2.05B, net income (fy2025) ~$306M (up ~17%), diluted eps (fy2025) ~$5.89.

MRX and SNEX 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 MRX and SNEX exposure against your real portfolio. It is not an investment adviser.